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Finance
IMF commends Buhari’s govt for Nigeria’s economic recovery
International Monetary Fund (IMF) says the Nigerian economy is recovering from a historic downturn benefitting from government policy support, rising oil prices and international financial assistance.
IMF disclosed this in a statement…
Nigerians have lost N200bn to ponzi schemes – Financial experts
Ponzi Schemes, easy money promised through an elaborate network in which participants pool money for individual’s benefit, may have cost Nigerians more than 486 million dollars (N200 billion) in recent years, financial experts have said.…
Nigeria’s economy fragile – Experts warn FG against introducing new taxes
Financial experts have urged the Federal Government to stop the introduction of more taxes because of the nation’s weak economy.
They said this in separate interviews with the News Agency of Nigeria (NAN) on Friday in Lagos.
A tax…
How eNaira is doing 3 months on — Emefiele
Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says Nigerians are gradually adopting the eNaira, launched three months back.
Emefiele said this while answering questions from members of the press after presenting the outcome…
Adeduntan: FirstBank Is Resilient, Stable And Built For The Long Haul
The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, last year saw his tenure extended as part of efforts to ensure the stability of the financial institution. In this interview, he speaks…
Details of N1.758trn 2022 budget passed by Lagos Assembly
The Lagos State House of Assembly on Wednesday evening passed the 2022 budget estimates of N1.758 trillion presented by Gov. Babajide Sanwo-Olu.
The budget was passed at a sitting presided over by the Speaker, Mr. Mudashiru Obasa, sequel…
N4.4trn debt: Senate berates 350 prominent Nigerians scuttling AMCON’s recovery effort
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions has decried that prominent Nigerians were “frustrating” the effort of the Asset Management Corporation of Nigeria (AMCON) at recovering the N4.4 trillion…
eNaira: Harvard professor, others give conditions for success
Prof. Lauren Cohen, L. E Simmons Professor of Business Administration, Harvard Business School, United States of America and other stakeholders on Thursday reeled out recommendations to deliver the success of the Central Bank Digital…
CBN set to roll out e-naira
The Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, on Wednesday said the apex bank has concluded plans to launch the Central Bank Digital Currency (CBDC) on October 1.
Mohammed disclosed this in a…
$2bn tax remittance: MTN has payment plan with FIRS – Finance Minister
Telecommunications company, MTN, has a payment plan with the Federal Inland Revenue Service (FIRS) to pay the tax remittance of two billion dollars.
Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning said this when she…
CBN, EFCC, Police, Others To Arrest People Spraying Naira Notes At Parties
The Central Bank of Nigeria (CBN) disclosed that it is working with law enforcement agencies to arrest and prosecute people caught abusing the naira.
The apex bank, in a statement on Tuesday, said the warning was necessitated by the…
Nigeria Top List of Global Leaders In Crypto Usage – Report
A report has revealed that more cryptocurrency trading goes on in Nigeria than almost anywhere else in the world.
This was disclosed by top cryptocurrency exchange platform Binance.
The report accounts that Nigeria leads the world in…
2 Bankers convicted For Stealing From Dead Customer’s Account
The Economic and Financial Crimes Commission, EFCC, Uyo Zonal Command, has secured the conviction of two bank officials, Daniel Akpan Eno and Mbuk Idongesit before Justice Edem Ita Kufre of the Cross River State High Court, Calabar.
The…
CBN Insists Nigerian Banks Are Resilient, Safe, Sound
Ahead of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) on Monday, July 26 – Tuesday, July 27, 2021, the financial regulator has reiterated the resilience, safety, and soundness of Nigerian Deposit Money…
Lagos Transport Union Thugs Or ‘Agberos’ Generate N123 Billion From Motorists, Riders…
A report has revealed that the Lagos transport union thugs, popularly referred to as ‘Agberos’ generate the sum of N123.078 billion from commercial drivers, motorcyclists, and tricyclists every year.
According to the information obtained…
Yahoo Boys: Stop Aiding Internet Fraudsters Or Face 5 Years In Jail – EFCC Warns Hotel Owners
The Economic and Financial Crimes Commission (EFCC) on Wednesday warned hotels in the country to stop aiding internet fraudsters.
The anti-graft agency's spokesperson, Wilson Uwujaren, said in a statement that owners could become…
EFCC Launches App For Online Reporting Of Financial Crimes
Economic and Financial Crimes Commission, EFCC, Wednesday launched an App, Eagle Eye, for online reporting of economic and financial crimes in Nigeria.
The Executive Chairman of the Commission, Abdulrasheed Bawa, described the App, being…
Supplementary Budget: FG Allocates N4.8bn To Monitor Whatsapp, Satellite Phones
The federal government has earmarked N4.8 billion for the National Intelligence Agency (NIA) to monitor WhatsApp, an encrypted messaging application, and Thuraya, a satellite telephone.
The provision is contained in the supplementary…
Kaduna Govt Seals Fidelity Bank Branches Over N43.3 Million Tax Debt
The Kaduna State Internal Revenue Service (KADIRS) on Thursday sealed four branches of Fidelity Bank Plc. over N43.3 million tax liabilities.
KADIRS, Legal Adviser and Board Secretary, Ms. Aisha Mohammed, who disclosed this in a press…
Appraising the EUR/USD – Why is it the Most Popular Currency Pair in the World?
Not all currencies and currency pairs have been created equal, which should come as no surprise given that there are around 170 assets of this type currently in circulation across the globe.
However, it’s the seven so-called “major”…
#Twitterban: How FG Will Tax Profits Made By Twitter, Others In Nigeria – VP Osinbajo
Vice President, Yemi Osinbajo on Friday revealed that the Federal Government already has in place plans to tax profits made by Twitter and other social media from their economic activities in the country.
Osinbajo spoke while interacting…
Google funds hub for disbursement of $100,000 fund to startups in Africa
Co-creation Hub (CcHUB) on Thursday announced a partnership with Google for Startups to lead the disbursement of the Black Founders Fund Africa.
The fund would provide grants and technical support to early-stage startups in Africa to…
Bitcoin Falls As China Intensifies Crackdown On Crypto Mining
Bitcoin falls to a two-week low on Monday over reports that China has intensified its crackdown on cryptocurrency mining.
The world’s largest digital currency fell as low as $31,760 Monday morning, dropping below $32,000 for the first…
Asset Declaration: Bankers’ Union Calls for Time Extension
The National Union of Banks, Insurance and Financial Institutions have called on the Economic and Financial Crimes Commission to extend the recent deadline given to bank executives on the submission of their asset declaration forms.
EFCC…
Bitcoin Soars Above $40,000 After Elon Musk Remarks
Bitcoin on Monday surged to above the $40,000 mark after Tesla CEO Elon Musk hinted that his company may once again resume Bitcoin transactions.
Musk had initially sent Bitcoin and other cryptocurrencies into a tailspin after the…
National Assembly to Bar Bankers from Operating Foreign Accounts
The House of Representatives is considering barring staff members of banks and other financial institutions from operating accounts outside the shores of Nigeria.
This was contained in the ‘Bank Employees, Etc., (Declaration of Assets)…
Insider connections facilitate most banking frauds – EFCC
Mr. Bawa Usman, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry.
Bawa, whose zone covers Sokoto, Kebbi and Zamfara…
World Bank to Assist Nigeria, Others with Fresh $150b
World Bank’s President, David Malpass, on Tuesday revealed that the world apex bank has come up with a spending plan of $150 billion to support Africa in the next five years.
David Malpass who disclosed this at the Financing African…
FG Losing $90.5m Annually to Airports, Seaports Concession – Reps
The House of Representatives on Tuesday said that the Federal government is losing over $90.5m annually to alleged shoddy agreements between the Federal Airports Authority of Nigeria and concessionaires on both the local and international…
China’s Cryptocurrencies Restriction Further Crashes Bitcoin
Following the introduction of China’s new crypto-currency restriction on Tuesday, the price of Bitcoin fell below $40,000 (£28,210) for the first time in three months.
Financial institutions and payment firms were barred from offering…