President Buhari Commission Largest Sea Port In Africa

BusinessEconomyNewsNigeriaTransportationPresident Buhari Commission Largest Sea Port In Africa

Hassan Umar Shallpella (Regional Correspondent)January 25, 2023

The Lekki Deep Sea Port, Nigeria’s deepest sea port situated within the Lekki Free Zone in Lagos and currently the largest in Africa, was inaugurated by President Muhammadu Buhari on Monday. The President who arrived at the venue in a helicopter alongside the Governor of the State, Mr. Babajide Sanwo-Olu cut the ceremonial tape at the Port at 4:42 pm The Managing Director of the Nigerian Ports Authority, NPA, Mr. Mohammed Bello-Koko said the agency...

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CBN/NOA Allays Traders’ Fear, Reveals Security Features And Benefits Of New Naira.

BusinessMoneyNewsNigeriaCBN/NOA Allays Traders’ Fear, Reveals Security Features And Benefits Of New Naira.

Ije Ulasi (Regional Correspondent)January 25, 2023

The Central Bank of Nigeria has revealed that redesigning the top three denominations of the naira notes was not targeted at any group but a step taken in the interest of the nation and her people as it will strengthen the economy. The Deputy Director of Human Resources, CBN Mr. Chris Eze stated this at a sensitization of stakeholders on the currency redesign held on Saturday at the Main Market, Ogbete Enugu. “The new naira...

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CBN Tasks Anambra Traders To Deposit Old Naira Notes Before 31st January 

BusinessNewsNigeriaCBN Tasks Anambra Traders To Deposit Old Naira Notes Before 31st January 

PilotnewsJanuary 21, 2023

The Central Bank of Nigeria has enjoined residents and traders in Anambra state to ensure they deposit all old notes of the redesigned currency in banks before the 31st of January. The Director Other Institutions Department, CBN, Awka, Mrs Nkiru Asiegbu, made the call when the Awka Branch of the apex bank went on sensitization tour to tools and Allied Material Market, Bridge Head Onitsha. Mrs Asiegbu announced that the CBN will not extend the...

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New Naira Challenge: Nigerians Wash New Naira Notes To Test If It Loses Colour

BusinessMoneyNewsNigeriaNew Naira Challenge: Nigerians Wash New Naira Notes To Test If It Loses Colour

By Ezinwanne Onwuka (Senior Reporter)January 2, 2023

Five days ago, a Twitter user, @Fluffy_Naz created awareness of the low quality of the redesigned N200, N500 and N1000 banknotes. She claimed that her sister forgot the new N500 banknote in her pocket and washed the cloth only for the colours to fade. Raising the alarm, she said, “If rain drenches you and this money is your only hope, you’d be stranded.” So my sis forgot the new currency in her pocket and washed...

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CBN Reviews Controversial Weekly Cash Withdrawal Policy

BusinessMoneyNewsNigeriaCBN Reviews Controversial Weekly Cash Withdrawal Policy

By Ezinwanne Onwuka (Senior Reporter)December 23, 2022

Fifteen days after pegging weekly over-the-counter cash withdrawals by individuals and corporate organisations at N100,000 and N500, 000, respectively, the Central Bank of Nigeria (CBN) has reviewed the controversial policy. In a memo issued on Wednesday and signed by Haruna Mustafa, the director of banking supervision, the CBN announced a new maximum cash withdrawal limit of N500,000 and N5,000,000 per week for individuals and corporate entities, respectively. The processing fee for withdrawals above the above-mentioned...

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Federal Govt to phase out pioneer status incentive for mature industries

BusinessNewsNigeriaFederal Govt to phase out pioneer status incentive for mature industries

Beloved John (Staff Writer)December 15, 2022

The federal government says it is phasing out the antiquated pioneer status incentive and other tax exemptions for mature industries with the 2022 finance bill. Zainab Ahmed, the minister of finance, budget, and national planning, disclosed this while addressing a state house correspondent on Wednesday. The bill is for tax collection in 2023. It was designed to support the implementation of the 2023 budget. The pioneer status incentive (PSI) is a tax holiday that grants...

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Central Bank’s new cash withdrawal policy is illegal says human rights advocate, Femi Falana  

BusinessNewsCentral Bank’s new cash withdrawal policy is illegal says human rights advocate, Femi Falana  

Beloved John (Staff Writer)December 13, 2022

Femi Falana, a human rights advocate, has described the new cash withdrawal policy introduced by the Central Bank of Nigeria (CBN) as illegal and null. Falana expressed his dissatisfaction in a statement on Monday The central bank had earlier disclosed that it has directed deposit money banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The policy is expected to...

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BusinessNewsNigeriaOkonjo-Iweala, Mo Abudu Make Forbes’ ‘World’s 100 Most Powerful Women’ List

By Ezinwanne Onwuka (Senior Reporter)December 11, 2022

Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, made it to the 2022 Forbes list of the world’s 100 most powerful women. Also on the list is the Chief Executive Officer of EbonyLife Group, one of Africa’s leading media conglomerates, Mosunmola Abudu, also known as Mo Abudu. While the former finance minister took the 91st position, the media mogul was the 99th woman on the list. Okonjo-Iweala was recognised for her contributions to the...

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Naira Redesign: ATMs to Dispense N200, N100 from 9 January

BusinessNewsNaira Redesign: ATMs to Dispense N200, N100 from 9 January

By Ezinwanne Onwuka (Senior Reporter)December 11, 2022

The Central Bank of Nigeria (CBN) on Tuesday directed commercial banks to load only N200 and lower denominations into their Automated Teller Machine (ATM) starting from 9 January 2023. The directive is contained in a memo on the revised cash withdrawal policy, a sequel to the naira redesign policy, to deposit money banks and other financial institutions by the CBN. The memo was signed by the CBN director of banking supervision, Haruna Mustafa. Other policies...

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NDIC Recovers N8.3 Billion Naira From Banks

BusinessNewsNigeriaNDIC Recovers N8.3 Billion Naira From Banks

Hassan Umar Shallpella (Regional Correspondent)December 11, 2022

The Nigeria Deposit Insurance Corporation (NDIC) says it has helped depositors recover eight point three billion naira from their banks and had resolved two hundred and forty-eight customer complaints. Mr. Bello Hassan said the complaints bothered unauthorized withdrawals which accounted for the highest number of one hundred and ninety cases, P.O.S issues accounted for thirty-three, and fraud cases which accounted for twenty-five. The Managing Director of the corporation stated this at the forty-third Kano International...

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