NFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

BusinessNewsNigeriaNFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

The Nigerian Financial Intelligence Unit, NFIU, has pledged to disrupt the financial channels used by terrorists and other criminal elements in the country. The agency asserts that cutting off these financial routes will impair the terrorists’ ability to carry out further criminal activities. Hafsat Bakari, Director-General of the NFIU, made this commitment in Abuja on Tuesday during the GIABA workshop on investigating and prosecuting terrorism financing cases. Bakari stated, “Nigeria has faced an acute threat...

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First Lady Launches #OneNigeria Fabric, Awards N25m to Designer

BusinessNewsNigeriaFirst Lady Launches #OneNigeria Fabric, Awards N25m to Designer

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

First Lady Oluremi Tinubu unveiled the winning fabric of the #OneNigeria Unity Fabric competition on Monday at the State House in Abuja. She awarded N25 million to the designer, Bamidele Mofiyinfoluwa. Mrs Tinubu explained that the project aims to foster creativity, enhance national unity, and support local enterprises to boost the economy. She announced that the winning fabric would be used officially on 1st October for Nigeria’s Independence Day celebrations.   “Our goal is to...

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India Trains Over 27,500 Nigerian Professionals In Diverse Fields

BusinessNewsNigeriaIndia Trains Over 27,500 Nigerian Professionals In Diverse Fields

Hassan Umar Shallpella (Regional Correspondent)September 17, 2024

India has trained at least 27,500 Nigerian professionals in diverse fields under the Indian Technical and Economic Cooperation (ITEC) in the last 45 years. The High Commissioner of India to Nigeria, Gangandharan Balasubramanian disclosed this on Monday, during the 2024 ITEC Day reception at the High Commission of India in Abuja. The envoy said India provides more than 22,500 scholarships to people from different parts of the world every year, and explained that ITEC is...

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Nigeria Records Trade Surplus In Second Quarter Of 2024

BusinessNewsNigeriaNigeria Records Trade Surplus In Second Quarter Of 2024

Uzoamaka Ikezue (Staff Reporter)September 13, 2024

 …As Tinubu Hails His Administration’s Reforms Nigeria has recorded another trade surplus in the second quarter of 2024, even as President Bola Tinubu hails his administration’s reforms A press statement on Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that Tinubu welcomed the National Bureau of Statistics (NBS) new report on the country’s trade balance. According to the report, Nigeria recorded another trade surplus in the second quarter of...

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Nigerian Fintechs to Deduct N50 on Transfers Above N10,000 and Remit to FG

BusinessNewsNigeriaNigerian Fintechs to Deduct N50 on Transfers Above N10,000 and Remit to FG

By Ezinwanne Onwuka (Senior Reporter)September 9, 2024

The federal government of Nigeria has announced a new levy on electronic money transfers. Starting on Monday, 9 September 2024, customers of fintech companies such as Opay, Moniepoint, and PalmPay will incur a N50 charge on any transfer of N10,000 or more. According to a notice from Opay, the fee aligns with Federal Inland Revenue Service, FIRS, regulations. “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will...

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Adamawa Sovt Awards Construction Of Jimeta Modern Shopping Complex

BusinessNewsNigeriaAdamawa Sovt Awards Construction Of Jimeta Modern Shopping Complex

Hassan Umar Shallpella (Regional Correspondent)August 29, 2024

The Jimeta Modern Shopping Complex in Yola North Local Government Area of Adamawa State was built in 1996 but was demolished by the state government for the construction of a new modern structure that will gulp N19.7bn. Mr Iliya James, Commissioner for Information and Strategy, while briefing Journalists Wednesday after the State Executive Council meeting presided over by Governor Ahmadu Umaru Fintiri said the contract for the project was awarded to three different contractors with...

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Trade Volumes Between Nigeria-Indonesia Hits $1.19b In 5 Years

BusinessNewsNigeriaTrade Volumes Between Nigeria-Indonesia Hits $1.19b In 5 Years

Hassan Umar Shallpella (Regional Correspondent)July 26, 2024

The Indonesian Embassy in Nigeria says trade and export of goods from Nigeria to Indonesia have increased annually by 51.8%, rising from $148 million in 2017 to $1.19 billion in 2022 over the past five years. The Indonesian Embassy in Nigeria in a statement attributed the success to diplomatic policies and programmes of the outgoing Indonesian Ambassador to Nigeria, Usra Hendra Harahap. According to the statement, during the tenure of Ambassador Harahap, the envoy has...

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Meta deletes 63,000 Facebook accounts of ‘Yahoo Boys’

BusinessNewsNigeriaMeta deletes 63,000 Facebook accounts of ‘Yahoo Boys’

Hassan Umar Shallpella (Regional Correspondent)July 25, 2024

The US-based firm ‘Meta’ has removed 63,000 ‘Yahoo Boys’ Facebook accounts belonging to Nigerians suspected to be engaging in financial sextortion. ‘Yahoo Boys’ is a term for describing Internet scams in Nigeria. The firm in a statement on Wednesday, titled, Combating Financial Sextortion Scams From Nigeria’, said the removal of the 63,000 is a punitive measure against criminal activities. “We’ve banned Yahoo Boys under Meta’s Dangerous Organizations and Individuals Policy, one of our strictest policies...

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Okonjo-Iweala Gets Support of 58 Countries for Second Term As WTO DG 

BusinessNewsWorld NewsOkonjo-Iweala Gets Support of 58 Countries for Second Term As WTO DG 

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The World Trade Organisation, WTO, has announced that 58 member countries have endorsed a proposal by the African Group for Ngozi Okonjo-Iweala to run for a second four-year term as director-general. According to a statement by the Geneva-based organisation, the countries expressed their support during the general council meeting on Monday. The African Group had proposed that Okonjo-Iweala, who is due to complete her first term at the end of August 2025, make herself available...

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CBN Raises Interest Rate to 26.75% as Inflation Bites Harder

BusinessEconomyNewsNigeriaCBN Raises Interest Rate to 26.75% as Inflation Bites Harder

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The Central Bank of Nigeria, CBN, on Tuesday, announced a 50 basis point increase in the monetary policy rate, MPR, from 26.25 per cent to 26.75 per cent. CBN Governor, Olayemi Cardoso, made the announcement at the end of the 296th meeting of the Monetary Policy Committee, MPC, in Abuja on Tuesday. The increase is a desperate attempt to tame the rising inflation rate, which stood at 34.19 per cent as of last week. The...

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