No Plans to Increase Petrol Price -NNPC Assures Organised Labour, Others

BusinessLabourNewsNigeriaNo Plans to Increase Petrol Price -NNPC Assures Organised Labour, Others

PilotnewsFebruary 18, 2021

ABUJA — The Nigerian National Petroleum Corporation  (NNPC) has assured Organised labour and Nigerians that there will be no increase in the price of Premium Motor Spirit (PMS) also known as Petrol in the month of February. The corporation gave the assurance in a statement signed by its spokesman Dr Kennie Obateru in Abuja, on Thursday. “In spite of the rise in the price of crude oil in the international market, NNPC has ruled out...

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EconomyNewsNigeriaLatest Consumer Price Index Reports reveal Nigeria’s Inflation hits 16.47%

Beloved John (Staff Writer)February 16, 2021

The Consumer Price Index (CPI), which measures the increase in the price of goods and services, rose to 16.47 percent last month according to a report by the National Bureau of Statistics (NBS). The recent statistic is the highest since April 2017. The CPI/Inflation report shows that food inflation has also crossed the 20 percent mark. “The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021. This is 0.71...

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SEC Suspends Approval of Cryptocurrency-Related Products

BusinessMoneyNewsNigeriaSEC Suspends Approval of Cryptocurrency-Related Products

Beloved John (Staff Writer)February 14, 2021

The Securities and Exchange Commission has suspended the approval of cryptocurrency and related products following the directive of the Central Bank of Nigeria which demanded that banks terminate accounts connected to digital currencies. In a statement released on Friday, SEC, which had earlier disclosed its readiness to accept Bitcoin and other cryptocurrencies as securities, said it would no longer do so until such products are able to operate bank accounts within the Nigerian banking system....

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Senate Invites CBN Governor for Brief on Cryptocurrency

BusinessInvestingNewsNigeriaSenate Invites CBN Governor for Brief on Cryptocurrency

Bada Yusuf Amoo (Correspondent)February 12, 2021

The Senate has invited the Central Bank of Nigeria (CBN)’s Governor, Godwin Emefiele, to appear before its committees on the opportunities and threats of cryptocurrency on the country’s economy. The red chamber took the decision to invite the CBN governor following a motion by a Federal Lawmaker, Senator Istifanus Gyang, during a plenary on Thursday, concerning the CBN directive asking financial institutions to stop all transactions in cryptocurrencies and matters relating to them. In their...

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Lagos Government Seek Regulations of Boat Captains, Vessels

BusinessTransportationLagos Government Seek Regulations of Boat Captains, Vessels

Bada Yusuf Amoo (Correspondent)February 11, 2021

Governor Babajide Sanwo-Olu of Lagos has sought improved certification for boat skippers and better regulation of the operations of non-convention vessels that operate in the inland waterways of the country. The governor made the call while receiving the Director-General of the Nigerian Maritime Administration and Safety Agency (NMASA), Dr. Bashir Jamoh, during his visit to the governor. Sanwo-Olu said an improved utilization of Lagos waterways would go a long way in easing the traffic congestion...

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Senate Confirms MDs of AMCON, NDIC

EconomyInvestingNewsNigeriaSenate Confirms MDs of AMCON, NDIC

Bada Yusuf Amoo (Correspondent)February 11, 2021

On Wednesday, the Senate confirmed Mr. Ahmed Kuru; and Bello Hassan as managing directors of the Asset Managing Corporation of Nigeria; and Nigeria Deposit Insurance Corporation. The two nominees were confirmed after consideration of the two separate reports of the Senate Committee on Banking, Insurance and Other Financial Institutions. Others who were confirmed were Ebelechukwu Uneze, and Aminu Ismail as the executive directors of AMCON; and Mohammad Ibrahim as Executive Director of the NIDC. The...

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Fiscal Deficit Rose to ₦620.49bn in November – CBN

EconomyNewsNigeriaFiscal Deficit Rose to ₦620.49bn in November – CBN

Bada Yusuf Amoo (Correspondent)February 11, 2021

The fiscal deficit of the Federal Government rose by ₦208.14bn to ₦620.49bn as of the end of November from ₦421.35bn at the end of October. This was disclosed in the Central Bank of Nigeria (CBN)’s the monthly economic report for November on Wednesday on the federation account operation. The report read in part, “At N706.47bn, provisional gross federally collected revenue in November 2020 contracted by 16.6 percent and 19.7 percent, compared with the budget benchmark...

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National Identification Number NIN To Replace Bank Verification Numbers BVN- Pantami

EconomyNational DevelopmentNational Identification Number NIN To Replace Bank Verification Numbers BVN- Pantami

Hassan Umar Shallpella (Regional Correspondent)February 9, 2021

Nigerian government says it has begun phasing out the bank verification numbers (BVN) introduced by the Central Bank in 2014. President Muhammadu Buhari’s regime had directed citizens to enroll for the NIN and link the number to their SIM cards or risk deactivation of their telephone lines. The National Identity Management Commission (NIMC) Act 2007 mandates all Nigerians and permanent residents to have the NIN but is silent on linking the NIN to SIM registration...

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COVID-19: African Finance Ministers Call for Additional $500bn

AfricaCoronavirusEconomyCOVID-19: African Finance Ministers Call for Additional $500bn

PilotnewsFebruary 9, 2021

ABUJA —  African finance ministers have called for 500 billion U.S. dollars in Special Drawing Right (SDR) and an extension in the Debt Service Suspension Initiative (DSSI) to respond to the COVID-19 pandemic. The call was made during a virtual meeting convened by the Economic Commission for Africa (ECA) and International Monetary Fund (IMF) on Feb. 6, according to a statement from ECA on Tuesday. According to an IMF Factsheet, the SDR is an international...

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Why We Banned Cryptocurrencies – CBN

BusinessEconomyNewsWhy We Banned Cryptocurrencies – CBN

Beloved John (Staff Writer)February 8, 2021

The Central Bank of Nigeria named terrorism and money laundering as the rationale behind the ban of cryptocurrency-related transactions in Nigeria. In a statement released on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications said the use of cryptocurrencies in Nigeria is a direct contravention of existing law. The decision has sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins. “The use of cryptocurrencies in...

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