Discrepancies In Fuel Importation: Reps seek forensic audit of NNPCL

BusinessNewsNigeriaPoliticsDiscrepancies In Fuel Importation: Reps seek forensic audit of NNPCL

By Uzoamaka Ikezue (Staff Reporter)May 25, 2023

To unravel the discrepancies in the importation and supply of Premium Motor spirit (PMS), the House of Representatives is seeking a forensic audit of the Nigeria National Petroleum Corporation Limited (NNPCL) also known as fuel from 2015 to date. According to the House ad-hoc committee, the volume of fuel consumed daily in the country, will give clarity to the Direct Sale, Direct Purchase (DSDP) programme and the consortiums of DSDP operators. The committee which report...

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Lawyers say the Supreme Court ruling on old notes best for Nigeria

BusinessNewsNigeriaLawyers say the Supreme Court ruling on old notes best for Nigeria

By Uzoamaka Ikezue (Staff Reporter)March 5, 2023

With regard to the cashless policy of the Central Bank of Nigeria (CBN), two Lagos based lawyers and an economist have said that obeying the Supreme Court ruling is the best way to go for the nation. Emeka Iheonu, a Lagos based lawyer and Alaowei Ebikonbowei Cleric, a human rights lawyer as well as a former World Bank/International Monetary Fund (World Bank/IMF) expert have hailed the court’s ruling, and stressed that as the highest court...

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President Vows To Reposition The Nation’s Economy

NewsNigeriaPoliticsPresident Vows To Reposition The Nation’s Economy

Hassan Umar Shallpella (Regional Correspondent)January 13, 2023

Nigeria President Muhammadu Buhari has vowed to reposition the nation’s economy and improve security across the country before the end of his second tenure administration. President Buhari disclosed the State House Abuja while receiving Executive members of the Catholic Bishops’ Conference of Nigeria (CBCN) and noted that the security situation had improved over the years, particularly in the North East where the focus had shifted to rebuilding infrastructure and re-orientation on education. He told the...

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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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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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Digital Economy: “Nigeria Still has a Long way to go” – Geeksvillage founder

BusinessEconomyNewsNigeriaDigital Economy: “Nigeria Still has a Long way to go” – Geeksvillage founder

Ebuka Onyekwelu (Staff Writer)November 17, 2022

Digital economy has gained traction in the lexicon of Nigeria’s public office seekers, to the extent that many “youth empowerment” programmes of power seekers now contain some sort of activities relating to acquisition of digital skills, by the citizenry. But in reality, many of those with thriving digital footprints, set out on their own without any form of “empowerment”. This is the story of Geeksvillage, just like many other digital and tech solution providers in...

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AfDB’s Akinwumi Adesina says Nigeria needs help with debt burden

AfricaBusinessNewsAfDB’s Akinwumi Adesina says Nigeria needs help with debt burden

Beloved John (Staff Writer)September 24, 2022

Nigeria needs help from the international community in tackling its debt burden according to Akinwumi Adesina, president of the African Development Bank (AfDB). He disclosed this Nigeria International Economic Partnership Forum in New York on Thursday. He stated that financing is critical to solving Nigeria’s development challenges. “Financing is critical because the debt to GDP ratio of Africa has increased to 70 percent — several countries are the risk of high debt distress due to...

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Africa’s Richest Man, Dangote Ranks 63rd On Bloomberg’s List Of Top 100 Billionaires

BusinessNewsNigeriaAfrica’s Richest Man, Dangote Ranks 63rd On Bloomberg’s List Of Top 100 Billionaires

By Ezinwanne Onwuka (Senior Reporter)July 16, 2022

Chairman of Aliko Dangote Group, Aliko Dangote, is now the 63rd richest billionaire in the world, according to the latest ranking by Bloomberg. In the ranking released on Wednesday, July 13, the Chief Executive Officer of Tesla, Elon Musk, was listed as the richest billionaire in the world, as of Monday, July 11. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. According to the financial, software, data, and media company...

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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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Senate, White House reach deal on $2 trillion stimulus package to lessen COVID-19’s economic impact

NewsUnited StatesSenate, White House reach deal on $2 trillion stimulus package to lessen COVID-19’s economic impact

PilotnewsMarch 25, 2020

After five days of negotiations, Senate leaders and the Trump administration said early Wednesday morning they have reached a deal on a $2 trillion stimulus package to help relieve the economic impact of COVID-19. “Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1AM, according to the Washington Post. Senate Majority leader Mitch McConnell and Minority Leader Chuck Schumer, who negotiated with Ueland, Secretary...

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