Finance
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NASS absolves JAMB of alleged misappropriation
The National Assembly Joint Committee on Finance has exonerated the Joint Admissions and Matriculation Board ( JAMB), of alleged misappropriation of funds in its 2024 budget implementation. Chairman of the committee, Sen . Sani Musa in a statement on Thursday, said the board was erroneously accused of reckless spendings, given the documents submitted to the committee by JAMB. He said…
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N200,000 fraud: Court sentences POS operator to 3 months jail term
An Ota Magistrates’ Court in Ogun sentenced one Waheed Salako, 46, to three months imprisonment for obtaining N200,000 under false pretences. The convict, a POS operator, whose address was not provided, had earlier pleaded not guilty to the two counts of obtaining money under false pretences and stealing. Delivering her judgment, the magistrate, Mrs. O.O. Fadairo, however, granted the convict…
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PoS operators drive cash flow amid economic changes
Point of sales (PoS) operators continue to play a critical role in mitigating cash scarcity and supporting the financial needs of Nigerians. These reflect innovation amidst ongoing economic changes and policies. The development signifies adaptation to the challenges posed by cash scarcity and the cashless economy initiatives by the Central Bank of Nigeria (CBN). As cash availability fluctuated, especially during…
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Real estate company advocates joint effort to combat housing deficit
A real estate development company, T Pumpy Concept, has called for synergy among all housing stakeholders to address Nigeria’s housing deficit. The Chief Executive Officer, T-Pumpy Concept, Akintayo Adaralegbe, said this in a statement in Abuja on Tuesday. According to Adaralegbe, all hands must be on deck from the government and private sectors to provide affordable housing for all citizens.…
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GTCO raises N209bn from first phase capital raise
Guaranty Trust Holding Company Plc (GTCO) says it has successfully completed the first tranche of its equity capital raise program. This followed the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC). Mr. Segun Agbaje, Group Chief…
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Ex-CBN Director urges FG to strategically reduce cost of governance
A former Director in the Central Bank of Nigeria (CBN), Dr. Titus Okunrounmu, has advised the Federal Government to strategically reduce the cost of governance in 2025. Okunrounmu gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, noting that the high cost of governance had led to increased recurrent expenditure. The…
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Benue Assembly passes 2025 budget of N550.1bn
The Benue State House of Assembly, presided over by its Speaker, Hyacinth Dajo, on Monday, passed the 2025 Appropriation Bill of N550.1 billion. Leading the debate during plenary in Makurdi, the Chairman, House Standing Committee on Appropriation, Mr. Cephas Dyako (LP/Konshisha), said that the total revenue projection of the 2025 proposed budget was N550.11 billion. He said that…
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Abiodun signs N1.05trn Appropriation Bill into law
Gov. Dapo Abiodun of Ogun has signed the N1.054 trillion 2025 State Appropriation Bill into law. The signing took place at the Governor’s Office on Monday in Abeokuta, witnessed by the Speaker of the House of Assembly, Oludaisi Elemide, and principal officers of the House. Speaking after signing the bill, Abiodun announced that his administration would, in the coming month,…
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Alleged 52.9m fraud: Court gives EFCC go ahead to freeze 67 bank accounts
A Federal High Court in Abuja has granted the Economic and Financial Crimes Commission’s (EFCC) application to freeze 67 bank accounts domiciled in different banks over alleged N52.9 million fraud. Justice Emeka Nwite granted the application after the EFCC’s lawyer, Martha Babatunde, moved an ex-parte motion to effect. The News Agency of Nigeria (NAN) reports that the motion ex parte,…
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Otti assents to 2025 Appropriation Bill of N750.2b
Gov. Alex Otti of Abia assented to the 2025 Appropriation Bill of N750.2 billion as passed by the state House of Assembly. In a speech at the brief event held at Nvosi in Isiala Ngwa South Local Government Area, Otti said that the budget underscores the commitment of his administration to transform the state’s trajectory in achieving infrastructure development. He…
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Mohammed signs Bauchi’s N467bn 2025 budget into law
Gov. Bala Mohammed of Bauchi State has signed the state’s 2025 budget of N467 billion into law. The News Agency of Nigeria (NAN) reports that Mohammed had, on November 21, presented the N465 billion 2025 Appropriation Bill to the state House of Assembly for approval. Presenting the estimate tagged “Budget of Consolidation and Sustainable Development,” Mohammed said that it complied…
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Opponents of Tax Reform enemies of Nigeria — Okupe
Lagos, Dec. 26, 2024 (NAN) A former presidential spokesman Dr Doyin Okupe says opponents of the proposed Tax Reform Bills are enemies of the country, saying the bills are pro-poor and pro-development. Okupe, in an interview with the News Agency of Nigeria (NAN) in Lagos, said that no right-thinking person would stand against the reforms meant to protect the poor…
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Court bars CBN, AGF, others from releasing allocation to Rivers Govt
Abuja, Oct. 30, 2024 (NAN) The Federal High Court in Abuja, on Wednesday, restrained the Central Bank of Nigeria (CBN) from further releasing monthly financial allocations to Rivers government. The News Agency of Nigeria (NAN) reports that the order also affected the Accountant-General of the Federation (AGF), Zenith Bank, and Access Bank, where the state government also banks. Justice Joyce…
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IIF, Kuramo launch fund to support MSME financing
Lagos, Oct. 29, 2024 (NAN): The Impact Investors Foundation (IIF), in collaboration with Kuramo Capital Management, on Tuesday introduced the Wholesale Impact Investment Fund (WIIF) to Pension Fund Administrators (PFAs) alongside other pension stakeholders and regulators. Mr. Afolabi Oladele, Chairman of IIF, said this at a roundtable for PFA investors on the Nigerian WIIF in Lagos. The News Agency of…
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Naira depreciates by 4.41% against dollar at official market
Lagos, Oct. 28, 2024 (NAN) The Naira on Monday depreciated at the official market, trading at N1670.65 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N70.65. This represents a 4.41 percent loss when compared to the previous trading date…
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Nigeria’s Battle Against Petroleum Smuggling: A Complex Struggle for National Stability
Nigeria, a nation blessed with abundant natural resources, has long faced the daunting challenge of securing its borders from the illicit smuggling of petroleum products. With borders stretching over 4,000 kilometers and numerous porous entry points, the country remains vulnerable to economic sabotage, criminal syndicates, and insurgent activities. The smuggling of crude oil and refined products siphons off enormous sums…
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When stakeholders convened to discuss ECOWAS rebellious members reintegration
As ECOWAS continues to navigate the complexities of regional integration, three of its member states – Burkina Faso, Mali, and Niger – have already announced their withdrawal from the regional bloc. ECOWAS was founded on May 28, 1975, by the heads of state of 15 West African countries, initially to enhance regional economic cooperation and later expanded to include political…
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