BUSINESS/ECONOMY

Communications Minister directs immediate suspension of N4 USSD charge by MTN

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The Honourable Minister of Communication, Dr Isa Ibrahim Pantami has directed immediate suspension of 4 naira charges on USSD service by Mobile Telecommunication of Nigeria (MTN) on baking transactions. The MTN has on Sunday morning send its subscribers a message that reads, “Yello, Please note that from Oct 21, we will charge N4 per 20 seconds for USSD access to banking services. Thank you.” However, a statement by Mrs Uwa Suleiman, Spokesperson to the Honourable Minister of Communications on Sunday directed immediate suspension of the charges until he’s properly briefed. The Minister said he’s unaware of the imposed charges. The statement reads, “The attention of the Federal Ministry of Communications [Read]

Senate fight dirty over secret job slots, racketeering, vows probe

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…As Senate Committee Vows to Expose  Alleged Secret Recruitment in FIRS, NASDRA, NDLEA, others …Alleges that some agencies sell single employment slot for as high as N1.5 million. INDICATIONS have emerged that the Senate is set for a showdown with some federal agencies and Parastatals over alleged secret recruitment exercises, just as there is palpable disquiet in the Upper Chamber over the matter. The Senate has however vowed to summon and subsequently probe these agencies with a view to ensuring that employment and job recruitment strictly complies with the Federal Character Principle in accordance with the 1999 Constitution ( As Amended). Speaking with Journalists yesterday in Abuja, Chairman, Senate Committee [Read]

BREAKING: NLC Suspends Planned Strike, FG Shifts Grounds, As Negotiations Continue

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  ABUJA – Organised labour on Tuesday demanded documents from the Federal Government to support its claims during a negotiation on the consequential adjustments on the New National Minimum Wage. Labour suspended its planned strike as both sides agreed to continue negotiations today (Wednesday). The Minister of Labour and Employment, Dr Chris Ngige, at the opening of the meeting, said the demand of the workers before the negotiation would shut down the economy. But a source at the five hours meeting, which started at 2.45pm, confided in our correspondent that the labour leaders and the government’s representatives made concessions. He added that they failed to reach a definite agreement on [Read]

CBN issues fresh guidelines on payments system

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The Central Bank of Nigeria (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System, with effect from Nov. 11. The apex bank made this known in a circular issued by CBN’s Director, Payments System Management Department, Mr Sam Okojere, to banks. The Indirect Participants are payments service providers who are non-clearing financial institutions but settle their payments obligations through clearing banks. According to the guideline, to qualify as an indirect participant, an institution shall: have a satisfactory risk-based rating from the CBN and secure a letter of recommendation from its direct participating bank, signed by the Chief Risk Officer and an Executive Director of [Read]

NNPC Discovers Oil In North East After Several Months Of Search

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  The Nigeria National Petroleum Commission, NNPC, has announced discovery of oil in the North Eastern part of the country after several months of tedious searching. Samson Makoji, acting group general manager, group public affairs division of the corporation, announced this in a statement on Friday. He said the discovery of oil and gas in commercial quantity in the Gongola Basin will “attract foreign investment, generate employment for people to earn income and increase government revenues”. “The Nigerian National Petroleum Corporation (NNPC) has announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country,” the [Read]

Shocking! Polaris Bank staff absconds with customer’s thrift savings

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DELTA – One Emmanuel Agbroko, a banker attached to Polaris Bank has allegedly absconded with customer’s thrift savings. According to Umukoro Hendrix, the Divisional Police Office, Obiaruku town the headquarter of Ukwuani Local Government Area (LGA), Delta State, Nigeria declared Emmanuel Agbroko wanted over the alleged multi-million naira customer deposit fraud. The suspect was alleged to have duped depositors of their hard earned money through numerous crafty means. Mr, Emmanuel who work with Polaris bank at Obiaruku branch in delta state disappeared on the 1st of Oct 2019. The suspect dropped a note which is yet to be disclose by his family members. All efforts to speak with the bank [Read]

Budget 2020: “I Am Suffering From Cold Due To Hardwork” – Buhari To NASS

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ABUJA – President, Muhammadu Buhari on Tuesday lamented he’s suffering from cold because of hard work to move the nation forward. The president, who was addressing the joint session of the National Assembly while presenting the 2020 budget said his cold was due to national assignment. NEWS FLAKES NG gathers that immediately after observing protocols and before presenting the details of the bill, the President apologised for his voice. [READ ALSO] Buhari Presents N10.73 trillion 2020 Budget To NASS, Pegs Oil Benchmark At $57 He said, “Before I proceed to read the details of the budget, let me apologise for my voice. As you can hear in my voice, I [Read]

No harm in introducing communication tax – FIRS chairman

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– Babatunde Fowler said Nigerians talk more than required on phone – The FIRS chairman said there is nothing wrong in introducing a communication tax – Fowler said this tax can go into improving education like in Ghana Babatunde Fowler who is the chairman of the Federal Inland Revenue Service (FIRS) has said that there is nothing wrong in introducing a communication tax. NEWS FLAKES NG reports that Fowler said this on the side-line of the Nigerian Economic Summit Group conference in Transcorp Hilton in Abuja on Monday, October 7. The FIRS chairman reportedly said Nigerians talk a lot on phone and that there is nothing wrong in paying a [Read]

Buhari Presents N10.73 trillion 2020 Budget To NASS, Pegs Oil Benchmark At $57

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ABUJA – President Muhammadu Buhari has presented the 2020 appropriation bill with total expenditure of N10.73 trillion to the national assembly. While presenting the budget on Tuesday, Buhari said the federal government is targetting a revenue of N8.155 trillion. Buhari said the appropriation bill is based on the new VAT rate “which will help finance health, education, and infrastructural programmes.” Debt servicing in the budget is pegged at N2.45trn, out of which local debts would take N296bn, with N426.6bn set as overhead cost. The oil benchmark is set at $57 at 2.18m barrels per day with capital projects gulping N2.46 trillion. A breakdown of the budget’s statutory transfers show that [Read]

N900m Cash in EFCC Custody Disappears, Papers Found Instead In Boxes

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IBADAN – The Federal High Court in Ibadan was in disarray as the Federal High Judge ordered the Economic and Financial Crimes Commission (EFCC) to produce the 106 boxes, containing the N900 million allegedly stolen by two bank workers. The order was given Friday, October 4th, 2019. The National Agency of Nigeria, NAN reports that the EFCC charged Bolade Ajuwan and Samuel Ogbiede alongside six officials of the Central Bank of Nigeria. NEWS FLAKES NG gathers that the apex bank employees were alleged to have compromised the CBN’s Briquette exercise, by stealing huge sums of mutilated higher denomination Naira currencies meant to be exchanged for new notes. The other bank [Read]

BREAKING: Gov Fayemi begins payment of N30,000 minimum wage

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EKITI – There was a thunderous ovation at the venue of this year’s Teachers’ Day on Saturday , as the Governor of Ekiti State, Dr. Kayode Fayemi announced his readiness to begin the payment of N30,000 minimum wage to workers from October, 2019. Fayemi said the measure is to stimulate workers, especially taechers, to be able to deliver the best to the state and reclaim the lost glory and pride of being the education nerve centre of the country. The Governor spoke at Oluyemi Kayode stadium in Ado Ekiti during the 2019 celebration of the Teachers’ Day, with the theme: “Young Teachers, the Future of the Profession”. NEWS FLAKES NG [Read]

Anxiety As Facebook, Instagram remove accounts from Nigeria, give reasons [READ MORE]

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Facebook has removed hundreds of accounts, pages and groups from its social network platforms over alleged involvement in coordinated inauthentic behaviour. The tech giant said it removed a total of 443 Facebook and 125 Instagram accounts, as well as 200 pages and 76 groups originating in the United Arab Emirates, Egypt, Nigeria and Indonesia. In a blog post on Thursday, Facebook said that one of the operations was sharing local news in targeted countries and promoting content about UAE as well as criticism of Qatar, Turkey and Iran, NAN reports. A smaller operation was involved in “domestic-focused coordinated inauthentic behaviour in Indonesia,” with fake accounts sharing content in support of [Read]

Govt may sack workers to meet minimum wage demand – Ngige

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Minister of Labour and Employment, Dr Chris Ngige, on Thursday, said that the demand of labour over the implementation of the new minimum wage would cost the Federal Government N580 billion annually. Ngige said that such adjustment, in line with labour’s demand, was not sustainable as the government would have to lay off some workers to be able to meet their demands. The minister said government cannot afford that kind of money now, adding that the focus of President Muhammadu Buhari’s government is on workers on grade level 1 step 1 and level 6 step 1 where the impact of the wage would be felt by workers. The Minister disclosed [Read]

S*x Workers To Increase Charges Due To Inflation, Tax Hike, Says Proud Member, Enning

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Sex workers in the country will soon increase fees they charge clients after increment in electricity, airtime etc. in the country. Patience Enning who is a proud ‘Asahawo’ made this revelation and sent a strong warning to other prostitutes who have made their mind to charge old fees to be very careful. According to her, there is increment on every item in the country and same will apply to their fees they charge because they cannot be chopped without making any profit out of their business. [Read]