BUSSINESS/ECONOMY

We have invested N2.7trn on infrastructure, says FG – CLICK TO READ MORE

  The federal government says it has spent a total of N2.7trillion on infrastructural development across the country. The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this in his presentation at The Chatham House in London on Wednesday entitled: Nigeria’s National Unity: Toward Participation and Shared Values’. He said the Administration of President Muhammadu Buhari since coming into office in 2015 had embarked on an unprecedented renewal of the nation’s infrastructure, investing an unprecedented 2.7 trillion Naira on roads, rails, power and other similar projects. Beyond embarking on these projects, the minister said the spread of such projects cut across all the component regions of the country to [Read]

BREAKING: Senate Asks CBN To Suspend ATM Card Maintenance Charges

  The Senate has urged the Central Bank of Nigeria (CBN) to look into the suspension of the Automated Teller Machine (ATM) maintenance and withdrawal charges by banks. This was after a motion on “illicit and excessive charges by Nigerian banks in customers accounts” was raised by Senator Gbenga Ashafa during the plenary session on Wednesday. The lawmakers urged CBN to suspend the ATM card maintenance charges being deducted from customers accounts, just as they called on the CBN to instruct the commercial banks to configure their machines to extend to N40,000 per withdrawal, pending the outcome of the investigation by the committees. [Read]

ECONOMY: Nigeria’s Inflation Rate Rises Again – NBS

  Nigeria’s Consumer Price Index (CPI), otherwise referred to as inflation rate for goods and services, rose for the second time in two months after 18 months of consecutive decline. NEWS FLAKES NG gathers that the National Bureau of Statistic (NBS), in its latest CPI report published on Tuesday, said the figure climbed again, albeit marginally, by 1.05 per cent, from 11.23 per cent in August to 11.28 per cent in September. The report showed that food inflation rose to about 13.31 per cent, from 13.16 per cent in the previous month. Despite the rising figures, the NBS said core inflation, which reflects the actual inflation figure for the country’s [Read]

MINIMUM WAGE: Nigerian workers will smile soon, says FG

  The Federal Government on Sunday said it would soon address the agitation for the upward review of the national minimum wage in a manner that will make workers and all Nigerians smile. The Secretary to the Government of the Federation, Mr. Boss Mustapha, made the promise in his remarks at the 22nd Choir Anniversary of the Christ Apostolic Church, Living Water DCC Headquarters, Abuja, tagged “Bless the Lord, o my soul.” Mustapha, who was represented by the Permanent Secretary (General Services Office), Office of the SGF, Mr. Olusegun Adekunle, said the present administration was sensitive to the plight and wishes of the masses. He said by the time the [Read]

BREAKING: NLC, TUC embark on Indefinite Nationwide Strike on Wednesday over minimum wage

  Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that the Nigeria Labour Congress (NLC) has declared the commencement of an indefinite warning strike to press the Buhari administration to adopt a new minimum wage for workers. The strike will start Wednesday morning. Its sister labour group, the Trade Union Congress, had earlier on Tuesday announced it would begin strike from the early hours of Thursday, following the federal government’s failure to honour its ultimatum on the new minimum wage. NEWS FLAKES NG further gathered that both unions had earlier said the organised labour’s demand to reconvene a tripartite committee on the national minimum wage for [Read]

BREAKING: No more Skye Bank as CBN revokes its operating licence, Polaris Bank takes over

  Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that the Central Bank of Nigeria has revoked the operating licence of Skye Bank Plc with immediate effect . Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday. He said that Skye Bank would now be taken over by Polaris Bank , which would take over all the assets and liabilities of the defunct entity . Emefiele said the decision had been reached following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N 350 billion intervention [Read]

EFCC tells Customs to Place Ayo Fayose on Watch list

  The Economic and Financial Crimes Commission (EFCC) has asked the Nigeria customs service to place Ayodele Fayose, outgoing governor of Ekiti, on its watch list. Fayose, whose tenure ends on October 16, is being investigated by the EFCC for alleged abuse of office, money laundering, among others. NEWS FLAKES NG gathers that in a letter dated September 12, and addressed to the comptroller-general of customs, the EFCC said Fayose may be planning to flee the country. “There is a reasonable suspicion suggesting that he may likely leave the country either through the land borders, airports or seaports in order to evade investigation. Hence, you are kindly requested to watch-list [Read]

Meet the acting Minister of Finance, Zainab Ahmed

  Zainab Ahmed has been appointed acting Minister of Finance, following the resignation of the immediate past finance Minister, Kemi Adeosun. Recall that Adeosun resigned yesterday following the scandal surrounding her NYSC discharge certificate. In his statement of acceptance of her resignation letter, President Buhari announced Zainab Ahmed, as the acting Minister of Finance.  NEWS FLAKES NG gathers that 55-year-old Zainab Shamsuna Ahmed holds a degree in accounting from the Ahmadu Bello University, Zaria, and a master’s in business administration from Ogun State University, Adeosun’s home state. It is believed that Ahmed, who is the daughter of Governor El-Rufai’s foster father, Yahya Hamza, will hold the position only on a [Read]

SHOCKING: Former Finance Minister, Kemi Adeosun Flees to UK few hours after resignation

Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that the former minister of Finance, Mrs Kemi Adeosun has on Saturday left Nigeria to UK just few hours after resignation from the Buhari – led APC govt Her associates who confirmed the story said ‘She most likely is in the UK by now’. Recall that Adeosun resigned yesterday following opprobrium that surrounded her forged National Youths Service Corps, NYSC, Certificate. More Details Shortly!! Newspot [Read]

BREAKING: President Buhari accepts Kemi Adeosun’s Resignation as Finance Minister 

By John Izabi,  Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that President of Nigeria, Muhammadu Buhari on Friday has accepted the resignation of erstwhile minister of Finance, Kemi Adeosun.   In an official press statement from the Presidency signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, and a copy of which was  obtained by NEWS FLAKES NG, the President thanked the Minister for her services to the nation and wished her well in her future pursuits. Consequently, the President also approved that the Minister of State Budget and National Planning, Mrs Zainab Ahmed, should oversee the Ministry of Finance with [Read]