Business and Economy

2019: CBN Retains MPR At 14%, Warns Banks Against Laundering Money For Politicians

  As the 2019 elections approach and political maneuvering intensify, the Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to be careful not to violate the money laundering Act. Banks that violate the money laundering Act in the guise of handling money for politicians the CBN warned, risk very stiff penalty. CBN governor Mr. Godwin Emefiele gave warning on Thursday at the end of the Monetary Policy Committee (MPC) meeting in Abuja. Emefiele told journalists that the CBN’s position and warning was handed down to the DMBs Chief Executives at a recent meeting to intimate them of the dangers they may be exposed to as a result [Read]

Amosun Presents N420.6bn “Budget Of Enduring Legacy” To Ogun Assembly – SEE BREAKDOWN OF FIGURES HERE

  ABEOKUTA – Governor Ibikunle Amosun of Ogun on Wednesday presented to the state House of Assembly a budget of N420.6billion for 2019. The budget titled, “Budget of Enduring Legacy’’, Amosun said the figure represents an increase of 17 per cent over the N345.4billion budgeted for 2018. He said that the proposal was made up of N254.055 billion capital expenditure, representing 63.1 per cent and recurrent expenditure of N148.5 billion, representing 36.9 per cent. The governor explained that the 2019 proposal was based on his administration’s resolve to deliver its campaign promises despite the fact that the administration was wrapping up. Amosun said that the state projected N221.244billion as revenue [Read]

Buhari approves N30,000 as new Minimum Wage – READ MORE

  Nigeria’s President, Muhammadu Buhari has approved N30,000 as the new national minimum wage. Buhari, who received the report of the Tripartite Committee on the Review of National Minimum Wage at the Presidential Villa, Abuja, confirmed N30,000 as new minimum wage. NEWS FLAKES NG further gathered that Buhari has also promised to send a bill to the National Assembly to effect the change from N18,000 to N30,000.   [Read]

FG to limit number of children per mother – READ MORE

  The Federal Government on Tuesday declared that it was working hard to come out with a policy that would limit the number of children that a mother could have in Nigeria. It stated that traditional rulers and other leaders across the country were being engaged as regards this, adding that the move was aimed at addressing one of the “great challenges” in the Economic Recovery and Growth Plan of the Federal Government. NEWS FLAKES gathers that the Minister of Finance, Zainab Ahmed, who disclosed this while responding to questions during a session at the 24th Nigerian Economic Summit in Abuja, noted that the country’s population had been identified as [Read]

BUSINESS: FG Loses $2.5bn To Gas Flaring – READ MORE

  Mr Chinedu Onyeizu, Chief Executive Officer, AfriPERA, an Energy and Infrastructure Policy research organisation, says Nigeria loses about 2.5 billion dollars annually from gas flaring in the country. Onyeizu disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday, in Abuja. “ Since the 1950’s, Nigeria has been burning off its natural gas at flare points and despite efforts by successive administrations to curtail the wastage, the country loses an estimated 2.5 billion dollars each year to gas flaring as well as unattended impact of negative externalities associated to gas flaring,’’ he said He said that the country’s natural reserves was the 7 largest in [Read]

BUSINESS: $12.7bn crude stolen from Nigeria in three years, says Falana – READ MORE

  NEWS FLAKES NG gathers that HUMAN rights lawyer and Senior Advocate of Nigeria, Femi Falana, on Thursday alleged that $12 .7 bn worth of crude oil was stolen from the country between 2011 and 2014. Falana spoke at the 40th anniversary celebration of the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja, and called for the immediate recovery from oil companies , royalties that ought to have accrued to the Federation Account since 2014. He also called on PENGASSAN to prevail on the anti- corruption agencies to probe and trace the funds , as well as determine the culprits. The lawyer said the crude oil theft [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]

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]

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]