Business and Economy

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]

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]

BREAKING: Kemi Adeosun resigns as Finance Minister, may face arrest, prosecution

… May face arrest, prosecution Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that the embattled Minister of Finance, Mrs. Kemi Adeosun has reportedly resigned her appointment under the current Buhari-led administration. Adeosun’s action was said to have been propelled by the report of the Attorney-General of the federation and Minister of Justice Abubakar Malami over her controversial National Youth Service Corps. NEWS FLAKES NG could not get the report as at the time of filing this report, but sources said the report recommended that the minister should tender her resignation to avoid further embarrassment of the Federal government. NEWS FLAKES through our source further gathered that [Read]

Buhari slams NASS as panel recovers N769bn stolen funds

President Muhammadu Buhari yesterday slammed the National Assembly for delaying the passage of Proceeds of Crimes Bill presently before it. Buhari, who spoke during the submission of the report of the Presidential Committee set up to audit recovered funds, said a key tool that would revolutionize the country’s asset recovery and management architecture is the Proceeds of Crimes Bill. “Once the Bill is passed and assented, many of the challenges facing our asset recovery and management practice will be adequately taken care of as the Bill addresses most of the challenges facing effective asset recovery and management in Nigeria,” he said. He therefore urged the National Assembly to take necessary [Read]

FG Shared N3.95 Trillion Revenue with States, Local Councils in First Half of 2018

  The Nigeria Extractive Industries Transparency Initiative (NEITI) on Monday disclosed that, the federal, state and local governments in Nigeria have shared a total of N3.95 trillion from the Federation Account, within the first half of the year. According to NEITI in the latest edition of its Quarterly Review, the disbursements were made by the Federation Accounts Allocation Committee (FAAC) and they represented an increase of 41 per cent when compared to the N2.79 trillion disbursed in the first half of 2017. The disbursements, it added, equally represented a 95 per cent increase in the N2 trillion disbursed within the same period in 2016. The NEITI’s review provided highlights and [Read]

BREAKING: Tinubu’s Alpha Beta Accused of alleged N100bn ‘Money Laundering, Tax Evasion, Fraud’

Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that Alpha Beta, a consultancy owned by Bola Tinubu, former Governor of Lagos State and National leader of the All Progressives Congress (APC), is at the centre of a N100billion fraud, tax evasion and money laundering petition written by Mr. Dapo Apara, its Managing Director/Chief Executive Officer. According to Apara’s petition to the Economic and Financial Crimes Commission (EFCC), Alpha Beta “has become an avenue for official corruption of government officials, a conduit pipe for massive money laundering scheme, tax evasion, among other vices”. Our source, Saharareporters gathered that In the petition, sent on his behalf by Adetunji [Read]