News

Friday, 07 June 2024 04:31

Electronic transfers via banks’ apps, internet banking suffer delayed, failed transactions as payment gateway goes down

The Nigeria Inter-Bank Settlement System (NIBSS) is experiencing a downtime, leading to delays in completing electronic transactions. Financial technology firms (fintechs) notified customers of the disruption in transactions in separate notices seen by TheCable on Wednesday. The NIBSS instant payment platform is an account-based, real-time electronic funds transfer (EFT) system. It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels. TheCable understands that customers are having a hard time making simple transactions like the payment of electricity bills. A message sent to customers by Eversend, a financial technology firm, said delays…

Friday, 07 June 2024 04:30

Afreximbank disburses $925m crude oil-backed loan to NNPC

Afreximbank has disbursed $925 million to Nigeria's state-owned NNPC, part of a syndicated $3.3 billion crude oil-backed prepayment facility, the African trade bank said on Thursday. This brings the total disbursement to Nigerian National Petroleum Company (NNPC) to $3.175 billion, African Export-Import Bank (Afreximbank) said. Afreximbank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa. The pan-African lender had been tapping oil traders to finance a $3 billion loan to Nigeria's state oil company after the energy firm approached it for the facility last August, to help the government's…

Thursday, 06 June 2024 04:53

‘Petrol subsidy gone’, long live petrol subsidy: FG finally admits to N5.4trn petrol subsidy for 2024 after previous denials

In a not-so-surprising development, the federal government has admitted that Nigeria, Africa’s largest oil producer, will be spending up to N5.4 trillion on oil subsidies in 2024. This admission follows months of repeated denials by government officials who had insisted that there were no subsidies. The revelation came during a presentation by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, on an Accelerated Stabilisation and Advancement Plan (ASAP). The plan is designed to address key challenges affecting reform initiatives and stimulate development across various sectors of the economy. “At current rates, expenditure on fuel subsidy is…

Thursday, 06 June 2024 04:51

MSF overwhelmed as admission of severely malnourished children spikes 100% in Northern Nigeria

Médecins Sans Frontières (MSF), also known as Doctors Without Borders, is facing an overwhelming influx of severely malnourished children at its medical facilities in Northern Nigeria. The global humanitarian organization raised the alarm in a statement on Tuesday, issued by its Field Communication Officer in Nigeria, Abdulkareem Yakubu. According to the statement, MSF in-patient facilities in Northern Nigeria have recently recorded an "extraordinary increase in admissions of severely malnourished children with life-threatening complications," surpassing last year’s figures by over 100 percent in some locations. "For the MSF teams, this is an alarming indication of a premature peak of the lean…

Thursday, 06 June 2024 04:50

75 percent of those we support with food, clothes, others are Nigerian students - UK Charity

Seventy-five percent of the clients at Thornaby’s Sprouts Community Food Charity (SCFC) are now Nigerian students grappling with financial difficulties, charity manager Debbie Fixter revealed. The charity, which offers food, clothes, and household items, has experienced a surge in Nigerian students seeking help. Fixter told BBC News that the charity has reached its “maximum capacity.” SCFC reported a shift in its clientele in recent months, with the majority of visitors being Nigerian master’s degree students from Teesside University. Nigerian students in the United Kingdom have recently been making headlines, with some being blocked from continuing their studies and ordered to…

Thursday, 06 June 2024 04:49

Passengers stranded as Abuja-Kaduna train derails again, second time in two weeks

On Wednesday, a train bound for Kaduna from Abuja derailed at Asha station in the federal capital territory (FCT), leaving many passengers stranded. A passenger reported to TheCable that the derailment occurred at approximately 3:52 pm, less than 30 minutes after the train departed from Kubwa station in Abuja. "Passengers are currently stranded as there are no signs of authorities being notified," said the passenger, who wished to remain anonymous. This incident marks the second derailment on this route in two weeks. On May 26, a train traveling from Rigasa station in Kaduna to Abuja derailed in a mountainous area…

Wednesday, 05 June 2024 04:47

N100k minimum wage ‘on the card’ as Labour suspends strike for one week

Organised Labour may settle for N100,000 minimum wage as the Tripartite Committee on National Minimum Wage commences daily meetings for five days to reach a consensus. Multiple sources in the labour movement told The PUNCH on Tuesday that the union leaders were willing to review their demand from N494,000 to N100,000, following the criticism and controversy that trailed their proposal which was considered outrageous and unrealistic. In a statement by his media aide, Rabiu Ibrahim on Saturday, the Minister of Information and National Orientation, Mohammed Idris, said the proposed minimum wage would result in an annual expenditure of N9.5tn, a…

Wednesday, 05 June 2024 04:44

Afenifere decries increasing spate of civilian-army killings

PRESS RELEASE Afenifere expresses deep concern over the increasing spate of civilian-army clashes and implores the citizenry, the army and the government to tread the path of justice, peace and unity to prevent total anarchy or breakdown of the country’s processes. The killing of soldiers and the brutal reprisals that have accompanied them in Delta and Abia States have created a crisis of mutual recrimination in recent times. All over the world, citizens revere their soldiers and are only attacked when viewed as an army of occupation. The present situation is unacceptable and Afenifere will not allow itself to be…

Tuesday, 04 June 2024 04:50

Strike may end today as FG, Labour agree on minimum wage ‘that’s above N60k’

The indefinite strike by labour unions in Nigeria might conclude soon following an agreement reached with the federal government on a new national minimum wage late Monday. The agreement was finalised at a meeting in Abuja, convened by the Secretary to the Government of the Federation (SGF), George Akume. National Security Adviser Nuhu Ribadu, the Minister of Information, Mohammed Idris, and the Minister of Labour, Nkiruka Onyejeocha also attended. While the specific new minimum wage amount remains undecided, the federal government has committed to a figure higher than the current N60,000 offer. The Nigeria Labour Congress (NLC) and the Trade…

Tuesday, 04 June 2024 04:49

Nigeria’s External reserves fell further by $1.8bn in 10 weeks – Report

Nigeria’s foreign exchange reserves have fallen by $1.8bn in 10 weeks, according to data from the Central Bank of Nigeria. As of May 29, 2024, the country’s FX reserves were $32.69bn, down from $34.44bn as of March 18. This decline signifies a drop from the $36.1bn recorded in May 2023. The reserves have been declining steadily over the past few months, with a total decrease of $3.4bn since February 2024. Experts believe that the decline in FX reserves is attributed to a combination of factors, including debt repayment, a significant decline in oil exports, a decrease in foreign investment, and…

More...

Tuesday, 04 June 2024 04:48

After CBN’s revocation of Heritage Bank’s licence and NDIC moving in, depositors are to do following to retrieve trapped funds

In the wake of the Central Bank of Nigeria (CBN) revoking Heritage Bank's operating license, the Nigeria Deposit Insurance Corporation (NDIC) has announced measures to ensure depositors receive their funds. The NDIC assured depositors they would be compensated up to N5 million using their Bank Verification Number (BVN) to identify alternate accounts within the banking system. Bashir Nuhu, the NDIC’s spokesperson, stated on Monday that depositors with alternate bank accounts will receive payments up to the insured amount of N5 million. The BVN system will facilitate a smooth and efficient transfer of funds, aiming to protect depositors and maintain confidence…

Monday, 03 June 2024 04:48

Tinubu borrowed N20.1trn in one year, 117% more than Buhari’s last year’s borrowings. This is what that means for the economy

The Federal Government borrowed N20.1 trillion from domestic investors in the first year of President Bola Tinubu’s administration, representing a year-on-year YoY increase of 117 per cent from former President Muhammadu Buhari’s last year in office, prompting concerns over the impact on the economy including likely additional pressure on inflation, increased debt service cost and higher borrowing cost from businesses. Analysts noted that the sharp increase in Federal Government’s borrowing has the potential to compound the historic high inflationary trend in the country which may lead to further interest rate hikes by the Central Bank of Nigeria, CBN and by…

Monday, 03 June 2024 04:47

Poverty deepens as FG, states, LGs share N17.9trn under Tinubu, 42.6% higher than the preceding year

Poverty and staggering debt remain the albatross on the shoulders of the federal government, 36 States and the Federal Capital Territory (FCT) and the 774 Local Government Areas, despite sharing a whopping N17.9 trillion as the cumulative Federal Account Allocation Committee (FAAC) revenue under President Bola Tinubu. The figure, which is the highest by the Nigerian government in history, represents a 42.6 per cent surge when compared to N12.56 trillion it was a year earlier. The increase sprang from the removal of petrol subsidy which freed more funds for monthly FAAC payouts. The revelation came from a recent FAAC report…

Monday, 03 June 2024 04:46

Labour says fully mobilised for nationwide strike action from today

The Organised Labour said it has mobilised for full implementation of its indefinite nationwide strike over electricity tariff increase and new minimum wage for workers. NLC spokesperson, Benson Upah, told Daily Sun that a strike strategy meeting was held over the weekend to ensure that all affiliates and states were fully involved in the industrial action. “Mobilisation is very high,” he said. On whether key sectors would be affected, the spokesperson replied: “Fully.” The Medical & Health Workers’ Union of Nigeria (MHWUN), Association of Senior Civil Servants of Nigeria (ASCSN), Association of Senior Staff of Banks, Insurance and Financial Institutions…

Page 45 of 229

News

More...

Search

Most Read

Editorial

News

Business

Politics

Opinion

Features

Strangely

Crime

Wars

SCIENCE & TECH

SPECIAL REPORTS

Sports

VIDEOS