News

Sunday, 31 March 2024 04:53

CBN removes limits on transactions in intra-Africa payment and settlement system

Central Bank of Nigeria (CBN) has removed the limits and restrictions on transactions on the Pan-African Payment and Settlement System (PAPSS). This is contained in a circular dated March 12, signed by Hassan Mahmud, CBN’s director of trade and exchange department. PAPSS is a cross-border financial market infrastructure enabling payment transactions across Africa, bridging trade challenges in a continent with over 41 known currencies. In June 2023, PAPSS signed a memorandum of understanding (MOU) with five African multinational commercial banking groups such as UBA and Access Bank for seamless cross-border trade payments. One month later, the apex bank pegged the…

Sunday, 31 March 2024 04:52

NIMC restates fees for correcting NIN biodata on mobile app

National Identity Management Commission (NIMC) has announced fees that Nigerians are required to pay to modify the data on their National Identification Number (NIN). NIMC last weekend disclosed that corrections can be made to name, date of birth, and phone numbers incorrectly registered with their NIN on a newly launched mobile application. The application and online portal allows visitors to register to use the service. Thereafter, it requests for visitors’ NIN, last name, and email address before launching the data modification channel. NIMC did not initially announce a fee for the modification of data until seven days later amid complaints…

Saturday, 30 March 2024 04:45

FG shells out N90bn to subsidize 2024 Hajj fares, asks media not to report it

The federal government has released N90 billion to subsidise the 2024 pilgrimage to the Kingdom of Saudi Arabia. An impeccable source within the National Hajj Commission of Nigeria (NAHCON) revealed this to Daily Trust on Thursday. The source, who asked not to be named, noted that without this intervention, each of the intending pilgrims would have been requested to add at least N3.5 million to the initial fare which was pegged at N4.9 million. A top official at the Presidency also confirmed that the federal government “actually provided some financial support for the hajj exercise”. Recall that the NAHCON had,…

Friday, 29 March 2024 04:48

Top military chiefs abducted, detained senior journalist for 14 days. Here’s the heart wrenching account of what the editor went through

FirstNews editor Segun Olatunji, who regained his freedom on Thursday after 14 days in military detention, has recounted his ordeals in the hands of his abductors. Olatunji was abducted from his Lagos home on 15 March by the military, taken to Abuja and held incommunicado until his release. While in detention, the journalists’ unions and his organisation relentlessly demanded his freedom. His colleagues at FirstNews also went spiritual in the quest to get him released. Shortly after his release, Olatunji gave a vivid account of his ordeals at a joint presser organised by the International Press Institute (IPI), the Nigerian…

Friday, 29 March 2024 04:46

Nationwide blackout as power grid collapses yet again

Nigeria was thrown into darkness on Thursday following the collapse of the electricity grid controlled from Osogbo, Osun State, around 4:32 p.m. A source in one of the distribution companies (DisCo) said the feeders for most DisCos nationwide were out of supply. The development, the source added, has left virtually all franchise areas for DisCos across the 36 states in darkness. According to the source, as of 4p.m, the grid output was 2984 megawatts. But by 5 p.m., the 21 plants on the grid had zero output. In February, a grid collapse also left the nation in darkness. A last…

Friday, 29 March 2024 04:46

Detained Binance executives sue National Security Adviser, EFCC

Two executives from Binance, the world's largest cryptocurrency exchange, have sued Nigeria's national security adviser's office and the anti-graft agency for violating their fundamental rights and asked the court to set them free. Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is Binance's regional manager for Africa, flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26. Anjarwalla fled the country last week and now faces the prospect of an international arrest warrant. On Thursday, Gambaryan appeared in a…

Thursday, 28 March 2024 04:44

Tinubu announces 3 economic coordination, management teams

In a move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET). The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, including: (1) President of the Federal Republic of Nigeria – Chairman of the PECC (2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman (3) President of the Nigerian Senate (4) Chairman, Nigeria Governors’ Forum (5) Coordinating…

Thursday, 28 March 2024 04:41

FG declares March 29, April 1 as public holidays for Easter

Federal government has declared Friday, March 29 and Monday, April 1, as public holidays to mark Good Friday and Easter Monday, respectively. Olubunmi Tunji-Ojo, minister of interior, announced the public holidays in a statement issued on Wednesday by Aishetu Ndayako, permanent secretary of the ministry. The minister urged Nigerians to emulate the sacrifice and love displayed by Jesus Christ in dying for the redemption of man. “Easter, beyond religious significance, promotes values of love, forgiveness, and compassion, which are essential for social cohesion and harmony,” the statement reads. “While wishing Christians at home and abroad a happy and blissful Easter…

Wednesday, 27 March 2024 04:37

CBN raises interest rate yet again

Central Bank of Nigeria (CBN), on Tuesday, raised the interest rate by 200 basis points from 22.75 per cent to 24.75 per cent amid soaring inflation. The central bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent a month prior, primarily fueled by a continuous surge in food prices. Olayemi Cardoso, governor of the CBN, on Tuesday, disclosed that the MPC voted to adjust the asymmetric corridor around the MPR…

Tuesday, 26 March 2024 04:50

We’re too stretched, informants deceive us, forests too vast - these limit our ability to fight insurgents, kidnappers, Chief of Defense Staff laments

Nigeria's Defence Chief, Chris Musa, said on Monday the military was being fed bad intelligence by informants, hampering the fight against armed kidnapping gangs who continue to abduct students and residents in the north of the country. The military announced on Sunday that it had rescued 137 students abducted by gunmen earlier this month in northwestern Kaduna state. The school children arrived in Kaduna on Monday. Musa told Reuters that the military was too stretched and often relied on informants to pursue the armed gangs, known locally as bandits, often with little success. "They (informants) make the troops go elsewhere…

More...

Tuesday, 26 March 2024 04:47

FG says Interpol contacted to rearrest Binance executive who escaped from custody

Office of the National Security Adviser (ONSA) has confirmed that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance has escaped from custody. The NSA has now activated its dragnet involving Interpol and other MDA’s to apprehend the fleeing suspect. Spokesman of ONSA, Zakari Mijinyawa, who confirmed the escape noted that the suspect eloped using a smuggled passport. “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies , MDAs, as well as the international community, to apprehend the suspect. Security agencies are working with Interpol for an international arrest…

Monday, 25 March 2024 04:49

NAHCON increases 2024 hajj fare by N1.9m, cites Naira devaluation as reason

National Hajj Commission of Nigeria (NAHCON) has increased the fare for the 2024 pilgrimage to Saudi Arabia by N1,918,032.91. In a statement issued on Sunday evening by Farima Usara, NAHCON spokesperson, said intending pilgrims have up to March 28 to make payment for the spiritual exercise. Usara said the development was due to the forex crisis which Nigeria has been battling for months. The commission had initially pegged the fare for this year’s hajj at N4.9 million. With the N1.9 million increment, intending pilgrims who had deposited N4.9 million will now pay N6.8 million in total. “However, due to late…

Sunday, 24 March 2024 04:37

Kaduna gov announces release of kidnapped schoolchildren

The abducted Kuriga schoolchildren in Kaduna State have been released by their abductors. The state governor, Uba Sani, announced their release on his verified Facebook page in the early hours of Sunday. The governor did not go into details of their release, but commended President Bola Tinubu, National Security Adviser, Nuhu Ribadu, and the Nigerian Army. He wrote, “In the name of Allah the Beneficient, the Most Merciful, I wish to announce that our Kuriga school children have been released. “Our special appreciation goes to our dear President, Bola Tinubu, for prioritizing the safety and security of Nigerians and particularly…

Saturday, 23 March 2024 04:31

Nigeria’s public debt approaches N100trn as N9.43trn added in Q4 2023 - DMO

Debt Management Office (DMO) says Nigeria’s total public debt rose to N97.34 trillion in the fourth quarter (Q4) of 2023. In a statement on Friday, DMO said the latest figure represents a 10.73 percent or N9.43 trillion increase compared to N87.91 trillion recorded in the third quarter (Q3) last year. The country’s public debt consists of domestic and external debt stocks of the federal government of Nigeria (FGN) and the subnational governments — the 36 states and the federal capital territory (FCT). According to DMO, the increase was primarily due to new domestic borrowing by the federal government to partly…

Page 6 of 798

News

More...

Search

Most Read

News

Business

Politics

Opinion

Features

Strangely

Crime

Wars

SCIENCE & TECH

SPECIAL REPORTS

Sports

VIDEOS