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Saturday, 30 December 2023 04:34

Naira is world’s third worst performing currency with no rebound in sight - Bloomberg

Nigeria’s naira is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024. The naira plunged 55% this year to 1,043 per dollar as of Thursday, making it the world’s worst performer after the Lebanese pound and the Argentine peso among 151 currencies tracked by Bloomberg. And that’s in the official market. On the streets, the currency trades at 1,220 naira per dollar. Foreign reserves in Africa’s biggest crude producer are at the lowest in six years with most of them encumbered by overdue short-term overseas obligations. Unless President Bola Tinubu’s…

Saturday, 30 December 2023 04:33

Foreign capital inflow declined to lowest level in 10 years in Q3, 2023 - NBS

Capital importation dropped by 36.45 percent in the third quarter (Q3) of 2023, according to the National Bureau of Statistics (NBS). The bureau said the total capital imported was $654.65 million, down from the $1.03 billion recorded in Q2 2023. NBS data for Q3 is the lowest capital importation into the country in over 10 years. Capital importation is divided into three main investment types: foreign direct investment (FDI), foreign portfolio investment (FDI) and other investments — each comprising various sub-categories. According to NBS, $59.77 million was credited to foreign direct investment, portfolio investment had $87.11 million and other investments…

Thursday, 28 December 2023 04:46

FG fines British American Tobacco $110m for infractions; BAT agrees to pay

Federal Competition and Consumer Protection Commission (FCCPC) has fined British American Tobacco Nigeria Limited (BATN) and other affiliated companies $110 million for “infractions” of several laws. In a statement on Wednesday, FCCPC said the affiliated companies are British American Tobacco Marketing (Nigeria) Limited (BATMN), British American Tobacco Plc, and British American Tobacco (Holdings) Limited. Describing the companies as BAT Parties, the commission said they contravened the FCCPC Act, and the National Tobacco Control Act, among others. Following an investigation that began on August 28, 2020, the commission said it reached a final resolution with the companies in late 2023. However,…

Thursday, 28 December 2023 04:42

Na’Abba will be remembered for stopping third-term agenda, NLC says

Nigeria Labour Congress on Wednesday mourned the death of a former Speaker of the House of Representatives, Ghali Na’Abba. The late lawmaker, born on September 27, 1958, died in Abuja Wednesday morning. According to family sources, the former Speaker of the lower house battled with an ailment for a long time before passing away. The congress in a statement signed by its National President, Joe Ajaero, said Na’Abba will be remembered for his principled stance on national issues, asserting the independence of the Legislature, building strong institutions and championing the cause and course of our nascent democracy at great a…

Wednesday, 27 December 2023 09:48

Ondo governor, Rotimi Akeredolu is dead

Ondo State Governor, Rotimi Akeredolu, is dead. Sources said the governor died on Wednesday at 67. A chieftain of the ruling All Progressives Congress in the state said arrangements were being concluded to swear in his deputy, Lucky Aiyedatiwa. The state government has yet to speak on the matter. Efforts to get confirmation from the Alagbaka Government House proved abortive as of the time of filing this report. When contacted, the Chief Press Secretary to the governor, Richard Olabode, did not take his calls nor respond to text messages sent to his phone by one of our correspondents. Also, the…

Wednesday, 27 December 2023 09:47

Ex-Speaker House of Reps, Ghali Na’Abba dies at 65

Ghali Umar Na’Abba, a former speaker of the house of representatives, is dead. He was aged 65. The 4th speaker of Nigeria’s green chamber died at the National Hospital in Abuja around 3 am on Wednesday. Na’Abba was born on September 27, 1958 in Tudun Wada, Kano state. He was speaker of the house representatives, as a member of the Peoples Democratic Party (PDP), from 1999 to 2003. He obtained a bachelor’s degree in Political Science from the Ahmadu Bello University, Zaria in 1979 and completed a postgraduate programme on Leadership and Good Governance at the Kennedy School of Government,…

Wednesday, 27 December 2023 04:45

Honour our invitation or forfeit stakes in Union Bank, Tinubu’s probe panel on CBN threatens TTB top officials

The special investigator panel on the Central Bank of Nigeria (CBN) and related entities has summoned Babatunde Lemo, chairman of Titan Trust Bank (TTB), over the institution’s acquisition of Union Bank of Nigeria (UBN). In a letter dated December 24, 2023, and signed by Eloho Okpoziakpo, head of operations at the office of the special investigator team, Cornelius Vink and Rahul Savara, the major shareholders in TTB, were also invited. The letter, addressed to Lemo by Jim Obazee, head of the special investigator team, said the invited officials must present themselves by 2 pm on December 28, 2023, to the…

Tuesday, 26 December 2023 04:49

NIN: NIMC issues new rules for date of birth modification in data base

National Identity Management Commission (NIMC) has said that Nigerians applying to change their date of birth on the National Identification Number (NIN) database will now be required to provide an electronic civil registration and vital statistics system (e-CRVS) certificate from the National Population Commission (NPC). The Commission stated this in new guidelines for date of birth change it released on Sunday via its X handle. In addition to the certificate, NIMC said copies of other valid documents such as identification and application letter for modification will now be addressed to the DG/CEO, NIMC. Before now, only an affidavit and the…

Monday, 25 December 2023 04:52

Obazee’s report to Tinubu ‘false, misleading, calculated to serve selfish interest of the private investigator’, Emefiele says

Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has denied accusations of corruption and theft in a recent report by the special investigation panel on CBN and other entities, led by Jim Obazee, a private investigator. The report, which was recently submitted to President Bola Tinubu, comes after nearly six months of a probe on the activities of the CBN under Emefiele. The document details serious acts of corruption and theft in the CBN, allegedly perpetrated by senior officials of the bank, including Emefiele who regained freedom on Saturday after spending a month in the Kuje correctional…

Monday, 25 December 2023 04:51

Union Bank not bought by Emefiele, Titan Trust Bank explains

Chairman of Titan Trust Bank, Tunde Lemo, has insisted that the acquisition of Union Bank of Nigeria Plc followed due process and met all regulatory requirements, including that of the Securities and Exchange Commission and the Central Bank of Nigeria. Lemo, a former deputy governor of the Central Bank of Nigeria, spoke in an interview with Sunday PUNCH following the release of the report of the special investigation into the activities of the CBN and other related entities. The final report, submitted to President Bola Tinubu on Wednesday, accused the immediate past governor of the CBN, Godwin Emefiele, of using…

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Sunday, 24 December 2023 04:41

FG to take over Union Bank, Keystone Bank allegedly owned by Emefiele

Federal Government said it will take possession of two banks that were allegedly bought at a major discount by former Central Bank Governor Godwin Emefiele, according to a report by a special investigator appointed by President Bola Tinubu. “We have completed our investigation on this acquisition and we are on the verge of recovering these two banks for the federal government,” the report said. Emefiele was suspended shortly after Tinubu took office in late May, and was later arrested and detained on charges including fraud. The Nigerian leader subsequently ordered an investigation into the monetary authority’s operations and instructed it…

Sunday, 24 December 2023 04:40

FG issues directive allowing Nigerians with expired passports to return home

Federal Government has instructed that Nigerians with expired passports who are planning to return to the country to celebrate the yuletide be allowed in without any hindrance. In a letter dated 22nd December 2023 by the Comptroller General of the Nigeria Immigration Service (NIS), Wura-Ola Adepoju, to the Minister of Foreign Affairs, Yusuf Tuggar, through the Office of Assistant Comptroller General, Border Management, the NIS asked that Nigerians “be admitted into the country with their expired Nigerian passports”. “l am directed to refer to the above subject matter and to inform you that the Federal Government of Nigeria in her…

Saturday, 23 December 2023 04:40

Investigator appointed by Tinubu reports on how Emefiele, others allegedly stole the country blind. Here are details of the heist in CBN

The Special Investigator probing the Central Bank of Nigeria (CBN), Jim Obazee, has discovered 593 bank accounts located in the United States, United Kingdom and China in which the Central Bank of Nigeria (CBN), under Godwin Emefiele, kept Nigerian funds without authorisation by the Board and Investment Committee of the bank. The investigator also discovered how billions of naira were allegedly stolen by Mr Emefiele and other officials from the CBN’s accounts including a “fraudulent cash withdrawal of $6.23 million” – about N2.9 billion at the then official exchange rate of N461 to a dollar. Obazee disclosed these in his…

Saturday, 23 December 2023 04:37

FG announces public holidays for Christmas, New Year celebrations

Federal government has declared December 25, 26 and January 1, 2024, as public holidays. The ministry of interior announced the holidays on Friday in a statement signed by Peter Egbodo, a director at the ministry. The public holidays are to mark Christmas, Boxing Day and New Year’s Day celebrations, respectively. According to the statement, Olubunmi Tunji-Ojo, minister of interior, enjoined Christians to “emulate the life of Jesus Christ in His practice and teachings of humility, service, compassion, patience, peace and righteousness that His birth signifies”. The minister said peace and security are two critical conditions for economic development and prosperity.…

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