The Senate has vowed to ask the Economic and Financial Crimes Commission, EFCC and other anti-graft agencies to go after defaulting beneficiaries of N135 billion disbursed by the Central Bank of Nigeria, CBN for the purpose of national gas expansion programme. The Senators at the meeting frowned at the lack of synergy between the Ministry of Petroleum Resources and the ...

President Bola Tinubu has presented the 2024 Appropriation Bill of N27.5 trillion before a joint session of the Senate and the House of Representatives. The appropriation bill was christened the “Budget of Renewed Hope.” President Tinubu entered the Chamber of the House of Representatives at 11.13 a.m. The National Anthem was recited upon his arrival. The President of the Senate ...

Accion Microfinance Bank and Justrite Superstore, an e-commerce firm, are partnering to enable customers to purchase goods from the store and pay back later. This was disclosed at the signing of a Memorandum of Understanding at Accion MfB’s office in Lagos State. The duo said the partnership would encourage creditworthiness among the customers as only qualified customers would benefit from ...

The Central Bank of Nigeria has announced plans to conduct a review of its licensing framework for payment services. This would lead to the development of a new regulatory and compliance framework for the payment service sector, the apex bank hinted. The CBN Governor, Olayemi Cardoso, revealed this at the Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos, ...

Nigeria’s Gross Domestic Product (GDP) has grown by 2.54 per cent (year-on-year) in the third quarter of 2023. This was disclosed by the National Bureau of Statistics ( NBS)  in its Nigerian Gross Domestic Product Report for Q3 2023. The figure is higher than the 2.51 per cent increase rate recorded in the second quarter of the same year. Also, ...

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, says it’s worrying that the country incurs losses of up to N6 trillion in tax waivers annually, adding that it generates a similar amount of revenue annually. Oyedele stated that the levels of government have failed to measure the impact of tax waivers on the economy ...

The Board of Jaiz Bank Plc, has approved the appointment of a seasoned banker, Haruna Musa, as the managing director/chief executive officer of the Bank. Haruna’s appointment takes effect following the receipt of the approval of the Central Bank of Nigeria (CBN) on the 21 st November, 2023. Jaiz Bank’s new MD/CEO’s cognate experience in the banking industry spans over ...

Comercio Partners, an investment banking firm has called on investors to diversify their portfolios for protection against the risks of rising inflation rate. Data from the National Bureau of Statistics, NBS showed that the headline inflation rate rose for the 10th consecutive month to 27.33 per cent in October from 26.72 per cent in September. In a report analysing the ...

Vice President Kashim Shettima, on Monday approved the constitution of a multi-sectoral committee to drive the goals of the Human Capital Development (HCD) programme of the Federal Government. Shettima constituted the committee after a meeting at the Presidential Villa, Abuja, with World Bank’s Country Director for Nigeria, Shubham Chaudhuri. Also in attendance were the Chairman of the Dangote Foundation, Aliko ...

The Naira, Monday, November 20, appreciated to N1,135 per dollar in the parallel market from N1,140 per dollar on Friday. However, the Naira depreciated to N841.14 per dollar in the Nigerian Foreign Exchange Market, NAFEM, on the same day. Data from FMDQ showed that the indicative exchange rate for the I&E window fell to N750.14 per dollar from N791.75 per ...