Category: Business

Business

Massive corruption rocks railways’ ticketing system – Report

Aminu Imam

…We lack capacity for E-payment’ – NRC As the Federal Government, through the Nigerian Railway Corporation, (NRC) was said to have generated about N5bn revenue from the Lagos-Ibadan train services in 2022, investigative report published has revealed that the number could have been much higher if the corporation had blocked all leakages, especially fraudulent ticket racketeering. According to the report, data gleaned from NRC showed that nothing has affected the dwindling revenue of the railway more than the internal sabotage of ticket racketeering. Earlier earmarked for completion by 2016, but it…

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Federal Government issues illegal miners 30-day ultimatum

Aminu Imam

…To review mining licenses The Federal Government has issued a 30-day ultimatum to illegal miners to desist from such activities in the country. Speaking during a press conference in Abuja yesterday, the Minister of Solid Minerals Development, Dele Alake, explained that all efforts to formalise unlicensed miners into cooperatives have proved abortive. He further stated that the ministry will review all mining licenses in the country as part of its transformation agenda. Other transformation agenda listed out by the minster are formation of the Nigerian Solid Minerals Cooperation, joint ventures with…

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Constitutional lawyers declare NNPCL, Afrexim bank’s $3bn loan illegal, threatens court action

Aminu Imam

…Demands transparency A group of lawyers under the umbrella of Constitutional Lawyers Forum (CLF) has declared the $3 billion emergency loan recently secured on papers by the Nigeria National Petroleum Company Ltd (NNPCL) from the African Export-Import Bank (Afrexim) to stabilise the country’s foreign exchange market and crude oil repayment, as illegal and unconstitutional. Recall that the national oil company and the bank on August 16 jointly signed a commitment letter and term sheet for the emergency loan. The facility, according to them, will provide some immediate disbursement that will…

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“Take currency swap seriously; reduce reliance on US dollars” – Economist urges CBN

Aminu Imam

An economist, Prof. Akpan Ekpo, has urged the Central Bank of Nigeria, (CBN), to take seriously the currency swap agreement with Peoples Bank of China, (PBoC) to reduce reliance on dollars for trade. Ekpo, a former Director-General of West African Institute for Financial and Economic Management, (WAIFEM), gave the advice while speaking with the News Agency of Nigeria, (NAN), yesterday in Lagos. According to him, “This is the time to implement the Nigeria-China currency swap so that we don’t put all our eggs in one basket. “Nigerians who are dealing with…

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“Fuel demand down by 30%” – NNPC GMD, Kyari

Aminu Imam

Fuel demand has declined by 30 percent since President Bola Ahmed Tinubu announced the removal of fuel subsidies in May. Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, disclosed this at a media briefing yesterday, in Abuja. According to the GMD, who was seated beside the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the fall in fuel demand from approximately 66.7 million litres daily before the removal of subsidies to approximately 46 million today means a 30% reduction in NNPCL’s demand for foreign…

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“Solid minerals, new petroleum for Nigeria” – Minister, Dele Alake

Aminu Imam

Minister of Solid Minerals Development, Dele Alake, has hinted on strategic measures proposed by the Tinubu-led administration to tackle the menace of illegal mining, as it seeks to make solid mineral sector the new petroleum for Nigeria. According to the Minister, the menace of illegal mining that has eroded and deprived the country of substantial revenue will be nipped in the bud under the political will and firmness of the administration of President Ahmed Tinubu. According to him, “The solid minerals sector is now the focal point of generating revenue…

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Jonathan’s PDP regime was last to stabilise our economy” – Coordinating Economy Minister, Wale Edun

Aminu Imam

Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has asserted that Nigeria’s economy last appeared stable about a decade ago, during former President Goodluck Jonathan’s tenure. At his first press conference as the finance minister yesterday in Abuja, Edun stated that the foreign exchange (FX) rate was constant, as were interest rates between 2013 and 2014. According to him, the country had enough foreign exchange at the time, so when people came in to invest and needed to import raw materials or machinery, the government could supply…

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“Too many people are after my job in NIMASA” – Jamoh cries out

Aminu Imam

…Accuses rivals of smear campaign The Director-General of the Nigeria Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has given an insight into the barrage of allegations against him in recent times in some sections of the media. Jamoh, currently attending a conference in Ghana, expressed frustration with the persistent allegations, which include financial impropriety and nepotism, attributing these attacks to individuals seeking his position. The NIMASA DG, while declaring that he was tired of hearing the barrage of allegations which has become a pastime for his distractors, also…

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‘FG’s N5bn subsidy removal palliative to States is a loan’ – D-G Governors Forum

Aminu Imam

The relief aid given to the States by the Federal Government to cushion the effects of the removal of the petrol subsidy is a loan. Recall that the federal government announced a N5 billion relief package for each State of the federation, including the Federal Capital Territory, (FCT). Borno State Governor, Babagana Zulum, who spoke on Thursday at the end of the National Economic Council (NEC) meeting presided over by Vice-President Kashim Shettima, said the palliative would enable State governments to procure 100,000 bags of rice, 40,000 bags of maize…

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CBN launches Forex Price Verification portal

Aminu Imam

…Makes price verification report compulsory for dealers The Central Bank of Nigeria, (CBN), has launched a go-live foreign exchange price verification system portal. The apex bank made this known in a statement, titled: “Go-live of the Central Bank of Nigeria Price Verification System Portal” and released by the bank’s Director of Trade and Exchange Department, O. S. Nnaji. The CBN stated that with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report generated from the Price Verification Portal, adding that…

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