Nigeria risks losing foreign assets to reckless borrowing – CSOs warn

Some Civil Society Organisations, (CSOs) have raised concern over Nigeria’s rising debt profile describing it as a ‘debt trap’ already worsening the country’s crisis-ridden economy and costing the nation its foreign assets. The CSOs consisting of the Civil Society Legislative Advocacy Center, (CISLAC) and Christian Aid in partnership with Transparency International, TI), noted that Nigeria is presently in a debt crisis with a fiscal deficit well above the statutory threshold of 3 percent, an increasingly unsustainable debt profile and a rising debt servicing that has been worsened by rising interest…

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“We’re steadily winning war against crude oil theft, militancy in Niger-Delta” – Army Commander

Commander of 16 Brigade Nigerian Army/Sector 2, ‘Operation Delta Safe’ (OPDS), says the military is winning the fight against militancy and crude oil theft in the Niger Delta. Yakasai spoke on Sunday at the end of the 2022 West African social activities (WASA) held at camp Tukur Buratai barracks, Yenagoa, the capital of Bayelsa state. The crude oil theft has been a source of concern to the government, with huge revenue diverted to the pockets of the perpetrators. Recall that in October 2022, the Nigerian National Petroleum Company Limited (NNPCL)…

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Naira Notes Swap: Atiku calls for ‘slight’ extension of deadline 

Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has asked the Central Bank of Nigeria (CBN) to extend the deadline for the validity of old naira notes. There has been increased tension in the country as Nigerians scramble to meet up with the deadline amid poor circulation of the redesigned N200, N500 and N1,000 series. This has led to several calls for the extension of the January 31 deadline — but the CBN has insisted that it will not shift ground. In a broadcast yesterday, Atiku said a…

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Buhari must purge Incompetent Kyari led NNPCL of corruption to restore sanity in oil sector’ – CNPP

The Conference of Nigeria Political Parties, (CNPP), has urged President Muhammadu Buhari to immediately purge the Nigerian National Petroleum Company Limited (NNPCL) of corrupt and incompetent leadership so as to find lasting solutions to the problems in the petroleum industry. The CNPP, however, commended the move by the President to end the lingering fuel scarcity in country by setting up a 14-man Steering Committee to look into the supply and distribution chain of petroleum products in the country. In an issued statement by its Secretary-General, Chief Willy Ezugwu, yesterday, the…

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Naira Currency: “You target the rich, but will harm the poor, extend deadline” – NLC tells CBN

President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, yesterday, joined the Red Chamber of the National Assembly on the call for the Central Bank Of Nigeria (CBN), to extend the date for the stoppage of the use of the highest denominations of Nigeria’s currency. Comrade Wabba made this call when he responded to questions during a media engagement with members of the Labour Correspondents Association of Nigeria, (LACAN), in Abuja. The NLC President strongly kicked against the insistence of the CBN to implement its policy on none usage…

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Stamp Duty Controversy: “Only N370bn, not N89tr collected as revenue in 6 years” – Emefiele

Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, says the total revenue collected as stamp duty in six years between 2016 and 2022 is N370,686 billion. Recall that a House of Representatives member representing Kazaure, Roni, Gwiwa, Yankwashi, of Jigawa State, Muhammed Gudaji Kazaure, had in 2022 raised an alarm over alleged theft of stamp duty proceeds running into N89 trillion. Emefiele, however, made his declaration of N370,686 billion yesterday in Abuja, after the Monetary Policy Committee (MPC) meeting, and stressed that the CBN was not withholding any…

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Redesigned Naira Notes: ‘No going back on Jan. 31st deadline to phase-out old notes – CBN

The Central Bank of Nigeria (CBN) on Tuesday said there is no going back on the January 31st deadline on the phase-out of old 200, 500 and 1,000 naira notes. CBN Governor, Godwin Emefiele, who spoke at the apex bank’s Monetary Policy Committee (MPC), meeting in Abuja, stated that Nigerians were given enough time to replace their old notes with new ones. Recall that the CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000…

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CBN to fine Commercial banks not paying out new Naira notes 1 million naira per money box daily

Nigerian New Naira Notes

Central Bank of Nigeria (CBN), on Friday, said that any commercial bank that failed to pay the new naira notes to customers would be fined N1 million per money box on daily basis. CBN Governor, Godwin Emefiele, made this known at a sensitisation organised for market women operating at Ayegbaju International Market, Osogbo, on the new naira notes, eNaira and other related matters. Emefiele, represented by a CBN Deputy Director, Adeleke Adelokun, said that the apex bank had printed enough naira notes, but observed that commercial banks were not collecting…

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DSS to quiz bank CEOs over forex allocations since 2017

The Department of State Services (DSS) has opened wide-ranging investigations into foreign exchange (forex) received and their subsequent allocation to customers by each deposit money bank in the country, and the involvement of the Central Bank of Nigeria, (CBN). The investigation comes at a time of increasing searchlight on the governor of the apex bank, Godwin Emefiele, who just returned from overseas after reports that he will be arrested by the secret police in connection with allegations of funding terrorism. According to reports, the bank CEOs have been given a…

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Marginalisation: ‘Banks’ conditions may stall $350m CVFF disbursement to local shipowners’ – Northern Shipowners cry out

Conditions set by Primary Lending Institutions (banks) have threatened the commencement of disbursement of the Cabotage Vessels Finance Fund (CVFF), an investigation has shown. Recall that the Minister of Transportation, Mu’azu Sambo, had announced that Union, Zenith, Polaris, UBA, and Jaiz Banks were confirmed as the designated banks for the disbursement of the funds by the Presidential approval which the ministry received. It was gathered that the introduction of a 15 percent equity contribution from the indigenous shipowners may delay the process, as the local shipowners have said that they…

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