Economy

Jan
15
2025
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By Abia ThinkTank
CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN/Commercial Banking, Economy, News Flash
CBN Fines Nine Banks N150m Each For ATM Cash Shortages The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines will be directly debited…
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Jan
10
2025
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By Abia ThinkTank
US Moves To Return $53 Million Linked To Diezani

US Moves To Return $53 Million Linked To Diezani

Crime, Economy, News Flash
US Moves To Return $53 Million Linked To Diezani The United States Government and the Federal Republic of Nigeria have signed a memorandum of understanding to repatriate the sum of $53 million stolen funds to Nigeria. The funds were part of funds of the Galactica asset linked to former Minister of Petroleum, Diezani Alison-Madueke. Speaking during the signing, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) said the agreement provides that $50 million of the funds, which is about N77 billion, will be used to fund rural electrification project to increase the reliability and availability…
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Jan
10
2025
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By Abia ThinkTank
CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN/Commercial Banking, Economy, News Flash
CBN Halts Extension Of Export Proceeds Repatriation For Exporters The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular was signed by Dr W.J. Kanya, the acting Director of the CBN’s Trade & Exchange Department and released on Thursday. Key provisions of the circularIn the circular titled “Suspension of Extension of Export Proceeds on Behalf…
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Jan
10
2025
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By Abia ThinkTank
Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement

Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement

Crime, Economy, Judiciary, News Flash, Politics
Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement Alhaji Muhammad Bashir Sa’idu, former Chief of Staff to Malam Nasir El-Rufai, has implicated his former principal in a confessional statement related to an ongoing money laundering case against him. It will be recalled that the Chief Magistrate Court in Rigasa remanded Sa’idu at the Kaduna Correctional Centre following his arrest and arraignment by security agencies on 31 December 2024. The charges against the former Chief of Staff allege that he sold $45 million in hard currency belonging to the Kaduna State Government—equivalent to ₦18,450,000,000—at the significantly undervalued rate of…
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Jan
10
2025
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By Abia ThinkTank
Lagos State Governor Approves A Record-Breaking Budget Of N3.366 Trillion

Lagos State Governor Approves A Record-Breaking Budget Of N3.366 Trillion

Economy, Lagos, News Flash
Lagos State Governor Babajide Sanwo-Olu has signed the 2025 Appropriation Bill into law, approving a record-breaking budget of N3.366 trillion. The budget, which is geared towards advancing the Sanwo-Olu/Hamzat administration’s developmental agenda, focuses on infrastructure, education, healthcare, and economic growth. During the signing ceremony, the governor reiterated his administration’s commitment to delivering impactful projects that improve the quality of life for Lagos residents and ensure sustainable development across the state. Gboyega Akosile, spokesman of the governor, wrote on X: “Lagos State Governor Babajide Sanwo-Olu today signs the 2025 Appropriation bill to law. “The budget size is N3.366 trillion meant for…
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Jan
09
2025
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By Abia ThinkTank
Surviving The Storm: Insights From ABIA State Residents On The 2024 Economy – By Dr. Chukwuemeka Ifegwu Eke

Surviving The Storm: Insights From ABIA State Residents On The 2024 Economy – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy
Surviving the Storm: Insights from Abia State Residents on the 2024 Economy This study presents a comprehensive and nuanced understanding of the economic situation in Abia State, Nigeria, by capturing the real impulses and lived experiences of its residents. Through a mixed-methods approach, we gathered rich and contextualized data that reveals the complex dynamics of economic survival in the state. By listening to the voices of the people, we uncovered the intricate strategies that residents employ to navigate the challenges of poverty, unemployment, and infrastructure deficits. Our findings provide a granular understanding of the socio-economic realities of Abia State, highlighting…
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Jan
08
2025
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By Abia ThinkTank
Dancing Naked In Eke Market Square Part 2: Investigating The Fact In Real Terms, Ikpeazu Actually Received More FAAC Allocation Than Otti! – By Dr. Chukwuemeka Ifegwu Eke

Dancing Naked In Eke Market Square Part 2: Investigating The Fact In Real Terms, Ikpeazu Actually Received More FAAC Allocation Than Otti! – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, Politics
Part 2 of Dancing Naked in Ekè Market Square: Investigating the Fact that in Real Terms, Ikpeazu Actually Received More FAAC Allocation than Otti! As we delve deeper into the analysis of FAAC allocations in Abia State, it becomes increasingly evident that the numbers tell a story that is far more complex than initially meets the eye. The disparity between Ikpeazu's and Otti's FAAC allocations, when adjusted for inflation and exchange rates, raises critical questions about the state's economic management and the impact of external factors on its fiscal policies. In Part 2 of our analysis, we will explore the…
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Jan
07
2025
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By Abia ThinkTank
Audit Report Indicts NNPCL Of Diverting N514 Billion

Audit Report Indicts NNPCL Of Diverting N514 Billion

Crime, Economy, News Flash, Oil & Gas
Audit Report Indicts NNPCL Of Diverting N514 Billion A report by the office of Nigeria’s Auditor-General has indicted the Nigerian National Petroleum Company Limited (NNPCL) for alleged misappropriation of funds and diversion of revenue meant for the Federation in 2021. The indictments are contained in the 2021 Auditor-General’s annual report published in November 2024. The 558-page report was recently submitted to the National Assembly as Nigeria’s Constitution provides. The report shows a troubling blend of questions bordering on misappropriation of funds involving the NNPCL. In one case, the auditor general indicted the state-owned oil firm of unauthorised deductions of N82.9…
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Jan
07
2025
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By Abia ThinkTank
Dancing Naked In Eke Market Square: Investigating The Fact That In Real Terms, Ikpeazu Actually Received More FAAC Allocation Than Otti – By Dr. Chukwuemeka Ifegwu Eke

Dancing Naked In Eke Market Square: Investigating The Fact That In Real Terms, Ikpeazu Actually Received More FAAC Allocation Than Otti – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance
Dancing Naked in Ekè Market Square: Investigating the fact that in real terms, Ikpeazu actually received more FAAC allocation than Otti! Dancing naked in Ekè Market Square is a metaphorical expression that encapsulates the absurdity of Abia State's opposition. The phrase is derived from the Igbo proverb, "Do not dance naked in the market square, lest you be shamed." In this context, the opposition's criticism of the state government's development efforts is akin to dancing naked – it exposes their own lack of vision and contribution to the state's underdevelopment. The opposition's antics are a manifestation of the legacy of…
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Jan
06
2025
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By Abia ThinkTank
Otti’s Leadership: Unlocking New Opportunities For ABIA In 2025 – By Ebere Uzoukwa, Ph.D

Otti’s Leadership: Unlocking New Opportunities For ABIA In 2025 – By Ebere Uzoukwa, Ph.D

Abia State, Columns/Opinions/Letters, Economy, Good Governance
Otti's Leadership: Unlocking New Opportunities for Abia in 2025 Ebere Uzoukwa, Ph.D Governor Alex Otti's New Year message for 2025 is a testament to his administration's commitment to transforming Abia State into a hub of socio-economic development and prosperity. Since assuming office on May 29, 2023, Governor Otti has made significant strides in critical sectors such as health, education, agriculture, road construction, and reconstruction. These achievements demonstrate his administration's dedication to improving the lives of Abians and setting the state on a path to greatness. In the health sector, the Otti administration has initiated the renovation of 200 primary healthcare…
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