Economy

Sep
23
2023
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By Abia ThinkTank
CBN: Why Cardoso Must Win War Against Dollar, Strengthen The Naira Against Dollar To Prove His Mettle – Barr. Oladotun Hassan

CBN: Why Cardoso Must Win War Against Dollar, Strengthen The Naira Against Dollar To Prove His Mettle – Barr. Oladotun Hassan

Abuja, CBN/Commercial Banking, Economy
CBN: Why Cardoso Must Win War Against Dollar, Strengthen the Naira against Dollar To Prove His Mettle. The newly appointed governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been told he is in for a serious task In an exclusive interview with Legit.ng Oladotun Hassan, a legal practitioner and public affairs analyst, said Cardoso must win the war against the dollar. He stated that Cardoso's role is way beyond just an appointment, but it is a task he must take personally to prove a point that the Naira can be valuable. As Nigerians watch Olayemi Michael Cardoso…
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Sep
22
2023
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By Abia ThinkTank
Currency Now In Circulation Is Over N2 Trillion As New CBN Governor, Olayemi Cardoso Assumes Duty Friday, September, 2022.

Currency Now In Circulation Is Over N2 Trillion As New CBN Governor, Olayemi Cardoso Assumes Duty Friday, September, 2022.

Economy, CBN/Commercial Banking
Currency now in Circulation is over N2 Trillion as New CBN Governor, Olayemi Cardoso Assumes Duty Friday, September 22, The currency in circulation in Nigeria has risen to N2.7 trillion as of the end of August 2023. The Central Bank of Nigeria said the amount increased by N1.7 trillion monthly. The currency in circulation hit an all-time low of N982 billion in February 2023. Currency in circulation in Nigeria spiked by N1.7 trillion following increased cash transactions. Data from the Central Bank of Nigeria as of Thursday, September 21, 2023, shows that the currency in circulation hit about N2.7 trillion…
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Sep
22
2023
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By Abia ThinkTank
Fuel Subsidy: Strike Looms As NLC’s Ultimatum Expires Today

Fuel Subsidy: Strike Looms As NLC’s Ultimatum Expires Today

Economy, FGN, Labour
Fuel Subsidy: Strike Looms As NLC’s Ultimatum Expires Today The ultimatum of the Nigeria Labour Congress (NLC) to the Federal Government to address the effect of the removal of fuel subsidy on Nigerians expires today. The leadership of the union are expected to meet next week to decide when to begin an indefinite nationwide strike. However, there are reports that the Vice President, Kashim Shettima has meeting some government personnel on how to avert the strike. According to Vanguard, the Minister of Finance, Wale Edun, and the Minister of Labour and Employment, Simon Lalong, alongside the Vice President, are putting…
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Sep
20
2023
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By Abia ThinkTank
Gov Otti Receives Fidelity’s GMD Onyeali-Ikpe As Bank Seeks Partnership With Abia State

Gov Otti Receives Fidelity’s GMD Onyeali-Ikpe As Bank Seeks Partnership With Abia State

Abia State, Economy, Good Governance
GOV OTTI RECEIVES FIDELITY'S GMD ONYEALI-IKPE AS BANK SEEKS PARTNERSHIP WITH ABIA Abia State Governor Dr. Alex Otti, OFR, has reiterated his administration's desire to partner with the private sector in the quest to rebuild the state. Governor Otti restated government's position to work with the private sector while receiving the Group Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, who led a team of the bank's senior management team on a business visit to the Governor on Tuesday. He welcomed the bank's request to partner the state government in delivering gains of democracy to the people, while enumerating some…
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Sep
15
2023
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By Abia ThinkTank

CBN Probe Receives Boost As DSS Arrests CBN Finance Director At Lavish Party In Abuja

Crime, Economy, Security
DSS Arrests CBN Finance Director At Lavish Party In Abuja A major breakthrough may have been recorded in the ongoing probe of the Central Bank Nigeria (CBN) and other Government Business Entities (GBEs) by the Special investigator, Jim Obazee-led panel as operatives of the Department of State Services (DSS) on Wednesday, in Abuja, arrested the CBN Director of Finance, Mr Benjamin Adeoye Fakunle. It was gathered that Fakunle was arrested by DSS operatives at a lavish party he was hosting in one of his mansions in Abuja to celebrate his retirement from the services of the apex bank. Fakunle was…
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Sep
10
2023
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By Abia ThinkTank
DSS Arrests Another CBN Deputy Governor Over $300 Million Fraud

DSS Arrests Another CBN Deputy Governor Over $300 Million Fraud

Economy
DSS arrests Another deputy CBN gov over $300 million fraud The Department of State Services (DSS) has arrested and detained Ms Aisha Ahmad over allegations of fraud. Ms Ahmad is the deputy governor of the Central Bank of Nigeria (CBN) in charge of financial system stability. According to a source, she has been detained over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank. “Ms Ahmad is being interrogated on how $300 million to complete the acquisition of Union Bank was raised by Titan Bank,” the source said. DSS spokesperson, Peter Afunanya, was not available to respond…
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Sep
10
2023
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By Abia ThinkTank
Emefielegate: DSS Investigating Fraud Of $50 Billion Involving Olam International And Its Subsidiaries With CBN

Emefielegate: DSS Investigating Fraud Of $50 Billion Involving Olam International And Its Subsidiaries With CBN

Economy, FGN
President Bola Ahmed Tinubu is still cleaning up the mess left behind by Buhari and Emefiele during the last administration. The Department of State Services (DSS) is actively investigating a substantial economic fraud case involving Olam Nigeria Limited, Olam International, and nine subsidiary companies, with a total estimated value exceeding $50 billion. This investigation centers on a series of foreign exchange transactions dating back to 2015 when these companies reported approximately $34 billion as capital imports to the Central Bank of Nigeria (CBN). Instead of using these funds for legitimate investments in the Nigerian economy, they engaged in speculative foreign…
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Sep
10
2023
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By Abia ThinkTank
Our Prosperity Will Derive Directly From Our Diversity Of Talent And Culture From Across Nigeria, President Tinubu Tells Nigerians In India

Our Prosperity Will Derive Directly From Our Diversity Of Talent And Culture From Across Nigeria, President Tinubu Tells Nigerians In India

FGN, Economy
STATE HOUSE PRESS RELEASE OUR PROSPERITY WILL DERIVE DIRECTLY FROM OUR DIVERSITY OF TALENT AND CULTURE FROM ACROSS NIGERIA, PRESIDENT TINUBU TELLS NIGERIANS IN INDIA President Bola Tinubu, who is currently in India for the G-20 Summit, shared his conviction with Nigerians during an interaction with them on Thursday evening.The President called on Nigerians to harness the country’s rich diversity as a uniquely powerful tool for advancing prosperity and national development for the benefit of all citizens, emphasizing that our diversity must be leveraged to drive economic growth, innovation, and social progress. “We are here to present a new future…
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Sep
09
2023
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By Abia ThinkTank
President Tinubu To G-20 Leaders: As Africa’s Largest Market, Economy, And Democracy, Nigeria Is Ready To Play Vital Role In G-20

President Tinubu To G-20 Leaders: As Africa’s Largest Market, Economy, And Democracy, Nigeria Is Ready To Play Vital Role In G-20

Economy, Presidency
STATE HOUSE PRESS RELEASE PRESIDENT TINUBU TO G-20 LEADERS: AS AFRICA’S LARGEST MARKET, ECONOMY, AND DEMOCRACY, NIGERIA IS READY TO PLAY A VITAL ROLE IN G-20 President Bola Tinubu,on Saturday in New Delhi, India, expressed Nigeria's commitment to play a major role within the G-20 and contribute to shaping a more equitable world. Addressing world leaders at the 18th G-20 Leaders' Summit, the Nigerian leader called for global unity and cooperation in tackling pressing challenges, fostering inclusiveness, and establishing a fairer world order. While acknowledging the vital role of the G-20 in shaping a rules-based world order that promotes shared…
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Sep
05
2023
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By Abia ThinkTank
Abia Government To Invest FG’s 2 Billion Naira Palliative Loan On Transportation

Abia Government To Invest FG’s 2 Billion Naira Palliative Loan On Transportation

Abia State, Economy
Abia govt. to invest FG's 2 billion naira palliative loan on transportation Abia State Government says it will invest the 2 billion naira palliative loan so far released to Abia by the Federal Government on transportation. The Commissioner for Information and Culture, Prince Okey Kanu disclosed this while briefing the press along side some of his colleagues after this week's Executive Council meeting chaired by Governor Alex Otti. The Commissioner informed that details of how to deploy the loan would be made available soon ,maintaining that the State Government would roll out its own palliatives after it is through with…
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