Economy - Abia ThinkTank News

Apr

09

2024

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By Abia ThinkTank

Oil Marketers Propose N550/Litre Price To Dangote

Business, Economy, News Flash, Oil & Gas

Oil Marketers Propose N550/litre Price To Dangote As the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations Nationwide Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024. Checks by Vanguard, weekend, indicated that the parties have been meeting and exchanging notes on the pricing,…

Apr

09

2024

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By Abia ThinkTank

CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan

CBN/Commercial Banking, Economy, News Flash

CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular uploaded to its website on Monday. The CBN however exempted from the ban Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, Director, Banking Supervision Department, CBN, Dr. Adetona Adedeji, said: “The Central Bank…

Apr

05

2024

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By Abia ThinkTank

I’m Happy With What Is Happening In ABIA Today Under Gov Otti – APC Chieftain, Prince BB Apugo Declares

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash

I'm Happy With What is Happening in Abia Today Under Governor Otti, APC Chieftain, Prince BB Apugo Declares. A National Board of Trustees (BOT) Member and member of the National Caucus of the All Progressives Congress (APC), from Abia state, Prince BB Apugo has poured encomium on the Governor of Abia State, His Excellency, Dr. Alex Otti over his giant strides in the governance of the state. Prince Apugo spoke during a private visit to the Governor at his home in Nvosi, Isialangwa LGA of the state. The APC chieftain who publicly declared his stand during the election and supported…

Apr

05

2024

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By Abia ThinkTank

Gov Otti Assures Original Shop Owners Of The Remodeled Ariaria Market Of First Right Of Refusal

Business, Columns/Opinions/Letters, Economy, News Flash

Governor Alex Otti has directed that original shop owners of the remodeled A-line of Ariaria International Market, should be given the first right of refusal in the remodeled market. The Governor said he got complaints from some of the original shop owners that the contractor was trying to sell their shops to money bags. Gov. Otti who spoke with newsmen in Umuahia said he would not allow the original shop owners at the market to be shortchanged for any reason. He said that he was told there were about 4000 shops originally but there would be additional 1000 shops after…

Apr

04

2024

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By Abia ThinkTank

We Will Bring Down Inflation – Tinubu Assures Nigerians

Economy, CBN/Commercial Banking, News Flash

We Will Bring Down Inflation – Tinubu Assures Nigerians President Bola Ahmed Tinubu has assured that his administration will bring down the inflationary trend in the economy. Tinubu said this while hosting the leadership of the All Progressives Congress (APC) to an IFTAR dinner on Wednesday, April 3. He said: “…and it is the hard job that you promised the people of Nigeria when you were campaigning for me, you promised them a good result. I have to work for it, no magic wand. “I campaigned on hope, I have to rest on that hope and push for that hope…

Apr

04

2024

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By Abia ThinkTank

EFCC Grills Bobrisky For Naira Abuse

Crime, Economy, Environment, News Flash

EFCC Grills Bobrisky For Naira Abuse Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, have commenced investigation of Idris Okuneye, a.k.a Bobrisky, for allegedly spraying Naira notes. The EFCC had invited the 31-year old following a video report of spraying and flaunting wads of new Naira notes at the premiere of a movie, Ajakaju, produced by Eniola Ajao, a Nollywood actress and producer, at Film One Circle Mall, Lekki, Lagos on March 24, 2024. Investigation also revealed that he had also committed the alleged offence at some other event centres and parties at different…

Apr

04

2024

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By Abia ThinkTank

Court Adjourns Binance Tax Evasion Case To April 19

Crime, Business, CBN/Commercial Banking, Economy, Judiciary

Court Adjourns Binance Tax Evasion Case Till April 19 A Federal High Court in Abuja has adjourned the tax evasion case involving Binance Holdings Limited and its executives. The Federal Inland Revenue Service had dragged the firm to court for tax evasion. Also joined in the suit are officials of the company, Tigran Gambaryan, and fleeing Nadeem Anjarwalla. In the suit marked: FHC/ABJ/CR/115/2024, Binance was accused of failing to register with the FIRS for the purpose of paying all relevant taxes administered by the service. The FIRS also alleged that while it was offering taxable services to subscribers on its…

Apr

04

2024

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By Abia ThinkTank

Edo Refinery Received 15,000 Barrels Of Crude From Oza Oil

Business, Economy, News Flash, Oil & Gas

Edo Refinery Receives 15,000 Barrels Of Crude From Oza Oil The Edo Refinery has received a total of 15,000 barrels of crude oil in 2024 for production from the Oza Oil Field operated by Decklar Resources Inc. and Millenium Oil and Gas Company Limited. The Chief Executive Officer of Decklar Resources, Sanmi Famuyide, who disclosed this in a statement on Wednesday, noted that the company has continued ongoing crude oil injection volumes into the Trans Niger Pipeline for transport to and export from the Bonny Export Terminal. The refinery was developed by the Edo Refinery and Petrochemical Company Limited and…

Mar

29

2024

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By Abia ThinkTank

Gov Otti’s Miracle In ABIA Continues Vol 2: The Midas Touch – By Miracle Chukwunenye

Abia State, Columns/Opinions/Letters, Economy, Good Governance

GOV OTTI'S MIRACLE IN ABIA CONTINUES vol 2: THE MIDAS TOUCH by Miracle Chukwunenye This is not London nor Dubai, this is the linking point of three very strategic roads that connects other numerous road locations in Aba, linking NGWA ROAD, PEPPLES ROAD and EMELOGU ROAD. NGWA ROAD as a major road in Aba with over 6.1km was in the past abandoned to the mercy of dilapidation, ruins and utmost disrepair, this road aside linking with the two aforementioned roads also leads to ASA ROAD as it has its endpoint at No. 1 PORTHARCOURT ROAD, crossing over to the notable…

Mar

29

2024

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By Abia ThinkTank

Zenith, UBA, Access And 4 Others Exceeds CBN Minimum Capital Requirement

CBN/Commercial Banking, Economy, News Flash

Zenith, UBA, Access And 4 Other Banks Exceeds CBN Minimum Capital Requirement Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion. This is from the current minimum capital base of N50 billion for an international banking licence while the national bank capital requirement is at N25 billion.The regional banking licence was put at N10 billion, and the merchant…