Economy

Feb
12
2025
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By Abia ThinkTank
FGN Assumes Full Control Of Keystone Bank

FGN Assumes Full Control Of Keystone Bank

CBN/Commercial Banking, Economy, FGN, News Flash
FG Assumes Full Control Of Keystone Bank Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth capitalization process. The bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja. The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government. “Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences…
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Feb
12
2025
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By Abia ThinkTank
CBN Announces Fresh ATM Transaction Fees, Effective March 1

CBN Announces Fresh ATM Transaction Fees, Effective March 1

CBN/Commercial Banking, Economy, News Flash
CBN Announces Fresh ATM Transaction Fees Effective March 1 The Central Bank of Nigeria (CBN) has introduced new Automated Teller Machine (ATM) transaction fees for banks and financial institutions, effective from March 1, 2025. This move according to CNN in a statement signed by John S. Onojah Acting Director, Financial Policy and Regulation Department aims to enhance efficiency and increase the deployment of ATMs across the country. The circular titled “Review of Automated Teller Machine Transaction Fees”, the apex bank stated that the review aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank…
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Feb
10
2025
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By Abia ThinkTank
The Desire, The Will, And The Strategies To Cause Long-Lasting Changes In ABIA State -By Dr. Chukwuemeka Ifegwu Eke

The Desire, The Will, And The Strategies To Cause Long-Lasting Changes In ABIA State -By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, Politics
The Desire, The Will, and The Strategies to Cause Long-Lasting Changes in Abia State IntroductionThe government of Abia State, under the visionary leadership of His Excellency, Dr. Alex Chioma Otti, OFR, is committed to fostering an inclusive approach to governance. Recognizing the multifaceted challenges facing the state, the administration welcomes insights and perspectives from all stakeholders to address critical sociopolitical and economic issues. Dr. Otti, a leader deeply attuned to the aspirations of his people, has humbly called for prayers to guide his efforts. As a human being of flesh and blood, he acknowledges the weight of his responsibilities and…
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Feb
09
2025
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By Abia ThinkTank
I Blocked Godfathers From Looting Osun – Gov. Adeleke Drops Bombshell On State Finances

I Blocked Godfathers From Looting Osun – Gov. Adeleke Drops Bombshell On State Finances

Economy, News Flash, Politics
I Blocked Godfathers From Looting Osun – Gov Adeleke Drops Bombshell On State Finances Osun State Governor, Ademola Adeleke, has declared that he dismantled the influence of political godfathers who previously exploited the state’s resources, ensuring that Osun’s finances are now channelled directly into development projects. Speaking in an interview with Channels TV, Adeleke disclosed that his administration’s strict financial discipline and aggressive revenue generation strategies had enabled him to meet ambitious infrastructural targets despite inheriting a massive debt burden. “I blocked all the leakages to the extent that no godfather can take advantage of the system,” he stated. “Where…
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Feb
08
2025
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By Abia ThinkTank
Nigeria Remains Africa’s Largest Economy – World Bank

Nigeria Remains Africa’s Largest Economy – World Bank

CBN/Commercial Banking, Columns/Opinions/Letters, Economy, FGN, World News
Nigeria Remains Africa’s Largest Economy – World Bank The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy. He stated that the CPSD report, set to be released in…
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Feb
03
2025
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By Abia ThinkTank
Fuel Marketers Ordered To Reduce Price As Dangote Crashes Supply Rate To N890 Per Litre

Fuel Marketers Ordered To Reduce Price As Dangote Crashes Supply Rate To N890 Per Litre

Business, Economy, News Flash, Oil & Gas
Fuel marketers ordered to reduce price as Dangote crashes supply rate to N890 per litre The Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, aka petrol, following the reduction in the ex-depot price of the product from N950 to N890 per litre by the Dangote refinery. Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday. Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement on Saturday…
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Feb
03
2025
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By Abia ThinkTank
“Trade Wars Heat Up: Trump Tariffs Spark Canada’s Retaliation And China’s 75% Counterpunch – Who Will Blink First?” – By Dr. Chukwuemeka Ifegwu Eke

“Trade Wars Heat Up: Trump Tariffs Spark Canada’s Retaliation And China’s 75% Counterpunch – Who Will Blink First?” – By Dr. Chukwuemeka Ifegwu Eke

Columns/Opinions/Letters, Economy, Foreign Affairs, International
"Trade Wars Heat Up: Trump Tariffs Spark Canada’s Retaliation and China’s 75% Counterpunch – Who Will Blink First?" Canada’s swift retaliation to the new Trump tariffs, set to take effect this Tuesday, underscores the high stakes of this trade dispute. Historically, Canada has not hesitated to respond to U.S. protectionist measures with counter-tariffs of its own, as seen in 2018 when it imposed tariffs on $16.6 billion worth of U.S. goods in response to steel and aluminum tariffs. This time, Canada’s retaliatory measures are likely to target key U.S. exports, such as agricultural products, machinery, and consumer goods, which could…
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Feb
01
2025
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By Abia ThinkTank
The Cryptonomics Effect: Trump’s Law Ignites US Crypto Market Growth! – By Dr. Chukwuemeka Ifegwu Eke

The Cryptonomics Effect: Trump’s Law Ignites US Crypto Market Growth! – By Dr. Chukwuemeka Ifegwu Eke

Columns/Opinions/Letters, Economy, Foreign Affairs, International
The Cryptonomics Effect: Trump's Law Ignites US Crypto Market Growth! The recent signing of the crypto law by Trump marks a significant milestone in the development of cryptonomics in America. This law establishes a comprehensive framework for the regulation of digital assets, providing clarity and certainty for crypto businesses, investors, and enthusiasts. One of the key provisions of the law is the establishment of the Presidential Working Group on Digital Asset Markets. This group will play a crucial role in shaping the country's crypto regulations, ensuring that the crypto market operates in a safe and transparent manner. The group's membership…
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Jan
30
2025
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By Abia ThinkTank
CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN/Commercial Banking, Economy, FGN, News Flash
Outstanding $7 Billion n FX Cleared – CBN Gov, Cardoso Says Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council. The event, which was tagged the regulators’ forum, took place at the State House Conference Hall in Abuja. Addressing the audience, Cardoso explained that the bank was optimistic the clearance of the $7bn backlog would…
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Jan
30
2025
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By Abia ThinkTank
NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike

NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike

Economy, Labour, News Flash
NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike The Nigeria Labour Congress (NLC) has resolved to hold a nationwide anti-telecom tariff hike protest on Tuesday, February 4. Our correspondent learnt that the nationwide protest was agreed on at the ongoing National Administrative Council (NAC) meeting of NLC. It is aimed at sounding a note of warning to the government that workers would resist the planned hike as it would worsen the poverty level across the country. NCC approved a 50% tariff increase for mobile network operators. Recall that NLC had, on January 22, rejected the 50 percent telecommunication…
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