Economy - Abia ThinkTank News

Jun

2024

FGN Has Not Resumed Fuel Subsidy – Presidency Disowns Leaked Fiscal Policy Documents

FG Has Not Resumed Fuel Subsidy – Presidency Disowns Leaked Fiscal Policy Documents The Federal Government has reacted to leaked fiscal policy documents which suggested that the government had resumed payment of petrol subsidy. In a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga on Thursday, the Presidency dismissed the documents as unapproved policy proposals. He, however, said they are still subject to review and not official government documents. He said, “One of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were…

Jun

2024

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By Abia ThinkTank

$5.3m Fraud: US Hunts Scammers, Traces Funds To Nigeria, Others

Crime, Economy, News Flash

$5.3m Fraud: US Hunts Scammers, Traces Funds To Nigeria, Others The US government has filed a civil forfeiture action to recover $5.3 million linked to a business email compromise (BEC) scheme that defrauded a Massachusetts workers union. In January 2023, a spoofed email led the union to transfer $6.4 million to a fraudulent account. The funds were then routed through various international banks and cryptocurrency exchanges. US authorities have seized money from seven domestic accounts connected to the scheme. These were stated in a Wednesday press release obtained from the United States Attorney’s Office, District of Massachusets website on Thursday.…

Jun

2024

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By Abia ThinkTank

Abia To Join Global Quality Shoe Making List As Comfort Stevens Prepares To Open Factory

Abia State, Business, Economy, Good Governance, News Flash

ABIA TO JOIN GLOBAL QUALITY SHOE MAKING LIST AS COMFORT STEVENS PREPARES TO OPEN FACTORY Abia State Governor, Dr. Alex Otti, OFR, says his administration is working very hard to clean up the business environment and make it conducive for new investments as well as bring back old ones that had left the state in the past due to unhealthy government policies. Governor Otti said that capital, by way of investment, is devoid of emotion and sentiment and only goes to places where the environment is conducive for it to thrive and flourish. "You may choose to relocate abroad in…

Jun

2024

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By Abia ThinkTank

Presidency Speaks On Receiving N105k Minimum Wage Proposal From Wale Edun

Economy, FGN, Labour, News Flash

Presidency Speaks On Receiving N105k Minimum Wage Proposal From Wale Edun The Presidency has come out to deny reports that the Minister of Finance and coordinating minister of the economy, Wale Edun proposed N105,000 as minimum wage. Reports emerged on Thursday afternoon that Edun presented a new minimum wage template of N105,000 (approximately $220) per month for Nigerian workers. The report also claimed that Tinubu is currently reviewing the proposal, and an official announcement is expected soon. But in a tweet, presidential aide, Bayo Onanuga debunked the news. He said: “The Honorable Minister of Finance and coordinating minister of the…

Jun

2024

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By Abia ThinkTank

Minimum Wage Talks: Labour Considers N100,000 As Tinubu Issues Ultimatum

Economy, Labour, News Flash

Minimum Wage Talks: Labour Considers N100,000 As Tinubu Issues Ultimatum Organised Labour may settle for N100,000 minimum wage as the Tripartite Committee on National Minimum Wage commences daily meetings for five days to reach a consensus. Multiple sources in the labour movement told The PUNCH on Tuesday that the union leaders were willing to review their demand from N494,000 to N100,000, following the criticism and controversy that trailed their proposal which was considered outrageous and unrealistic. In a statement by his media aide, Rabiu Ibrahim on Saturday, the Minister of Information and National Orientation, Mohammed Idris, said the proposed minimum…

Jun

2024

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By Abia ThinkTank

FGN To Suspend Import Duties On Staple Food Items, Drugs, Others For 6 Months To Ease Inflation

Economy, Business, FGN, News Flash

FG To Suspend Import Duties On Staple Food Items, Drugs, Others For Six Months To Ease Inflation The Federal Government is considering a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation, according to a report seen by Nairametrics. This is contained in a document sent to President Bola Tinubu for review and approval The document also includes plans to waive levies on fertilizers, poultry feed, flour, and grains. Bloomberg reported that President Tinubu is yet to sign the document for implementation. The Inflation Reduction and Price Stability Order,…

Jun

2024

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By Abia ThinkTank

Heritage Bank Customers Besiege Headquarters For Payment

CBN/Commercial Banking, Economy, News Flash

Heritage Bank Customers Throng Headquarters For Payment Customers of the liquidated Heritage Bank gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments. A visit by a News Agency of Nigeria correspondent revealed that security personnel stationed at the bank’s entrance prevented customers from entering the premises. Addressing the customers through the gate, an official informed them that payments had begun for savings account holders and would continue until Friday. “You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other…

Jun

2024

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By Abia ThinkTank

FGN Plans Importation Of Rice Paddy And Maize Seeds To Reduce Inflation

Economy, FGN, News Flash

FG Plans Importation Of Rice Paddy And Maize Seeds To Reduce Inflation The federal government is currently looking at plans to approve through an Executive Order the importation of paddy rice to millers to stem the growing tide of food inflation across the country. Also, the federal government will consider the importation of maize and rice seeds to farmers to boost production output in these staple crops. This is contained in the draft Accelerated Stabilisation and Advancement Plan (ASAP) recently submitted by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun to the President. The document recommends…

Jun

2024

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By Abia ThinkTank

Femi Otedola Tackles Jim Ovia, Exposes ‘Fraudulent Transactions’ In Zenith Bank Account

CBN/Commercial Banking, Crime, Economy, News Flash

Femi Otedola Tackles Jim Ovia, Exposes ‘Fraudulent Transactions’ In Zenith Bank Account The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands. Otedola had accused Ovia of unlawfully using the Zenith Bank account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent. Although this and other allegations are being investigated by the Force Criminal Investigation Department (FCID) of the police, moves are being made to resolve the matters amicably. TheCable has contacted Ovia and Zenith…

Jun

2024

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By Abia ThinkTank

CBN Speaks Over Reports Of Planning To Revoke Licenses Of Unity, Polaris, Keystone Banks

CBN/Commercial Banking, Economy, News Flash

CBN Speaks Over Report Of Planning To Revoke Licences Of Unity Bank, Polaris Bank, Keystone The Central Bank of Nigeria (CBN) says it has no plans to revoke the licences of Unity, Polaris, and Keystone banks. Online reports had claimed the apex bank would terminate the licences of the three banks, following the revocation of Heritage Bank’s licence. However, in a post on its social media pages on Tuesday, the bank said the content was not authentic. “The content is fake and not from the CBN,” the post reads. On June 4, the Central Bank of Nigeria (CBN) revoked the…