Economy

May
04
2024
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By Abia ThinkTank
Nigerians Hoarding 94% Cash – CBN

Nigerians Hoarding 94% Cash – CBN

CBN/Commercial Banking, Economy, FGN, News Flash
Nigerians Hoarding 94% Cash – CBN Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the country’s currency outside the banking system. This trend was revealed by the Central Bank of Nigeria’s (CBN) in its latest March, 2024 Money and Statistics data. The figures paints a concerning picture of declining trust in the banking system and potential risks to the nation’s economic growth. According to the data on the CBN website, the amount of physical money M1 in circulation has skyrocketed compared to the previous year. In January 2024, it stood at N3.65 trillion,…
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May
03
2024
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By Abia ThinkTank
Tinubu Created A Mess In 2023, 97% Of Companies Can’t Pay Dividends – Dangote

Tinubu Created A Mess In 2023, 97% Of Companies Can’t Pay Dividends – Dangote

Business, Economy, FGN, News Flash
Tinubu Created A Mess In 2023, 97 Per Cent Of Companies Can’t Pay Dividends – Dangote The floating of the naira by President Bola Tinubu’s administration has been described by the Chairman of Dangote Industries Limited, Aliko Dangote as the biggest mess that affected his company and other business owners in 2023. According to Sahara Reporters, the remark was made by Dangote on Tuesday at the Annual General Meeting of Dangote Sugar Refinery Plc. According to Dangote, many businesses were affected by the policy adding that several manufacturing enterprises were impacted and suffered operational losses due to variations in the…
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May
03
2024
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By Abia ThinkTank
Lagos GDP Hits N41 Trillion, Ranks 7th In Africa

Lagos GDP Hits N41 Trillion, Ranks 7th In Africa

Economy, Lagos, News Flash, South West
Lagos GDP Hits N41 Trillion, Ranks 7th In Africa The Lagos State Government has revealed that its Gross Domestic Product, GDP, has moved from N27trn to N41 trillion within four years of Governor Babajide Sanwo-Olu’s administration. Commissioner for Economic Planning and Budget, Mr. Ope George, disclosed this on Thursday, during the ongoing ministerial press briefing to commemorate the first year in office of the second term of Governor Sanwo-Olu, held at Alausa, Ikeja, Lagos. According to George, “Over the last couple of years, Lagos had face numerous challenges particularly when COVID 19 and Endsars struck. “And so we have had…
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May
01
2024
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By Abia ThinkTank
Jubilation As FG Approves Salary Increase For Civil Servants

Jubilation As FG Approves Salary Increase For Civil Servants

Economy, FGN, Labour, News Flash
Jubilation As FG Approves Salary Increase For Civil Servants The Federal Government has approved an increase of between 25% and 35% in salary Increase for Civil Servants on the remaining six Consolidated Salary Structures The Salary Structure is the Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Police Salary Structure (CONPOSS), Consolidated Para-military Salary Structure (CONPASS), Consolidated Intelligence Community Salary Structure (CONICCS) and Consolidated Armed Forces Salary Structure (CONAFSS). It will be recalled that those in the Tertiary Education and Health Sectors had already received their increases which involved Consolidated University Academic Salary…
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Apr
30
2024
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By Abia ThinkTank
Saudi Arabia: 5 Things President Tinubu Told Bill Gates

Saudi Arabia: 5 Things President Tinubu Told Bill Gates

Economy, FGN, News Flash, Presidency, World News
Five Things Tinubu Told Bill Gates In Saudi Arabia President Bola Tinubu on Sunday meet with Microsoft Founder and Philanthropist, Bill Gates, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia. During the meeting President Tinubu spoke extensively about the role technology will play in ensuring his government delivers its promises to the Nigerian people. Below are five major things the President told Bill Gates during their meeting. Technology is the enemy of corruptionTinubu told Bill Gates that technology will play a pivotal role in his government’s fight against corruption that has for too long…
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Apr
30
2024
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By Abia ThinkTank
CBN Reportedly Bans Moniepoint, Opay, Kuda, Others From Taking New Customers

CBN Reportedly Bans Moniepoint, Opay, Kuda, Others From Taking New Customers

CBN/Commercial Banking, Economy, News Flash
CBN Reportedly Bans Moniepoint, Opay, Kuda, Others From Taking New Customers The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers. The ban is over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday. Sources asserted that the CBN deemed the new-account-ban necessary to curb money-laundering activities which have seen the naira again plunge against the dollar in recent days. The naira, as of Monday evening, traded at N1350 against the dollar, which is a…
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Apr
30
2024
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By Abia ThinkTank
How Emefiele Got $600,000 Cash As Kickback From Contractors – Ex-CBN Director Reveals

How Emefiele Got $600,000 Cash As Kickback From Contractors – Ex-CBN Director Reveals

CBN/Commercial Banking, Crime, Economy, News Flash
How Emefiele Got $600,000 Cash As Kickback From Contractors – Ex-CBN Director Reveals A former director at the Central Bank of Nigeria (CBN), John Ikechukwu Ayoh, has made some allegations against the embattled former governor of the apex bank, Godwin Emefiele. Ayoh made the allegations while testifying in an ongoing case of abuse of office at the Lagos High Court on Monday, April 29. Emefiele and his co-defendant, Henry Omoile, are currently facing trial on a 26-count charge. The duo have, however, pleaded not guilty to all the charges. At the court proceedings on Monday, the Economic and Financial Crimes…
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Apr
28
2024
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By Abia ThinkTank
Governor Alex Otti OFR: The Audacity Of Success And Finesse – By Charles Nwangwa(Akaji-ugo)

Governor Alex Otti OFR: The Audacity Of Success And Finesse – By Charles Nwangwa(Akaji-ugo)

Abia State, Economy, Good Governance, News Flash
GOVERNOR ALEX OTTI OFR: THE AUDACITY OF SUCCESS AND FINESSE. I can confirm and attest thatHis Excellency Dr Alex Otti OFR is a fine and consummate gentleman, classy and with extant taste. In 2019 when I contested with him under APGA I was so amazed at his distinctive and all encompassing home that I humbly requested that we will take over his NVOSI, ISIALANGWA home to serve as GOVERNMENT HOUSE/GOVERNOR’s Office till he replicates it for Abians. Prior to his ascendancy as Governor every visitor to his house will have lunch, a sumptuous one. Each guest has choice of the…
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Apr
27
2024
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By Abia ThinkTank
President Tinubu Appoints Jim Ovia Chairman Of The Nigerian Education Loan Fund

President Tinubu Appoints Jim Ovia Chairman Of The Nigerian Education Loan Fund

CBN/Commercial Banking, Economy, News Flash, Politics
STATE HOUSE PRESS RELEASE PRESIDENT TINUBU APPOINTS JIM OVIA AS CHAIRMAN OF THE NIGERIAN EDUCATION LOAN FUND President Bola Tinubu has approved the appointment of Mr. Jim Ovia, CFR, renowned banker and businessman, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND). Mr. Ovia is the founder of one of Nigeria's leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians. He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana. The National Student Loan Programme…
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Apr
27
2024
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By Abia ThinkTank
EFCC Arrests 34 Suspected Currency Speculators In Abuja

EFCC Arrests 34 Suspected Currency Speculators In Abuja

CBN/Commercial Banking, Economy, News Flash
EFCC Arrests 34 Suspected Currency Speculators In Abuja Operatives of the Economic and Financial Crimes Commission, EFCC on Friday arrested 34 suspected currency speculators for alleged foreign exchange fraud at the Wuse Zone 4 area of the Federal Capital Territory, FCT Abuja. The suspected currency traffickers were arrested in a sting operation following credible intelligence about illegal sales of dollars, Dele Oyewale, spokesperson for the anti-graft agency said in a statement. The suspects were arrested by EFCC operatives attached to the Taskforce on Currency Mutilation, Dollarization of the Economy and Forex Malpractice. According to the statement, the arrest of the…
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