Economy - Abia ThinkTank News

Jun

2024

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…

Jun

2024

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By Abia ThinkTank

We’ll Accomplish More When We Refrain From Partisan Politics, Personal Interest – President Tinubu

Economy, FGN, News Flash, Politics

We’ll Accomplish More When We Refrain From Partisan Politics, Personal Interest – Tinubu President Bola Tinubu had said working together regardless of political divides and personal interest remains the key to achieving greatness for Nigeria. Tinubu said the completion of critical infrastructure projects across the country by his administration was a clear testament of what the country was capable of achieving when its leaders decided to work together towards a common goal. Tinubu made this statement at the presidential commissioning ceremony of the full-scope development of OSEX from Villa roundabout to Ring road 1 (RR1) in Abuja. He noted that…

Jun

2024

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By Abia ThinkTank

FGN Restarts N75,000 Cash Payment To 75 Million Nigerians

Economy, FGN, News Flash

FG Restarts N75,000 Cash Payment To 75 Million Nigerians The Federal Government announced on Tuesday the reinstatement of the suspended social investment programme, aimed at providing direct payments to 75 million Nigerians across 50 million households. This initiative is intended to alleviate the hardships faced by citizens, particularly vulnerable groups, as disclosed during a ministerial sectoral briefing marking President Bola Tinubu’s first year in office. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed that the cash transfer programme had undergone significant overhauls to address and mitigate fraud. This announcement follows the suspension of all National…

Jun

2024

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By Abia ThinkTank

Tinubu Directs Finance Minister, Wale Edun To Present New Minimum Wage Template In 2 Days

Economy, FGN, News Flash, Presidency

Tinubu Directs Finance Minister, Wale Edun To Present New Minimum Wage Template In 2 Days President Bola Tinubu has directed the Minister of Finance, Wale Edun, to present the cost implications for a new minimum wage within two days. Tinubu gave the order at a meeting with the government negotiation team led by the Secretary to Government of the Federation, George Akume, at the presidential villa in Abuja. The Minister of Information and National Orientation, Mohammed Idris, disclosed this in an interview with correspondents after the closed-door meeting on Tuesday. Idris said the President had a meeting with the representatives…

Jun

2024

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By Abia ThinkTank

Address Electricity Tarriff Hike Alongside Minimum Wage Increase – Labour Tells FGN

Columns/Opinions/Letters, Economy, FGN, News Flash, Power & Energy

Address Electricity Tariff Hike Alongside Minimum Wage Increase – Labour Tells FG The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) say the federal government should address the issue of the electricity tariff hike. On Monday, the two unions announced that they had “relaxed” their nationwide strike. Joe Ajaero, NLC president, said the strike has been “relaxed for one week”. Labour had embarked on the strike after negotiations with the federal government on a new minimum wage hit a brick wall. The industrial action paralysed economic and government activities across the nation for two days. In a communiqué…

Jun

2024

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By Abia ThinkTank

NLC Strike: Ajaero And His Gang Are Fighting For Peter Obi, Their Demand Will Lead To Inflation That Will Completely Destroy Nigeria- Reno Omokri

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

Reno Omokri wrote; ₦494,000 is more than sixteen times the current minimum wage of ₦30,000. If the Federal Government accepts that as the new minimum wage, and Nigeria's production capacity does not also increase times sixteen, it will lead to the mother of all inflation that will destroy the Nigerian economy and turn us into Zimbabwe and Venezuela. If producers of goods and services, like Dangote, Indomie, Nestle, Flour Mills of Nigeria, Glo, petrol stations, etc, have to pay their staff a minimum of ₦494,000, what do you think they will charge for their products? You, as a worker, will…

Jun

2024

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By Abia ThinkTank

Zenith Bank’s First Female GMD Assumes Office

Business, CBN/Commercial Banking, Economy, News Flash

𝐙𝐞𝐧𝐢𝐭𝐡 𝐁𝐚𝐧𝐤'𝐬 𝐅𝐢𝐫𝐬𝐭 𝐅𝐞𝐦𝐚𝐥𝐞 𝐆𝐌𝐃 𝐀𝐬𝐬𝐮𝐦𝐞𝐬 𝐎𝐟𝐟𝐢𝐜𝐞 The newly appointed Group Managing Director of Zenith Bank Plc, Dr. Adaora Umeoji, assumed duty at the bank's head office in Lagos on Monday. The company revealed this in a video shared on its Facebook page on Monday. The caption read, "Dame (Dr.) Adaora Umeoji OON, Group Managing Director / CEO, Zenith Bank Plc, arrives Zenith Bank Head Office in Lagos." PUNCH Online had earlier reported that the company's secretary, Michael Otu, disclosed in a statement that Umeoji's appointment was effective June 1. Umeoji takes over from the former GMD, Dr. Ebenezer Onyeagwu,…