Economy - Abia ThinkTank News

Jun

2024

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,…

Jun

2024

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By Abia ThinkTank

Labour’s N494,000 Minimum Wage Demand Unsustainable – FG

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

Labours’ N494,000 Minimum Wage Demand Unsustainable – FG The Minister of Information and National Orientation, Mohammed Idris, has said the sum of N494,000 national minimum wage being demanded by organized labour, which cumulatively amounts to the sum of N9.5 trillion bill, is capable of destabilizing the economy and jeopardizing the welfare of over 200 million Nigerians. Idris stated this at a news conference in Abuja in response to the threat by the organized labor to embark on strike if their demands were not met. He said the offer of N60,000 minimum wage by the Federal Government, which translates to a…

Jun

2024

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By Abia ThinkTank

First Bank Employee On The Run After Diverting N40 Billion

CBN/Commercial Banking, Crime, Economy, News Flash

First Bank Employee On The Run After Diverting ₦40 Billion First Bank of Nigeria has initiated legal proceedings to recover substantial sums of money allegedly embezzled by an employee. The bank, which boasts a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and subsequently obtained multiple court orders to freeze accounts linked to the stolen funds. According to Tech Cabal, the employee at the centre of the scandal, Tijani Muiz Adeyinka, was a manager on the electronic products team at First Bank’s head office in Iganmu, Lagos. Adeyinka, now a fugitive,…

Jun

2024

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By Abia ThinkTank

Fubara Cancel Jobs Approved By Wike, Orders Fresh Recruitment

Economy, News Flash, Politics, South South

Fubara Cancels Jobs Approved By Wike, Orders Fresh Recruitment Governor Siminalayi Fubara of Rivers State has cancelled Civil Service jobs approved by his predecessor, Nyesom Wike, ordering a fresh recruitment process. Speaking at an interactive session in Port Harcourt, on Friday, the governor said a more transparent process would commence soon. He said beneficiaries of the scheme which he phased out were smuggled in for political patronage. “On the 10,000 jobs, when we came on board, we already had details that were submitted to us from the 23 local government areas. You will agree with me that when we subjected…