Economy

May
08
2024
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By Abia ThinkTank
FG Orders Registration Of All POS Operators In Nigeria

FG Orders Registration Of All POS Operators In Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash
FG Orders Registration Of All POS Operators In Nigeria The Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide. Speaking at the meeting, the CAC boss said…
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May
07
2024
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By Abia ThinkTank
16 Banking Transactions Not Affected By New CBN’s Cyber security Levy

16 Banking Transactions Not Affected By New CBN’s Cyber security Levy

CBN/Commercial Banking, Business, Economy, News Flash
16 Banking Transactions Not Affected By New CBN’s Cybersecurity Levy The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals. According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024. The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity…
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May
06
2024
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By Abia ThinkTank
Adeleke Got N10 Billion Foreign Loans In 2023 – Reports

Adeleke Got N10 Billion Foreign Loans In 2023 – Reports

Economy, News Flash, Politics
Adeleke Got N10 Billion Foreign Loans In 2023 – Reports – We have never borrowed a kobo, says Adeleke Osun state governor, Ademola Adeleke reportedly secured the sum of N10,022,382,348.40 billion loans from foreign bodies and organizations in 2023 for projects across the state. The report of 2023 budget performance obtained by The Nation on the website of the Osun government revealed that the state recorded 99 percent performance on loans received from foreign bodies. A separate document titled 2023 Citizens Budget tagged ‘Budget of Consolidation’ prepared by the state Ministry Econimic Planning, Budget and Development, which was equally uploaded…
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May
05
2024
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By Abia ThinkTank
We’ll Block Loan Apps That Harass Customers – FCCPC

We’ll Block Loan Apps That Harass Customers – FCCPC

CBN/Commercial Banking, Economy, News Flash
We’ll Block Loan Apps That Harass Customers – FCCPC The FCCPC has said it will block loan app that harasses customers. This was disclosed on the Commissions X page on Saturday, 4 May 2024. The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue. Adamu said, ” It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.” However, if they don’t pay back on time, some of these loan…
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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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