Economy

Mar
29
2024
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By Abia ThinkTank
Zenith, UBA, Access And 4 Others Exceeds CBN Minimum Capital Requirement

Zenith, UBA, Access And 4 Others Exceeds CBN Minimum Capital Requirement

CBN/Commercial Banking, Economy, News Flash
Zenith, UBA, Access And 4 Other Banks Exceeds CBN Minimum Capital Requirement Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion. This is from the current minimum capital base of N50 billion for an international banking licence while the national bank capital requirement is at N25 billion.The regional banking licence was put at N10 billion, and the merchant…
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Mar
29
2024
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By Abia ThinkTank
Gov Otti Speaks On Payment Of Pension Arrears, Announced Reconstruction Of Obohia, Ohanku Roads In Aba

Gov Otti Speaks On Payment Of Pension Arrears, Announced Reconstruction Of Obohia, Ohanku Roads In Aba

Abia State, Economy, Good Governance, News Flash
GOV OTTI SPEAKS ON PAYMENT OF PENSION ARREARS, ANNOUNCES RECONSTRUCTION OF OBOHIA, OHANKU ROADS IN ABA Abia State Governor, Dr. Alex Otti, OFR, has announced the commencement of work to reconstruct the dilapidated Obohia Road, while work on Ohanku Road, both in Aba, will begin immediately after the Easter holidays. This comes as the Abia Governor also declared that pensioners, who were owed several months arrears of pensions by previous administrations, can now heave a sigh of relief as they will effective today, March 28, 2024, begin to receive arrears of their pensions. Governor Otti, who broke these pieces of…
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Mar
29
2024
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By Abia ThinkTank
CBN Raises Commercial Banks Capital Base To N500 Billion

CBN Raises Commercial Banks Capital Base To N500 Billion

CBN/Commercial Banking, Business, Economy, News Flash
CBN Raises Commercial Banks Capital Base To N500 Billion The Central Bank of Nigeria has announced the increment of the capital base for commercial banks with international authorisation to N500bn and national banks to N200bn. The apex bank announced this in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday. The CBN’s move mandates substantial increases in the minimum capital base for banks, varying by the scope of their operations. The latest policy directive specifies that commercial banks with international authorisation are now required to shore up their capital base to N500bn. She added…
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Mar
29
2024
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By Abia ThinkTank
Abia House Of Assembly Sent Delegates To Innoson CEO At Nnewi…

Abia House Of Assembly Sent Delegates To Innoson CEO At Nnewi…

Business, Economy, Good Governance, House Of Assembly, News Flash
Yesterday, I led a delegation from the Abia State House of Assembly and some members of Labour Party who are in Nnewi for Labour Party Convention to Chief Innocent Chukwuma, the CEO of Innoson Vehicles , at his residence in Nnewi, Anambra State. Our discussions centered on the ongoing manufacturing of special brand official vehicles for the 24 House of Assembly members of Abia State. We received assurances that these 24 official vehicles would be delivered to us by April 2024. The present Abia State Government remains committed to patronizing locally made products to stimulate the growth of the Naira.…
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Mar
29
2024
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By Abia ThinkTank
Binnance Executive Sues NSA, Ribadu, EFCC

Binnance Executive Sues NSA, Ribadu, EFCC

Economy, Judiciary, News Flash
Binance Executive Sues NSA Ribadu, EFCC The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental human rights. In the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, Gambaryan sought five reliefs before Justice Inyang Ekwo. Similarly, Nadeem Anjarwalla, the Binance’s Africa regional manager who escaped from lawful custody on March 22, filed a separate right enforcement suit before Justice Ekwo. Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had…
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Mar
29
2024
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By Abia ThinkTank
“Ako Bu Ije”: Being Communique Issued By Igbo Leaders At The End Of Its Retreat At Enugu…

“Ako Bu Ije”: Being Communique Issued By Igbo Leaders At The End Of Its Retreat At Enugu…

Culture, Economy, News Flash, South East
THE COMMUNIQUÉ ISSUED BY IGBO LEADERS AT THE END OF ITS RETREAT AT THE OLD GOVERNOR’S LODGE, ENUGU STATE ON WEDNESDAY, MARCH 27, 2024. In a bid to reposition the Igbo nation in Nigeria and in line with current trends, national and global realities, the Ohanaeze Ndigbo Worldwide under the leadership of Engr. Dr. Emmanuel Chukwuemeka Iwuanyanwu, CFR, OFR, MFR, FNSE, FNICE, FNIST, FNIEE, GCSI,, KSC (Ahaejiagamba Ndigbo), organized a One-Day Retreat with the theme “Ako bu Ije” on Wednesday, March 27, 2024 at the Old Governor’s Lodge, Enugu State.. The Retreat, which was attended by distinguished Igbo sons and…
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Mar
26
2024
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By Abia ThinkTank
CBN Raises Interest Rate To 24.75%

CBN Raises Interest Rate To 24.75%

Business, CBN/Commercial Banking, Economy, News Flash
CBN Raises Interest Rate To 24.75 Percent The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago. It is the second rate hike by the committee in two months. Details later…
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Mar
25
2024
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By Abia ThinkTank
CBN Sell $10,000 To BDCs @ N1,251/$

CBN Sell $10,000 To BDCs @ N1,251/$

Business, CBN/Commercial Banking, Economy, FGN, News Flash
CBN Sell $10,000 To BDCs @ N1,251/$ The development comes after the CBN’s prolonged ban on forex sales to BDC operators. In the circular signed by the bank’s Director of Trade and Exchange Department, Dr Hassan Mahmud, on Monday, each BDC is directed to sell the purchased dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, which translates to a maximum selling rate of N1,269/$1. The CBN had previously announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country in February, marking a significant…
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Mar
25
2024
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By Abia ThinkTank
NSA Arrest Officials Responsible For Escape Of Binance Executive

NSA Arrest Officials Responsible For Escape Of Binance Executive

Business, CBN/Commercial Banking, Crime, Economy, News Flash
NSA Confirms Escape Of Binance Executive, Arrests Officials Responsible The Office of the National Security Adviser (ONSA) has confirmed the escape of Nadeem Anjarwalla, the Binance regional manager for Africa. A statement by Zakari Mijinyawa, head of strategic communication at ONSA, said “preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads. Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria for alleged…
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