Economy - Abia ThinkTank News

Apr

2024

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…

Apr

2024

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By Abia ThinkTank

President Tinubu Proposes New Minimum Wage For Nigerian Workers

Economy, Labour, News Flash

President Tinubu Proposes New Minimum Wage For Nigerian Workers, Details Emerge The federal government of Nigeria, led by President Bola Tinubu, is proposing a new minimum wage of N150,000 to N200,000 for the organized sector. Meetings with organized labor leaders are scheduled to discuss this at the office of the SGF. Labor leaders are advocating for a living wage that can sustain workers amidst rising living costs. Under the leadership of President Bola Tinubu, the federal government is reportedly planning to introduce a new minimum wage ranging from N150,000 to N200,000 for workers in the organised sector. This initiative comes…

Apr

2024

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By Abia ThinkTank

Nigeria Revokes 924 Dormant Mining Licences

Economy, FGN

Nigeria Revokes 924 Dormant Mining Licences In furtherance of efforts to sanitise Nigeria’s mining sector, the federal government has revoked 924 dormant licences spanning exploration, mining, small-scale mining, and quarrying. Minister of Solid Minerals Development, Mr. Dele Alake announced the revocation at a press conference on Wednesday. He declared that in line with constitutional provisions, adequate notice was given to all concerned parties through the official Gazette of the Federal Republic of Nigeria, No. 227, which was published on December 27, 2023. ” The notice gave all concerned parties 30 days to regularise their status, including clarifications on what caused…

Apr

2024

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By Abia ThinkTank

Missing ABIA Airport: We Are More Interested In Recovering Our Money, Than Fighting A Man That’s Already Down – Ferdinand Ekeoma(SA, Media & Publicity To Gov Otti)

Abia State, Columns/Opinions/Letters, Economy, News Flash, South East

MISSING ABIA AIRPORT: WE ARE MORE INTERESTED IN RECOVERING OUR MONEY, THAN FIGHTING A MAN THAT'S ALREADY DOWN. The only thing worse than a liar is a liar that’s also a hypocrite!” – Tennessee Williams. For the records, the Alex Otti government took a firm decision on assumption of office not to allow the discussion of former government of Dr. Okezie Ikpeazu or those of his predecessors occupy the front burner in his administration so that they wouldn't constitute a distraction, given the enormity of the task ahead . However, like Philosopher George Santayana said "those who don't know their…

Apr

2024

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By Abia ThinkTank

Gov Otti Attended Business Event In Maryland, USA

Abia State, Economy, Good Governance, International, News Flash

Yesterday, Gov Otti had the pleasure of participating in a business event in Maryland, United States, centred on the theme of "Empowering Economic Opportunities between the US and Nigeria." It was an honour to engage with the business community of Maryland, alongside the visionary County Council members of Bowie City and Prince George's Town, Roxy Ndebumadu, and Wala Blegay I would like to express my gratitude to Dr. Charles Olawale for hosting this important summit. It is imperative that we continue to cultivate relationships and establish networks that will elevate Abia State and Nigeria to unprecedented levels of economic prosperity.

Apr

2024

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By Abia ThinkTank

Kenyan Police Arrest Binnance Executive Who Escaped From Nigeria

Crime, Economy, News Flash

Kenyan Police Arrest Binance Executive Who Escaped From Nigeria The Kenya Police Service has arrested fleeing Binance executive, Nadeem Anjarwalla, as the International Criminal Police Organisation moves to extradite him to Nigeria within the week. Government sources familiar with the case who spoke on condition of anonymity because they were not authorised to speak on the matter confirmed the development to our correspondent on Sunday night. One of the sources said, “Binance executive, Nadeem Anjarwalla, has been arrested by the Kenya Police Service, and he would be extradited to Nigeria this week by INTERPOL.” Another source noted, “As we had…

Apr

2024

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By Abia ThinkTank

Nigeria Set To Receive Fresh $2.2 Billion World Bank Loan

CBN/Commercial Banking, Economy, Good Governance, News Flash

Nigeria Set To Receive Fresh $2.2 Billion World Bank Loan The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank. Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States on Saturday. Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners. He…

Apr

2024

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By Abia ThinkTank

Presidential CNG Initiative Set For Rollout

Economy, News Flash, Oil & Gas

Presidential CNG Initiative Set For Rollout After the removal of the wasteful fuel subsidy on May 29, 2023, President Bola Ahmed Tinubu launched the Presidential CNG Initiative in October last year to deliver cheaper, safer and more climate friendly energy. The CNG Initiative was designed to deliver compressed natural gas especially for mass transit. The Federal Government as part of the many intervention programmes to reduce the burden of increase in pump price on the masses, provided N100 billion (part of the N500 billion palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000…

Apr

2024

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By Abia ThinkTank

Arrest Okezie Ikpeazu Without Further Delay – Dr. Engr. Odo Ijere

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash

ARREST OKEZIE VICTOR IKPEAZU NOW. The social media, mainstream media, the rumor mills, propaganda mills etcetera are inundated with Dr. Alex Otti's testament in far away John Hopkins lecture in the USA where he jolted the listening world with shock over another made in Nigeria leadership dystopia. Governor Alex Otti made mind blowing revelations of Victor Ikpeazu heists that made OUK and TAO regimes look like kindergarten era in corruption. A whopping N107 Billion was discovered by forensic auditors to have been paid to non existent contractors, bogus contractors and at times phoney contractors with no modicum of value to…

Apr

2024

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By Abia ThinkTank

President Tinubu Appoints New NAICOM Board

News Flash, Economy, Labour, Politics

Tinubu Appoints New Board For NAICOM President Bola Tinubu has announced the appointment of a new board for the National Insurance Commission (NAICOM) with immediate effect. This was contained in a statement on Friday by Special Adviser to the President on Media and Publicity, Ajuri Ngelale. The new board members are seasoned professionals with a wealth of experience in the insurance industry. The new Board is comprising of Ms. Halima Kyari as Chairperson; Mr. Olusegun Ayo Omosehin as Commissioner for Insurance; Mr. Olawoye Gam-Ikon as Deputy Commissioner (Technical Operations); and Dr. Usman Ankara Jimada as Deputy Commissioner (Finance & Administration).…