Economy

Apr
21
2024
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By Abia ThinkTank
Arrest Okezie Ikpeazu Without Further Delay – Dr. Engr. Odo Ijere

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…
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Apr
20
2024
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By Abia ThinkTank
President Tinubu Appoints New NAICOM Board

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).…
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Apr
20
2024
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By Abia ThinkTank
FG, States, LGs Share N1.123 Trillion In March

FG, States, LGs Share N1.123 Trillion In March

Economy, CBN/Commercial Banking, FGN, News Flash
FG, States, LGs Share N1.123 Trillion In March The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024. The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers. This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday. Details later…
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Apr
18
2024
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By Abia ThinkTank
CBN Reduces Banks’ LDR To 50%

CBN Reduces Banks’ LDR To 50%

CBN/Commercial Banking, Economy, News Flash
CBN Reduces Banks’ LDR To 50% The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening. The CBN disclosed this in a circular on Wednesday titled ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy’, signed by Adetona Adedeji, its acting director of the banking supervision department.
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Apr
17
2024
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By Abia ThinkTank
Dangote Crashes Diesel To N1,000 Per Litre

Dangote Crashes Diesel To N1,000 Per Litre

Economy, News Flash, Oil & Gas
Dangote Crashes Diesel To N1,000 Per Litre The $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from the global market and foreign exchange crisis associated with it. But in a statement obtained by Vanguard today, the company, stated: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to…
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Apr
17
2024
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By Abia ThinkTank
FG Begins Disbursement Of N200 Billion Palliative Loans

FG Begins Disbursement Of N200 Billion Palliative Loans

CBN/Commercial Banking, Economy, FGN, News Flash
FG Begins Disbursement Of N200 Billion Palliative Loans The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country. In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will…
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Apr
16
2024
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By Abia ThinkTank
Peter Obi’s Speech At The African Development Conference Held At Harvard Law School USA Spark Reactions

Peter Obi’s Speech At The African Development Conference Held At Harvard Law School USA Spark Reactions

Economy, Columns/Opinions/Letters, News Flash
Peter Obi's Speech At The African Development Conference, Held At Harvard Law School USA, Spark Reactions The ex-Governor of Anambra State and 2023 presidential hopeful of the Labour Party, Peter Obi, responded following his speech at the African Development Conference held at Harvard Law School in Boston, Massachusetts, USA. Sharing on his Verified Twitter account, Peter Obi remarked, "During my address, I drew an analogy between Africa and China, the largest economy in Asia, to illustrate why Africa has not achieved universal success. Despite sharing remarkable similarities, such as China's 9.6 million km² land area compared to Africa's 30.3 million…
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Apr
16
2024
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By Abia ThinkTank
FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries

FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries

Economy, FGN, News Flash, Oil & Gas
FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country’s dependence on imported refined products. The new regulations mandate that all oil companies in Nigeria must supply crude to domestic refineries that are unable to procure it locally. Only after fulfilling these domestic supply commitments are producers permitted to export crude. The NUPRC will serve as a middleman between local refiners and…
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Apr
13
2024
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By Abia ThinkTank
Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market

Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market

CBN/Commercial Banking, Economy, News Flash
Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23. This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday. The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday, according to…
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Apr
13
2024
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By Abia ThinkTank
Naira Best-Performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs

Naira Best-Performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs

CBN/Commercial Banking, Economy, News Flash
Naira Best-performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs Goldman Sachs has described Naira as the best-performing currency this month (April), saying the currency will exchange below N1,000 per Dollar. The firm disclosed this in its latest report on Nigeria’s economic realities. According to a report by Goldman Sachs economists, with the appreciation rate of the Naira in the foreign exchange market, the currency may exchange below N1,000 per Dollar in the coming months. The report stated that the Naira rallied 12 per cent against the Dollar in April, adding to its 14 per cent surge…
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