Economy - Abia ThinkTank News

Feb

2024

Over 80% Of Nigeria’s Crude Oil Are Stolen – Obasanjo

Columns/Opinions/Letters, Economy, News Flash, Oil & Gas

Over 80% Of Nigeria’s Crude Oil Stolen – Obasanjo GISTSMATE MEDIA reports that former President Olusegun Obasanjo said over 80 per cent of Nigeria’s crude oil were stolen. Obasanjo stated this in Abuja at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo, a former associate of the ex-Vice President, Atiku Abubakar. According to the former president, one of the reasons why Nigeria’s economy is in ruins is that while other oil-producing countries have records of their oil production, Nigeria cannot account for hers due to theft. Obasanjo, who was represented by a former governor…

Feb

2024

0 Comments

By Abia ThinkTank

President Tinubu Hold Crucial Meeting With Dangote, Elumelu,Others

Business, Economy, FGN, News Flash

President Tinubu Hold Crucial Meeting With Dangote, Elumelu, Others Those in the meeting include Alhaji Aliko Dangote, President, Dangote Groups; Tony Elumelu, Chairman, Heirs Holding and Transcorp Plc; Abdulsamad Rabiu, Chairman, BUA Group; Wale Tinubu, and other members of the private sector. On Sunday, Nigeria's number one man, President Bola Tinubu had a “crucial” meeting with some members of the organised private sector. The meeting is held at the Presidential Villa in Abuja. Those in the meeting include Alhaji Aliko Dangote, President, Dangote Groups; Tony Elumelu, Chairman, Heirs Holding and Transcorp Plc; Abdulsamad Rabiu, Chairman, BUA Group; Wale Tinubu, and…

Feb

2024

0 Comments

By Abia ThinkTank

Tinubu Sacks Ahmed Kuru, Appoints New AMCON Boss, Others

Abuja, Economy, News Flash

Tinubu Sacks Ahmed Kuru, Appoints New AMCON CEO, Others President Bola Tinubu has dropped Ahmed Lawan Kuru as the Managing Director/ Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), naming Gbenga Alade as his replacement. According to Presidential spokesman, Ajuri Ngelale, Alade’s appointment is to confirmation by the Nigerian Senate. Aside from Alade, the president also appointed the following: “The President expects unflagging dedication, professionalism, and dutifulness from the new appointees so as to ensure that the operations of AMCON are more efficient, transparent, and in consonance with his determination to sanitize the nation’s financial system to…

Feb

2024

0 Comments

By Abia ThinkTank

No Going Back On My Reforms, Despite Challenges – President Tinubu

Abuja, Economy, FGN, News Flash

Despite Challenges, No Going Back On My Reforms – Tinubu Says President Bola Tinubu says there is no going back on the reforms introduced by his administration. During his inaugural speech on May 29, 2023, the president announced removal of fuel subsidy and also directed the Central Bank of Nigeria (CBN) to collapse the existing exchange rates. Consequently, the apex bank directed Deposit Money Banks to remove the rate cap on the naira at the Investor’s and Exporters’ Window of the foreign exchange market, resulting in free-floating of the national currency against the dollar and other global currencies. The official…

Feb

2024

0 Comments

By Abia ThinkTank

Gov Otti Received Reinhard Bonkke Crusade Team, Says SoMuch Done Within Short Period

Abia State, Economy, Good Governance, Religion

GOV OTTI RECEIVES REINHARD BONKKE CRUSADE TEAM, SAYS SO MUCH DONE WITHIN SHORT PERIOD Abia State Governor, Dr. Alex Otti, OFR, says his government has done so much in redeeming the lost glory of Abia State, even though it is still early days in the life of the administration. Governor Otti, who assumed the position of leadership some nine months ago, said a lot of things have changed and are still changing for the better in the state after many years of neglect, retrogression and dilapidation, occasioned by bad governance by previous administrations. The Governor spoke on Wednesday when he…

Feb

2024

0 Comments

By Abia ThinkTank

FGN Bans Cooking Gas Exportation To Crash Price

Economy, News Flash, Oil & Gas

FG Bans Cooking Gas Export To Crash Price The Federal Government has banned the exportation of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to increase its volume domestically to warrant a crash in price. It stated on Thursday that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the recent jump in the cost of cooking gas. Findings showed that the cost of refilling a 12.5kg cylinder of cooking gas in Abuja, Lagos, Kano and some other states had climbed to about N18,000. It…

Feb

2024

0 Comments

By Abia ThinkTank

Gov Otti Calls On United States To Support In Rebuilding Abia Economy

Abia State, Economy, Good Governance

GOV OTTI WANTS UNITED STATES TO SUPPORT ABIA REBUILD ECONOMY Abia State Governor, Dr. Alex Otti, OFR, has called on the United States Government to assist his administration in its effort to rebuild the economy of the state. Governor Otti said the American government can support the rebuilding of the economy of Abia State by promoting trade, investments and playing in other areas of interest. The Governor spoke on Wednesday when he received the Political and Economic Section Chief of the US Consulate in Lagos, Mr. Mike Ervin, who was in Abia on a working visit with his team. Governor…

Feb

2024

0 Comments

By Abia ThinkTank

Naira Crash: FG Blocks Binance, Octa FX, Other Cripto Firms

CBN/Commercial Banking, Economy, News Flash

FG Blocks Binance, OctaFX, Other Crypto Firms Amidst Naira Crash In a bid to curb what it perceives as the continuous manipulation of the forex market and illicit movement of funds, the Nigerian government has taken decisive action by blocking the online platforms of prominent crypto firms, including Binance. The Nigerian Communications Commission (NCC) had directed telecommunication companies in the country to block access to these platforms. Alongside Binance, other affected platforms include Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken. This move follows earlier considerations by the government to stem the free fall of the local currency, the naira. Sources…

Feb

2024

0 Comments

By Abia ThinkTank

FG To Restart Direct Cash Transfers To 12 Million Nigerians

Economy, FGN, News Flash

FG To Restart Direct Cash Transfers To 12 Million Nigerians Recognizing the hardship faced by millions, the federal government led by President Bola Tinubu plans to restart direct cash transfers to the poorest and most vulnerable Nigerians. Presently, approximately 3 million people are recipients of these programmes, but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed this plan during the Ministry’s retreat held in Uyo, Akwa-Ibom state on Wednesday, February 21. According to the…

Feb

2024

0 Comments

By Abia ThinkTank

Forex: EFCC Raids BDC Operators In Oyo, Kano, Abuja

CBN/Commercial Banking, Economy, News Flash

EFCC Raids Bureau De Change Operators In Oyo, Kano, Abuja Some currency exchange operators in the famous Kano currency exchange market, WAPA, have been arrested by the Economic and Financial Crime commission (EFCC). According to an eyewitness, Malam Isma’ila Zico, officials of the EFCC were at the market in earlier hours of Wednesday. “They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and…