Economy

STATE HOUSE PRESS RELEASE WHY I CHOSE TO UNIFY EXCHANGE RATE, REFUSED TO PARTAKE IN ARBITRAGE – TINUBU President Bola Ahmed Tinubu Thursday in Lagos said he could have chosen to maintain the hitherto multiple foreign exchange systems and benefit from it, but instead opted to unify the official and parallel market rates to save the country from financial hemorrhage. Speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina, President Tinubu said he took the decision in the nation’s best interest just like he did with fuel subsidy removal. "I…

STATE HOUSE PRESS RELEASE WE’RE READY FOR BUSINESS, PREPARED TO WELCOME INVESTORS TO NIGERIA, PRESIDENT TINUBU TELLS AFREXIMBANK, EBRD PRESIDENTS IN PARIS President Bola Ahmed Tinubu Thursday in Paris – France said ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI), urging investors to take advantage of opportunities in Nigeria. “We are ready for business, prepared to welcome investments,’’ he said, while receiving President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of…

Emefiele operating separate $47bn foreign reserve account, 527 others without FG’s knowledge – DSS Some Highlights: ..The curious £2.55bn award against NigeriaGodwin Emefiele …to be quizzed on $3.7bn COVID-19 IMF palliative funds diverted to private bank account in China . Accused of bribing CBN external auditors to doctor reports to deceive FG in the past six years . Alleged to have directed each commercial bank CEO to give him N30bn “pocket money” annually Suspended Central Bank of Nigeria Governor, Godwin Emefiele has unilaterally been operating a separate foreign reserve account on behalf of the country without the knowledge of the…

Subsidy Removal: Tinubu Planning Distribution Of ₦100 Cheap Fuel, Says NNPC Boss President Bola Tinubu has begun putting in place a structural approach to make available cheap fuel through compressed natural gas (CNG) and liquefied natural gas (LPG) to mitigate the effects of the subsidy removal on Nigerians. The Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, stated this on Wednesday in a chat with State House correspondents after a meeting with Tinubu. Kyari said the plans would be rolled out soon, adding that the structural plan, which he described as a work in progress, was…

President Bola Tinubu Issues New Directive On Subsidy Removal President Bola Tinubu has directed the National Economic Council (NEC), led by Vice President Kashim Shettima, to begin providing palliatives to Nigerians as part of efforts to mitigate the effects of the subsidy removal The president said this when meeting with some major oil marketers led by Ogun state governor Dapo Abiodun at the State House in Abuja on Wednesday, June 7. According to Governor Abiodun, the marketers supported the president’s decision to remove the N4 trillion subsidy burden. The marketers subsequently announced their intention to donate 50 to 100 fifty-seater…

Meet acting CBN Governor, Folashodun Shonubi Folashodun Adebisi Shonubi is now the acting Governor, Central Bank of Nigeria (CBN). Shonubi was born on the 7th of March, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering. Thereafter he obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University. From 1988-1989 he shifted grounds to Finance and obtained a Masters’ in Business Administration specializing in Finance. He began his working experience as a Consultant Engineer at Mek-ind Associates and worked from…

BREAKING: NLC Rejects New Pump Price of Petrol, Gives Fresh Directive The NNPCL earlier confirmed the full deregulation of the downstream sector of the Nigerian Petroleum Industry with petrol now selling at market price following the removal of subsidy by President Bola Tinubu NNPC, in a statement by its chief corporate communications officer, Garba Deen Muhammad on Wednesday, said pump price at its retail stations have been adjusted. Reacting, NLC President, Comrade Joe Ajaero, rejected the proposed fuel price increase while noting the "fixing of price is not what government could do unilaterally" The new pump price of petrol fixed…

Tinubu Gives Clarification On Fuel Subsidy Removal. President Bola Tinubu has said the announcement of the removal of the fuel subsidy is not a new development nor an action of his administration. AttNews reports that Tinubu stated this following the long queues at petrol stations nationwide just hours after the news President announced the end of fuel subsidy. In a statement on Tuesday, the Asiwaju Bola Ahmed Media Centre said Tinubu was merely communicating the status quo, stating the end to the removal of fuel subsidy will not take immediate effect. The statement said the development is not a new…

CBN revokes license of 132 Microfinance banks May 24, 2023The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks. The list of affected Microfinance banks include Atlas Microfinance Bank; Bluewhales Microfinance Bank; Everest Microfinance Bank; Mainsail Microfinance Bank; Nopov Microfinance Bank; Ohon Microfinance Bank; Premium Microfinance Bank and Statesman Microfinance Bank. Others include Manny Microfinance Bank; Reality Microfinance Bank; Osina Microfinance Bank; Zikado Microfinance Bank; Taraba Microfinance Bank, Ndiagu Microfinance Bank, among others. The Finance Companies- HHL Invest & Trust Limited, TFS Finance Limited and Treasures &…

Ex-NPA Boss Hadiza Bala Usman Says Atiku's INTELS Still Owes FG N95.2 Billion Former NPA Managing Director Hadiza Bala Usman has said that INTELS, owned by Abubakar Atiku, still owes the Nigerian government $207 millionShe said the money is an unremitted fund into the Treasury Single (TSA)She alleged that Rotimi Amaechi removed her because she did not agree to do things against the interest of Nigeria The former Managing Director of Nigeria Ports Authority (NPA), Hadiza Bala Usman has alleged that Integrated Logistics Services (INTELS), owned by Atiku Abubakar, still owes the Nigerian government $207 million, about N95.2 billion as…