Economy

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…

Breaking News: Atiku Abubakar Arrested By NDLEA Atiku Abubakar Has Been Arrested By NDLEA. Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested one Atiku Abubakar. Abubakar, a 22-year-old man, was arrested along the Abuja-Kaduna road with 50 blocks of cannabis weighing 28kg while traveling from Lagos to Shinkafi in Zamfara state in a commercial bus. In the same vein, a Lekki Lagos-based businessman, Cyril Chidiebere was on Friday 14th April arrested along with two of his freight agents: Mejabi Peter Sunday and Oyeyinka Babatunde over their involvement in the importation of twelve (12) parcels of Loud, a…

Ikpeazu secures $50 million loan facility for Abia roads , six weeks to handover Abia State government has secured a $50 million loan to facilitate the construction of 500 kilometres of roads in the state. Governor Okezie Ikpeazu disclosed to reporters on Thursday in Aba that the fund would be available for use by the incoming administration. Mr Ikpeazu said his administration was resolute in securing the loan because of his commitment and resolve to leave Abia better than he met it. With a repayment period of 20 years with 10 years moratorium, Mr Ikpeazu said his administration had negotiated…

CBN amends cash withdrawal policy, raises weekly limits The upward review comes after the National Assembly asked the bank to considerably adjust the withdrawal limits in response to public outcry on the policy. The Central Bank of Nigeria has reviewed upward the limit on cash withdrawals made by individuals and organisations. Ahead of the distribution of the redesigned naira notes, the bank had on December 6 announced a new policy limiting over-the-counter cash withdrawals by individuals and corporate entities to N100, 000 and N500, 000, respectively, per week. The upward review comes after the National Assembly asked the bank to…

Trouble for Ghanaian traders, economy, as govt suspends foreign debt repayment Foreign creditors who bought into Ghana’s eurobonds, commercial terms and other investment securities will not be collecting their money back anytime soon, and Ghanaian traders, as well as the country’s economy will be at the receiving end. The Ghanaian government suspended repayments of debt service under “certain categories of its external debt” to preserve the country’s depleting international reserves. Ghana’s economy has been under pressure this year, with the country’s currency, Cedi, recording the worst performing among globally recognised currency according to reports in October, after losing 45.1 per…

Buhari departs for Washington to attend US-Africa leaders summit. President Muhammadu Buhari has departed Nigeria for Washington DC, to attend the United States-Africa Leaders Summit. His itinerary was disclosed in a statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu. According to the statement, the high-level meeting, scheduled to hold between December 13-15, is at the instance of the United States President, Joe Biden. Reports have it that Biden looks forward to “working with African governments, civil society, diaspora communities across the United States, and the private sector to continue strengthening our shared vision for…