Category: Finance and Economy

IPMAN Raises Alarm Over ‘Illegal’ Customs’ Seizures

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IPMAN Raises Alarm Over ‘Illegal’ Customs’ Seizures

The leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Adamawa State has expressed frustration over the alleged harassment and molestation of its members by the Nigeria Customs Service’s (NCS’s) anti-smuggling unit operating under the code name, Operation Whirlwind. The state’s IPMAN Chairman, Alhaji Dahiru Buba, who alleged this during a press conference…

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Trade and Commerce

$Davido: Investing In Davido’s Meme Coin Risky – SEC warns

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$Davido: Investing In Davido’s Meme Coin Risky – SEC warns

The Nigeria Securities and Exchange Commission, SEC, has cautioned potential investors to avoid $Davido’s coin linked to Nigerian popular singer, David Adeleke aka Davido. SEC said investing in $Davido’s coin was risky because the meme coins lack fundamental value and are purely speculative. A statement by SEC management on Friday said it does not recognize…

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Cryptocurrencies

2022 Redesigned Naira Notes Printed In Nigeria – EFCC Witness Says in Court

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2022 Redesigned Naira Notes Printed In Nigeria – EFCC Witness Says in Court

A witness of the Economic and Financial Crimes Commission EFCC, Ahmed Halilu has told a High Court of the Federal Capital Territory in Abuja that the re-designed Nigeria’s currency executed in 2022 was carried out in Nigeria by the Nigeria Security Printing and Minting Company (NSPM) Halilu who is the Managing Director of the Company…

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Finance and Economy, Money and monetary policies

License Revocation: CBN Finally Speak On Fidelity, Wema, Polaris, Unity Banks

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License Revocation: CBN Finally Speak On Fidelity, Wema, Polaris, Unity Banks

The Central Bank of Nigeria has said there is no plan to revoke the licenses of Fidelity, Wema, Polaris and Unity Banks. The acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, on Monday, made this clarification in a statement. Recall that a circular made the round on Monday suggesting that the apex…

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Finance and Economy

FAAC Shares N1.1tn May Revenue To FG, States, LGs

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FAAC Shares N1.1tn May Revenue To FG, States, LGs

A total sum of N1,143.210 trillion May 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country. The Federation Accounts Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its latest meeting, according to a statement by the Director, Press and Public…

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Finance and Economy

Presidency Describes Document On Suspension Of Import Duties On Food, Drugs Unofficial

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Presidency Describes Document On Suspension Of Import Duties On Food, Drugs Unofficial

The Presidency has described as ‘unofficial’ documents doing the rounds that it was planning to suspend import duties on food and drugs. The disclosure is coming as two fiscal policy documents are being circulated as one emanating from the presidency’s plan for making a provision for an N5.4trn petrol subsidy for 2024 and that it…

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Finance and Economy, Trade and Commerce

Naira Kick-starts Week With Appreciation Against The Dollar

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Naira Kick-starts Week With Appreciation Against The Dollar

The naira appreciated against the dollar at both official and parallel foreign exchange markets to begin the week on a good note. FMDQ data showed that the naira appreciated to N1,476.12 per dollar on Monday, a N9.87 gain compared to the N1485.99 recorded last Friday. Similarly, in the parallel market section, the naira appreciated to…

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Exchange and Forex, Finance and Economy

Olukoyede Tasks Car Dealers on SCUML Registration

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Olukoyede Tasks Car Dealers on SCUML Registration

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede has called on car dealers across the country to ensure that they register with the Special Control Unit against Money Laundering (SCUML), a department in the Commission that regulates and monitors the activities of Designated Non-Financial Businesses and Professions (DNBPs). He made the call on Saturday, June 1, 2024 through the Acting…

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Finance and Economy

CBN Announce Revocation Of Heritage Bank’s License

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CBN Announce Revocation Of Heritage Bank’s License

The Central Bank of Nigeria (CBN) has announced that it has revoked the banking licence of Heritage Bank. Ag. Director, Corporate Communications, Mrs Hakama Sidi Ali, said the revocation was done in accordance with its mandate to promote a sound financial system in Nigeria. She said: “The Central Bank of Nigeria (CBN), in accordance with…

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Finance and Economy

CBN Governor Clarifies Revocation of Moniepoint, Opay, Other Fintech Banks Licenses

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CBN Governor Clarifies Revocation of Moniepoint, Opay, Other Fintech Banks Licenses

The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria. Cardoso disclosed this in a communiqué arising from Tuesday’s Monetary Policy Committee meeting in Abuja. He noted that CBN is not against fintechs. His reaction…

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Finance and Economy