Category: Finance and Economy

Account For $460m Loan Expended On Failed FCT CCTV, Court Orders FG

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Account For $460m Loan Expended On Failed FCT CCTV, Court Orders FG

A Federal High Court sitting in Abuja has ordered the government of President Muhammadu Buhari to “account for the spending of $460 million Chinese loan to fund the failed Abuja Closed-Circuit Television (CCTV) project.” Added to this, the Court ordered the government to “publish the total amount of money paid to Chinese, local companies, contractors…

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Finance and Economy, Justice and Judiciary

Federal Civil servants Suspended As Salary Padding Allegations Rock IPPIS

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Federal Civil servants Suspended As Salary Padding Allegations Rock IPPIS

Following allegations of salary padding within a racketeering few in some federal MDAs, an unspecified number of civil servants across several Ministries, Departments and Agencies (MDAs) have been suspended from service. The suspended workers are from the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Office of the Accountant General of the Federation (OAGF) and an…

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Finance and Economy, Financial Crimes

Buhari Introduces Over Five New Taxes On beer, Imported Vehicles, Plastics Others

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Buhari Introduces Over Five New Taxes On beer, Imported Vehicles, Plastics Others

Less than a month to the end of his government, President Muhammadu Buhari has introduced additional taxes to take effect on 1st June. The Federal Government introduced new Fiscal Policy Measures (FPM) for 2023 in a Circular dated 20 April 2023 signed by Zainab Ahmed, Minister of Finance, Budget and National Planning. The circular is…

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Finance and Economy, Governance

$2.4bn Crude Loss: Allegation Unfounded, Lacks Merit, Substance – Malami

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$2.4bn Crude Loss: Allegation Unfounded, Lacks Merit, Substance – Malami

The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami has described the claims that the country lost over $2.4bn revenue from alleged illegal sale of 48 million barrels of crude oil exported in 2015 to China as a baseless allegation. The Chief Law Officer of the Federation described the claims as…

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Finance and Economy, Financial Crimes, Legislation and Legislature

SERAP To Sue FG Over Missing Crude Oil

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SERAP To Sue FG Over Missing Crude Oil

Socio-Economic Rights and Accountability Project (SERAP) has written to ask the federal government to investigate allegations that over 149 million barrels of crude oil are missing and unaccounted for. Failing which it would institute a court case against the FG. In an open letter to President Muhammadu Buhari dated April 22, 2023, SERAP specifically asked…

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Finance and Economy

Many Estates In Lagos, Abuja Are Proceeds Of Fraud And Money Laundering – EFCC

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Many Estates In Lagos, Abuja Are Proceeds Of Fraud And Money Laundering – EFCC

The Economic and Financial Crimes Commission (EFCC) has declared the commission is zeroing on those hiding under real estate to perpetrate money laundering and other financial crimes. Speaking during a training session for journalists on effective reporting of the economic and financial crimes in Benin, Edo State, EFCC lawyer, Chris Mishela, said many estates springing…

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Finance and Economy, Financial Crimes

Organized Private Sector Rejects IMF’s Prescription Of Increased Taxation.

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Organized Private Sector Rejects IMF’s Prescription Of Increased Taxation.

…it spells doom and disaster for the country -OPS The recent prescription of the International Monetary Fund, IMF, to the Federal Government to increase taxes in order to reduce borrowing has been rejected by the Nigerian Organized Private Sector, OPS. If the toxic prescription, is accepted by the government it will spell disaster for the…

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Finance and Economy

Fund Transfer Difficulties:Palmpay, Opay, Carbon Fintech Companies Give Reasons

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Fund Transfer Difficulties:Palmpay, Opay, Carbon Fintech Companies Give Reasons

For some days now, Fintech companies such as Opay, Palmpay, and Carbon have been hit by funds transfer difficulty in Nigeria. The funds transfer difficulty ‘outage’ had been caused by a technical glitch on NIBSS, Nigerian Inter-Bank Settlement System leaving millions of Nigerians unable to carry out inter-bank transactions. The fintech companies have issued apologies…

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Finance and Economy, News

Millions Of Bank Accounts in Access, UBA, Zenith, First Bank, and Others To Be Closed – CBN

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Millions Of Bank Accounts in Access, UBA, Zenith, First Bank, and Others To Be Closed – CBN

The Central Bank of Nigeria (CBN) has disclosed its plan to close millions of bank accounts in several financial institutions that are not linked to a Bank Verification Number (BVN). The CBN director, Risk Management Department and Chief Risk Officer, Blaise Ijebor disclosed this at a Compliance Breakfast Dialogue on Thursday 6th April 2023. He…

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Finance and Economy, Financial Crimes

Labour Will Resist Fuel Price Increase In The Name Of Subsidy Removal

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Labour Will Resist Fuel Price Increase In The Name Of Subsidy Removal

Organized labor in the country, NLC, has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. The warning came against the backdrop of an announcement that the outgoing government of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. The General…

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Employment, Labour & Productivity, Finance and Economy, Power and Energy