The Economic and Financial Crimes Commission, EFCC, has raised a Special Task Force in all its Zonal Commands for the enforcement of extant laws against currency mutilation and dollarization of the economy. The Task Force, inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and…
There are strong indications that the Federal Government is mulling a policy that will result in the conversion of over $30bn in domiciliary accounts of citizens to naira to stabilise the Naira. If it goes ahead with the plan, the government will order the conversion of foreign currencies sitting idly in individuals’ and corporate organisations’…
…threatens mass action if Cardoso fails to vacate office within 72hrs As many as 100 non-governmental organizations, under the aegis of Economic Freedom Fighters, Nigeria (EFFN), have demanded that President Bola Ahmed Tinubu immediately sack the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso for his ineptitude and lack of…
Landmark financing is largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated transactions in Africa in recent years. Facility will support Nigeria’s macroeconomic stability and long-term economic growth, facilitating access to raw materials and trade development. Groundbreaking transaction represents a significant vote of confidence in Nigeria and…
President Bola Ahmed Tinubu has slashed the number of people accompanying him on local and foreign trips by 60 percent to reduce cost of governance. The directive announced today by Special Adviser on Media, Ajuri Ngelale also affects the Vice President Kashim Shettima and the First Lady. Henceforth only 20 people will accompany the President…
Petrol subsidy The Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed again over the removal of subsidy on petrol. This came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors &…
President of the World Bank, Ajay Banga. The Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal, the World Bank has disclosed. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. The Washington-based made this…
Lamido Sanusi •Ex-emir entitled to his opinion, NNPCL remains focused, says spokesman A former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has advised President Bola Tinubu against occupying the office of the Minister for Petroleum Resources, saying such arrangement will make it difficult for the country to hold the Nigerian National Petroleum…
President Bola Tinubu By Clifford Ndujihe, Politics Editor IN the last six months, the three tiers of government- Federal, States and Local Councils, have shared N5.57 trillion as allocation from the Federal Accounts Allocation Committee, FAAC, according to Saturday Vanguard’s checks. Within the period, which is President Bola Tinubu’s first six months in office, having assumed power on…
Naira and Dollar The Federal Government through the Central Bank of Nigeria, has commenced payment of outstanding matured FX forwards owed to various creditors, the PUNCH can report. A source familiar with the development confirmed the payment on Thursday. Meanwhile, unconfirmed sources said three banks received full payment of debts owed. The banks are Citi Bank, Stanbic…
