NLC Chairman Lands In Prison For Diverting Palliative Funds

  By Our Correspondent Comrade Muktar Tarbutu, the Chairman of the Nigeria Labour Congress (NLC) in Yobe State, has been remanded in prison following accusations of diverting palliatives intended for union members. Tarbutu faced arraignment before Magistrate II Damaturu on Wednesday, responding to allegations of misappropriating palliatives provided by the North East Development Commission (NEDC). According to Barrister Mohammad Mohammad Ngumurumi, Secretary of the Nigerian Bar Association (NBA) in Yobe, the NEDC had allocated various essential items, including rice, sugar, spaghetti, and textiles, for distribution among several unions, which Tarbutu allegedly failed to fulfill. "The North East Development Commission (NEDC)

By |March 27th, 2024|Categories: Money|0 Comments

Naira Appreciates Against USD amid interest rate hike

By Miracle Ogunde Amid the latest increase in interest rate by the Central Bank of Nigeria, (CBN) the country's currency, naira continues to record gains against the US dollar. Starnews NG gathered that the naira continues to appreciate the US dollar on Monday exchanging N1,290 and N1,382.95 per USD at both parallel and official foreign exchange markets. Confirming the development to newsmen, a Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, explained that naira was sold at N1,290 per USD on Tuesday. He said, “The naira gained further on Tuesday. We buy at N1,285 per USD and

By |March 26th, 2024|Categories: Money|0 Comments

BREAKING: CBN Hikes Interest Rate

  By Miracle Ogunde In an effort to tackle rising inflation in the country, the Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent. The new develop was disclosed on Tuesday by the apex bank Governor, Olayemi Cardoso, at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, the Federal Capital Territory, saying the bank retained the Cash Reserve Ratio to 45 per cent. Cardoso stressed that the move was to ensure that the country’s rising inflation

By |March 26th, 2024|Categories: Money|0 Comments

CBN lifts FX restrictions on importation of milk, dairy products

    By Miracle Ogunde   In a move to reduce prices of milk and other dairy products, the Nigeria's apex bank, CBN, has lifted forex restrictions on the importation of milk and dairy products in the country.   This was contained in a CBN circular with the reference number TED/FEM/PUB/FPC/001/010 dated March 12 to all banks.   Confirming the development in a recent notice to customers, Zenith Bank wrote: "Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No: TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange

By |March 20th, 2024|Categories: Money|0 Comments

$6 billion fraud: We’ve power to prosecute you- EFCC tells Olu Agunloye 

    The Economic and Financial Crimes Commission (EFCC) has stated that it possesses the authority, supported by judicial precedents, to prosecute former Minister of Power and Steel, Olu Agunloye, regarding an alleged $6 billion Mambilla hydroelectric power plant.   According to News Agency of Nigeria (NAN), EFCC is pursuing legal action against Mr. Agunloye, who previously held a ministerial position in the administration of former President Olusegun Obasanjo, for alleged infractions related to the Mambilla power plant.   The suit, marked FCT/HC/CR/617/22, is before Justice Jude Onwuegbuzie of the Mapo Division of the FCT High Court, Abuja.   The

By |March 6th, 2024|Categories: Money|0 Comments

Dollar stumble to N1,600 At Parallel Market

    The foreign exchange crisis worsened on Thursday as the local currency further depreciated, exchanging at N1,600 to a dollar at the parallel market.   This was coming a few days after the local currency hit an all-time low at the official market, crossing N1,500 to one dollar.   The naira has come under a very severe attack in recent times, defying several interventions by the Central Bank of Nigeria (CBN) thereby worsening the cost of living crisis and inflation in the country.   The naira has depreciated by over 50 per cent in the last five months.  

By |February 16th, 2024|Categories: Money|0 Comments

Federal Govt set to borrow N2.5tn through bond – DMO

    The Nigerian Federal Government plans to raise N2.5 trillion in its second FGN bonds auction.   In a circular issued on Wednesday, the Debt Management Office stated that the offerings consisted of N1.25 trillion with a maturity date of February 2031 and N1.25tn with a 10-year tenor.   FGN savings bonds are part of the federal government’s domestic borrowing plan.   Last year, the Federal Government raised about N7.06tn from the fixed-income market.   According to the recently signed N28.8 trillion 2024 national budget, the Federal Government has projected its new borrowings to hit N7.83 trillion.   Recall

By |February 15th, 2024|Categories: Money|0 Comments

FRN Vs. Ali Bello & Anor: Drama as EFCC’s witness counters agency’s allegations of threats

  . Court adjourns to Feb 22, 23 for continuation of trial   Drama erupted on Tuesday at the Federal High Court in Abuja when the Economic and Financial Crimes Commission (EFCC) alleged that its main witness, Rabiu Musa, in the suit marked FHC/ABJ/CR/550/2022: FRN v. Ali Bello & Anor, had been scared away from trial. The witness, an Abuja based Bureau De Change operator, was alleged to have been threatened, following his appearance at the last trial and got scared. Lawyer to the anti-graft agency, Hannatu Kofamaisa, made the allegations at the resumed trial of Ali Bello and Daudu

By |February 13th, 2024|Categories: Money|0 Comments

JUST IN: Abuja Nurses Storm Council Office, Protest New Verification Rule

  By Doris Israel  Ijeoma Hundreds of nurses under the National Association of Nigeria Nurses and Midwives (NANNM) have taken to the streets of Abuja, decrying the newly implemented verification guidelines by the Nursing and Midwifery Council of Nigeria (NMCN). The aggrieved nurses, who stormed the NMCN headquarters on Monday, accused the council of stifling their career aspirations with the “stringent and unnecessary” rules. They held placards with inscriptions such as “No to verification rules!” and “Address nurses’ welfare.” Their anger stemmed from a circular released by the NMCN on February 7th, outlining revised guidelines for requesting certificate verification for

By |February 12th, 2024|Categories: Health, Money|0 Comments

Probe Nigeria indebtedness Afe Babalola urges Tinubu

  Legal luminary and founder of Afe Babalola University, Ado Ekiti, Aare Afe Babalola (SAN), has called for an investigation into how Nigeria found itself in the present situation of huge indebtedness.   Babalola cautioned that something must be done urgently about the state of indebtedness to prevent the country from being crippled by socio-economic crises.   The ABUAD founder spoke in Ado Ekiti on Friday shortly after the induction of 161 fresh doctors produced by the university by the Medical and Dental Council of Nigeria.   Babalola said, “Nigeria is one of the greatest debtors of the world. To

By |February 12th, 2024|Categories: Money, News|0 Comments
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