Federal Government Reacts To NLC, TUC strike Threat
The Federal Government on gas addressed concerns raised by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), asserting that accusations of failing to fulfill its promises to the labor unions are unfounded. This clarification came amid escalating tensions following the organized labour’s threat to initiate a nationwide strike over unmet agreements and the prevailing economic hardships faced by Nigerians. In a bid to avert the looming strike, the Minister of Information and National Orientation, Mohammed Idris, called on the labour unions to engage in dialogue with the government. He emphasized that striking would not be beneficial
BREAKING: Senate drills CBN Governor Cardoso, other officials
The Senate Committee on Banking, Insurance and Financial Institutions is holding a session with Central Bank of Nigeria Governor Olayemi Cardoso. Cardoso led other officials of CBN to the Red Chambers on Friday morning amid the rising cost of living and hardship Nigerians are grappling with. Barely two days ago Cardoso appeared before the members of the House of Representatives over the free fall of the Naira and the foreign exchange crisis. The CBN governor blamed medical and education tourism for the pressure on Naira. Despite CBN’s recent policy interventions, FMDQ data indicated that the Naira dropped to N1479.47 per
What will Happen if Tinubu fails to act immediately, Lamido warns
What will Happen if Tinubu fails to act immediately, Lamido warns Former Governor of Jigawa State, Sule Lamido, has asked the All Progressives Congress (APC)-led administration of President Bola Tinubu to take preventive measures against the general discontent in the country arising from poverty, high cost of living and the insecurity currently bedevilling the nation to avert a likely disaster. Lamido, who was Foreign Affairs minister under former President Olusegun Obasanjo, on his verified Facebook wall used two analogies by two famous persons to capture the near disaster waiting to happen if the government failed to take preemptive measures. “The
Robbery: Gridlock on Akure-Ilesa road as Protest rocks FUTA
Students of the Federal University of Technology Akure, FUTA, this morning staged a protest against incessant robbery cases they are being subjected by suspected robbers off campus. The students protest has led to serious gridlock along ilésà Akure road as motorists and other road users are stranded as of press time. Some of the students in an interview said they were protesting to save their lives from the activities of the suspected robbers. The students said they wanted the school management and Ondo State government to do the needful to address the frequent robbery around FUTA North
BREAKING: CBN dissolves board, management of Polaris, three others
The Central Bank of Nigeria has dissolved the board and management of Titan Trust Bank and three others, according to Inside Business. This followed a report submitted to President Bola Tinubu by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee. According to Inside Business, the others affected are Union Bank, Polaris Bank and Keystone Bank. It was reported that the decision to dissolve the boards was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee and the boards of the four banks including Titan Trust Bank’s investors who had earlier avoided
CBN removes forex ban on 43 items
The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of its commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said,”Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.” He said: “The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces
How Banks Raked in N72.7bn from Customers in 2023
Eleven commercial banks listed on the floor of the Nigerian Exchange, generated N72.723 billion from account maintenance charges in the half year of 2023. This is according to data extracted from the half-year financial statements of the listed commercial banks in the Nigerian stock market. Zenith Bank, Access Holdings, GTCO, and UBA led. Others are First Bank, FCMB, Sterling Bank, Stanbic Bank, Fidelity Bank, Wema Bank and Unity Bank. The amount generated from account maintenance charges in half-year 2023, represents a 7.44 per cent increase compared to N67.690 billion recorded in the corresponding period of 2022. Earnings from commercial
Dangote refinery misses production deadline, PENGASSAN reacts
The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote. While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be in the market before the end of July or beginning of August this year.” However, no drop of refined petroleum product from the refinery has hit the market weeks after the promised production deadline, according to findings by The PUNCH. Spokesperson for the Nigerian National
FG delists 37 illegal loan apps
The number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s new report. The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained by The PUNCH from its website on Monday. The number of loan apps with conditional approval declined to 38 from 40, and the number of apps on the commission’s watchlist grew to 56 from 20. This followied a sustained shakeup of the digital money lending space by the FCCPC, after harassment of Nigerians by the lenders. According to the
BDC operators disregard directive as CBN restricts forex trading
The Central Bank of Nigeria has announced operational mechanism for the Bureau De Change segment of the market to trade foreign currencies at similar rates obtainable on the Investor & Exporter forex window. It gave the directive to all BDCs and the general public in a circular number TED/FEM/PUB/FBC/001/007 dated August 17, 2023, titled, ‘Operational mechanism for Bureau De Change operations in Nigeria’, released on Friday. The apex bank said in the circular signed by the Director, Trade & Exchange Department, Dr. O.S. Naji, that its implementation should be with immediate effect. It said this was in support of the
