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Naira continues gain, closes at 505/dollar
No Comments 375 Views | by Liz Ajala
The naira recorded further gain against the United States dollar on the parallel market on Wednesday, reversing part of the loss it had recorded in recent days. Read More…
Naira firms up, stock market gains, as new forex policy takes effect
No Comments 356 Views | by Liz Ajala
The naira moved to 515 per dollar on Tuesday, following the introduction of new policy actions by the Central Bank of Nigeria (CBN). Read More…
UPDATE: Nigerians studying abroad, others to benefit from new CBN policy
No Comments 599 Views | by Liz Ajala
The Central Bank of Nigeria, CBN, has explained that its new foreign exchange policy is to cushion the hardship faced by Nigerians in paying school fees abroad, medical bills and travel expenses. Read More…
Naira Drops As CBN Announces New FX Policy
No Comments 593 Views | by Liz Ajala
The Central Bank of Nigeria (CBN) on Monday announced its first policy actions in the Foreign Exchange (FX) market. Read More…
Nigeria’s debt profile hits N17trn
No Comments 655 Views | by Liz Ajala
Director-General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, yesterday told the Senate Committee on Foreign and Local Debts that the nation’s total debt had risen to N17.36 trillion. Read More…
Naira hits 510/$ at parallel market
No Comments 647 Views | by Liz Ajala
The naira lost three points at the parallel market to exchange at N510 on Wednesday after closing at N507 on Tuesday. Read More…
Ex-NNPC GMD, Yakubu, to face fraud charges, forfeits N3bn
No Comments 329 Views | by Liz Ajala
The Economic and Financial Crimes Commission will charge a former Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Andrew Yakubu, for alleged fraud. Read More…
Paris Club Refund Scandal: Senate President Saraki, Governors Put Magu Under Severe Pressure
No Comments 314 Views | by Liz Ajala
Ibrahim Magu, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), has come under immense pressure from Senate President Bukola Saraki and several state governors who want him to deny that the commission is investigating them for pocketing billions of naira from the Paris Club loan refunds to the states, SaharaReporters has learnt. Read More…
N5.1bn fraud: EFCC denies starving Jonathan’s ex-aide, Dudafa in detention
No Comments 338 Views | by Liz Ajala
The Economic and Financial Crimes Commission (EFCC) has denied starving a former Senior Special Assistant to ex-President Goodluck Jonathan on Domestic Affairs, Dr. Waripamo-Owei Dudafa while in detention. Read More…
Whistle-blower policy: FG recovers N42bn loot from bank account with fake name
No Comments 605 Views | by Liz Ajala
The Federal Government said on Sunday that its whistle-blower policy had started yielding fruits. It said the policy had so far led to the recovery of over $151m (N46bn) and N8bn in looted funds. Read More…
EFCC Recovers 9.8million Dollars From Former NNPC GMD
No Comments 657 Views | by Liz Ajala
The Economic and Financial Crimes Commission (EFCC), says it has recovered 9.8million dollars and 74,000 Pounds, from the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu. Read More…
EFCC raids home of former NNPC GMD, Andrew Yakubu, recovers $9.2m
No Comments 415 Views | by Liz Ajala
Operatives of the Economic and Financial Crimes Commission (EFCC), on Thursday raided the home of former General Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, in Kaduna city. Read More…
2.2Billion Naira Fraud: FG Withdraws Charges Against Saleh, Others
No Comments 353 Views | by Liz Ajala
The Federal Government has withdrawn the 2.2 billion Naira fraud charges, filed against the Chief Registrar of the Supreme Court, Mr. Ahmed Gambo Saleh and two others, before the High Court of the Federal Capital Territory (FCT). Read More…
Plateau: 101 workers to refund N76.8m for over staying their service
No Comments 337 Views | by Liz Ajala
The Plateau Government says it will retrieve N76. 8 million from 101 workers that stayed in service beyond their terminal dates. Read More…
Budget defence: SGF, Lawal, appears before Senate
No Comments 407 Views | by Liz Ajala
Secretary to the Government of the Federation, SGF, Babachir Lawal, yesterday, appeared before the Senate to defend the 2017 budget proposals for his office. Read More…
Excess Forex demand weighs down Naira
No Comments 272 Views | by Liz Ajala
Pressures on the external sector seem persisting as outstanding foreign exchange demand on Forwards Contracts is now put at about USD4 billion despite several auctions by the Central Bank of Nigeria, CBN, to bring it down. Read More…
EFCC has frozen my accounts again – Fayose
No Comments 399 Views | by Liz Ajala
Ekiti State Governor, Ayodele Fayose, on Saturday said the Economic and Financial Crimes Commission had again frozen his personal accounts with Zenith Bank. Read More…
Nigeria gets AfDB’s $155m power loan
No Comments 427 Views | by Liz Ajala
The African Development Bank (AfDB) has approved and released $155 million to assist Nigeria improve her power sector. The loan is for Economic and Power Sector Reform Programme (EPSERP). Read More…
State House Says 5.196b Naira Released From Its 2016 Budget
No Comments 355 Views | by Liz Ajala
The State House says it has received a total of 5.196 billion naira as capital release from the 2016 budget amounting to 47.5% of its budget. Read More…
High Cost Of Food: F.G Sets Up Task Force To Revamp The Economy
No Comments 307 Views | by Liz Ajala
The Federal Government on Wednesday set up a task force to address the challenges facing the nations troubled economy. Read More…
FG Approves New Tax Policy, to Raise VAT on Luxury Goods
No Comments 341 Views | by Liz Ajala
In an effort to shore up the federal government’s revenue base, the Federal Executive Council (FEC) yesterday approved a new tax regime, just as it announced its intention to raise taxes on luxury goods. Read More…
Fitch downgrades Nigeria’s rating to negative
No Comments 355 Views | by Liz Ajala
International ratings agency, Fitch Ratings yesterday revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) to negative from stable, putting it at ‘B+’. Read More…
MPC Leaves Monetary Policy Rate At 14%
No Comments 621 Views | by Liz Ajala
The Monetary Policy Committee in Nigeria has retained a 14% Monetary Policy Rate at the end of its first meeting for 2017. Read More…
Court to hear applications challenging its jurisdiction in trial of Fani-Kayode, Usman
No Comments 342 Views | by Liz Ajala
A Federal High Court in Lagos, on Wednesday said it will hear an application challenging its jurisdiction in the ongoing trial of Femi Fani-Kayode facing charges of money laundering. Read More…