Sunday, June 17, 2018
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    SERAP sues Fashola over money spent on power privatisation

SERAP sues Fashola over money spent on power privatisation

Babatunde Fashola, minister of power, works and housing, has been sued by the Socio-Economic Rights and Accountability Project (SERAP) over his failure to account for money spent on privatisation of the electricity sector.The suit filed on behalf of SERAP by its counsel, Bamisope Adeyanju, also wants the minister to explain if such spending came from budgetary allocations or other sources.In [...]

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    IFAD: Diaspora remittances to developing countries to hit $6.5trn by 2030

IFAD: Diaspora remittances to developing countries to hit $6.5trn by 2030

The International Fund for Agricultural Development (IFAD) has estimated that remittances sent to developing countries could cross $6.5 trillion by 2030, involving over one billion senders and receivers.IFAD said in 2017, 200 million migrants sent $481 billion to remittances-reliant countries of which $466 billion went to developing countries, helping sustain about 800 million people across the world.This amounts to more [...]

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    BDCs ask to be included in Yuan disbursements

BDCs ask to be included in Yuan disbursements

The Association of Bureaux De Change Operators of Nigeria (ABCON) on Saturday urged the Central Bank of Nigeria (CBN) to approve the Renminbi (Yuan) disbursements to its members, to deepen the China-Nigeria swap deal.Aminu Gwadabe, ABCON president, told NAN in Lagos that the approval would enable BDCs to sell personal and business travelling allowances to its customers in Yuan.According to him, [...]

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    Appeal court set to rule in Innoson, GTB case

Appeal court set to rule in Innoson, GTB case

The Court of Appeal sitting in Enugu has adjourned till a date yet to be determined, its ruling on the applications brought before it by Innoson Group and Guaranty Trust Bank.The Supreme Court had referred both parties to the court.Wole Olanipekun (SAN), counsel for GTB, informed the court that the bank wished to withdraw an earlier motion it filed which [...]

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    Senate says Nigeria should deport ‘illegal immigrant’ Samsung MD

Senate says Nigeria should deport ‘illegal immigrant’ Samsung MD

The senate has ordered that the Nigeria Immigration Service (NIS), deport Young Ho Jo, managing director (MD) of Samsung Nigeria Limited, for allegedly coming into the country without proper documentation.Solomon Adeola, chairman of the ad hoc committee investigating the company’s role in the $16.3 billion Egina oil field project, gave the directive on Thursday.Adeola said the Nigeria Content Development Monitoring [...]

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    Nigeria inflation declines further in May ECB in focus

Nigeria inflation declines further in May ECB in focus

In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years.With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest rate cut seems likely before year-end.The combination of easing inflationary pressures, improving economic fundamentals and ongoing foreign exchange stability could [...]

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    NCC withdraws 36.6m telephone lines from telcos

NCC withdraws 36.6m telephone lines from telcos

The Nigerian Communications Commission (NCC) has withdrawn 36.6 million telephone lines from telecommunications operators.According to a document made available on the NCC website, the directive took effect on March 20, 2018.A telephone numbering plan is a type of scheme used in telecommunication to assign telephone numbers to subscriber telephones or other telephony endpoints. Telephone numbers are the addresses of participants [...]

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    Malami to pay lawyers N500m over MTN fine

Malami to pay lawyers N500m over MTN fine

The federal executive council (FEC) on Wednesday approved the payment of N500 million legal fees to lawyers for the recovery of N330 billion fine from the Mobile Telecommunications Network (MTN).MTN was fined by the Nigerian Communications Commission (NCC) in 2017 for breaching directives on SIM registration.Abubakar Malami, minister of justice and attorney general of the federation, said this while briefing [...]

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    Financial Reporting Council raises awareness for ‘essential corporate values’

Financial Reporting Council raises awareness for ‘essential corporate values’

The Financial Reporting Council (FRC) has raised public awareness for "essential corporate values".This was done at the unveiling of the Nigerian Code of Corporate Governance (NCCG) in Lagos on Wenesday.The council also disclosed its plan to embark on public hearing and awareness campaign in all geopolitical zones of the country to elicit comments and reactions from key stakeholders.FRC is responsible [...]

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    Buhari will sign Budget 2018 next week, says Femi Adesina

Buhari will sign Budget 2018 next week, says Femi Adesina

President Muhammadu Buhari will sign the 2018 budget into law next week, Femi Adesina, his spokesman, has said.Adesina disclosed this to state house correspondents on Wednesday after the federal executive council (FEC) meeting in Abuja.He, however, did not specify the date.“The budget will be signed next week,” he told journalists, adding: “We will give you the specific date when it [...]

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Exchange Rates

June 14, 2018USDGBPEUR
INTERBANK360.45492.18420.32
LAGOS362495425
KANO363495423
PH365494423
ABUJA364495423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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