A federal high court in Abuja, on Monday, ordered the temporary freezing of 45 bank accounts belonging to three companies allegedly involved in smuggling of rice into Nigeria.The companies, whose accounts were domiciled with 10 commercial banks, are Sun Sam A1 International Limited, Sun Sam International Limited and Sunchrist O. Trans Nigeria Limited.Ahmed Mohammed, the judge, directed the head offices [...]
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The Central Bank of Nigeria (CBN) has asked rice farmers in the country not to increase the price of the product as a result of the border closure.In a statement in Abuja on Monday, Godwin Emefiele, CBN governor, urged members of the Rice Millers Association of Nigeria (RIMAN) and other stakeholders in the value chain not to hoard rice.The [...]
The Economic and Financial Crimes Commission (EFCC) has denied reports that N900 million in its custody could not be accounted for.The EFCC was reacting to reports that about N900 million mutilated notes kept in boxes in its custody "turned to paper".The money, allegedly meant to be exchanged for new notes, was said to have been stolen by two employees of [...]
The house of representatives has asked the Central Bank of Nigeria (CBN) to explain how it arrived at the charges adopted in the recently re-introduced cashless policy.Victor Nwokolo, chairman of the house committee on banking and currency, said the apex bank should explain the indices used to adopt the new rate.The CBN had directed all deposit money banks in the [...]
The house of representatives has asked the Central Bank of Nigeria (CBN) to hit the brakes on the implementation of the cashless policy it recently re-introduced.At the plenary session on Thursday, the lower legislative chamber said the policy will lead to a significant decrease in credit extension by Nigerian money deposit banks.The lawmakers also said the policy will have negative [...]
President Muhammadu Buhari on Thursday inaugurated the Central Bank of Nigeria (CBN) centre of excellence at the Ahmadu Bello University (ABU), Zaria.While inaugurating the project, Buhari pledged more funding to the education sector.He commended the apex bank for supporting the federal government’s investments in the education sector as well as other areas of the economy.The president urged the bank to [...]
Oby Ezekwesili, former minister of education, has described President Muhammadu Buhari as a "completely out-of-touch leader" over his directive to the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation.In a statement issued on Tuesday by Garba Shehu, presidential spokesman, the president said he had asked the CBN to stop issuing foreign exchange for food importation [...]
Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has criticised President Muhammadu Buhari over his directive to the apex bank to halt foreign exchange for food importation.The president had told the apex bank not to give a cent to anybody to import food into the country, saying by so doing, there would be steady improvement in [...]
President Muhammadu Buhari says he has asked the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation.In a statement issued on Tuesday by Garba Shehu, presidential spokesman, the president said the directive is to ensure the steady improvement in agricultural production and attainment of full food security.The president, who hosted All Progressives Congress (APC) governors to [...]
The Human and Environmental Development Agenda (HEDA) has asked the Central Bank of Nigeria (CBN) to prosecute Dino Melaye, senator representing Kogi west, for breaching the bank's rules at his mother's burial in July.A video of the event showed the senator spraying Yinka Ayefele, an artiste, with local and foreign currency has since gone viral.In a petition sent to [...]
President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to blacklist any firm, its owner and top executives caught smuggling any of the 43 items ineligible for foreign exchange (forex).Godwin Emefiele, CBN governor, disclosed this during a meeting with oil palm producers in Abuja on Friday.In June 2015, the apex bank had excluded importers of 41 items [...]
Aliko Dangote, president of Dangote group, says the poor performance of the country’s power sector is hindering growth of the economy.Dangote spoke at a consultative roundtable session for public and private sector stakeholders in Lagos on Saturday.The programme was organised by the Central Bank of Nigeria (CBN).According to Dangote, Nigeria had been struggling to increase its electricity output for the [...]
Some members of the house of representatives has asked the Central Bank of Nigeria (CBN) to sanction 16 commercial banks for underemitting stamp duty revenue to the tune of N1.6 billion.They also asked the CBN to ensure the banks pay the outstanding revenue together with interests.They made the call on Thursday after adopting the report of the ad hoc committee [...]
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The senate committee on banking, insurance and other financial institutions has approved of a second term for Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).While screening Emefiele on Wednesday, members of the committee dismissed the allegations of stolen N500 billion at the apex bank.Rafiu Ibrahim, its chairman, said the allegations were targeted at "bringing you (Emefiele) down because [...]
The Human and Environmental Development Agenda (HEDA), a civil society group, has asked President Muhammadu Buhari to order an investigation into the allegation stolen N500 billion in the Central Bank of Nigeria (CBN).An audiotape of an intercom telephone conversation between Godwin Emefiele, CBN governor; Adamu Lamatek, the deputy governor of the apex bank, and other top officials CBN, was leaked [...]
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