Nigeria Closed 234 Branches, 649 ATMs In 2020 – IMF

The International Monetary Fund (IMF) has said Nigeria's 2020 Financial Access Score declined to 4.44 following the closure of 234 bank branches and 649 Automated Teller Machines (ATMs) in the year. The IMF said this during its 2021 Financial Access Survey (FAS) Trend and Developments release on Monday. Financial Access Survey is a dataset on the access to and use of financial services, aimed at policymaking to enable the monitoring of financial inclusion as a benchmark of progress against its peers.

Just In: NERC Okays Electricity Tariff Increase By DisCos

The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in electricity tariff by the 11 Electricity Distribution Companies (DisCos) effect from 1st September 2021. A document obtained by vigil360 indicates that NERC has given a nod to energy distributors to charge a service-based tariff in a letter titled “Tariff Increase Notification”

FG To Conduct Population Census Next Year

Following the approval of the N178.09 million in the 2022 Appropriation bill, the national population and housing census will hold next year after a 15-year hiatus. The Minister of Finance, Budget, and National Planning, Zainab Shamsuna Ahmed said this on Friday during the public presentation and breakdown of the 2022 Budget in Abuja, saying President Muhammadu Buhari is expected to make a proclamation on the planned 2022 headcount exercise.

FG To Partner Hungarian Firm On Aircraft Assembly Plant

The Federal Government has said it is ready to partner with the Magnus aircraft manufacturing industry, a Hungarian to establish an aircraft assembly plant in Nigeria before the end of the President Muhammadu Buhari administration. Minister of Aviation, Senator Hadi Sirika made this known during an inspection visit to the Magnus Aircraft Industry in Pogany, Hungary.

FG Says Collection Of VAT By FIRS Remains

The Federal Government has said the Federal Inland Revenue Service (FIRS) will maintain the status quo and continue to collect Value Added Tax (VAT), the Attorney-General of the Federation, Abubakar Malami announced. Malami made the announcement while speaking to the press in New York, United States on the lingering disagreement over the collection of VAT between Rivers State Government and the FIRS.

CBN Warns MicroFinance Banks Over Forex Transactions

The Central Bank of Nigeria (CBN) has threatened stringent sanctions against microfinance banks that violate the conditions of their operating license by carrying out foreign currency-related transactions. The apex bank issued the warning in a recent circular, threatening to revoke the operating license of any microfinance bank caught performing forex transactions.

NPA: Tin-Can Island, Onne Port, Others On The Verge Of Collapse

The Acting Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko stated that several ports including Tin Can Island, Onne, Calabar, and Delta ports require funds to prevent their total collapse. This was disclosed in a statement on Sunday by NPA’s General Manager, Corporate and Strategic Communications, Olaseni Alakija. The statement reads, “We are facing decaying port infrastructure, for example, sections of the quay aprons or walls at Tin Can Island Port, Onne, Delta and Calabar ports are collapsing and require huge funds to repair them.

CBN Threaten To Arrest, Prosecute Naira Abusers

The Central Bank of Nigeria (CBN) has disclosed that it is collaborating with the Nigeria Police and other law enforcement agencies to arrest and prosecute anyone found abusing the Nigerian Naira. Ag. Director, Corporate Communications, CBN, Osita Nwanisobi disclosed this, saying the apex bank has been alerted of the activities of persons, abusing, mishandling the naira notes by defacing, hawking, and stamping on them in social functions.

Total Nigeria Plc Changes Name

Oil and Gas marketing company, Total Nigeria Plc has on Thursday announced that the company has changed its name to TotalEnergies Nigeria Plc. The announcement was made in a formal notification to investing public and the Nigerian Exchange (NGX) by the Company’s secretary/executive General Manager, Bunmi Popoola-Mordi, saying “The name change is accompanied by a new visual identity for all of our activities.

FG Begins Pilot Phase of Vehicle Registry in Lagos State

The Federal Government has commenced the pilot phase of the National Vehicle Registry (VREG) platform in Lagos state. This was disclosed in Abuja on Thursday by the Minister of Finance, Budget and National Planning, Zainab Ahmed at a sensitization seminar clarifying the VREG process. VREG is created to be a national registry of vehicular data which would provide a platform where all relevant agencies and individuals shall reference vehicular data through their unique Vehicle Identification Number (VIN).