Sun, Jan

AfriGo: CBN Launches National Domestic Card

In its bid to enhance electronic payment in the country and address the challenges associated with foreign exchange usage, the Central Bank of Nigeria (CBN) on Thursday launched the Nigerian National Domestic Card, AfriGo. Speaking virtually during the launch, the CBN governor, Godwin Emefiele said the card would reduce operating cost and charges.

Experts Conflicted Over Interest Rate Hike Ahead Of MPC Meeting

Just as the management of the Central Bank of Nigeria, CBN, is set to host a two-day Monetary Policy Committee, MPC, a meeting penciled to hold today, financial experts are at loggerheads over the threat posed by the uncertainties that may result from the interest hike. As part of its annual rituals for the apex bank, it has slated today for its 289th Annual General Meeting for the year 2023 in Abuja, Federal Capital Territory, FCT, to discuss the way forward.

Weekly Cash Withdrawal Policy: CBN Increases Limit For Individuals, Corporations

Amidst public outcry, the Central Bank of Nigeria (CBN) has increased the weekly cash withdrawal limit for individuals and corporate entities to N500,000 and N5 million respectively which was previously set by the apex bank at N100,000 for individuals and N500,000 for corporate organizations. This was contained in a circular released by the CBN on Wednesday and signed by the Director of Banking Supervision Department, Haruna Mustafa which stated that the review was due to feedback from stakeholders.

Naira Re-Design: CBN Launches Cash Swap Across LGAs

As part of efforts to facilitate the circulation of its new naira notes, the Central Central Bank of Nigeria (CBN) has launched a cash swap programme across Local Government Areas in Nigeria. The apex bank said the new cash swap programme takes effect from Monday, January 23, 2022. The bank said the old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.

Abuja-Kaduna Train Services: NRC Adjusts Departure Times

The Nigerian Railway Corporation (NRC) has announced the adjustment of the departure times for the last 2 trains of the Abuja-Kaduna Train Services (AKTS) to ensure that passengers arrive at their destinations early. This was disclosed on Friday by the Manager, Abuja-Kaduna Train Service, Mr. Pascal Nnorli in an interview with the News Agency of Nigeria (NAN), adding that the trains are now scheduled to depart 30 minutes earlier than their previous departure times.

Federal Government Seeks Understanding As Work resumes On Lagos-Ibadan Exp.

The Federal Government on Tuesday appealed for further understanding and support of road users as work resumed on the Lagos-Ibadan Expressway reconstruction/rehabilitation project. The Federal Controller of Works in Lagos State, Mr Umar Bakare, made the appeal while monitoring resumed work and laying of crash barriers along construction zones between OPIC and Berger, on the Lagos-bound lane.

SERAP Drags FG To ECOWAS Court Over Illegal Oil Pipelines

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the government of the President, Muhammadu Buhari , over “the failure to probe the operations of illegal oil pipelines between 2001 and 2022, to name and prosecute those suspected to be involved, and to recover proceeds of crime.” The suit was filed by SERAP, Chief Eric Dooh, (who is suing for himself as a leader of the Goi Community in Gokana Local Government Area of Rivers State, and on behalf of the Goi Community), and 15 other concerned Nigerians.

Niger Delta Oil Spills: Shell To Pay $15.9Mn Compensation

Shell disclosed on Friday that it would pay the sum of $15.9 million (approximately N7.1 billion) as compensation to Niger Delta communities that were damaged as a result of multiple pipeline leaks. 4 Niger Delta farmers and an environmental group, Friends of the Earth sued shell in 2008, seeking compensation for lost income from contaminated land and waterways in the communities of Oruma, Goi, and Ikot Ada Udo which were affected by multiple oil spills between 2004 and 2007.

Abuja-Kaduna Rail Services Resumes Operations Nov 28

The Abuja-Kaduna rail services are set to resume operations on Monday, 28 November 2022 with skeletal train schedules. According to an internal memo, the first train will depart Abuja by 9:45 am while the second train will leave by 3:30 pm. Similarly, the first train will leave the Kaduna train station by 8:00 am while the second train will depart in the afternoon at 2 o’clock.

Finance Bill 2022: FG Set To Reorganize, Rename FIRS

The Federal Government (FG) is set to reorganize and rename the Federal Inland Revenue Service (FIRS) according to the proposed amendments of the Finance Bill 2022 which was sent to the National Assembly by President Muhammadu Buhari. The Minister of Finance, Budget and Economic Planning, Zainab Ahmed disclosed this on Thursday to the Senate Committee on Finance stating that the amendments would change the FIRS to the Nigerian Revenue Service (NRS).

Ponmo Consumption: FG Plans Ban To Revive Leather Industry

In a bid to revive Nigeria’s leather industry, the Federal Government (FG) has announced its plan to ban the consumption of animal skin, locally known as ponmo in the country. This was disclosed by Muhammad Yakubu, the Director-General (DG) of the Nigerian Institute of Leather and Science Technology (NILEST), who stated that ponmo consumption had no nutritional value, adding that it should be stopped in order to revive the industry and boost the country’s economy.

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