The Federal Government of Nigeria said it has embarked on massive recovery of assets belonging to the country and is working on recuperating £200 million in the United States. The Attorney-General of the Federation, Abubakar Malami disclosed this while speaking on the sidelines of the United Nations General Assembly in New York. Malami said, “We are looking at the possibility of recovering further 200m pounds among others but then, that does not mean they are not other associated assets being pursued, in terms of other countries of the world inclusive of Ireland. “The government is trying to gather international momentum associated with the processes and procedures, in terms of making things easier for countries to recover assets with ease.”
President Muhammadu Buhari has written to the Senate, seeking an amendment to the Petroleum Industry Act (PIA), 2021. This was contained in a letter read by the Senate President, Ahmad Lawan during the plenary on Tuesday. President Buhari wants an amendment to the PIA which allows for the removal of both the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation (NNPC).
A former Deputy Governor of the Central Bank of Nigeria (CBN) Obadiah Mailafia is dead. Mailafia, 64, reportedly passed away on Sunday morning at the National Hospital Abuja following a brief illness. Dr. Mailafia, who was the Presidential candidate of the African Democratic Congress in the 2019 election, was a known government critic and had advocated for public sector and exchange rate reforms. Born on December 24, 1956, in the Sanga Local Government Area of Kaduna State Dr. Mailafia, served as the deputy governor of the CBN between 2005 and 2007. He attended Ahmadu Bello University, Zaria, and came out top of his class in 1978 with a B.Sc. He also has an M.Sc. from the same institution. He subsequently won a French Government Scholarship to France, where he earned a Certificate in French Language and Civilisation from the University of Clermont-Ferrand in 1985.
The naira has suffered another major setback, losing N5 to close at N550 to a dollar at the parallel market on Monday. Naira has been subjected to pressure in the past two weeks, partly due to speculative attitude and quest to make more profit for those who hoard dollars, making demands high to manufacturers who go hunting for the foreign exchange. The exchange of Naira at the official market goes at N410.5 to a dollar and the N139.49 disparity between the official and parallel market has lead to scarcity of the foreign exchange as merchants see this as an opportunity to rip off investors.
The Central Bank of Nigeria (CBN) has directed all banks to publish names and Bank Verification Numbers (BVN) of customers who try to break the rules of Forex acquisition on their website. The CBN on Monday, August 30th issued a circular ((BSD/DIR/PUB/LAB/14/059) to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel”. Some of the unwholesome practices, the CBN said: “include the use of fake visas and cancellation of air tickets purchase of PTA/BTA”. Haruna B. Mustapha Director Banking Supervision Department of the CBN, who signed the circular, noted that if the trend is not curbed, it portends risk to the integrity and stability of the forex market.
The Court of Appeal sitting in Abuja has today stopped the states government of Lagos and Rivers from collecting the value Added Tax (VAT), say status-co to be maintained. There has been controversy recently that has rocked the VAT collection between the Federal Inland Revenue Services (FIRS) and some states government.
The nation’s Gross Domestic Products (GDP) grew year-on-year (YoY) by 5.0 per cent in the second quarter of 2021 (Q2’21). According to The National Bureau of Statistics (NBS) which disclosed this Thursday, said the Q2’21 growth rate was higher than the 0.51 per cent recorded in Q1’21. The rise marked the third consecutive quarter of growth following the negative growth rates recorded in the second and third quarters of 2020. NBS in its GDP report for Q2’21 noted that the Oil Sector’s contribution to GDP fell by 1.83 per cent points to 7.42 per cent in Q2’21 from 9.25 per cent in Q1’21. The second-quarter growth rate was higher than the -6.10 per cent growth rate recorded in the second quarter of 2020 and the 0.51 per cent recorded in the first quarter of 2021. The bureau referenced the steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, as the cause of the increase in growth performance relative to Q2’20 when nationwide restrictions took effect.
President Buhari has directed the National Agricultural Land Development Authority (NALDA) to set up farm estates in 108 senatorial districts across the country. This was disclosed on Sunday by the Executive Secretary of NALDA, Paul Ikonne after his meeting with the President at the Presidential Villa, Abuja.
The Economic and Financial Crimes Commission (EFCC) has arrested former Abia State governor, Senator Theodore Orji, and his son Chinedu, the current speaker of the Abia State House of Assembly over alleged diversion of public funds. The ex-governor was arrested at the Nnamdi Azikiwe International Airport, Abuja, and taken into custody, while his son turned himself in upon learning his father’s arrest and was immediately detained.