ICRC: President Buhari Seeks Senate Confirmation Of Ohiani As DG

President Muhammadu Buhari has asked the Senate to confirm the appointment of Mr. Michael Joe Ohiani as the Director-General (DG)/ Chief Executive Officer (CEO) of the Infrastructure Concession Regulatory Commission (ICRC). The President’s request was contained in a letter read by the Senate President, Ahmed Lawan during Wednesday’s plenary in Abuja.

CBN: Bank Customers To Pay Indemnity For Online Transfers Above N1m

The Central Bank of Nigeria (CBN) has directed banks and Payment Service Providers (PSPs) to accept indemnities from customers for highly secured online funds transfers of N1m and above for individual customers and N10m for corporate customers. This directive was issued in a document titled, “Circular on the Review of Operations of the NIBSS Instant Payments System and other Electronic Payment Options with Similar Features”, which was posted on Thursday on CBN’s official website.

NERC: Expect Improved Power Supply From July 1

The Nigerian Electricity Regulatory Commission (NERC) has disclosed that Nigerians should expect improved power supply from July 1, 2022. This was made known on Wednesday by NERC Chairman, Sanusi Garba at an interactive session with journalists after the 2nd Nigerian Electricity Supply Industry (NESI) meeting in Lagos State.

Titan Trust Bank Acquires Union Bank

Titan Trust Bank (TTB) Limited has concluded the deal which enabled it to purchase a majority and controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria. Union Bank’s Secretary, Somuyiwa Sonubi disclosed this in a statement that was issued on Thursday.

BDCs Can End Multiple Exchange Rates - ABCON President

The President, the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has encouraged the Central Bank of Nigeria (CBN), to use the Bureaux De Change (BDCs) operators to end multiple rate practices so as to bring in stability in the foreign market. Gwadabe while speaking at the weekend in Lagos, said CBN’s operational manual authorises BDCs (who are small retail end institutions licensed) to carry on the business of selling Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees and medical bills payment abroad, among other roles, at the retail end of the foreign exchange market. He however noted that the various policies of the CBN on the operations of the sub-sector continued to be inhibitive and limiting BDCs’ from providing their constitutional roles in the forex market and economy. The ABCON president called for collaboration between the BDC’s and the CBN in the implementation of market-friendly policies that will make the BDCs impact more positively in the market and promoting exchange rate stability in the economy.

FEC Approves NNPC, ECOWAS Deal For Nigeria-Morocco Gas Pipeline

The Federal Executive Council (FEC) has given approval to the proposal of Nigerian National Petroleum Corporation (NNPC) to enter into an agreement with the Economic Community of West African States (ECOWAS) for the construction of the Nigeria-Morocco Gas Pipeline. The FEC gave the approval on Wednesday during the weekly meeting presided over by the Vice President Yemi Osinbajo. The Minister of State for Petroleum Resources, Timipre Sylva, who briefed State House Correspondents after the meeting in Abuja, said the project was still at the point of the front end engineering design after which the cost would be determined. He explained that the pipeline would traverse 15 West African countries to Morocco and Spain.
“The ministry of petroleum resources presented three memos to the council,” Sylva said.

Capital Market Fraud: SEC Set To Introduce Unique Identifiers

The Securities and Exchange Commission (SEC) announced it would provide unique identifiers to capital market operators with the view of curbing issues related to fraud in the capital market. This was disclosed by Director General (DG), SEC, Lamido Yuguda during a meeting with the management of the Nigeria Data Protection Bureau (NDPB).

SEC To Prevent Identity Theft In Capital Market

The Security and Exchange Commission (SEC) said the current identity management system being developed by the capital market will tackle the lingering identification theft. This was made known by SEC’s Director-General, Lamido Yuguda while receiving members of the Committee on Identity Management for the Capital Market.

Nigeria Air To Get Operating License

Nigeria Air will be securing its Air Transport Licence (ATL) from the Nigerian Civil Aviation Authority (NCAA) on Monday 6th of June 2022 at the Nnamdi Azikiwe International Airport, Abuja, and then proceed to acquire the Air Operator Certificate (AOC) in the next couple of months.

CBN Raises Interest Rate From 11.5% To 13%

In an effort to tame the rising inflation rate in the country, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 13 percent. The MPR is the baseline interest rate of a nation’s economy and every other interest rate used within the economy is built on it.