CBN Imposes Penalty On Banks Over Mutilated Currency Notes

The Central Bank of Nigeria (CBN) has expressed displeasure over the increasing number of mutilated banknotes deposited by Deposit Money Banks (DMBs) at the apex bank. The CBN has issued a directive to banks to stop including composed currency notes in their deposits to CBN. Composed banknotes are mutilated currency notes that consist of several parts of different banknotes of the same denomination. The directive took effect on April 1, 2022.

Lagos Launches E-Hailing Taxi Scheme

The Lagos State Government has on Wednesday launched a new e-hailing taxi initiative with 1,000 brand new GAC vehicles. The taxi named 'Lag Ride' is a partnership between Lagos State-owned IBILE Holding Limited and Chinese Car Manufacturing Company, CIG Motors Company Ltd, including the establishment of a car assembling plant in Lagos State. In a statement signed by the Chief Press Secretary to the Lagos Government, Gboyega Akosile, said the initiative is aimed at creating employment, safe transportation for residents as well as managing the traffic challenges in the state.

Heir Insurance Introduces motor insurance plan for women

Committed to ensuring gender equality, Heirs Insurance Limited, has launched a motor insurance plan for women, named Her Motor Plan. Prioritising safety, the plan offers to its subscribers 24-hour road rescue and vehicle repair services, as well as access to an exclusive community of likeminded businesswomen. Heirs Insurance continues to transform insurance in Nigeria by providing simple, quick, reliable, and accessible protection plans to individuals and businesses. Heirs Insurance underwrites all classes of General Insurance Business for properties including vehicles, buildings, oil & gas, power, utilities risks, among others. Speaking during the launch in Lagos on Thursday, the Managing Director, Heirs Insurance, Dr. Adaobi Nwakuche, said that the plan comes with access to an exclusive community of like-minded businessmen.

CBN: Senate Confirms Seven Members Of Monetary Policy Committee

The Senate confirmed the nominations of seven members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The nominees’ confirmation followed the consideration of a report presented by the Senate Committee on Banking, Insurance, and Other Financial Institutions. Chairman of the Committee, Senator Uba Sani (Kaduna Central), in his presentation said the nominees possess the academic qualifications, professional experience, and technical knowledge to be members of the apex bank’s Monetary Policy Committee.

Telcos Warn Of Imminent Disruptions in FCT, 9 States

Telecoms operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) have warned of an imminent blackout of telecommunications facilities in 9 states including the Federal Capital Territory (FCT), as a result of disputes over unusual taxes and levies demanded by the Kogi State Government through the Kogi State Internal Revenue Service (KIRS).

President Buhari Commissions Dangote Fertilizer Plant, International Airport Terminal

President Muhammadu Buhari arrived in Lagos state on Tuesday morning on an official visit to commission and inspect some projects in the state. The President commissioned the $2.5 billion Dangote Fertiliser Plant built by the richest black man in the world, Alhaji Aliko Dangote. The facility is ranked as Africa’s largest granulated fertilizer complex with a capacity to produce 3 million metric tonnes of urea fertilizer annually. The fertilizer plant is built on a 500-hectare land located in the Lekki Free Trade Zone in Ibeju-Lekki of Lagos state.

FCCPC: Bank Accounts Of Illegal Loan Companies Frozen

The Federal Competition and Consumer Protection Commission (FCCPC) announced that it has frozen more than 30 bank accounts operated by illegal loan companies. The Commission had raided the premises of some loan companies because consumers had complained of harassment of loan defaulters, amongst other complaints. This was disclosed at a media briefing in Abuja on Tuesday by the Executive Chairman, FCCPC, Mr. Babatunde Irureka.

Erratic Power Supply: PMB Summons Minister

President Muhammadu Buhari has summoned AbubakarAliyu, minister of power, for a meeting at the presidential villa. The president is expected to discuss the erratic power supply experienced across the country in recent weeks.

Russian-Ukraine War: Qatar Gas Thrust Into Limelight

The energy minister of Qatar Saad Sherida al-Kaabi has revealed that its country's gas is most wanted as everyone in Europe is talking to them concerning gas supply. Qatar is one of the world's top suppliers of liquefied natural gas (LNG), has found fame as European states search for alternatives to the Russian gas that has powered its economies for decades, as Russia and Ukraine war persist.

FG Halts N600BN Electricity Subsidy, Confirms Power Tariff Hike

The Nigerian Electricity Regulatory Commission (NERC) has announced that the Federal Government has halted the N600 billion power subsidy, raising electricity tariffs in the country. It also disclosed that electricity tariffs were increased in February. The Chairman, NERC, Engr. Sanusi Garba said this during a press briefing in Abuja, noting that the electricity subsidy policy by the FG had to be stopped. He said, “The role of the commission is to make a determination of the rates that consumers should pay. So we strike a balance between consumers and investors.