Exclusive Reports

Thu, Apr

CBN To Ban BDCs From Street Trading

The Central Bank of Nigeria (CBN) has initiated a policy to prohibit Bureau De Change (BDC) operators from engaging in street trading. Additionally, the CBN has capped cash payments for selling foreign exchange at a maximum of $500. The apex bank has also proposed a revised regulatory guidelines for BDC operators, which include an increase in the share capital of Bureau De Change (BDC) operators from N35 million (general license) to N2 billion (Tier 1 license) and N500 million (Tier 2 license).

AMCON CEO: President Tinubu Sacks Kuru, Appoints Alade

President Bola Ahmed Tinubu has sacked Ahmed Kuru as the Chief Executive Officer (CEO) and Managing Director of Asset Management Corporation of Nigeria (AMCON) while appointing Gbenga Alade as his replacement. This development was made known on Thursday in a statement by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity.

Rising Cost of Cement: FG Summons Cement Manufacturers

The Federal Government (FG) through the Minister of Works, Dave Umahi, has summoned cement manufacturers such as Dangote, BUA, Lafarge and others over the rising cost of cement in recent times. This development was made known by Orji Uchenna, the media aide to the Minister who stated, “It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market is wide.

FG Moves to Commence Direct Cash Transfer, Aims 12m Nigerians

The Federal Government through the Minister of Finance, and Coordinating Minister for the Economy, Wale Edun, has made public its intention to commence direct cash transfers to 12 million vulnerable Nigerians amid the hardship presently being faced in the country. This development was revealed by Mr Edun, on 21st February 2024, during a retreat for management staff and head of parastatals of the ministry held in Uyo the state capital of Akwa Ibom.
The Minister stated that the project was initially for 3 million Nigerians, but the current economy has propelled the Ministry to review the number of recipients to 12 million.

President Tinubu Speaks On The Nation’s Food Crisis

In a bid to address the food crisis in the country, President Bola Ahmed Tinubu stated that he would not establish a price control board to regulate prices of food commodities or approve the importation of food. He made this known on Thursday during a strategic meeting held at the State House in Abuja, which had in attendance the Vice President, Kashim Shettima; the Secretary to the Government of the Federation (SGF), George Akume; the National Security Adviser (NSA), Nuhu Ribadu; the Director-General of the Department of State Services (DSS), Yusuf Magaji Bichi; the Inspector-General of Police (IGP), Kayode Egbetokun, the 36 state governors, amongst others.

Davido Pledges N300 Million to Nigeria Orphanages

Nigerian Singer David Adeleke popularly known as Davido has made public his intention to disburse the sum of N300 million across orphanages in Nigeria. The 'Timeless' crooner revealed that the donation would be done through his David Adeleke Foundation, stating that the donation was his yearly contribution to the nation, adding that details of the disbursement of the fund to beneficiaries will be available on Wednesday. He said on X "I and my foundation pledge the sum of 300 million Naira to orphanages around Nigeria... as my yearly contribution to the Nation... details of disbursement tomorrow.

PTA/BTA: CBN Orders Banks To Use Electronic Payments

The Central Bank of Nigeria (CBN) has ordered banks to stop cash payments but use electronic payments for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). This directive was contained in a circular titled, ‘Allowable Channels For Payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA)’, which was issued on Thursday and signed by CBN’s, Director of Trade and Exchange Department, Hassan Mahmud.

FG To Audit N23trn Ways and Means Loan

The Federal Government (FG) has disclosed its intention to audit the N23 trillion Ways and Means loan which was approved by the administration of former President, Muhammadu Buhari. This was made known on Tuesday by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy during the Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) to address strategies to manage the assets and resources of the country for the overall wellbeing of the citizens.

NARTO Vows To Stop Lifting Petrol From Monday

The Nigerian Association of Road Transport Owners (NARTO) vowed to stop lifting petroleum products from next week Monday as a result of the high cost of operations. Members of the Association have repeatedly complained about the high cost of diesel needed to power their trucks for the transportation of petroleum products nationwide, adding that their operating at a loss. This development was made known on Thursday in a statement issued by NARTO’s National President, Yusuf Othman.

Electricity Debt: AEDC Threatens to Disconnect Aso Rock, Gives 10 Days Ultimatum

The Abuja Electricity Distribution Company (AEDC) has given 86 government agencies, including the presidential villa, ministries, departments, and agencies (MDAs) 10 days’ notice to pay up over N47 billion debt due as of December 2023 or risk having their establishments disconnected from grid power. The DisCo noted that the Presidential Villa owes the sum of N923.9 million; the National Security Adviser owes N95.9 million; the Ministry of the Federal Capital Territory (FCT) owes the sum of N7.57 billion, while the Ministry of Power owes N78 million.

January Inflation Surged By 0.98% - NBS

The National Bureau of Statistics, NBS, in its latest report, disclosed that Nigeria’s inflation rate for January 2024 has surged, moving from 28.92% recorded in December to 29.90%. The data also indicated that on a month-on-month basis, the headline inflation rate for January 2024 ascended to 2.64%, outpacing the 2.29% observed in the preceding month by 0.35% points.

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