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Wed, Nov

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).

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.

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.

FG Approves Tax Reliefs, Other Support For Tech Start-ups

The Federal Government (FG) has approved tax reliefs and other incentives for tech start-up companies to enable the implementation of strategies to support the development of more Innovation-Driven Enterprises (IDE). The approved tax reliefs and incentives are expected to create millions of jobs across the country. This was disclosed in a statement signed by the Minister of Communications and Digital Economy, Isa Pantami.

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.

FG Appoints New Accountant-General

The Federal government has approved the appointment of Mr Anamekwe Chukwuyere Nwabuoku to oversee the Office of the Accountant-General of the Federation. This was revealed in a statement by one of the President's media aides Tolu Ogunlesi via social media on 22nd May 2022, noting that Nwabuoku is to assume the office of the OAGF pending the outcome of Ahmed Idris's investigation by the Economic and Financial Crimes Commission (EFCC).

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.

FIIRO: President Buhari Appoints New DG

President Muhammadu Buhari has approved the appointment of Dr. Adamu Tutuwa as the substantive Director General (DG) of the Federal Institute of Industrial Research, Oshodi (FIIRO), Lagos State with effect from May 10, 2022, for a five-year non-renewable tenure. Her appointment was announced on Friday in a statement issued by the Federal Ministry of Science, Technology, and Innovation.

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.

Road Reconstruction: FEC Approves N169.7Bn

The Federal Executive Council (FEC) has approved the sum of N169.7bn in private sector investments for the reconstruction of four roads. This was disclosed by the Minister of Works and Housing, Babatunde Fashola, after the conclusion of the Council’s meeting on Wednesday which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

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