Thu, Jun

SEC Prohibits 6 Online Trading Platforms

The Security and Exchange Commission (SEC) has announced that it has prohibited six online trading platforms from continuing activities. This was contained in a circular issued on Monday by the Commission which stated that the affected platforms were not registered by the SEC, therefore the financial services offered by them were unauthorized.

Naira Redesign: Old Notes Valid Till Dec 31 - Supreme Court

The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN) and further declared the old N200, N500 and N1000 notes legal tender until December 31, 2023. The apex court on Friday nullified the CBN's redesign policy, stating that it was an affront to the 1999 constitution. It added the President’s disobedience of the February 8 order, is a sign of dictatorship.

FG Sets Up 14-Man Committee To End Fuel Scarcity

President Muhammadu Buhari on Tuesday approved the constitution of a 14-man steering committee to enforce petroleum products supply and compliance with official prices.The committee will be chaired by the President, with the Minister of State for Petroleum Resources, Timipre Sylva, asting as the alternate chairman. Other members of the committee are the minister of finance, budget and national planning; permanent secretary, ministry of petroleum resources; national economic adviser to the president; director-general, Department of State Services (DSS); comptroller-general, Nigeria Custom Service (NCS); the chairman, Economic and Financial Crimes Commission (EFCC) and the commandant-general, Nigerian Security and Civil Defence Corps (NSCDC).

IPMAN Makes U-Turn On Suspension, Resumes Operation

The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that it has called off the suspension notice earlier, on the sales of products sent to its members since issues of contention have been resolved. The spokesman of the IPMAN office in Maiduguri, Borno State, where the suspension notice emanated from, Abdulkadir Mustapha, has confirmed the suspension via a telephone call, “Yes, the suspension notice is confirmed as genuine but we have already resolved the issue and directed all the members to start dispensing fuel since an hour ago.”

Kyari: NNPC Will Fund Road Projects With Additional N1tn

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited disclosed on Thursday that the company will provide an additional N1 trillion to fund road projects. He made this known in a video clip circulated online during his official tour of the ongoing construction of the Agbara-Badagry road project, which is part of the 21 federal roads being funded by the NNPC.

Obi Speaks On Redesigned Naira Notes

Leading presidential candidate of the Labour Party (LP) Peter Obi has urged Nigerians on the need to bear the current pain and inconvenience occasioned by the redesigning of ₦200, ₦500 and ₦1,000 notes, saying the policy would bring significant long-term economic and social benefits if it is sustained.

President Buhari To Unveil New Naira Notes Wednesday – CBN Governor

The Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele, revealed that President Muhammadu Buhari will unveil the newly redesigned naira notes tomorrow Wednesday, November 23, 2022. Emefiele, announced said this on Tuesday while fielding questions from journalist at the monetary policy committee (MPC) meeting in Abuja. Recall that Emefiele had announced in October that the apex bank would issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022. However, he has disclosed that CBN won’t wait till December anymore for the unveiling of the new notes.

CBN Extends Use Of Old Naira Notes Till February 10

The Central Bank of Nigeria (CBN) through its Governor, Godwin Emefiele has on 29th January 2023 announced a 10 days extension of the deadline from 31st January to 10th February 2023 for the use of old naira cut across the nation. This was made known by the CBN boss, in Daura, Katsina State after meeting and gaining approval of President Muhammadu Buhari for the extension deadline, more so noting that Nigerians will be able to deposit their old naira note directly with the apex bank until the 17th February 2023 as described as "grace period".

CBN, AMCON Announce Sale Of Polaris Bank To SClI

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). This is happening even as the House of Representatives on Wednesday gave the go for the sale of Polaris Bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval. The House had last week directed the CBN to suspend the planned sale of Polaris Bank. The Chairman, House of Representatives Ad-hoc Committee on the probe of the sale of Polaris Bank, Hon Henry Nwawuba, yesterday said at a briefing with reporters that investigations had shown there was nothing wrong with the process. Adding that there had been compliance with the process.

We Will No Longer Tolerate Strike By Aviation Workers-Minister of Aviation

The Minister of Aviation, Hadi Sirika said on Wednesday that the government will no longer tolerate strikes and riots around all airports across the country because it is against the law, adding that Civil Aviation Act (2022) prevented aviation workers from embarking on strike actions.

Anticipate More Flooding NiMet Warns Nigerians

The Nigerian Meteorological Agency (NiMet) and the Nigeria Hydrological Services Agency (NISHA) have revealed that there is more chance of more states in the North Central, South East, and South West experiencing floods in the coming days. This was disclosed by both the Director- General of NiMet, Prof. Mansur Bako Matazu, and the Director-General of NIHSA, Mr. Clement Nze during the opening ceremony on the Hydro-metrological status and outlook system (Hydro SOS) workshop in the nation's capital on the 11th October 2022. While speaking on the current flood impact the DG noted that the flood is a result of rainfall and has gotten to its peak, flooding as a result of opening dams and other water-holding facilities would affect the aforementioned states.

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