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Friday, 20 January 2023 05:30

Buhari ‘warmly’ welcomes Emefiele as CBN gov visits Aso Rock twice in one day

Calls for the sack of the embattled Central Bank Governor, Godwin Emefiele, may have hit the brick wall as President Muhammadu Buhari welcomed back the CBN chief who recently returned to the country from his annual leave. “You are welcome back. I am grateful that you are well received,” Buhari told Emefiele during a meeting at the State House on Thursday. This is Emefiele’s first meeting with the President since he resumed duty on January 16. Later on Thursday evening, the CBN chief returned for another meeting with the President but declined to comment on the issues discussed. Hours earlier,…

Friday, 20 January 2023 05:29

CBN ‘begs’ banks to pick up new Naira notes

Central Bank of Nigeria (CBN) says it has been begging commercial banks to pick up the new Naira notes. The apex bank had redesigned N200, N500, and N1000 notes, saying the old ones will cease to be legal tender by January 31. However, there have been concerns over this as the new notes are scarce less than two weeks to the deadline. To check the scarcity, the CBN introduced different measures, including banning over the counter payment with the new notes. The apex bank had directed commercial banks to fill their ATMs with the new note but yet the problem…

Friday, 20 January 2023 05:28

Mining agency rakes in N14.6bn revenue from licence issuance - Official

Federal government, through the Nigeria Mining Cadastre Office, says it generated N14.59 billion in five years (2018 to 2022). Obadiah Nkom, director-general of NMCO, said this at the 63rd session of the state house ministerial briefing, organised by the presidential communications team in Abuja. He said the agency in 2018, 2019, and 2020, generated N1.55 billion, N2.38 billion, and N2.57 billion, respectively. However, between 2021 and 2022, the agency’s revenue fell from N4.3 billion to N3.79 billion. The director-general attributed the drop in revenue to changes in its internal operating system which temporarily affected inflows. According to Nkom, 100 percent…

Friday, 20 January 2023 05:27

What to know after Day 330 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukraine expects decisions on tanks at Western defence leaders' meeting Ukrainian President Volodomyr Zelenskiy said his government was expecting "strong decisions" from defence leaders of NATO and other countries meeting on Friday to discuss boosting Ukraine's ability to confront Russian forces with modern battle tanks. The meeting at Ramstein Air Base in Germany is the latest in a series since Russia invaded Ukraine nearly 11 months ago, and where future weapons supplies will be discussed, particularly of Germany's Leopard 2 tanks used by armies across Europe. Berlin has veto power over any decision to export the tanks and…

Thursday, 19 January 2023 06:04

NNPC gets N1.9trn tax credit to construct 44 federal roads

Federal Executive Council (FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC Ltd) to invest N1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy. The council gave the approval at its meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja. Osinbajo’s spokesperson, Laolu Akande, briefed State House correspondents on behalf of the Minister of Works and Housing, “The Federal Executive Council approved the recommendation to invest in the reconstruction of selected federal roads under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit…

Thursday, 19 January 2023 06:01

FAAC: FG, states, LGs share N990bn for December, 2022

Federation Accounts Allocation Committee (FAAC) has shared a total of N990 billion as December 2022 federation revenue to the federal, state and local government councils and other relevant agencies in the country. The amount includes the gross statutory revenue, value-added tax, exchange gain and electronic money transfer levies. The federal government received N375.306 billion, the states received N299.557 billion, the local government councils got N221.807 billion, while the oil-producing states received N93.519 billion as derivation (13 per cent of Mineral Revenue). The details were contained in a communiqué issued at the end of the meeting of the Federation Account Allocation…

Thursday, 19 January 2023 06:00

Buhari extends IGP’s tenure; Police Minister explains why

Minister of Police Affairs, Mohammed Dingyadi, has said the Inspector-General of Police (IGP), Usman Alkali Baba, will not be retiring midway into the general elections as earlier expected. He made the clarification while fielding questions from State House reporters after the first Federal Executive Council (FEC) meeting of the year. Dingyadi, who said Baba already had an appointment letter extending his term in office, added that the Police Act 2020 had changed the rules for an IGP’s retirement. Reports in the media lately suggested that the IGP would be clocking 60 years on March 1, 2023, and would be expected…

Thursday, 19 January 2023 05:56

US redirecting Israel-stored munitions to Ukraine

The United States is diverting munitions stored in Israel to Ukraine for use in the war against Russia, the New York Times reported on Wednesday, saying the decision was made last year. An Israeli official confirmed the report to Reuters, saying that then-Prime Minister Yair Lapid approved the transfer although the United States does not formally need such consent. For decades, the Pentagon has stored munitions in Israel to serve as emergency resupplies for the country in wartime - or for handover to other U.S. allies. According to the New York Times, the munitions Washington decided to move from Israel…

Thursday, 19 January 2023 05:55

What to know after Day 329 of Russia-Ukraine war

RUSSIAN PERSPECTIVE We couldn’t ignore what was happening in Ukraine – Putin Russia could not stand idly by when Kiev started eliminating people just for associating themselves with Russian culture, language and traditions, President Vladimir Putin said on Wednesday as he explained the reasoning behind Moscow’s ongoing military operation in Ukraine. Speaking at an event dedicated to the 80th anniversary of the breakthrough of the blockade of Leningrad, Putin noted that the Donetsk and Lugansk regions were “historical territories” of Russia and that he ultimately made the decision to launch the military operation in order to end the eight-year-long war…

Wednesday, 18 January 2023 10:24

Gambian vice president is dead

Gambia's Vice-President Badara Alieu Joof has died of illness in India, President Adama Barrow said on Tuesday. Joof, 65, was appointed vice president of the West African country in 2022. He had previously served as education minister. Barrow said on Twitter that Joof had died "after a short illness" without providing further detail. The vice president had left Gambia about three weeks ago to seek medical treatment. Reuters

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Wednesday, 18 January 2023 10:23

Top Ukraine Cabinet minister, two junior ministers, 15 others die as helicopter crashes in Kiev

A helicopter crash in a Kyiv suburb Wednesday killed 18 people, including Ukraine’s interior minister and three children, Ukrainian authorities said. There was no immediate word on whether the crash was an accident or a result of the war with Russia. No fighting has been reported recently in the Kyiv area. Interior Minister Denys Monastyrskyi, his deputy Yevhen Yenin and State Secretary of the Ministry of Internal Affairs Yurii Lubkovych were among those killed, according to Ihor Klymenko, chief of Ukraine’s National Police. Monastyrskyi, who was in charge of the Ukrainian police and other emergency services, is the most senior…

Wednesday, 18 January 2023 06:07

New Naira notes scarcity: Banks suspend transactions via Naira credit, prepaid cards

In compliance with Central Bank of Nigeria’s (CBN) currency redesign and cash withdrawal policy that limit withdrawals across all channels to N500,000 weekly, banks have suspended further cash disbursement via customers’ Naira Credit and prepaid cards. As a result, the banks have informed customers through text messages that these channels can no longer be used to access cash for the time being. For instance, Stanbic IBTC in a message to one of its customers stated: “Following the naira redesign policy limiting local cash withdrawals across all channels to N500,000 weekly, please be informed that cash withdrawal on your naira credit…

Wednesday, 18 January 2023 06:06

FAAC clashes with CBN over remittances into revenue accounts

Federation Account Allocation Committee (FAAC) says the Central Bank of Nigeria (CBN) has disregarded its invitations to answer questions on revenues moved to the federation account between January 2006 and December 2021. This was disclosed by FAAC’s post mortem sub-committee (PMSC) at its monthly meeting on Tuesday, January 17, 2023. The sub-committee was providing an update on a proposed review of the FGN/CBN treasury crude account No: 20054141287, according a document obtained by TheCable. At the last FAAC plenary meeting held on November 18, 2022; a consultant engaged by the Nigeria Governors’ Forum (NGF), had made a presentation to ascertain…

Wednesday, 18 January 2023 06:05

Court summons Emefiele to appear in court over suit seeking his arrest

A Federal High Court in Abuja has summoned Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to appear on Wednesday (today) over a $53 million judgement debt arising from the Pars Club refunds. Justice Inyang Ekwo in an application for garnishee made on October 20, 2022, ordered Emefiele to appear on January 18 as the hearing date for the matter. The order followed the application by a Senior Advocate of Nigeria, Joe Agi, against Linas International Ltd, Minister of Finance and the CBN through his lawyers, Isaac Ekpa and Chinonso Obasi, seeking an order directing the Inspector General…

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