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Tuesday, 07 May 2024 04:59

CBN directs resumption of charges for cash deposits above N500k

The Central Bank of Nigeria (CBN) has reactivated fees for cash deposits exceeding N500,000 for both individual and corporate account holders, marking a resurgence in processing charges after a suspension period. The decision, effective May 1, comes after over four months of the apex bank's suspension of processing fees on cash deposits surpassing N500,000, which was set to expire on April 30, 2024. In a circular addressed to customers, First Bank Nigeria (FBN) notified of the revised processing fee structure, where individuals face a 2 percent charge on deposits above N500,000, while corporate account holders encounter a 3 percent fee…

Tuesday, 07 May 2024 04:58

SEC orders delisting of Naira from P2P platforms

The Securities and Exchange Commission (SEC) has unveiled plans to remove the naira from all peer-to-peer (P2P) platforms, as announced by Emomotimi Agama, SEC's acting director general, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the collective body of major blockchain and cryptocurrency associations in the country. P2P platforms facilitate direct financial transactions between two parties without traditional financial institution involvement. SEC's decision aims to mitigate perceived manipulation within the cryptocurrency domain. Agama emphasized the importance of collective action and dialogue within the financial ecosystem, citing concerns over the impact of crypto P2P traders on…

Tuesday, 07 May 2024 04:57

Labor to FG: Reverse electricity tariff hike or face industrial action

Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have jointly demanded that the Nigerian Electricity Regulatory Commission (NERC) revoke its recent electricity tariff increase before May 12, 2024. Failure to comply, they warn, will prompt unprecedented industrial action. In a letter addressed to the Chairman/Chief Executive Officer of NERC, dated May 3, 2024, and copied to key government officials and electricity distribution companies, the presidents of NLC and TUC expressed outrage over the tariff hike, labeling it as exploitative and unjust. They argued that the increase, from N65/kWh to N225/kWh, imposes undue hardship on Nigerians amidst…

Tuesday, 07 May 2024 04:54

‘Not in our thoughts’: FG denies plans for foreign military bases in Nigeria

The Federal Government of Nigeria has dismissed speculations surrounding the establishment of foreign military bases within its borders. Mohammed Idris, the Minister of Information and National Orientation, unequivocally rejected assertions of discussions with foreign nations regarding military installations on Nigerian soil. In a press release issued on Monday, Idris addressed what he termed as "baseless rumors" and urged the public to disregard such claims. He stressed that there have been no talks, nor is there any intention, to allow foreign military bases in the country. According to the statement, "The Federal Government is not engaged in any such negotiations with…

Tuesday, 07 May 2024 04:49

FG orders reduction in electricity exports to Niger, Benin, Togo

Nigeria's electricity regulator, the Nigerian Electricity Regulatory Commission (NERC), has instructed the grid operator to decrease electricity exports to overseas customers (Benin Republic, Niger, and Togo) in order to enhance domestic supply. In a directive issued recently, NERC highlighted that the grid operator's prioritization of supply to international customers, under bilateral contracts, has resulted in significant challenges for Nigerian consumers. To address this, NERC has imposed a 6% cap on total grid generation available to international off-takers for the next six months, starting from May 1. While Nigerian power firms have agreements with neighboring African nations to export electricity, delays…

Monday, 06 May 2024 04:55

7 days after Saudi Arabia meeting, Tinubu’s whereabouts unknown

Exactly seven days after President Bola Tinubu attended the World Economic Forum's (WEF) Special Meeting in Riyadh, Saudi Arabia, he has yet to return to Nigeria. The forum, aimed at addressing global challenges, concluded on April 29th, 2024. With no official statement from the Presidency regarding Tinubu's prolonged stay, speculation arises about his whereabouts. While some speculate he may be in Paris for medical reasons, credible sources indicate he traveled to London from Riyadh. As par Daily Trust, o highly placed official at the Presidency confirmed Tinubu's presence in London but remained tight-lipped about the purpose of the visit, labeling…

Saturday, 04 May 2024 04:59

Jega, other Northern leaders caution Tinubu, N’Assembly against allowing relocation of US, French troops expelled from Niger, others to Nigeria

Prominent northern leaders have issued a stern caution against the proposed relocation of United States and French military bases from the Sahel to Nigeria. The warning is contained in an open letter addressed to President Bola Tinubu and the National Assembly leadership, Those who signed the letter, as par Daily Trust, include Abubakar Siddique Mohammed of the Centre for Democratic Development, Research and Training (CEDDERT), Zaria; Kabiru Sulaiman Chafe, a former Minister of State for Petroleum Resources, representing the Arewa Research and Development Project (ARDP), Kaduna; Attahiru Muhammadu Jega, who is a former Chairman of the Independent National Electoral Commission…

Saturday, 04 May 2024 04:56

New company to take charge of troubled national grid following TCN restructuring

In a move set to reshape Nigeria's electricity landscape, the Nigerian Electricity Regulatory Commission (NERC) has issued a directive to establish the Nigerian Independent System Operator of Nigeria Limited (NISO) within the next 30 days, leading to the division of the Transmission Company of Nigeria (TCN). The order, identified as NERC/2024/45 and dated April 30, was signed by the Chairman/CEO of NERC, Sanusi Garba, and Vice Chairman, Musiliu Oseni. It mandates TCN to finalize the identification and mapping of assets and liabilities for the system/market operation segment of its business within 30 days and submit them to the Commission and…

Saturday, 04 May 2024 04:55

Katsina gov: Banditry is ‘business venture’ for some security personnel, gov officials

Katsina State Governor, Dikko Radda, has leveled accusations against certain security personnel and government officials, alleging their involvement in aiding banditry, which he claims has evolved into a lucrative "business venture." Speaking on Channels Television's Politics Today, Governor Radda highlighted systemic challenges hindering efforts to curb banditry, emphasizing poverty and injustice as significant catalysts. Contrary to claims linking the insecurity to politics, Radda stressed the dire economic conditions driving many northern youths into banditry, often for as little as N500. Shedding light on recent trips by northern governors to the United States, Radda clarified that the initiative was at the…

Friday, 03 May 2024 04:55

FG borrowed N11trn via bonds, treasury bills in 4 months - Report

Investigation reveals that the Federal Government has amassed a staggering sum of N11 trillion through auctions and sales of Treasury bills and saving bonds issuance over the past four months, as uncovered by The PUNCH. An in-depth analysis of bonds and bills results issued in the first four months of the year by both the Central Bank and the Debt Management Office indicates that the government secured N3.1 trillion in FGN bonds and N7.92 trillion in T-bills between January and April 2024, totaling N11.2 trillion. These bonds play a pivotal role in the government’s debt management strategy, serving various purposes…

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Friday, 03 May 2024 04:51

Tension as Russian troops enter base housing US military in Niger Republic

Russian military personnel have entered an air base in Niger that is hosting U.S. troops, a senior U.S. defense official told Reuters, a move that follows a decision by Niger's junta to expel U.S. forces from the country. The military officers ruling the West African nation have told the U.S. to withdraw its nearly 1,000 military personnel from the country, which until a coup last year had been a key partner for Washington's fight against insurgents who have killed thousands of people and displaced millions more. A senior U.S. defense official, speaking on condition of anonymity, said Russian forces were…

Thursday, 02 May 2024 04:38

Workers' frustration mounts as FG delays minimum wage announcement

The expectations of workers were dashed as the Federal Government refrained from unveiling the long-awaited increase in the minimum wage yesterday. President Bola Tinubu, however, pledged to enforce a living wage that reflects the current economic circumstances. Addressing attendees during the May Day celebration at the Eagle Square in Abuja, Tinubu, represented by Vice President Kashim Shettima, acknowledged the diligent efforts of the Tripartite Committee in proposing a national minimum wage. He expressed regret over the committee's inability to reach a consensus at its last meeting but assured resolution soon. Tinubu emphasized the government's openness to considering not just a…

Wednesday, 01 May 2024 04:45

‘Not true’: Maersk refutes Tinubu’s claim of $600m investment pledge in Nigeria

Contrary to President Bola Tinubu's announcement at the World Economic Forum in Riyadh, Maersk, the Danish shipping behemoth, has refuted claims of a proposed $600 million investment in Nigeria's port infrastructure. Tinubu had touted A.P. Moller-Maersk's commitment to bolstering Nigerian ports to accommodate larger vessels, thereby stimulating trade and economic growth. However, Maersk swiftly denied any such agreement, clarifying that no deals had been finalized. The confusion stemmed from a routine meeting between Robert Maersk Uggla, Chairman of A.P. Moller-Maersk, and Tinubu, which did not result in new investment commitments. While reaffirming its longstanding presence in Nigeria and commitment to…

Wednesday, 01 May 2024 04:44

Outrage over FG’s threat: ‘Accept tariff hike or brace for nationwide blackout’

Minister of Power, Adebayo Adelabu, sparked outrage with his warning that Nigeria faces a nationwide blackout within three months unless the proposed electricity tariff hike is implemented. Adelabu delivered this ultimatum during his appearance before the Senate Committee on Power, which is scrutinizing the tariff hike proposed by the Nigerian Electricity Regulatory Commission (NERC). Despite the Senate committee's rejection of the new tariff regime, Adelabu stressed the necessity of the increase to prevent a complete shutdown of the power sector. His remarks triggered a wave of indignation on social media, with Nigerians denouncing the government's insensitivity to the plight of…

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