CBN

An economist, Ms Razia Khan, also Managing Director/Chief Economist, Africa and Middle East, Global Research, Standard Chartered Bank, on Tuesday said Nigeria would see a restoration of positive growth.

This was announced in a circular issued to all deposit money banks, mobile money operators and payment service providers on Monday and signed by Musa Jimoh, the director of payments system management department, and Kevin Amugo, director of financial policy and regulation department.

The KanInvest and Diaspora, in partnership with the Links, a UK-based company and the Manufacturers Association of Nigeria (MAN), has secured N10 billion intervention fund from Central Bank of Nigeria (CBN) in its bid to revive industries affected by the COVID-19 pandemic disease in Kano State.

The anticipated release follows moves made by the CBN, working with the Nigeria Customs Service (NCS), in the last quarter of 2020, to facilitate import waivers to four agro-processing companies to import 262,000 tonnes of maize to bridge the shortfall in production and augment local production.

Fitch Ratings has predicted that Nigeria’s external reserves would rise to $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN).

Mohammed said the syndicates migrate from one State to the other with same method of defrauding their unsuspecting victims after getting their vital information through bogus links or fake investment adverts on social media platforms.

Stanbic IBTC Bureau De Change Limited (SIBDC), a subsidiary of Stanbic IBTC Holdings Plc, has announced the closure of its Bureau de Change operations.

The Economic and Financial Crimes Commission (EFCC) has urged a Federal High Court in Abuja to visit the Kano branch of the Central Bank of Nigeria (CBN) to inspect the $9,772,800 and £74,000 cash seized from a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu.

The Federal Government has ruled out the possibility of re-introducing fuel and electricity subsidies, saying there is no provision for such in the 2021 budget.

The Ogun State Ministry of Agriculture has alerted the general public to be wary of an online portal calling for application for the Ogun State/Central Bank of Nigeria (CBN) 2021/2022 Anchor Borrowers Programme.

Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles.

Prof. Kingsley Moghalu, former Deputy Governor, Central Bank of Nigeria (CBN), has felicitated with Prof. George Obiozor on his election as the President-General of Ohaneze Ndigbo.

Nigeria’s first Professor of Capital Market, Professor Uche Uwaleke, has said there is nothing wrong with Federal Government’s plan to borrow N895 billion from unclaimed dividends and dormant deposits in bank accounts.

The pact between the federal government and the power Distribution Companies (Discos) to supply and install one million meters between last October and December did not come close to hitting target, as only 16,308 of the projected installations, representing 1.6 per cent, was done at the end of November.

A former chairman of the defunct Skye Bank (now Polaris Bank), Mr Tunde Ayeni, has dragged his business partner, Captain Hosa Okunbo, to the Economic and Financial Crimes Commission (EFCC) for alleged mismanagement, stealing and diversion of funds from their company – Ocean Marine Security Limited. In the petition written by his counsel, Mr Femi Fálànà (SAN), Ayeni gave a vivid account of how Okunbo tried to scheme him out of the company.

Part of the law provides that, “Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank, which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account, shall be transferred immediately to the trust fund.”

The Central Bank of Nigeria (CBN) has made commitment to support Nigeria Customs Service (NCS) to promote technology driven service to boost the nation’s economy.

The Nigeria Customs Service (NCS) said it generated N1.562 trillion in the year 2020 which exceeded the target of N1.381tr by at least N181 billion.