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Senate to seek clarification from CBN on new cash withdrawal policy
Abuja, Dec. 8, 2022 – The Senate is to seek clarifications from the Central Bank of Nigeria (CBN) on its new policy on limited cash withdrawals announced earlier this week. The new policy prescribes maximum cash withdrawal limits by individuals and corporate organisations at N100,000 and N500,000, respectively, per week. Some senators, who spoke at Wednesday’s plenary, agreed that the new policy would adversely affect many Nigerians The Senate Minority Leader, Phillip Aduda, (PDP, FCT), called the attention of his colleagues to the new policy while seconding a motion that …
Promoters of banks, financial institutions, to disclose sources of funds – CBN
Abuja, Dec. 8, 2022 – The Central Bank of Nigeria (CBN) says promoters of banks and other financial institutions will now be required to disclose sources of their funds when applying for license. The CBN, had in a circular issued by the Director, Financial Policy and Regulation Department, Chibuzo Efobi, said the new guideline was in compliance with AML/CFT/CPF laws and regulations. “The directive has formed part of the minimum requirements for licensing new financial institutions. “The guideline is part of the Guidelines for ‘Licensing Banks and Other Financial institutions in …
Queues at petrol stations will soon disappear – official
Lagos, Dec. 7, 2022 – The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the queues at filling stations will soon disappear as marketers commence massive loading of petroleum products. Its Chief Executive, gave the assurance during a stock monitoring exercise within depots in Lagos on Wednesday. The NMDPRA boss led staff of the Authority to NIPCO, Total, Aiteo, OVH, Conoil, 11 Plc and HOGL depots in Apapa for on the spot assessment. Farouk said the stock taking exercise was to ensure availability and effective distribution of petroleum products …
Adeleke denies withdrawing N5bn from Osun account
The Osun State Governor, Ademola Adeleke, has denied withdrawing N5 billion from the state’s account and awarding contract for the reconstruction of the road leading to the Adeleke University in Ede. His spokesperson, Olawale Rasheed, said this on Wednesday in Osogbo, stressing that the allegation being peddled on the social media was a lie from demented minds. “The public will recall that Adeleke had, during his inauguration, announced the freezing of all the state and local governments’ accounts. “That was done right at the venue of inauguration before he had …
African Development Fund mobilizes $8.9 billion for Africa’s low-income countries
Tangier, Dec. 7, 2022 – Development partners of the African Development Fund (ADF) have agreed to commit $8.9 billion to its 2023 to 2025 financing cycle. A statement from the African Development Bank (AfDB) on Wednesday said this would be the largest replenishment in the history of the Fund. ADF is the concessional window of the African Development Bank Group, providing grants and soft loans to the continent’s low-income countries. The $8.9 billion replenishment package includes $8.5 billion in core ADF funding and $429 million for the newly created Climate …
FG recovers N120bn proceeds from crimes
Abuja, Dec. 7, 2022 – The Minister of Information and Culture, Alhaji Lai Mohammed, on Wednesday said the federal government had recovered N120 billion proceeds from crimes through the instrumentality of the Proceeds of Crime (Recovery and Management) Act. The minister said this during the presentation of a scorecard of President Mohammadu Buhari’s administration in Abuja. He said that the federal government was winning the war, stressing that the Proceeds of Crime (Recovery and Management) Act was among three legislations designed by the executive to combat corruption. The minister said …
Mozambique ex-president’s son jailed 12 years for corruption
Maputo, Dec. 7, 2022 (AFP/GBN) – A Mozambican court on Wednesday sentenced the son of Mozambique’s ex-president Armando Guebuza to 12 years in jail. This is following a vast corruption scandal in which the government unleashed financial havoc by trying to conceal huge debts. “The crimes committed have brought consequences whose effects will last for generations,” said Judge Efigenio Baptista who found Ndambi Guebuza guilty of embezzlement, money laundering and criminal association, in a scandal that arose after state-owned companies in the impoverished country illicitly borrowed $2 billion between 2013 …
Nigeria Customs Service in Ogun impounded N4.9bn worth of goods in 9 months – controller
Idi-Iroko (Ogun), Dec 7, 2022 – The Ogun Area One Command of Nigeria Customs Service impounded goods worth N4.9 billion between February and December this year. Comptroller Bamidele Makinde, the Controller of the Command, disclosed this on Tuesday to journalists at a briefing on the activities of the command in Idi-Iroko. He said that the command generated N58, 676,751 from import duties and auction sales of petroleum products. Bamidele said the command intercepted 16,224 kegs of petrol, and 99 vehicles used as means of conveyance of smuggled goods during the …
China’s trade suffers worst slump in 2-1/2 yrs on COVID woes, feeble demand
Beijing, Dec. 7, 2022 (Reuters/GBN) – China’s exports and imports shrank at their steepest pace in at least 2-1/2 years in November, as feeble global and domestic demand, COVID-led production disruptions and a property slump at home piled pressure on the world’s second-biggest economy. The downturn was much worse than markets had forecast, and economists are predicting a further period of declining exports, underlining a sharp retreat in world trade as consumers and businesses slash spending in response to central banks’ aggressive moves to tame inflation. Exports contracted 8.7 per …
Oil falls close to 2022 lows on economic worries, easing supply fears
London, Dec. 7, 2022 (Reuters/GBN) Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets. Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched …