Latest Articles
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 …
Dangote-led flood committee commences distribution of N1.5bn relief items to victims nationwide
Lagos, Dec.7, 2022 – The Dangote-led Presidential Committee on Flood Relief and Rehabilitation (PCFRR), otherwise known as Dangote Flood Committee, has started distributing relief materials worth N1.5 billion to flood victims nationwide. The PCFRR, which was established by the Federal Government following the 2012 floods, is co-chaired by Africa’s foremost industrialist, Aliko Dangote, and Dr. Olisa Agbakoba. The flagging off ceremony for this year’s distribution, started in Borno State on Tuesday. It was conducted by the State Governor, Professor Babagana Umara Zulum, in Maiduguri, Borno State capital. The Governor thanked the …
NIMASA wins taxation institute award, Jamoh bags 2022 outstanding service award
Lagos, Dec. 7, 2022 – The Nigerian Maritime Administration and Safety Agency (NIMASA) has received the ‘Corporate Organization Award’ from the Chartered Institute of Taxation of Nigeria (CITN) for its good corporate citizenship. Dr Bashir Jamoh, its Director General, was also awarded the 2022 ‘Outstanding Service to Taxation Profession’ award by the CITN. A statement by NIMASA in Lagos on Wednesday said that the awards were given to the organisation for its exemplary record of tax-compliance and corporate social initiatives. These, it said, included NIMASA’s nationwide distribution of relief materials …
Petrol tanker falls, blocks Onitsha – Enugu road
Onitsha, Dec. 7, 2022 – A tanker laden with petrol on Tuesday fell along the Onitsha-Enugu Expressway between Toll Gate and Ogbunike Slaughter. The incident happened at about 2:05 pm as the tanker driver was diverting to Ndumore Oil & Gas Filling Station along the expressway. The cause of the incident was due to loss of control of the tanker by the driver. The incident caused the Awka-bound lane to be cordoned, while vehicles were diverted to the Onitsha-bound lane, thereby causing heavy traffic on the axis. “The men of …
Buhari reiterates determination to handover on May 29
Abuja, Dec. 6, 2022 – President Muhammadu Buhari today reaffirmed his determination to hand over the leadership of Nigeria to an elected president on May 29, 2023 as enshrined in the constitution. He expressed his determination when he received the Special Envoy of King Mohammed the VI of Morocco, Shakib Ben Musa, at the State House, Abuja. Musa is also the Minister of National Education, Pre-School, and Sports of the Kingdom of Morocco. According to President Buhari, his term of office will end with the inauguration of a new president …
CBN sets limit to cash withdrawals per week
Lagos, Dec. 6, 2022 – The Central Bank of Nigeria (CBN) today introduced a new policy limiting over-the-counter cash withdrawals per week. The CBN has directed banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities should not exceed N100, 000 and N500, 000, respectively, per week. The cash withdrawal limits is contained in a circular issued today by the apex bank will take effect nationwide on January 9, 2023. The new policy is coming barely weeks after President Muhammadu Buhari launched the newly …
Kano Hisbah intercepts truck with 18,000 bottles of beer
Kano, Dec. 6, 2022 – Kano State Hisbah Board has intercepted a vehicle loaded with over 18,000 bottles of assorted beer in Gwarzo Local Government Area of the state. Sheikh Harun Sina, the Commander General of the Board, told newsmen in Kano on Tuesday that the truck was intercepted on Monday along Gwarzo road on its way to Kano. Jamilu Yakasai, the head of anti-intoxicants unit, said the vehicle was intercepted following a tip-off by a good samaritan on its way to Kano through Gwarzo Local Government Area. He said …