General News

Showing: 3111 - 3120 of 3,152 Articles
General News Money market

Finance minister berates rating agencies, urges them to be reasonable

Abuja, Dec.8, 2022 – The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, has condemned the recent downgrades of Nigeria by some credit rating agencies. She said that those downgrades were based on factors beyond the country’s control and could affect the country’s ability to borrow from the international market. The finance minister said this during a meeting with the United Nations Deputy Secretary General and Chair, United Nations Sustainable Development Group, Amina Mohammed, in Abuja. “We are coping with a lot and we are doing the best …

General News Oil and Gas

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 …

General News

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 …

General News Investment

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 …

General News

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 …

General News Trade

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 …

General News

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 …

General News Maritime/Shipping

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 …

General News

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 …

Currencies General News

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 …