Business

CBN FINES NINE BANKS N150M EACH FOR FAILING TO DISPENSE CASH VIA ATMS The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash …

UZODINMA HAPPY WITH REMOVAL OF OIL SUBSIDY, SAYS STATES NOW GET MORE MONEY Governor Hope Uzodinma of Imo State has declared that state government are currently getting more funds under the President Bola Tinubu’s administration. Uzodinma said the fuel subsidy removal is responsible for the current development. Speaking during the inspection of some projects to celebrate the first year of …

IPMAN OPTIMISTIC OF IMMINENT DROP IN FUEL PRICES The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, has expressed optimism about the declining price of Premium Motor Spirit (PMS) in Nigeria. He attributed this trend to improved pricing, accessibility, and procurement processes within the petroleum sector. Speaking on Saturday, January 11, 2024, Chinedu noted …

NORTH-SOUTH CATTLE TRADE DECLINES by 50 PERCENT Cattle traders are facing an existential threat, especially in the northeastern part of Nigeria, with stakeholders calling for urgent intervention to save the sector. Investigation by Weekend Trust revealed that as a result of the spate of insecurity ravaging parts of the country and the ban on open grazing in some states, with …

FIRST BANK SHAREHOLDERS PLOT REMOVAL OF OTEDOLA AS CHAIRMAN, CALL FOR EXTRA-ORDINARY GENERAL MEETING The crisis in the leadership of First Bank Holdings of Nigeria worsened on Wednesday as a group of stakeholders called for the removal of its board chairman, Femi Otedola, and non-executive director, Mr Julius B. Omodayo-Owotuga. This comes as the group calls for an immediate extraordinary …

TINUBU GOVT OKAYS TARIFFS HIKE BY MTN, AIRTEL, GLO Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani says telecom tariffs will soon increase but not by 100 per cent. Rising from a stakeholders’ meeting with Mobile Network Operators (MNOs) on Wednesday in Abuja, Tijani said consultations and engagements were ongoing. The MNOs were proposing a 100 pee cent …

NIGERIAN GOVT GETS $255M CHINESE LOAN FOR KANO -KADUNA RAILWAY PROJECT China Development Bank, CDB, has approved the first tranche of a $255 million loan for the Nigerian government’s Kaduna-Kano railway project. This was disclosed in a statement by CDB on Tuesday. The loan, according to the China Development Bank, will provide crucial financial backing to ensure the smooth construction …

AUDIT REPORT UNCOVERS N514BN INFRACTIONS IN NNPCL TRANSACTIONS Nigeria’s Office of the Auditor-General for the Federation has uncovered a minimum of four financial infractions amounting to N514 billion in the operations of the Nigerian National Petroleum Company Limited, NNPCL, in the 2021 financial year. This was disclosed in an audit report of non-compliance/internal control weaknesses in the MDAs for the …

SIX YOUNGEST MOST SUCCESSFUL ANAMBRA INDUSTRIALISTS Anambra State is known for a lot of great things but particularly its rich supply of quality human resources. While the older generation of successful people are giving way, the younger ones are emerging almost in quick succession in various sectors.In manufacturing, a new generation of dynamic entrepreneurs are coming up and are reshaping …

TELECOM TARIFF HIKE WILL STIFLE FREEDOM OF EXPRESSION – HURIWA Human Rights Writers Association of Nigeria (HURIWA) has strongly criticised move by telecommunications operators in the country to hike tariff. HURIWA referred to a planned 40 per cent hike in tariffs, which they claimed the Nigerian Communications Commission (NCC) approved, but which the regulator had denied. HURIWA said the hike …