By Eyo Nsima The Central Bank of Nigeria, CBN, Friday, threatened to suspend the license of banks involved in illegal foreign exchange transactions. In a letter to the banks, Director, Trade and Exchange Department, CBN, Dr. O.S. Nnaji, stated: “In line with our continuing close surveillance of our financial markets in general and the foreign […]
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By eyo Nsima The Central Bank of Nigeria, CBN, has directed banks to ensure that end-to-end bulk payments or transfers are henceforth processed on the platforms of banks or payment service providers, PSPs for their customers with a detailed breakdown of the accounts that receive the credits. In a circular – Disaggregation of Bulk Payments
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By Eyo Nsima THE minister of state for Petroleum Resources, Timipre Sylva, has observed that Nigeria currently trail behind the United States, China, Japan, Germany, South Korea, India and other nations in Research and Development, R&D. According to him, this happens because the puts only 0.2 per cent of its Gross Domestic Product, GDP, into
21 Winners of Merck Foundation More Than a Mother Fashion Awards 2020 from Ghana, Namibia and Zambia were celebrated during the ceremony; 2 New fashion awards 2021 were announced by Merck Foundation in partnership with African First Ladies. Merck Foundation, the philanthropic arm of Merck KGaA Germany conducted an award ceremony to felicitate and celebrate
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By OUR CORRESPONDENT Niger State Board of Internal Revenue, BIR, Monday, shut several institutions and eight banks over alleged tax liabilities, amounting to N456million. In a statement obtained by The Daily, www.thedaily-ng.com, Executive Chairman of the Board, Alhaji Mohammed Madami Etsu, disclosed the tax defaulters to include, Stanbic IBTC (N113.2 million) Polaris Bank (N74.8 million),
By Eyo Nsima The Central Bank of Nigeria, CBN, has shifted the meeting of the Monetary Policy Committee, MPC, to September 16-17, 2021. The apex Bank, which disclosed this in a notice to stakeholders, September 6, 2021, did not disclose the reasons for the development. Specifically, it stated: “This is to inform you that the
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By OUR CORRESPONDENT The Comptroller – General, Nigeria Customs Service, Colonel Hameed Ali, rtd, Wednesday, noted that bad governance, which culminated in the underdevelopment of border communities was fuelling smuggling in Nigeria. He said most of the communities lack basic infrastructure, including roads, hospitals, electricity and pipe-borne water, thus cutting the areas, where smuggling remains
How bad governance encourages smuggling in Nigeria – Customs Read More »
CBN tackles Senate over alleged unremitted operational surpluses By Eyo Nsima The Central Bank of Nigeria, CBN, Wednesday, challenged the Senate over allegation of unremitted 80 per cent of operational surpluses into the Consolidated Revenue Fund, CRF, in the past five years. The Deputy Governor of CBN in charge of Economic Policy, Dr Kingsley Obiora,
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By Eyo Nsima The Lagos Chamber of Commerce, LCCI, has reacted as the The National Bureau of Statistics, NBS, releases Nigeria’s Gross Domestic Produt, GDP, report for the second quarter of 2021. Commenting on the GDP report, the LCCI, stated: “The National Bureau of Statistics has released the national accounts for Q2 2021 showing that
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The Economic and Financial Crimes Commission, EFCC, has urged the banks to investigate their customers’ sources of income. Addressing members of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, who visited him in Abuja, Abdulrasheed Bawa, EFCC chairman, said: “I will like to urge you to know your customers, know the kind
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