“Millions of Naira Worth of Goods Lost as Fire Engulfs Lagos Port”
In a devastating incident at the Tin-Can Island of the Nigerian Ports Authority, Terminal ‘C’ managed by Port and Cargo Limited was ravaged by a fierce fire outbreak, resulting in the destruction of goods valued at millions of naira. The calamity struck near midnight on Thursday, July 20, 2023, leaving emergency responders scrambling to the […]
“Record Revenue Surge: FAAC Shares N907 Billion Amongst States, Local Governments for June 2023
In an unprecedented economic development, the Federation Account Allocation Committee (FAAC) announced a remarkable milestone, sharing a staggering N907.05 billion among the three tiers of government for the month of June 2023. This figure reflects a substantial increase of N120.89 billion compared to the previous month’s allocation, marking the highest distribution of the year so […]
Federal Government Takes Swift Action Against Illegal Loan Apps in Nigeria, Delists Two from Google Play Store
In a decisive move to protect Nigerian consumers from the harassment and abuse perpetrated by unscrupulous digital money lenders, the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has embarked on a comprehensive crackdown. The FCCPC recently announced its intention to release a comprehensive list of illegal (unregistered) digital loan apps operating […]
Naira devaluation pushes up vehicles duties by 40%
The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty. The NCS on Saturday raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar. […]
Arik Air Denies Allegations of N120bn Fund Diversion, Labels Accusations as False, Part of a Smear Campaign
In a recent development, Arik Air Limited (in receivership) has vehemently refuted allegations of misappropriation of funds amounting to N120 billion. The claims were made against the Receiver Manager appointed by the Assets Management Corporation of Nigeria for Arik Air, Mr Kamilu Omokide, who had reportedly been detained by the Economic and Financial Crimes Commission […]
FG projects N9tn annual revenue from asset concession
Public assets put on concession by the Federal Government are expected to generate N9.1tn revenue every year over the next 55 years. The generated revenue will be shared between the government and private investors based on a contractual agreement. This implies that the new administration of President Bola Tinubu-led administration may receive N36.4tn in its first […]
Dangote refinery will generate foreign exchange inflow — Obi
The Labour Party presidential candidate, Peter Obi, has said the Dangote Petroleum Refinery and Petrochemicals will be beneficial to the country’s economy. The President, Major General Muhammadu Buhari (retd.), inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner, in Lagos State on Monday. Senior government officials from Nigeria and other African countries attended […]
CBN to Collect Unused Account Balances, Unclaimed Money
According to a proposal made by the Central Bank of Nigeria, banks should move money from accounts that have been inactive for up to ten years into a trust fund account. This is stated in the newly disclosed exposure draft of the Nigerian banks’ and other financial institutions’ management of dormant accounts, unclaimed balances, and […]
Reps, whistleblowers differ over investigation of $48m crude oil theft
The Ad-hoc Committee on Stolen 48 Million Barrels of Crude Oil and the George Uboh-led Whistleblowers Network on Tuesday differed over the mandate of the lower legislative chamber to investigate the matter. The Ad-hoc Committee of the House, chaired by Mark Gbillah, had threatened to sue members of the George Uboh-led Whistleblowers Network over spurious […]
Lagos Partners with ARCA to Develop Parking Payment App
The Lagos State Government and ARCA Payment Ltd. have teamed up to create a parking payment application that will improve organized parking operations in an effort to make parking in the city seamless. The General Manager of LASPA, Mrs. Adebisi Adelabu, announced this development at a meeting between the LASPA and ARCA Payment Ltd. The […]