Yemisi Izuora The Central Bank of Nigeria (CBN), seems to be getting ready to deal with fraudsters with accounts in various Money Deposit Banks, DMOs across the country. To be able to get at these people, the CBN has issued a directive asking banks to establish a database of their customers identified through their Bank Verification Numbers (BVNs) to be involved in confirmed fraudulent activities. The directive is contained in the Regulatory Framework for Bank Verification Number (BVN) Operation and Watch-list for Nigerian Financial System released by the CBN. The implementation of the framework is with immediate effect. CBN Director Banking…
Author: Orientalnews Staff
Yemisi Izuora The managing director of the Nigeria Agriculture Insurance Corporation, NAIC, Mrs. Folashade Joseph has stressed the importance of taking insurance by investors in the agriculture sector, as the risk in the Industry is usually high. In her opening remarks at the 3 day Capacity Building workshop for Commercial Agriculture Credit Scheme, CACS for agriculture desk officers of commercial banks in Lagos, Joseph said the deposit money banks and other financial institutions have been NAIC’s major distribution channel over the years. She said the deposit money banks serves as credit providers, while NAIC acts as risk management service provider.…
Yemisi Izuora The Securities and Exchange Commission said it received two petitions from Alhaji Dahiru Barau Mangal and Ansbury Incorporated which it considered weighty requiring further investigations. In a statement the Commission said it carried out a comprehensive review of the petitions and observed Breach of the provisions of the Investments & Securities Act 2007, Breach of the SEC Code of Corporate Governance for Public Companies, Suspected insider Dealing, Related party transactions not conducted at arm’s length, Discrepancies in the shareholding structure of Oando Plc. Etc. The Commission’s primary role as apex regulator of the Nigerian Capital Market is…
Yemisi Izuora The Federal Government has described as false and sinister the report that the outbreak of Monkey Pox in some parts of the country resulted from the alleged free medical care by the government in the affected areas. A statement issued in Abuja by the Minister of Information and Culture, Alhaji Lai Mohammed, advised Nigerians to disregard the report which, apparently, is being spread by some unscrupulous persons to fit into a sinister agenda. ”The Federal Government has not conducted any free medical service or care in either Bayelsa or Rivers state, as alleged in the…
Yemisi Izuora/Agency Report Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 percent, the National Bureau of Statistics (NBS) said. The rate of annual inflation was 0.03 percent percentage points lower than the rate in August. A separate food price index showed inflation at 20.32 percent in September, up from 20.25 percent in August. “Food price pressure continued into September as all major food sub-indexes increased,” the NBS said in its report. “The rise in the index was caused by increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and…
Yemisi Izuora The Youth Initiative for Advocacy, Growth & Advancement (YIAGA) with support from the Macarthur Foundation has launched #BounceCorruption in Lagos, an initiative that is designed to mobilize citizens especially youth to lead the war against corruption and impunity as well as hold public institutions and officials accountable at the local and national level. The project seeks to build resistance against corruption by exposing corrupt practices and demanding prosecution of indicted suspects. Through #BounceCorruption, YIAGA will establish resource platforms effective anti-corruption campaigns and public outreach. The platforms will promote anti-corruption efforts by other stakeholders fighting against corruption and…
…But Insists AGF Action Illegal Yemisi Izuora After the termination of the pilotage contract she entered into in 1997 with the Nigerian Ports Authority (NPA) Intels says it is disposed to a peaceful resolution without recourse to litigation. Intels’ Managing Director, Mr Silvano Bellinato pleaded for this consideration in Lagos Speaking at an interactive session with the media, the company’s General Manager (Legal) Mr Mike Epelle stated that rather than taking a unilateral action, NPA and Intels could have gone to an independent mediator to discuss and agree whether to terminate the contract or not. Intels is still hopeful…
Yemisi Izuora The Managing Director of Nigeria Liquefied Natural Gas Limited NLNG, Tony Attah, at ther ecently concluded Nigerian Economic Summit in Abuja, said that a long term strategic development plan would encourage investments, improve infrastructure in the country and boost production of both export and domestic gas. Chairing a breakout panel discussion at the Energy Session of the 23rdNigerian Economic Summit (NES) titled “Exploring private sector opportunities and investment in gas,” Attah remarked that the gas export business could…
…. Stocks 2 Billion Litres Of Petrol Yemisi Izuora The Nigerian National Petroleum Corporation (NNPC) ahead of Christmas preparations has Stockpilied over two billion litres of Premium Motor Spirit (PMS), also known as petrol. This the agency explained would help ensure a hitch-free end-of-year movement of motorists, a period hitherto sometimes characterized by supply and demand disequilibrium. Speaking after his investiture as Honourary Special Marshal by the Federal Road Safety Corps (FRSC), the Group Managing Director of the Corporation, Dr. Maikanti Baru, assured that adequate measures were in place to ensure that motorists have unimpeded access to fuel ahead…
Interview Central Bank of Nigeria Governor, Mr.. Godwin Emefiele says the central bank will continue to implement policies that would help the economy attain sustainable growth. Emefiele, gave the assurance while receiving the Forbes’ 2017 ‘Best of Africa Achievement’ award in Washington D.C. Excerpts Recalling the Turbulent Times Like you all know, the last three years have been tumultuous not just for Nigeria, but the global economy, arising largely from the external shocks that hit, particularly the commodity exporting countries. The shocks no doubt led to the plummeting of Nigeria’s reserves as crude oil price fail to a point where…