Yemisi Izuora Experts in the banking industry as well as judges have again drawn attention of the public on the risks involved in transacting their businesses with virtual currencies like bitcoins and others. Speaking in Abuja at a seminar organised by Chartered Institute of Bankers of Nigeria (CIBN), the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, said efforts must be made to protect customers in the banking sector. At the event tagged ‘17th National Seminar on Banking and Allied Matters for Judges,’ the CJN, represented by a Justice of the Supreme Court, Justice Mahmud Muhammad, said the judiciary will…
Author: Orientalnews Staff
Yemisi Izuora The Nigerian Maritime Administration and Safety Agency (NIMASA), has appealed the judgment of the Federal High Court Lagos in the matter between Nigeria Liquefied Natural Gas (NLNG), Attorney General of the Federation, Global West Vessels Specialists Ltd and NIMASA. In a statement, NIMASA explained that it filed the appeal with an application to stay the execution of the judgment and restrain NLNG, pending the determination of the appeal. NIMASA said: “The appeal and stay was filed even before receiving the Certified True Copy of the judgment 14 days after the judgment was delivered in line with legal provisions. This…
Yemisi Izuora The Minister of Transportation, Rotimi Amaechi, has given the assurance that Nigeria will benefit immensely if it takes loan request to build new rail lines. Speaking before the Senate Committee on Local and Foreign Debts, Mr. Amaechi said the fund will be used in completing the the Itape-Warri rail line and to begin the Kano to Kaduna and Port-Harcourt to Calabar rail lines. The Senate committee had invited the minister and some members of the executive to explain how Nigeria can pay back the proposed loans from proceeds from the projects they would be expended on. President Muhammadu…
I’m a Nigerian and I finished from a University in Lagos about 4 years ago, I wouldn’t say I’m jobless because I already have 3 different businesses I own (I’m still exploring others to add to these); one of my businesses employs 3 staff on a permanent bases and 2 on contract bases, I manage others myself except when I have to contract some of the works to some other people. But whenever I call my former course mates whom we finished together, they keep telling me they are still looking for job; I checked out HRM websites operating in Nigeria and they all have…
Yemisi Izuora The Securities and Exchange Commission (SEC), has appointed audit firm, Akintola Williams Deloitte, to lead the team of experts to undertake the audit of Oando. Other experts appointed by SEC are registrar, United Securities Limited; the law firm, SPA Ajibade & Co; Tjadap Consulting and Associates; and Nasiru Muhammad & Co. This is just as the Johannesburg Stock Exchange (JSE) has announced suspension of trading in the company’s shares on the Johannesburg bourse. SEC had On Wednesday directed the NSE to place Oando’s shares on full suspension for two days and place them on a technical suspension with effect from Friday, following…
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…
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…