Finance articles

EFCC charges Globacom with $6.7m fraud

EFCC charges Globacom with $6.7m fraud

The Economic and Financial Crimes Commission has charged telecommunications company, Globacom Limited, before the Lagos State Special Offences Court in Ikeja for an alleged fraud of $6,786,674.61. The firm was charged alongside its Indian Chief Marketing Officer, Ashok Israni, who was listed as the first defendant in the case. The one count filed before Justice

$322.5m Abacha loot: APC group commends Finance minister, Adeosun, on full disclosures

All Progressives Congress (APC) Grassroots Youth for Change at the weekend commended the Minister of Finance, Mrs. Kemi Adeosun, for debunking reports in some sections of the media in respect of the recently repatriated $322.5 million Abacha loot from Switzerland. National Coordinator of the group, Mr. Orlu Henry Manuchimso, said the clarifications that the money

Subsidy on petrol hits N1.4tn per year, says FG

A total of N1.4tn is now being spent annually by the Nigerian National Petroleum Corporation as subsidy on Premium Motor Spirit, popularly known as petrol, the Federal Government has said. Although it described the amount as under-recovery, the government stated that the national oil firm had been shouldering the huge financial burden, because the NNPC

Niger Govt Approves N300m For WAEC Fees

The Niger State government has approved the sum of N300m for the payment of the West African Examination Council (WAEC) for its secondary school students to encourage schooling. There is a growing number of out-of-school children in the state which has become worrisome for the state government as it makes efforts to tackle the challenge.

Monetary Policy Committee wants oil money shared to states curtailed

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Wednesday urged the federal government to check its distribution of oil revenue to states. Rather, the committee said the government should develop a savings culture to provide the needed stability for the economy against future oil price-related shocks. The committee said the

BREAKING: Monetary Policy Committee Retains MPR At 14%

The Monetary Policy Committee of the Central Bank of Nigeria on Wednesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja. He explained that nine members of

Newly Confirmed CBN DGs, MPC Members Assume Duty

After confirmation by the Senate House of Assembly, Aisha Ahmad and Edward Adamu have assumed duty as substantive deputy governors of the Central Bank of Nigeria (CBN) alongside three members of the Monetary Policy Committee (MPC). Ahmad and Adamu assumed duty on Wednesday, March 28 after being screened and confirmed by the Senate Committee on