Category: Business

Bank Manager Who ‘Hoarded’ N29m New Notes Arrested

ADEOLA YUSUF

An Operations Manager of a leading Commercial bank in Abuja Central Area was on Monday February 6, 2023, arrested by operatives of the Economic and Financial Commission, EFCC, for refusing to load the Automated Teller Machines, ATMs, of the bank despite having N29 million of the redesigned Naira notes in the branch’s vaults. EFCC Spokesman, Wilson Uwujaren who disclosed this in a statement revealed further that before he was whisked away for further questioning, the operatives ordered the loading of all the ATMs and the payment of the stipulated amount…

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We’re Not Hoarding New Notes, Our N100bn Investment’ll Be At Risk – Banks

ADEOLA YUSUF

  Read-for-yourself statement by Rasheed Bolarinwa-led Association of Corporate Affairs Managers of Banks in Nigeria (ACAMB) on currency scarcity rocking Africa’s biggest economy   Commercial banks in Nigeria have declared that they are not hoarding new Naira notes, maintaining that doing that would put their internet banking investments “in excess of N100 billion” in jeopardy. Speaking through the Association of Corporate Affairs Managers of Banks in Nigeria (ACAMB), the lenders, Platforms Africa reports, said that they empathised with the Nigerian public on the unintended hardships being faced in the process…

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Tony Elumelu Pens Touching Tributes About Life 38 Years After NYSC +PHOTO

ADEOLA YUSUF

Do it afraid and do it unsure: I made 2.2 grade in University + How I secured banking job after NYSC despite not meeting requirements   Circa 1985. I recall my Youth Service days in Sokoto, a young man, fresh out of school, enjoying the drinks we could afford (lol) and unsure about the next steps. In my uncertainty, I was sure of one thing, I will stand out wherever I found myself, through hard work and resilience. I had always admired the banking profession, for one, I loved that…

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Nigerian Billionaire, Dozy Mmobuosi, Nears £90m Takeover Of Sheffield United

ADEOLA YUSUF

Nigerian billionaire, Dozy Mmobuosi, is closing in on a deal to buy Sheffield United for around £90million amid the club’s recent transfer embargo. According to The Times, Mmobuosi is reportedly thought to be in the final stages of buying the Bramall Lane club. It is understood that the prospective buyer still needed to pass the EFL’s owners’ and directors’ test, but that ‘no problems have arisen’ so far. It has been known for some time that the Blades could be sold with current owner, HRH Prince Abdullah bin Musa’ad bin…

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Tell Shell To Pay Damages For oil Spill, 11,000 Nigerians To London Court

ADEOLA YUSUF

Over 11,000 Nigerians from the oil-producing Niger Delta have filed a compensation claim against Shell at the London High Court, the latest step in a case that will test whether multinationals can be held to account for the actions of overseas subsidiaries. In 2021, the UK Supreme Court allowed a group of 42,500 Nigerian farmers and fishermen to sue Shell in the English courts after years of oil spills had contaminated land and groundwater. READ ALSO: Shell, AFC, GTBank, 6 Other Banks Drag Aiteo to Court Over $2bn Debts Fake…

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Pay New Notes Over The Counter, CBN Orders Banks As Cash Crunch Worsens

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) has directed commercial banks to commence the payment of the new Naira notes over the counter. This came as cash Crunch being suffered by Nigerians worsened. However, this new order by CBN is subject to a maximum daily payout limit of N20,000. Before now, the redesigned notes could only be paid through ATMs. The bank has also vowed to go after sellers and abusers of the Naira, stating that they shall be prosecuted by the apex bank, the police, and other agencies. READ ALSO:…

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NNPCL Takes Over Addax Multi-Billion Dollars PSC Assets

ADEOLA YUSUF

The Nigeria National Petroleum Company Limited says it has taken over the operation of Production Sharing Contract assets from Addax Petroleum Development Nigeria Limited. The NNPCL Chief Corporate Communications Officer, Garba Deen Muhammad, said this in a statement on Tuesday. Muhammad said all closing obligations had been concluded and the assets transferred to the Concessionaire, NNPC Limited. READ ALSO: Oil Workers Kick As Petrol Hits N650 Per Litre OML 18: Fire Guts Nigeria Oil Block’s Wellhead Nigeria Begins Deep Offshore Oil Blocks’ Mini-Bid Round Nigeria To Auction Seven Oil Blocks…

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BREAKING: Nigerians Won’t Lose Old Notes After Deadline, CBN Assures

ADEOLA YUSUF

“You will not lose your money even when it loses its legal tender. You can take it to the bank, pay it into your account. But we should please allow this policy to succeed,” Emefiele said.     The Central Bank of Nigeria (CBN), on Tuesday, bowed to the demand of the House of Representatives for a gradual phase-out of the old naira notes. CBN Governor Godwin Emiefele, who appeared before the House of Representatives ad-hoc Committee, said Nigerians won’t lose the old notes after the February 10 extended deadline.…

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N900bn Old Naira Still In Circulation – CBN Speaks On Feb 10 Deadline

ADEOLA YUSUF

“It remains a crime to reject old Naira Notes until 10th of February, which is about 15 days to the presidential elections”   President Muhammadu Buhari has finally extended the deadline for the exchange of old naira notes by 10 days. Platforms Africa reports that this information was conveyed through the the Central Bank of Nigeria (CBN). This means it remains a crime to reject old Naira Notes until 10th of February, which is about 15 days to the presidential elections. READ ALSO: Fuel Crisis, Naira Redesign Plots Against My…

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After Platforms Africa’s Report Buhari Sets up 14 Man Committee on Fuel Crisis

ADEOLA YUSUF

Platforms Africa had exposed the fuel crisis and “conspiracy of silence” in a report on Wednesday, January 18, 2023   President Muhammadu Buhari has constituted a 14-man Steering Committee on Petroleum Products Supply and Distribution management to find a lasting solution to disruptions in the supply and distribution of petroleum products. This came seven days after the Platforms Africa exclusive report detailing hike in prices of the product and “conspiracy of silence” over the crisis. READ ALSO: Petrol Hits N400 Per Litre In Lagos, Nigerians Query ‘Media Silence’ BREAKING: Gov…

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