Five GTBank Branches shut Over N1bn Tax Evasion

  Five branches of Guaranty Trust Bank (GTB) in Nigeria have been sealed over N1 billion tax evasion. The Kano State Internal Revenue Service (KIRS), which carried out the actio on GTBank facilities, said the closure is in line with an order issued by Kano State High Court over the bank’s failure to audit and pay its taxes between 2014 and 2019. The affected branches include that of Murtala Muhammad Way, Wapa, Zaria Road, Bachirawa and France Road. Briefing newsmen during the exercise, the Legal Director of the agency, Barrister…

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Nigeria prints N60bn notes, ups debts to N16trn as financial crisis worsens

  “In another year or so, where will we find this money that we go to Abuja to share every month?” Governor of Edo state, Godwin Obaseki, laments as financial crunch takes toll on states   The Nigerian Government has printed about N60 billion notes to augment allocation shared to states in March by the Federation Accounts Allocation Committee. The Governor of Edo State, Southsouth part of the country, Godwin Obaseki, who raised the alarm over Nigeria’s financial trouble, particularly gave the continued shrinking oil revenue as the reason. Besides,…

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Africa gets single trade Currency Soon +All you should know in 9 paragraphs

  The Secretary-General of the African Continental Free Trade Area (AfCFTA’s) announced that the continent will soon have its own uniform payments and settlement platform to ease the burden of doing business in 42 currencies. Wamkele Mene revealed the plans at a webinar organised by the ruling South African ANC’s Progressive Business Forum on the AfCFTA on Friday. ‘Working with the Afreximbank [the African Export–Import Bank established to finance, promote and expand intra-African and extra-African trade] we are developing a pan-African payments and settlement platform to overcome this challenge of…

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Naira falls at official market, Slides to N410.50 per $1

  Nigeria’s unit of exchange, Naira, fell marginally against the U.S dollar at the I&E window of the foreign exchange market on Tuesday, dipping to N410.50 to a dollar. This, data posted on the FMDQ Security Exchange showed, however, remained stable at the black market. Naira, Africa’s most populous country’s currency closed at N410.50 at the trading session of the I&E window, this represents N1.20 or 0.29 per cent devaluation from N409.30 the rate at which it closed at the previous session on Thursday, last week. The local unit experienced an…

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Afreximbank’s $1bn fund for PH Refinery Rehab, fruit of transparency- Kyari

. As NNPC, NEITI Renew Commitment to Deepen Transparency The Nigerian National Petroleum Corporation (NNPC) on Thursday declared that it secured financing agreement for the rehabilitation of the Port Harcourt Refinery by the African Export Import Bank (Afreximbank) as a fruit it reaped from its transparency and accountability. Though the rehabilitation is to gulp $1.5 billion, the financing deals secured from the Afreximbank, Platforms Africa gathered, is $1 billion. Group Managing Director of the NNPC, Mallam Mele Kyari, said while playing host to the management team of the Nigeria Extractive…

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Nigeria secures $1bn Afreximbank loans for Port Harcourt refinery’s repair

  Here is Mele Kyari’s account of real reason Nigeria preferred $1.5bn PH refinery repair to new refinery’s construction   African Export-Import Bank (Afreximbank),  as a reliable lender, has agreed to raise $1billion out of the $1.5 billion for the rehabilitation of the Port Harcourt refinery. Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, who disclosed this, described the recently approved rehabilitation exercise of the 210,000 barrels per day capacity Port Harcourt Refinery as a worthy undertaking embarked upon after diligent consideration and in strict adherence to industry…

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Nigeria’s GTBank Mulls Expansion, Acquisition of Kenyan Lender

  Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, plans to acquire a Kenyan lender as part of its expansion on the continent, according to the managing director, Bloomberg has reported. “I think the place we will still like to do business or do an acquisition is Kenya,” Segun Agbaje, the lender’s chief executive said at an investor call in Lagos, without giving a time-line for the acquisition. The Lagos-based lender already has offices in 10 countries outside Nigeria including Kenya. It wants to increase the contribution of…

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Polaris Bank commences Extra N5 payment for Dollar remitted to Nigeria 

  Polaris Bank has commenced implementation of the regulatory Central Bank of Nigeria (CBN)’s extra N5 for every Dollar received into domiciliary accounts or as cash over the counter. The acting Managing Director/CEO of Polaris Bank, Mr. Innocent C. Ike disclosed that “growing evidence has shown a positive relationship between diaspora remittances and economic growth and as such, the Bank will continue to contribute its quota to enhancing economic development in the country”. The Polaris Bank CEO further explained that, the decision is in line with the CBN’s directive and fully…

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Polaris Bank rewards 2nd millionaire, 60 winners in ‘Save & Win’ Promo

Ikechukwu Bartholomew Obiefuna, a customer of Polaris Bank’s Okeke Street branch, Onitsha in Anambra State has emerged the second millionaire at the 2nd draw of the Bank’s ongoing nationwide Save & Win promo. A set of 60 lucky customers from across the six geo-political zones, also received N100,000 each, as consolation cash prize during the draw which held at the Bank’s headquarters in Lagos. The winners emerged through a transparent draw witnessed by officials of the Federal Competition and Consumer Protection Commission (FCCPC); National Lottery Regulatory Commission (NLRC) and representatives…

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Crowdyvest exits EMFATO Holdings, leaves crowdfunding space

  EMFATO Holdings (owners of Farmcrowdy and investors in Plentywaka) has announced the exit of one of its portfolio companies – Crowdyvest, following up on new investments into the startup to grow as a digital savings company in Nigeria Launched just over a year ago, Crowdyvest, a statement sent to Platforms Africa read, has over 10,000 members who have used opportunities on it’s platform to sponsor projects in Agriculture, Real Estate, Transportation, Health and Education sectors. The company was previously led by its Co-founder & CEO, Onyeka Akumah now has…

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