Category: Money and Stocks

FSI Holds Financial-Inclusion-for-All Hackathon

ADEOLA YUSUF

In order to promote and achieve the targets of the National Financial Inclusion Strategy (NFIS), Financial Services Innovators (FSI), said it would hold a Hackathon themed: ‘Financial Inclusion for All.’ Platforns Africa reports that the FSI, which decsribed itself as a non-profit organization committed to enabling start-ups within the technology and financial space, said that it would hold the event in partnership with the Central Bank of Nigeria (CBN), Flourish Ventures, AXA Mansard, and NIBSS during the NACOS annual conference taking place in Abeokuta, Ogun State from August 16-18, 2022.…

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14 Jostle For Accountant General Seat, Platforms Africa Report Confirmed

ADEOLA YUSUF

  Full names of 14 directors in race to be named substantive Accountant General of the Federation   The Nigerian government on Wednesday, shortlisted 14 directors directors on Grade Level 17 in the federal civil service for consideration as the process for the appointment of a new Accountant General of the Federation begins. This, coming after the appointment and removal of the acting Accountant General, Chukwuyere Anamekwe, confirmed an exclusive story by Platforms Africa headlined Buhari removes acting Accountant General 28 days after appointment. READ ALSO EXCLUSIVE: Buhari Declines Ministerial…

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EXCLUSIVE: MDs Fired as Nigeria Takes Over Benin, Kano, Kaduna DisCos

ADEOLA YUSUF

. The Fidelity Bank Loan that Landed Them In Trouble, led to sack of Funke Osibodu of Benin DisCo, and Dr. Jamil I. Gwamna of Kano Disco . Yola, Ibadan, Abuja, now Kano, Kaduna and Jos DisCos, how the list of failed DisCos hit Six . Names of new MDs for Benin, Kano and Kaduna DisCos unveiled . Electricity consumers jubilate, open up on DisCos loss of licenses over technical incapacitation, and financial insolvency   The Nigerian government has taken over three non-performing electricity distribution companies; Kano, Kaduna, and Benin…

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Nigeria Dwarfs Education, Health Budget, Blows N2.84trn On Petrol Subsidy

ADEOLA YUSUF

INVESTIGATION: N2.84 trn spent on subsidy in 17 months doubles the N1.45 trn allocated for infrastructure in 2022 budget. It is over N700 bn higher than N2.1tr total budget for health and education. Here is Platforms Africa exclusive report on fuel subsidy and an economy in reverse gear   The Nigerian government has dwarfed the budget for three critical sectors of the economy – Education, Health and infrastructure – in 2022 fiscal year with the N2.84 trillion already spent on petrol subsidy in the last 17 months, investigation by Platforms…

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EXCLUSIVE: Buhari Removes Ag Accountant-General 28 Days After Appointment

ADEOLA YUSUF

. Why, how government downgraded, redeployed Anamekwe Nwabuoku to Federal Civil Service Commission As Director of Finance – Source  . We are shopping for new Accountant-General – Head of the Civil Service of the federation declares office vacant . The “government borrowing to pay salary” comment that landed Nwabuoku in trouble     The Nigerian government has invited eligible candidates to apply for the position of a substantive Accountant-General of the federation as the Acting Accountant General, Mr. Anamekwe Nwabuoku, has been removed. Platforms Africa gathered exclusively that Anamekwe Nwabuoku,…

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Prepare For N19bn Loss in Oil Revenues By Dec., W’Bank To Govs

ADEOLA YUSUF

The World Bank has said that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states. The Washington-based bank said this in its Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’. According to the lending bank, the declining revenue from the federation level had put many states in a precarious fiscal position. The bank warned that many states would be unable to meet up with their expenditures, adding that there…

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Nigeria Spends N3.83tn on Debt Servicing in 15 Months

ADEOLA YUSUF

Nigeria has spent a whooping N3.83 trillion on Debt Servicing in 15 months. This came as the country’s debt servicing bill increased by 109 per cent to N896.56 billion in the last three months, according to data obtained from the Debt Management Office. While a total of N2.93tn was spent on debt servicing payments in 2021, a total of N896.56bn was spent in the first quarter of 2022. Meanwhile, between October and December 2021, Nigeria spent N310.5bn on domestic debt servicing, while it spent $286.35m (N118.9bn) on external debt servicing,…

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Thousands of Nigeria’s Bank Workers Panic As Mass Sack Looms

ADEOLA YUSUF

Lenders plan downsizing over rising operating costs – report There are palpable fears of job loss in the financial sector as banks move to contain rising high operating costs. In the first quarter of the year, the cost of diesel rose from N225 to over N750, an increase of over 230 per cent. The impact on business operations has forced some banks to adopt new survival measures, including office hour rationalisation. Official banking hours, which used to be 8am to 4pm now vary depending on specific organisation and branches. For instance,…

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Nigeria’s Accountant General Arrested for N80bn Fraud

ADEOLA YUSUF

EFCC gives update on the gimmicks Mr. Ahmed Idris used to allegedly launder whooping N80bn, how his bubble burst and how the Nigeria’s number one Accountant was fished out for arrest   The Accountant General of the Federation, Mr. Ahmed Idris, has been arrested by the operatives of the Economic and Financial Crimes Commission (EFCC). Platforms Africa reports that Idris was arrested on Monday in connection with the diversion of funds and money laundering activities to the tune of N80 billion. READ ALSO: How ICPC Recovered 301 Houses From Two Civil…

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