Category: Money and Stocks

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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Why CBN Approved N2bn for Artisans in Imo

ADEOLA YUSUF

The Central Bank of Nigeria, CBN, has approved the sum of N2 billion to the Imo State government for the empowerment of artisans in the state. The Commissioner for Labour and Productivity, Ford Ozumba, disclosed this to newsmen on Tuesday in Owerri, while announcing the Imo 2022 Entrepreneurial Product Expo in partnership with CBN. READ ALSO: 33.4 million Nigerians trade crypto, jettison CBN ban Nigerians Spent $39.66bn on Foreign Education, Medical Tourism in 10 Years– CBN report e-Naira’ll be accessible By All, CBN Says As Buhari unveils e-Currency He said…

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Central African Republic Adopts Bitcoin As Legal Tender, 1st Time In Africa

ADEOLA YUSUF

Central African Republic (CAR) has become the first African country to adopt Bitcoin as legal tender.l, Platforms Africa reports. President Faustin-Archange Touadéra has signed a bill into law to make Bitcoin a legal tender alongside the CFA franc. Platforms Africa reports that the Chief of Staff to the President, Obed Namsio confirmed that the African country has become the second country to accept it after El Salvador. Namsio stated that the lawmakers had unanimously passed the bill, which would make the cryptocurrency legal tender in the country. “This move places…

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Dangote, Adenuga, Rabiu: Wealth Of 3 Nigerian Billionaires Hits $28.2bn

ADEOLA YUSUF

Forbes gives figures of how, amidst economic troubles in the last one year, the three Nigerian billionaires raked in $5.7bn to grow wealth to $28.2bn, more than GDP of 28 of 54 countries in Africa   The Wealth of three Nigerian billionaires; Aliko Dangote, Mike Adenuga and AbdulSamad Rabiu, has hit $28.2 billion, more than the Gross Domestic Product (GDP) of 28 of the 54 countries in Africa. The Nigerian billionaires improved their ranking in the latest Forbes World’s Billionaire List, which compiles the fortunes of the richest people in…

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Russian Currency, Rouble, Closes at highest Since February

ADEOLA YUSUF

The Russian rouble closed on Wednesday at its strongest this month against the dollar both in Moscow and offshore exchanges after President Vladimir Putin said Russia would start selling its gas to “unfriendly” countries in roubles. The rouble ended below 100 per dollar, still down over 22% this year as Russia faces strict sanctions globally, triggered by its invasion of Ukraine late last month. READ ALSO BREAKING: U.S., EU Strike Energy Deals Against Russian Gas 4-Time Champion, Italy, Miss Another World Cup as Portugal Advances UNILAG Prof. of Insurance, Tajudeen…

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First Bank Employees In N47m Alleged Scandal

ADEOLA YUSUF

The Economic and Financial Crimes Commission (EFCC) has arraigned two employees  of a commercial bank, First Bank of Nigeria Plc, before a Kano State High Court for allegedly withdrawing over N47 million from a customer’s account without his consent. Platforms Africa reports that both bankers, Nuhu Demba and Mohammed Musa, were said to have conspired with each other to withdraw the huge sum from a customer, Mailafia Mohammed. At the court yesterday, Mohammed, the customer, alleged that on 6th February 2021 he was attacked in his house by armed men who took away…

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‘N1.2trn Belonging to Nigerians Stuck in Banks, 45m accounts without BVN’

ADEOLA YUSUF

The House of Representatives’ Ad Hoc Committee on Unclaimed Funds in the Nigerian Commercial Banks and Infractions by the Central Bank of Nigeria has begun investigation of funds stuck in the Deposit Money Banks, also known as commercial banks, due to the failure to link the account holding them to a Bank Verification Number and the Treasury Single Account policy of the Federal Government. The committee, a report by Punch read, is particularly probing into the over 45 million accounts said to be holding funds amounting to over N1.2tn. The…

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AFCON: $50,000 for 1 goal, Billionaires Rain Dollars on Super Eagles

ADEOLA YUSUF

$250,000 from Otedola, $50,000 from Onyeama, lift Cup, smile to the Bank, CBN Governor tells Eagles at Camp in Cameroon   Super Eagles players will get $50,000 for one goal scored during the knockout stage. This is asides the $80,000 they have already earned for the goals they scored in their last three matches in the group stage at the ongoing Africa Cup of Nations in Cameroon. Platforms Africa reports that Governor of the Central Bank of Nigeria, Godwin Emefiele, broke the news to the players on Wednesday at the…

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460 Duplicated Projects Worth N378.9bn Uncovered in 2022 Budget

ADEOLA YUSUF

BudgIT, a civic-tech non-profit organisation, says 460 projects amounting to N378.9 billion were duplicated in the 2022 budget signed by President Muhammadu Buhari into law on December 31, 2021. Iyanu Fatoba, communications associate at BudgIT, disclosed this in a statement obtained by Platforms Africa. The presidency had submitted a proposed fiscal budget of N16.391 trillion to the national assembly, but the lawmakers later raised it to N17.127 trillion — an increase of N735.8 billion. BudgIT said it uncovered the discrepancies after examining the 21,108 capital projects in the budget. “Our…

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