Liquidation Dividend: NDIC pays ₦46.6bn To Depositors Defunct Heritage Bank
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has declared the first tranche of liquidation dividends of ₦46.6bn from the proceeds of sales of the defunct Heritage bank’s assets and recovery of debts owed to the defunct institution. Liquidation dividend represents amount paid by the Corporation to depositors of a closed bank, in excess […]
Ondo State to Explore Pension Funds For Infrastructural Development
By Oluwakemi Kindness Ondo State government says it is exploring opportunities to leverage pension funds for infrastructural development in the state. Governor Lucky Aiyedatiwa, made this known when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Omolola Oloworaran in Akure. A statement by the Commission on Thursday says […]
FAAC Shares N1.578trn As March 2025 Allocation
By Oluwakemi Kindness The Federal Government, States and the Local Government Councils have shared the sum of N1.578 trillion, being March 2025 Federation Account Revenue. The revenue was shared at the April 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja;. The total revenue of N1.578 trillion comprised statutory revenue of N931.325 billion, Value […]
We Can Withstand Shocks From Trade War – CBN
By Oluwakemi Kindness The Central Bank of Nigeria, CBN, says it is well prepared to handle the pressure and shocks from the ongoing trade wars between the U.S and China. The Apex bank explained that it is reviewing emerging scenarios to enable it take diligent actions to weather any form of storm that may arise […]
NCS Issues 1st PAAR Under The B’Odogwu Management System
Oluwakemi Kindness The Nigeria Customs Service (NCS) has announced the successful issuance of the first Pre-Arrival Assessment Report (PAAR) under the B’Odogwu (Unified Customs Management System). It marks a significant milestone in the Service’s commitment to technology-driven trade reforms. This achievement follows the recent strategic engagement between the Comptroller-General of Customs, Adewale Adeniyi, and the […]
Customs Debunks Extension Of Comptroller General’s Tenure
Oluwakemi Kindness The Nigeria Customs Service (NCS) has debunk reports claiming an extension of the tenure of the Comptroller-General of Customs, Bashir Adewale Adeniyi. The NCS in a statement on Tuesday night by it spokesperson, Abdullahi Maiwada, categorically states that this information is inaccurate and misleading. The statement says for the avoidance of doubt, appointments […]
CBN Reports Net Reserve Of $23.11bn For 2024
Oluwakemi Kindness The Central Bank of Nigeria (CBN) on Tuesday reports a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024. The NFER stands at $23.11 billion, the highest level in over three years, marking ab increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, […]
PenCom Unveils New System To End Cases Of Uncredited Pension Contributions
Oluwakemi Kindness The National Pension Commission (PenCom) has officially launched its new Pension Contribution Remittance System, a platform designed to optimize the process of remitting pension contributions into employees’ Retirement Savings Accounts (RSAs). This system, developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), has deployed approved Payment Solution Service Providers (PSSPs) […]
PenCom Tasks States On Implementation of CPS
Oluwakemi Kindness The National Pension Commission (PenCom) has called on all states and local governments to implement the Contributory Pension Scheme (CPS) for a pension-secure Nigeria. This is as the Commission urges Akwa Ibom, Borno, Kwara, Plateau, Cross River, and Yobe States to commence implementation of the Contributory Pension Scheme CPS in their states. […]
Customs Exempts pharmaceutical products From Import Duty, VAT
Oluwakemi Kindness The Nigeria Customs Service (NCS) on Wednesday announced the exemption of import duty and Value Added Tax (VAT) from critical raw materials essential for the production of pharmaceutical products for a period of two years. This exemption according to Customs covers Active Pharmaceutical Ingredients (APIs), excipients, and other vital raw materials required for […]