FG Clears ₦39.6bn Pension Arrears, Ends DBS Backlog
By Oluwakemi Kindness The Federal Government says it has cleared ₦39.6 billion in long-standing pension arrears under the Defined Benefit Scheme (DBS), bringing inherited pension liabilities to an end and providing relief to more than 24,000 retirees. According to a statement issued on Friday by the Federal Ministry of Finance and PTAD, the payments cover […]
Afreximbank: Dangote Refinery Helped Stabilise Naira
By Oluwakemi Kindness The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), George Elombi, says the Dangote Petroleum Refinery has played a major role in stabilising the naira by reducing Nigeria’s reliance on imported petroleum products. Speaking at a Mid-Year Media Roundtable in Abuja on Wednesday, Elombi said the […]
NDIC Begins Payout as CBN Shuts 46 Microfinance Banks
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of paying insured deposits to customers of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN). The NDIC in a statement on Wednesday by Hawwau Gambo, Head, communication and public affairs, NDIC, says it has taken […]
CBN Revokes Licences of 46 Microfinance Banks
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to meet regulatory requirements, in a move aimed at strengthening the stability of Nigeria’s financial system. According to a statement on Wednesday by Hakama Sidi-Ali, Acting Director, CBN’s Corporate Communications Department, the revocation takes effect […]
Finance Minister Seeks Commercial Tribunal for Investors
By Oluwakemi Kindness, Mardiyyah Abubakar The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to speed up the resolution of business disputes and boost investor confidence in Nigeria. Speaking at the Second Biennial Conference of the Capital Market Academics of Nigeria […]
NDIC Raises Deposit Cover, Fully Protects 99% of Depositors
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has announced that nearly 99 per cent of bank depositors in the country are now fully protected following a significant increase in deposit insurance coverage aimed at strengthening confidence in the banking sector. The Managing Director and Chief Executive Officer of the NDIC, Thompson Oludare Sunday, […]
Inclusive Growth: NSITF Seeks Stronger Government-Employer Alliance
By Chinedu Echianu The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, has called for stronger collaboration among government, employers and workers to drive sustainable economic growth, improve enterprise competitiveness and promote inclusive national development. Faleye made the call on Monday in Abuja while delivering a […]
CBN Orders Banks to Freeze Six Terrorism Finance Accounts
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other regulated financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change operators over alleged links to terrorism financingThe Central Bank of Nigeria (CBN) has directed banks, payment service banks and other […]
Nigeria, Netherlands Sign Customs Security Pact
By Oluwakemi kindness Nigeria and the Kingdom of the Netherlands have signed a landmark customs cooperation agreement aimed at enhancing trade facilitation, strengthening border security, and combating transnational crime. The Joint Declaration was signed in Brussels by the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, and the Director-General of Netherlands Customs, Nanette Van Schelven. […]
Customs Seizes N273.7m Contraband, Intercepts Vegetable Oil
By Oluwakemi Kindness The Nigeria Customs Service (NCS), has seized prohibited goods with a Duty Paid Value (DPV) of N273.7 million, including 1,996 kegs of smuggled vegetable oil, as it intensified its crackdown on illicit trade. The seizure by the Cross River/Calabar Free Trade Zone/Akwa Ibom Area Command, involves two 20-foot containers loaded with foreign […]