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Tue, Mar

Paris Club Fraud: S.Court Delivers Judgment June 7 On Alleged N3.5bn

The appellant is challenging the judgment of the Court of Appeal ordering the forfeiture of the money to the Federal Government of Nigeria, being proceeds of an unlawful activity in the Paris Club Fund involving Melrose General Services Limited.

CBN Donates N100bn Fertilizer To Boost Food Production

In a bid to mitigate the surge in food prices and improve food production, the Central Bank of Nigeria (CBN) has given 2.15 million bags of fertilizer, valued at over N100 billion to the Federal of Agriculture and Food Security to be distributed to farmers across the country. This is as the minister of Agriculture and Food Security, Abubakar Kyari yesterday confirmed receiving the 2.15 million bags of fertilizer allocated by the CBN to boost food production. The CBN governor Olayemi Cardoso announced the donation yesterday in a new collaboration with the Ministry of Agriculture for the implementation of policies that cultivate a resilient macroeconomic environment. He added that the investment in agriculture would increase food production and reduce inflation, currently at 29.9 percent.

Alleged N1.2bn Fraud: President Tinubu Suspends REA MD, Others

President Bola Ahmed Tinubu has indefinitely suspended the Managing Director (MD) of the Rural Electrification Agency (REA), Ahmed Salihijo Ahmad for alleged misappropriation of N1.2 billion over the past 2 years. President Tinubu also suspended Olaniyi Netufo, Executive Director, Corporate Services; Barka Sajou, Executive Director, Technical Services and Sa’adatu Balgore, Executive Director, Rural Electrification Fund (REF).

Blackout: FG Directs NERC to Revoke Licenses of Non-Performing DisCos

The Federal Government through the Minister of Power, Chief Adebayo Adelabu has on 11th March 2024, issued a directive to its agencies regulating the power sector, instructing the Nigerian Electricity Regulatory Commission (NERC), to withdraw licenses of electricity distribution companies for non-performance. Chief Adelabu during a meeting with the head of the agencies in Abuja faulted the DisCos for not doing enough despite the availability of power on the national grid to supply quality electricity. More so, stressing that NERC must look for creative ways of getting the DisCos to improve supply including the imposition of stiff sanctions on utilities that fail to pick their allocations and outright cancellation of licenses.

CBN Revokes Operational Licenses of 4,173 BDCs, Faults Renewal

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change operators in the country. According to the bank, the affected institutions did not pay for the renewal of their licenses, file returns, or follow CBN guidelines regarding counterterrorism funding, anti-money laundering, and proliferation finance. regulations. The statement signed by the bank's Director of Corporate Communications, Sidi Ali Hakama, read thus: “The Central Bank of Nigeria (CBN), in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.

Hardship: Tinubu Urges State Gov. To Implement Wage Award

President Bola Tinubu has urged the 36 state governors to commence the payment of wage awards to workers in their various states, while the new minimum wage is decided upon. Tinubu who made this appeal on Monday during a working visit to Minna, Niger State capital, noted that proper implementation would lessen the hardship in the country.

Sales of N1.64trn Treasury Bills Bid For Q2’24- CBN

The Central Bank of Nigeria, CBN, has revealed it plan to sell N1.64 trillion worth of Treasury Bills by the second quarter 2024 (Q2’24). This is contained in the CBN Treasury Bills Issue programme released today, and notified to commence on March 7th, and ends on May 23rd, 2024. During the period, the apex bank will issue TBs worth N414.29 billion on 91 days tenor, N43.74 billion on 182 days and N1.18 trillion on 364 days. Treasury Bills or T-Bills are short-term debt securities issued by the government to make up for budget deficit and fund projects. It is issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government to control money supply in the economy. 

FG Halts Implementation of Expatriate Levy

The Federal Government through the National President, of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Kelvin Oye has announced the suspension of the implementation of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service. Director, of Press and Public Relations in the Ministry of Interior, Ozoya Imohimi announced this in a statement on Friday night. He said the Minister of Interior, Dr. Olubunmi Tunji-Ojo had met with a delegation led by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, to address concerns and seek clarification on the recently launched Expatriate Employment Levy (EEL) guidelines.

Blackout: FG Pays $120M Debt To Gas Companies

The Federal Government has paid over $120 million to offset some of the debts owed to the gas companies (GasCos), for supply of gas to run gas-fired power plants across Nigeria. The Director, Decade of Gas Secretariat, Ed Ubong, revealed this at the ongoing 7th edition of the Nigerian International Energy Summit (NIES 2024) in Abuja on Thursday. "The arrears gas producers are owed as of last year was about $ 1.3 billion. But I am pleased that between October 2023 and the end of January, the government has paid over $120 million to offset some of that money,” Mr Ubong said. Mr Ubong however said the government is also working on a framework that can mitigate most of the failures.

Oronsaye Report: FG Inaugurates Committee

The Federal Government has inaugurated an 11-member committee on the execution of the suggestions from the Steve Oronsaye Report. The evaluation of reports and White Papers which is centered on the Restructuring and Rationalisation of Federal Government Parastatals, Agencies, and Commissions. Secretary to the Government of the Federation(SGF), Sen. George Akume is a leading member of the committee, as revealed on Thursday in Abuja by Mr. Segun Imohiosen, Director of Information in the SGF office.

FG Detains 2 Binance Executives

The Federal Government (FG) has reportedly detained 2 top executives of Binance, a cryptocurrency trading platform. According to a Financial Times report, both executives came to Nigeria last week as a result of a ban on their website, but however had their international passports seized and were arrested by officials of the Office of the National Security Adviser (ONSA). Reports suggest that they were detained for alleged manipulation in foreign exchange trading in Nigeria.

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