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Reps unearth firms defrauding through waivers; insist on forensic tests

THE House of Representatives Committee on Customs, yesterday, unearthed companies alleged to have been defaulting and abusing waivers since 2010. This was revealed when some of the companies summoned by the House Committee on Customs did not come with valid documents, prompting the Chairman of the Committee, James Faleke (APC, Lagos),

Court stops sale of 9Mobile over shareholders’ $43.

The Federal High Court sitting in Abuja yesterday stopped planned sales of the troubled telecommunication firm, Etisalat (now 9Mobile), following opposition to the move by some aggrieved shareholders. The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out in

Insider abuse: Banks to pay N20m fine, says Rep

The House of Representatives is proposing a N20 million daily penalty on banks to curb insider abuse and arrest  the threat posed by Non Performing Loans (NPLs)  to the financial system stability of the country, the Chairman, House Committee on Banking and Currency, Jones Onyereri, has said Onyeren told a section

CBN Injects Fresh $210m into Forex Market

In continuation of its intervention in the interbank segment of the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) wednesday made available another $210 million in the market to meet the requests of customers. A breakdown of the figures made available by the Bank indicated that the CBN offered

79% of N’East citizens are food insecure – Report

Borno, Yobe and some states in the North East of Nigeria have recorded over 100 per cent increase in prices of food in the last two years. Data from the National Bureau of Statistics (NBS) shows that between January, 2016 and January, 2018, and even up to last month, food prices

IMF warns Nigeria on N21.725trn debt

…says borrowed funds should yield high returns lFund supports nation’s debt strategy As Nigeria’s debt profile continues to rise, the International Monetary Fund (IMF) has raised the alarm that the debt level was “creating some form of vulnerabilities.” The Fund’s Assistant Director, Fiscal Affairs Department, Catherine Pattillo, said this yesterday in Washington

Buhari extends VAIDS to June 30

President Muhammadu Buhari on Wednesday approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018. According to a statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, the short extension after the original March 31 deadline expired was based on

Nigeria earns N3.8trn from crude oil, gas export in 3 months

  Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2018, according to latest data released by the National Bureau of Statistics, NBS. The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2018, stated that petroleum products export

Thailand To Establish Rice Mills In Nigeria – Minister

The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria . The Minister of Information and Culture, Lai Mohammed , disclosed this during a tour of some rice farms in Kebbi State . He said the Federation Government had won its fight against rice importation,

Oil subsidy may return as cross-border losses hit N774m daily

The Nigerian National Petroleum Corporation (NNPC) is worried about the proliferation of fuel stations in communities at the nation’s borders which has led to an unprecedented smuggling of petrol to neighboring countries. This has made it difficult to sanitise the supply and distribution matrix in the country. The Group Managing Director