More bank workers in Nigeria are taking advantage of their access to defraud customers, a report by FITC has established. The report, which gave insights into fraudulent activities in Nigerian banks between April and June 2022, revealed that 19 employees of banks were sacked within the period due to their involvement in fraudulent activities. The number of bank workers (19) who were sacked in Q2 2022 due to fraud represents a 90 per cent increase compared to 10 recorded in Q1 2022, according to FITC. A comparison of the data with the same quarter in 2021 showed an alarming 375…
Author: Elvis Eromosele
The US Vice President Kamala Harris has revealed plans to work with Congress to fund an additional government investment of more than $100 million in the Young African Leaders Initiative (YALI). VP Harris made the announcement at the recently-held U.S-Africa Leaders Summit in Washington, D.C. The Young African Leaders Exchange, the first pan-African virtual platform will be established by USAID in collaboration with partners. This will enable the Diaspora and other important stakeholders to directly connect with nearly 28,000 YALI alumni from 49 sub-Saharan countries since the launch of YALI in 2010. The Exchange fosters networking, enhances the leadership of women…
Members of Nigeria’s Organized Private Sector (OPS) have described the country’s lingering fuel scarcity as a disgrace, saying it was unacceptable that a subsidized product worth N165 per litre was being sold at prices ranging from N300 to N650 per litre across the country. Nigeria Employers’ Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), National Association for Small and Medium Enterprise (NASME), National Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), and National Association of Small Scale Industrialist (NASSI) are among the members. They stated that, while they support the removal of the fuel subsidy regime in June 2023, as…
As part of events to honour the school’s 100th-anniversary festivities, former president, Chief Olusegun Obasanjo led present and former students of Baptist Boys High School (BBHS), Abeokuta, on a Monday 18-kilometre walk across the city. While on the walk, Obasanjo entertained locals, drivers, and passersby while accompanied by the old boys association’s leadership, led by National President Prof. Kayode Oyesiku. A statement by his Special Assistant on Media, Kehinde Akinyemi stated that hundreds of residents and enthusiasts echoed and praised Obasanjo’s names for his prowess, energy, and endurance to embark on the walk despite his age. Among those who played…
For the first time in 11 months, inflation dipped to 21.34 per cent in Nigeria, according to the National Bureau of Statistics (NBS). The inflation rate has been on a steady rise in from January to November, last year, but dropped to 21.34 per cent in December as against 21.47 per cent in November. The NBS report said that food inflation dropped to 23.75 per cent in December from 24.13 per cent a month earlier, amid skyrocketed prices of staples. The NBS had attributed rising inflation to a sharp increase in demand ahead of the holiday season amid the rising…
Operatives of the National Drug Law Enforcement Agency, NDLEA, at the weekend busted another Tramadol cartel in Lagos with the seizure of millions of opioids pills and bottles worth over Five Billion Naira (N5billion) from their warehouse in Amuwo Odofin area of the state and arrest of two of the kingpins. This is even as anti-narcotics officers of the Agency also uncovered and dismantled a clandestine skuchies laboratory in a remote part of Sagamu, Ogun state where several equipments and various quantities of illicit substances used to mass produce the dangerous new psychoactive substance were recovered on Saturday 14th January…
Nigerian Breweries Plc has launched a new phase of its N100 billion commercial paper programme, allowing the firm to raise N20 billion from investors. The capital raise comes in three series of varying maturities: the first has a tenor of 91 days, the second 120 days and the third 154 days. Typically unsecured, commercial papers provide corporations with an opportunity to borrow from investors to meet short-term financial obligations at a fixed interest rate. Nigerian Breweries said the debt will cater for its “short-term funding needs.” “The CP Programme continues to provide the opportunity for non-equity investors to invest in…
The Ogun State Government has revealed that it plans to spend a total of N392.7 billion in infrastructure between now and 2025 as part of its plan to raise the economic status of the state and make it a leading one among its peers. The spending envelope, which is contained in the state’s Medium Term Expenditure Framework (MTEF), translates to 26 per cent of the total projected expenditure outlay for the period put at N1.5 trillion. Education and health, being allocated 14.3 and 11 per cent of the sum respectively, are among the key priorities of the government as it…
Human Rights Writers Association of Nigeria (HURIWA), a civil rights advocacy group, has slammed the Minister of State for Petroleum Resources, Timipre Sylva, for saying he won’t mind buying petrol at N300 a litre because other countries sell their products at higher prices than in Nigeria and N300 is nothing when compared or changed to the United States dollar and the British pound sterling. HURIWA’s National Coordinator, Emmanuel Onwubiko, in a statement said the comment of Sylva is crudely insensitive to the plight of Nigerians, who, for months, have been suffering unavailability and expensive cost per litre of Premium Motor…
The Nigerian National Petroleum Company Limited (NNPC) has disclosed that the country will export Premium Motor Spirit by mid-2023 as local refining capacity is set to jump to 1.1 million barrels per day. Group Chief Executive Officer of the commercialised entity, Mele Kyari, told the international community virtually at the 13th Global UAE Energy Forum that the country will also increase crude oil production to 2.2 million barrels per day. According to Kyari, “Security challenges around oil operations in the country became very manifest early on in 2022 and we took steps to bring back production, which has paid off.…