Author: Ogochukwu Ndubuisi

MDAs Risk Zero Allocations Over Non-Appearance at NASS panel – Senate The Senate says ministries, departments and agencies (MDAs) that fail to appear at its investigative hearing on revenue generation, remittance and expenditure of appropriated funds risk zero allocations in the 2025 fiscal year. Chairman, Senate Committee on Finance, Sen. Sani Musa, said this at the resumed hearing of the committee on remittance of internally-generated revenue and expenditure by MDAs on the 2024 budget implementation. The Accountant-General of the Federation, Mrs Oluwatoyin Madehin, was present at the meeting. Sani, who decried the discrepancies observed in the records of some of…

The Central Bank of Nigeria (CBN) sold OMO bills worth N1.56 trillion to foreign portfolio investors (FPIs),

Borno Proposes ₦584bn Budget for 2025 Fiscal Year Gov. Babagana Zulum of Borno has presented a ₦584bn budget proposal for the 2025 fiscal year to the State House of Assembly, emphasising recovery and continuity in rebuilding critical infrastructure. Tagged “Budget of Recovery and Continuity”, Zulum said the proposal comprises ₦323.47bn for capital expenditure and ₦204.71 bn for recurrent expenditure. Zulum said that the budget is projected to be financed through recurrent revenue of ₦279.51bn, which includes Federation Account Allocation Committee (FAAC) receipts of ₦249.42bn and Internally Generated Revenue (IGR) of ₦30.09bn. He explained that the capital receipts, including aid, grants,…

A diversified investment company, VFD Group Plc, has offered a 24.5525% discount rate to raise about N6 billion via series 4 commercial paper issuance in the debt market.

Yuan Weakens to 7.1870 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #Yuan Weakens to 7.1870…

Benue Spends $2.82m to Service Loans in 1 Year Gov. Hyacinth Alia of Benue says his administration has spent $2.82 million (N4.53 billion) to service external loans between June 2023 and June 2024. Alia made the disclosure in a statement signed by his Chief Press Secretary, Sir Tersoo Kula, and made available to the News men on Monday in Makurdi. The governor said that Benue has not borrowed funds since the inception of his administration but paid the said sum to reduce the state’s debt burden. He further stated that the Debt Management Office (DMO) recent report confirmed that the…

SEC Charges Banks to Strengthen Corporate Governance The Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise. Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos. The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”. Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector…

CSCS Gets Dual ISO Certifications The Central Securities Clearing System (CSCS) Plc has been awarded the ISO/IEC 27001:2022 and ISO 22301:2019 certifications by globally renowned Management System Certification Body (MSECB). Mr Haruna Jalo-Waziri, the Managing Director of CSCS, confirmed this in a statement on Sunday, in Lagos. ISO 27001 is an internationally recognised benchmark for managing information security, ensuring robust protection against data breaches and IT disruptions. The ISO 22301 standard is an international standard that establishes the requirements for business continuity management systems. According to Jalo-Waziri, this recognition underscores CSCS’s steadfast commitment to international best practices in information security…

FCT-IRS Creates Unit for High-Net-Worth Individuals to Boost IGR The Federal Capital Territory Internal Revenue Service (FCT-IRS), has created a dedicated unit for taxation of more than 10,000 High-Net-worth Individuals (HNIs) in the FCT. The acting Executive Chairman of the Service, Mr Michael Ango, announced the development in a circular made available to newsmen in Abuja on Sunday. The move, according to him, is to boost Internally Generated Revenue (IGR) in the FCT. Ango explained that the unit would focus on assessment and collection of income and other taxes as well as oversee compliance and enforcement of high net worth…

Play on Herbert Wigwe to be Staged in Lagos Dec. 23 A play on Herbert Wigwe, the late Managing Director of Access Bank, is to be staged in Lagos on Dec. 3. The play, titled “Herbert”, is produced by the Duke of Shomolu Foundation to celebrate the late entrepreneur and development banker who died in a helicopter crash in the U. S. “It is a powerful and evocative tribute to an icon; it is to be held at the Agip Recital Hall, MUSON Centre,” Mrs Mofoluwake Edgar, Managing Director of the foundation, said in a statement in Lagos on Saturday.…