Author: Ogochukwu Ndubuisi

FAAC: FG, States, LGs Share N1.411 Trillion for October The Federation Accounts Allocation Committee (FAAC), has shared N1.411 trillion among the Federal Government, States and Local Government Councils (LGCs) for October. This is according to a communiqué from FAAC made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation on Wednesday in Abuja. The communiqué said that the revenue was shared at the November meeting of FAAC held in Bauchi State and chaired by the Accountant- General of the Federation. Oluwatoyin Madein. FAAC meeting was held after the 2024 National Council…

Reps Recommend N500m Recapitalisation for DISCOS The House of Representatives has recommended a recapitalisation programme of not less than N500 million for all Electricity Distribution Companies (DISCOS) in the country to remain operational. The recommendation followed the adoption of a motion by Rep. Ibrahim Isiaka (APC-Ogun) at plenary on Wednesday in Abuja. Moving the motion earlier, Isiaka said that the activities of DISCOS in the country were posing a threat to the economic stability and welfare of Nigerians. He said that consumers are being coerced into paying for meters that they have earlier financed, causing financial strain on households and…

Ecobank Opens London Stock Exchange to Celebrate Eurobond Issuance Ecobank Transnational Incorporated (ETI), parent of the leading pan-African Ecobank Group, today opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its US$400 million Senior Unsecured Eurobond on the London Stock Exchange main market. In a statement, the Group said it will use the net proceeds from the issuance of the Notes for general corporate purposes, including refinancing the US$350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024 Speaking to this, Jeremy Awori, CEO, Ecobank Group, said: “Our successful Notes issuance demonstrates how…

The Nigerian Navy says its units under the auspices of Operation DELTA SANITY, successfully uncovered and destroyed 23 Illegal Refinery Sites and recovered large quantity of stolen crude oil in October.

Cabotage Funds Secure with CBN, NIMASA Says The Nigerian Maritime Administration and Safety Agency (NIMASA) says funds accrued under the Cabotage Vessel Financing Fund (CVFF) remain intact. Dr Dayo Mobereola, the Director General of NIMASA, said this in a statement by the agency’s Head of Public Relations, Mr Edward Osagie, in Lagos on Tuesday. According to him, it is securely held at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA). He dismissed allegations in a recent publication suggesting that funds had disappeared from the CVFF account as “false and misleading.” “There has been no disappearance of…

President Bola Tinubu has written the National Assembly, seeking amendment to the 2023 National Social Investment Programme Agency Establishment Act.

The prices of crude oil fell on Tuesday over demand concerns amidst expectation of surplus supply in the global commodities market.  Brent to $72.65 per barrel at the last look, while the US benchmark West Texas Intermediate also decreased to $68.69 per barrel.

Mega Financial Fraud Impossible Without Lawyers’ Support — EFCC The Chairman, Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, says no mega financial fraud, especially illicit financial flows, is possible without lawyers’ support. Olukoyede stated this during the opening of the 6th Annual Criminal Law Review Conference in Abuja titled: “Optimising the Administration of Criminal Justice in Nigeria: How to Navigate Emerging and Systemic Challenges of Insecurity and Economic Hardship.” According to the EFCC chairman, the transfer of huge funds into offshore accounts, preferable in tax haven are aided by lawyers. “The most traumatic discovery of the EFCC in…

Reps Seek Intervention for Federal Mortgage Bank of Nigeria House Committee on Housing and Habitat has called for urgent intervention and support for the Federal Mortgage Bank of Nigeria (FMBN), to deliver on its mandate of providing affordable housing to Nigerians. The Chairman of the committee, Abdulmumin Jibrin made this known after an oversight visit to FMBN on Monday in Abuja. Jibrin said the committee having examined the presentation of the management, have decided to call for more support so the bank would work effectively to serve the nation. “As a committee I wish to actually state that FMBN is…

CBN Warns Against Fraudulent Contracts, Project Funding Claims The Central Bank of Nigeria (CBN) has issued a warning regarding fraudsters who claim to have received award letters for contracts related to construction works and special financial interventions on its behalf. CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in a statement on Monday, warned members of the public to disregard the fraudsters out to cheat them. “The Central Bank of Nigeria (CBN) wishes to alert members of the public to the activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works and…