CBN cautions business owners against fraudulent loan offers, investment schemes

The Central Bank of Nigeria (CBN) has cautioned business owners against fraudulent loan offers, especially through the social media. Mr Osita Nwanisobi, CBN Acting Director, Corporate Communications, gave the warning in a statement on Friday in Abuja. Nwanisobi said that the apex bank was aware that some fraudulent individuals send messages for such offers, especially […]

Nigeria abandons Vision 20:2020, dreams Agenda 2050

• Plans to lift 100m out of poverty • Inaugurates steering committee Realising its inability to meet Vision 20:2020 goals years after the country embarked on an ambitious agenda to be among the top 20 economies in terms of GDP size, President Muhammadu Buhari, on Wednesday in Abuja, inaugurated National Steering Committee to oversee and […]

Osun Government Denies Stopping Payment Of Allocation To Local Government Accounts

The Osun State Government has denied instructing banks to stop direct payment of monthly allocations directly into the accounts of local governments in the state. In a statement by Commissioner for Local Government and Chieftaincy Affairs, Prince Adebayo Adeleke, the state government said the administration of Governor Gboyega Oyetola was complying with NFIU rules and […]

Mounting loans: ‘Why forensic probe to avoid economic colonialism is vital’

• Zambia’s Chinese Power Loan, Others That Went Bad Should Be Case Studies For Our Policymakers – Amobi• If Not Properly Scrutinised, Loans Could Birth New Form Of Economic Colonialism – Ukeje• Accumulating More Debts, Especially To Fund Consumption Amounts To Insensitivity – Uba• No Cause For Alarm Over Chinese Loans – DMO•There’s Every Cause To […]

Why CBN slashed monetary policy rate – Official

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has explained why it slashed the monetary policy rate, popularly called lending rate, from 13.5 per cent to 12.5 per cent. The CBN governor, Godwin Emefiele, said the committee believed lowering the monetary policy rate would stimulate credit expansion to critically sectors of the economy, […]

Federal Executive Council approves N623m for computers, printers for Nigeria Customs

The Federal Executive Council has approved a N623.7 million contract for the procurement of computers and printers for zonal and area commands of the Nigeria Customs Service. Minister of Information and Culture, Lai Mohammed revealed this on Wednesday while briefing State House Correspondents on the outcome of this week’s virtual meeting of the Council, presided over […]