Author: Aishat Olalere

200 suspected currency speculators have been arrested by the Economic and Financial Crime Commission (EFCC) over foreign exchange scams and manipulation of the financial markets. It was revealed that the over 200 suspects arrested by the EFCC for forex scam and currency speculation were apprehended in various states in the country and not just the FCT, Abuja The arrest of the Bureau de change agents was confirmed by the spokesperson for the EFCC, Dele Oyewale. “I can confirm that we have arrested over 200 people for foreign exchange scam and manipulation of the financial markets; they are all being interrogated…

Stanley Nkwocha, the Vice President’s spokesperson said in a statement that during the 140th meeting of the National Executive Council, chaired by Vice President Kashim Shettima, a $617.7 million investment in Digital and Creative Enterprises (i-DICE) programme across the 36 states of the federation and the Federal Capital Territory (FCT) was endorsed. During the virtual 140th meeting, the state governors was instructed by the Vice President Shettima to nominate representatives for each geopolitical zone at the zonal level, as well as appoint focal persons to spearhead the programme’s implementation in their respective states.  The Vice President assured that as the scheme…

The state governments of Edo, Delta, Ondo, and Ekiti collectively have taken a formal step to communicate with the Nigerian Electricity Regulatory Commission (NERC), signaling their intention to assert their shareholder rights in the Benin Electricity Distribution Company (BEDC), which is a response to the “operational challenges and failures in service delivery” within their respective states.  In a unified correspondence addressed to Engr. Sanusi Garba, the Chairman of NERC, dated March 18, the initiative launched by the states represents a pivotal move to address longstanding discrepancies stemming from the privatization process of 2013. It was revealed that the direct shareholdings of…

Listed advertising firm ,WPP Scangroup, is planning to lay off staff and restructure roles in some of its units as it struggles to meet its revenue targets. According to several sources, the company issued notices to some of its staff to reapply for roles, and notified them that some roles will cease to exist. It was not immediately clear how many staff members received the “intent of redundancy” notices. The notices were primarily sent to employees in the creative units, but there are also reports that staff in the account management and shared services departments also received them. The listed…

The National Inland Waterways Authority and Nigerian Immigration Service disclosed on Thursday when the new Comptroller of Immigration Service in charge of Lagos Seaports and Marine Command, Joseph Dada, visited the Lagos Area Manager of NIWA, Sarat Braimah at Marina, Lagos, that the agencies has concluded plans to strengthen collaboration with the Nigerian Immigration Service to curb illegal migration through the Lagos waterways. Speaking during the meeting, the comptroller observed that the service would fare better in achieving its mandate with a strategic partnership with NIWA. “We have some challenges on the waterways even though we do patrols. Collaborating with…

The Centre for the Promotion of Private Enterprise has said that it is concerned about the recent remarks on the floor of the House of Representatives on cement prices, which portrayed cement manufacturers in a bad light. A statement signed by the CPPE CEO, Muda Yusuf, said most of the remarks at the session were capable of inciting the public against the cement manufacturers and putting their huge investments at risk. It added that it was more troubling that the members had not listened to the manufacturers before rushing to judgment and castigating the manufacturers. The statement read in part,…

Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed in a statement he signed Thursday titled, ‘NEC endorses take-off of $617M i-DICE programme across states’ that states across the federation are indebted to the Federal Government of Nigeria. It was revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of the National Economic Council presided over by Vice President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday that the governments of 36 states and the Federal Capital Territory owe the…

Bond investors in the fixed income market are selling assets as part of efforts to optimise their portfolio returns. Negative yields have continued despite the depreciating local currency. At 31.70% in February, inflation increased from January’s reading by 180 basis points, -mainly driven by a rise in the food index, spurred by naira weakness. After the Debt Management Office’s (DMO) recent primary market auction (PMA) on Monday, the average yield on Nigerian government bonds has been on the upside due to rapid selloffs in the secondary market. After selling rallies, the average yield increased 23 basis points (bps) to close…

President Bola Ahmed Tinubu had raised concerns about the rising costs of international travels borne by director, permanent sectaries and workers of the federal civil service. According to the breakdown of funds earmarked for international travels in the 2024 budget by 103 MDAs, the Federal Government may save an estimated amount of over N5bn every quarter from the new policy banning officials of Ministries, Departments and Agencies from embarking on public-funded foreign trips for three months. As result, the president in a letter dated March 12, 2024; signed by the Chief of Staff to the President, Femi Gbajabiamila; and addressed…

The Federal Government is to obtain over $1billion loan from the world bank to address the challenges facing Internally Displaced Persons (IDP) and their host communities, as well as bolster rural access and agricultural marketing in the country. IDP loan is put at $500m, the rural access and agricultural marketing project loan is estimated at $550m. As obtained on bank’s website, IDP initiative is meant to improve access to resilient and inclusive basis service and economic opportunities for IDPs and their host communities in displacement-affected local government area in the northern part of the country. The Solutions for the Internally…