Author: Aishat Olalere

On Thursday, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced that the Central Bank of Nigeria(CBN) has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited. This came as the national oil major declared that there was no imminent hike in the pump price of Premium Motor Spirit, popularly called petrol. NNPCL is the sole importer of petrol into Nigeria, a role it has shouldered for several years. Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move significant portions of the company’s revenues to…

Today, the Christian Association of Nigeria (CAN) in the 19 Northern State and Abuja lamented over the prevailing economy hardship and securities challenges, declaring that the suffering in the country is becoming unbearable to Nigerians. The Sultan of Sokoto, Alhaji Muhammadu Abubakar lll-led Jama’atu Nasril also urged both federal and state governments to intervene in the prevailing economic hardship which had forced Nigerians into protests. It was reported on Tuesday as angry youths and women took to the streets of Minna, the Niger State capital, and Kano to protest what they described as the rising cost of living in the…

On Friday, February 9, in a notice released, the Compensation Fund which operates as a state corporation under the National Treasury, noted that the parcels were domiciled in five counties including Nairobi and Machakos. The Policyholders Compensation Fund (PCF) has barred any transaction of 348 parcels of land belonging to the United Insurance Company Limited after the latter was placed under statutory management. United Insurance Company Limited also has land at Kajiado, Kwale and Laikipia. Kenyans were, therefore, warned against purchasing any land belonging to the company or they would face a slew of legal action. The agency declared that any land deals…

Another Foreign Airline Commences Daily Flights To Nigeria to Rival Air Peace, Max Air, Others. On Wednesday February 7, Samuel Mogere, the acting Kenyan High Commissioner to Nigeria disclosed at the Magical Kenya roadshow in Abuja that as part of the plan to open up Kenya to the rest of the world, Kenyan Airways will commence daily flight to Nigeria. Mogere added that the new government in Kenya is set to unite Africa by ensuring that Nigerians travel seamlessly and daily to Kenya without hassles. He said the Kenyan government also introduced an online e-visa process where visitors can apply…

On Thursday, CBN stated in a document released on the Revised Customer Protection Regulations that regulated entities must provide customers with notices of Outstanding obligations before beginning debt collection. The Central Bank of Nigeria has instructed regulated entities to provide customers with notices of outstanding obligations before beginning debt collection. It was stated that the essence of the document is to ensure financial institutions follow consumer protection principles. The regulations outline consumer rights and aim for better outcomes and access to financial services. The document states that foreclosures should only be initiated as a last resort after other recovery options…

On Thursday, February 8, the Governor of Niger State, Mohammed Umar Bago, placed a temporary ban of sales of Food and Farm product to other states in Nigeria. The order was as a result of the protest that occurred in Minna, the Capital of Niger state. The protest was as a result of Hardship in the state and rise in prices of Goods. Bago said the protest was caused by a piece of wrong information claiming that the government was planning to hoard some food palliatives in the state despite the severe hunger people were facing. “On your way from…

The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele has disclosed that there’s a plan to introduce a new amnesty scheme which will correct the fallings of the voluntary Assets and Income Declaration Scheme (VAIDS) to go after Wealthy citizen evading tax. The tax amnesty gives tax evaders immunity from prosecution, penalty charges and interest, if they voluntarily declare their previously undisclosed assets and income. Urging tax evaders to come forward and settle their outstanding tax liabilities, Oyedele said “The new scheme will not repeat the mistakes of the VAIDS.” Oyedele did not specify how much the new amnesty…

On Thursday, 8th of January 2024, the Central Bank of Nigeria (CBN) issued an exposure draft on Revised Consumer Protection Regulations. CBN explained that the revision of the Consumer protection Regulation was as a result of transformation in Financial sector which exposes customer to new challenges and risk. “Safeguarding  the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations. CBN stated. “Pursuant to the object of CBN in Section 2 (d) of the Central Bank of Nigeria Act, 2007 and in exercise of the powers conferred by…

The International Air Transport Association, the Geneva-based trade association representing world airlines, has expressed fears that foreign airlines operating in Nigeria, may lose about $200m to exchange rate depreciation. IATA Regional Vice-President for Africa and the Middle East, Kamil Al Awadhi, said the issue of trapped funds was being exacerbated by the depreciation of the naira, which had dropped significantly against the dollar. He spoke in an interview with CNBC monitored by our correspondent. The IATA VP spoke against the backdrop of the over $700m foreign airlines’ ticket revenue reportedly still trapped in Nigeria. The Central Bank of Nigeria last…

On Wednesday February 7, a Federal High Court Sitting in Lagos ordered the federal Government to Fix the price of Goods within 7 Days , effective from February 7. Trial judge, Justice Ambrose Lewis-Allagoa, specifically ordered the government to fix the prices of milk, flour, salt, sugar, bicycles and it’s spare parts, matches, motorcycles and its spare parts, motor vehicles and it’s spare parts as well as petroleum products, including diesel, premium motor spirit, PMS, and kerosene. The court made the order in its judgment in a suit by rights activist and lawyer, Mr. Femi Falana, SAN, against the Price…