Business

Customs Intercepts Contraband Goods Worth N786m in Kano, Jigawa
News, Nigeria, Safety

Customs Intercepts Contraband Goods Worth N786m in Kano, Jigawa

Officials of the Nigeria Customs Service, Zone ‘B,’ have intercepted contraband goods worth Duty Paid Value (DPV) of over N786 million in Kano/Jigawa axis. While displaying the intercepted items, the Coordinator of the Strike Force, Deputy Comptroller Osseini Olorukoba, said the seizures were made in the months of January, February and March. The seizures include two exotic vehicles, a N63m 2021 Mercedes Benz turbo 4Matic jeep. Customs said two suspects were arrested in connection to the smuggled goods. The suspects attempted to use a diplomatic plate number to trick Customs officers but ran out of luck, it was learnt. Olorukoba said they were arrested following intelligence reports. He vowed to crack down on smugglers whose activities he said were sabotaging the efforts of the...
MTN snubs Banks, links 77 Million Subscribers to Fintech Platforms
Communication, Information Technology, Interview, News, Nigeria, Press Statement

MTN snubs Banks, links 77 Million Subscribers to Fintech Platforms

MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay. MTN in a statement on Saturday by its Senior Manager, External Relations, Funso Aina, also said customers could recharge airtime by dialing *904# and *606# This is coming barely 24 hours after commercial banks on Friday disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscr...
CBN Predicts Further Depreciation of the Naira in January 2021
Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...
CBN Withdraws 42 Microfinance Bank’s Operating Licences
Finance, News, Nigeria

CBN Withdraws 42 Microfinance Bank’s Operating Licences

Nigeria’s apex bank, the Central Bank of Nigeria has withdrawn the operating licences of 42 microfinance banks operating in the country. This was contained in an announcement issued by the Nigeria Deposit Insurance Corporation (NDIC) on its website titled, ‘Notice of closure of 42 microfinance banks’. It read, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors. “We, therefore, request that all depositors o...
Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency
Economy, News, Nigeria, Trade

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

The Central Bank of Nigeria has cautioned operators against paying recipients of diaspora remittances in the local currency rather than foreign currency. The apex bank threatened to strip violators of their operational licences if they failed to comply with its remittance guidelines. It disclosed this in a circular to International Money Transfer Operators and Payment Services on Wednesday signed by the director, trade and exchange department, and the director, payments system management department. According to the circular, all licensed institutions are required to comply with the guidelines on remittances as contraventions will attract stiff regulatory sanction including revocation of licence. The circular was titled, ‘Receipt of diaspora remittances: Additional operational ...
President Buhari To Reopen Borders Soon
Africa, Breaking News, Economy, News, Nigeria, Press Statement, Trade

President Buhari To Reopen Borders Soon

President Muhammadu Buhari, on Tuesday, had a closed door meeting with the nation’s 36 state governors on the security challenges across the country. He explained that the closure of the nation’s land borders was partly an attempt to control the smuggling of weapons and drugs. African News Today had earlier reported that state governors did not speak with State House correspondents at the end of the meeting held at the Presidential Villa, Abuja.  The Presidency has now issued a statement quoting Buhari as asking the state governors to work more with traditional rulers and community members to improve local intelligence gathering that will aid the work of security agencies. The statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, wa...
Sanow-Olu Unveils Nigeria’s First Electric Car
Lagos News, News, Nigeria, Power

Sanow-Olu Unveils Nigeria’s First Electric Car

Governor Sanwo-Olu of Lagos State on Friday unveiled Nigeria’s first electric car dubbed Hyundai Kona. The car which is a product of Stallion Group was unveiled at the VON automoviles Nigeria, Ojo Lagos. Sanwo-Olu while speaking at the launch said that VON has acquired over 40 to 50 years of vehicle manufacturing expertise. The governor who lauded Stallion Group for the innovation pledged that the Lagos State Government will provide electricity charging points for the vehicle across the state to make it easy for users to charge their Electric Vehicles. He also said that the 10 lanes Lagos-Ibadan Express which is nearing completion will facilitate business activities across the state for the benefit of the masses. Sanwo-Olu said, “Lagos-Badagry Expressway which has been expan...
Arabic Inscriptions on Naira Notes Not a Symbol of Islam – CBN
Judiciary, News, Nigeria

Arabic Inscriptions on Naira Notes Not a Symbol of Islam – CBN

The Central Bank of Nigeria (CBN) has kicked against a suit filed before the federal high court in Lagos asking for the removal of the Ajami (Arabic) inscriptions on the naira notes. According to the defense presented by the bank, it will require a lot of money to discard already printed notes and print new ones without Ajami. CBN equally said the Ajami is an inscription to help non-English speakers who are Ajami literate rather than a symbol or mark of Islam. The bank disclosed this while countering a suit filed by Malcom Omirhobo, a Lagos-based counsel, presided by Mohammed Liman. Omirhobo had in January 2020 filed a suit against the federal government, CBN, and attorney general of the federation over Arabic inscriptions on naira notes. The counsel while opposing the inscription pra...
WTO Postpones Meeting to Pick New DG
Breaking News, Communication, Economy, Finance, Nigeria, Trade, United States of America

WTO Postpones Meeting to Pick New DG

The World Trade Organisation on Friday postponed a meeting where members are expected to pick a new Director-General. The postponement is coming days after the United States declined to support the favored candidate, Ngozi Okonjo-Iweala. The organization earlier announced that the meeting would hold next week but a communication sited by AFP showed that the meeting has been postponed indefinitely. “It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November,” the head of the selection committee told member states. “I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations,” he added....
Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General –  Blessing Mene
Africa, China, Economy, Features, Finance, Nigeria, Trade, United States of America, Women Empowerment

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

This is an opinion article by Blessing Mene. People who want Okonjo-Iweala to become the next WTO Director-General mostly are excited about the prospect of the first female & African to lead the WTO. But President Trump doesn't think that way, here are five secret reasons why President Trump won't support Okonjo-Iweala: 1. He thinks from the perspective of Nationalism and his biggest interest is to have a WTO leader who will stand up to China and other countries leveraging loopholes in the WTO to supposedly "take advantage" of America. Look at how Trump is reshaping to the US Supreme Court and Federal Courts. 2. President Trump's a radical conservative who is currently looking to end the influence of liberals and globalism. That's why he got elected in the first place. He doesn'...