Illegal FX Transactions: Panic as CBN Freezes Accounts of Bamboo, Chaka, Others

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Modupe Gbadeyanka The overnight rate on Monday increased to 19.75 percent from 7.75 percent last Friday as a result of the sale of treasury bills by the Central Bank of Nigeria (CBN) through the open market operations (OMO) today. Also, the open buy back (OBB) rate grew at the close of business to 17.83 percent from 7.17 percent last Friday. At the market today, the central bank sold a total of N65.73 billion worth of treasury bills via the OMO to investors. Business Post reports that the treasury bills market was relatively quiet as market players continued to pour

By Adedapo Adesanya The federal government has announced that 173 private centres and 30 state government institutions across the country have been licenced to enrol residents of Nigeria for the National Identity Number (NIN). These centres and government agencies were approved by the Minister of Communications and Digital Economy, Mr Isa Ali Pantami, according to a statement issued by the National Identity Management Commission (NIMC). “The Minister of Communications and Digital Economy, Isa Ali Ibrahim [Pantami], has approved the licensing of 173 agents and 30 state governments/public sector institutions to conduct enrolment of all persons, including legal residents into the

By Aduragbemi Omiyale To achieve the Sustainable Development Goals (SDGs) in Sub-Saharan Africa, there must be an increase in long-term sustainable finance. This is the submission of the Chief Executive Officer of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, at the CEO Breakfast Roundtable hosted by United Nations Global Compact Network Nigeria. He said the NGX has always provided its platform for the growth of sustainable finance in Nigeria by developing the nation’s green bond market. “The NGX has over the years played a leading role in developing financial instruments that address sustainable development and promote financial inclusion in

By Modupe Gbadeyanka Investors in the Nigerian capital market have slammed the Securities and Exchange Commission (SEC) for failing the corporate governance test it punishes players in the sector for. According to a report by The Nation, the apex industry regulator has not published its yearly reports and accounts for four years. The last annual reports and accounts of the commission was for the year ended December 31, 2013, halting a tradition that had seen SEC publishing its annual reports yearly for more than a decade. However, any company listed on the trading floor of the Nigerian Stock Exchange (NSE),

By Adedapo Adesanya The federal government is set to commission the over 200 million standard cubic feet per day (MMSCF/Day) wholly-owned-and-constructed Nigerian Petroleum Development Company (NPDC) Integrated Gas Handling Facility (IGHF) and a Liquefied Petroleum Gas (LPG) storage and dispensing plant on Tuesday, December 22. The opening of the gas dispensing plant located at Ologbo, Edo State, will hold virtually and will feature Minister of State for Petroleum Resources and the Alternate Chairman of the Board of Nigerian National Petroleum Corporation (NNPC), Mr Timipre Sylva, alongside Group Managing Director of NNPC, Mr Mele Kyari. The NPDC is an upstream subsidiary

By Modupe Gbadeyanka Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses. Fuelled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2

By Dipo Olowookere Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has said the commission was ready to drive the process of attaining 70 percent broadband penetration in the next couple of years, if that is set as the new target by the Federal Government. Speaking while delivering a goodwill message at an investment summit of Kaduna State Government, KADINVEST 4.0, Prof Danbatta, expressed optimism about the commitment of the agency toward taking the broadband penetration to the next level. He said, “When I was appointed by President Muhammadu Buhari in 2015, broadband penetration was

By Modupe Gbadeyanka The Marine Bridge would be closed for three months for emergency repairs, the Lagos State government has disclosed. The Commissioner for Transportation, Dr Frederic Oladeinde, explained in a statement that the action was necessary to maintain the bridge infrastructure, which includes removal and cleaning of the existing expansion joints to prevent further deterioration. He disclosed that the partial closure of the Marine Bridge, which affects the Apapa outward section, would take effect from Tuesday, March 9 to Monday, June 21, 2021. The Commissioner urged vehicle owners plying the corridors to be patient and bear with the state