Paga, MFS Africa Partner to Boost Digital Money Transfer

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

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By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Modupe Gbadeyanka A former acting branch manager of Sterling Bank Plc, Mr Oliver Anidiobi, has been remanded in prison pending hearing of his bail application fixed for June 7, 2019. The accused person was arraigned on Tuesday, May 7, 2019 by the Economic and Financial Crimes Commission (EFCC), Enugu Zonal Office before Justice C.O. Ajah of Enugu State High Court for a N187 million fraud. Mr Anidiobi, who was also the Account Relationship Officer of OHHA Microfinance Bank, is facing a 32-count charge bordering on forgery and stealing from the microfinance bank. Investigations by the EFCC revealed that he

By Adedapo Adesanya In what would be his last Independence Day address, President Muhammadu Buhari, on Saturday, defended his government’s borrowing policy, describing it as a necessary step to provide the infrastructure that would expand opportunities for the growth of the Nigerian economy. Mr Buhari stated in the address to the country on October 1, 2022, that, “The federal government is already expanding port operations to ensure that they provide opportunities for the growth of the Nigerian economy. “We have also continued to accelerate our infrastructure development through serviceable and transparent borrowing, improved capital inflow & increased revenue generation by

By Adedapo Adesanya  S&P Global analysts have predicted that the international crude benchmark, Brent crude, will average $87 per barrel for 2023, down from around a $100 billion average in 2022 as demand weakens. This is above Nigeria’s $75 per barrel benchmark contained in the 2023 budget. However, they expect demand weakness to come amid key supply-side vulnerabilities, which under more typical economic conditions, may have caused more persistent triple-digit oil prices. Earlier this year, Brent shot up to close to $140 per barrel back in March after the outbreak of the Russia-Ukraine war, before it became clear that Russian

By Adedapo Adesanya Crude oil prices were stable on Thursday as stockpiles in the United States fell sharply, lending more support to the market which had been bullish over the past two days. The price of the Brent crude marginally went up by 0.1 per cent or 7 cents to $71.28 per barrel, while the West Texas Intermediate (WTI) rose by 0.03 per cent or 2 cents to $68.81. The Energy Information Administration (EIA) reported yesterday that crude inventories in the US shed 5.1 million barrels in the week to May 28, about 3 per cent below the five-year average

By Dipo Olowookere The management of Asset Management Corporation of Nigeria (AMCON) has taken over Osigwe Foods and Agro Industrial Company Limited owned by Chief Anselm Kayode Mohammed. The firm was taken over following an injunction against it granted by Justice Saliu Saidu of the Federal High Court sitting in Lagos. Osigwe Foods and Agro Industrial Company Limited allegedly owes AMCON nearly N5 billion purchased during the first, second and third phases of purchase of Eligible Bank Assets (EBAs) from Union Bank, Unity Bank, EcoBank and the defunct Fin Bank. The order also affects Chief Anselm Kayode Mohammed’s massive private

By Modupe Gbadeyanka The implementation of the 2016 Fiscal Policy Measures which is made up of the Supplementary Protection Measures together with the ECOWAS CET 2015 – 2019 effective from October 17, 2016 has been approved by President Muhammadu Buhari. This was disclosed in a circular signed by the Minister of Finance, Mrs Kemi Adeosun. According to Mrs Adeosun, the approved Supplementary Protection Measures in line with the provision of the ECOWAS CET comprises an Import Adjustment Tax list with additional taxes on 173 tariff lines of the extant ECOWAS CET; a National list consisting of 91 items with reduced

By Modupe Gbadeyanka The Nigeria Security and Civil Defence Corps (NSCDC) has directed the immediate deployment of 10,000 personnel in Edo State, ahead of the September 10 governorship election. In a statement issued by the Corps spokesperson, Emmanuel Okeh, on Friday in Abuja, the Commandant General of NSCDC, Abdullahi Muhammadu, said this move was to ensure a hitch-free exercise next Saturday. Mr Muhammadu also ordered the acting Deputy Commandant General, Operations, Mr Hillary Madu, to relocate to Edo State, to coordinate operations for a violent hitch-free election. The statement said Mr Madu would be assisted by two Assistant Commandant Generals

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has rejected the conditions listed by President Muhammadu Buhari for lifting the suspension of Twitter operations in Nigeria. A statement issued on Sunday by the Deputy Director of SERAP, Mr Kolawole Oluwadare, urged the President to withdraw the clauses to allow the ECOWAS Court of Justice in Abuja to render a decision on the central issues in the case and protect the plaintiffs’ rights and interests. Mr Buhari had stated in his address to mark Nigeria’s 61st independence anniversary that the federal government would only remove the Twitter ban if