PRESIDENT Muhammadu Buhari yesterday said the sanctions of jail terms for illicit financial flow was no longer sufficient to fight the menace. President Buhari who stated this while delivering a speech on “Illicit Financial Flows (IFFs) and Corruption: The Challenge of Global Governance” at the Peace Forum, in Paris, France, said stringent actions should be taken against perpetrators of illicit ...

The service charge on all transactions to be paid into treasury single account (TSA) of the federal government will be borne by payers, under the newly-announced model. This means the payment to enroll for the Joint Admissions and Matriculation (JAMB) exams, to obtain a driver’s licence and other government transactions has increased from November 1. The new tariff regime was ...

The House of Representatives on Tuesday approved the request by President Muhammadu Buhari for $82.54 million to refinance the balance of $500 million matured Eurobond in the international capital market. The approval was made after the chairman of the Committee on Aids, Loans and Debt Management, Adeyinka Ajayi, presented the report of the committee to the House. President Buhari had ...

The Economic and Financial Crimes Commission (EFCC) has seized gold worth about $3, 131, 412.39 (N1, 127, 308, 460.39) being allegedly exported to Dubai, United Arab Emirates, illegally. It named one Abba Ali Yahaya as the brain behind the deal. Apart from impounding his passport, about €112,000 undeclared by Abba, has also been forfeited over alleged violation of the nation’s ...

The Federal Government would soon commence payment of N5, 000 to vulnerable Nigerians in three states using the newly introduced financial services of the Nigeria Postal Services (NIPOST) for the cash transfer. The government said the package is under the present administration’s social welfare programme to help the poor and the needy in the society. Under the new contract, NIPOST ...

One of Nigeria’s leading financial institutions, FirstBank is set to hold its first ever ‘Innovate Hackathon Challenge’. The 2-day hackathon scheduled for October 11 – 12, 2018, is in a bid to intensify technological progress in the financial sector. The FirstBank Innovation challenge is aimed at leveraging top-notch digital technology in improving the banking processes and delivering quality value to customers. This ...

The shares of MTN Group has risen by 5% following the news that Nigeria’s CBN is tracking back on the sanctions it placed on its Nigerian subsidiary last week. MTN Nigeria was penalized last week by the apex bank for allegedly repatriating funds illegally. Nigeria is seeking to resolve a dispute with MTN, an indication relations between the two parties have started ...

The Economic and Financial Crimes Commission has lambasted HSBC Bank days after predicting that Nigeria’s current economic struggles look set to continue if President Muhammadu Buhari wins a second term in office. The EFCC said in a post on its official Instagram page, @officialefcc, that the multinational banking group, which is Europe’s largest by total asset, was synonymous with money ...

President Muhammadu Buhari Friday accepted the resignation of the Hon. Minister of Finance, Mrs Kemi Adeosun. The President thanked the Minister for her services to the nation and wished her well in her future pursuits. The President also approved that the Minister of State Budget and National Planning, Mrs Zainab Ahmed, should oversee the Ministry of Finance with effect from ...

Nigeria’s Finance Minister, Kemi Adeosun, has resigned sources close to her told Daily Trust. It is not clear when she submitted her resignation letter. According to our source, the resignation followed the allegation of not serving the compulsory National Youth Service Corps, NYSC, and obtaining a certificate that the NYSC have disowned. The minister felt that her position is becoming ...