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EFCC slams foreign bank over prediction on Buhari

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 ...

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Adeosun’s Resignation: State House Releases Official Statement

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 ...

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Breaking: Nigeria’s Finance Minister, Kemi Adeosun resigns

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 ...

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Corruption Allegation Against Abba Kyari, Hinged On Fiction – Presidency

The Presidency has described the allegation of corruption against President Muhammadu Buhari’s Chief of Staff, Mr Abba Kyari as “fiction”. Punch newspaper had reported that the President’s right-hand man collected a 29 million naira bribe for the award of a contract. The Presidency also said the supply of 15 Hilux vehicles for the Presidency reported by Punch, was an unlikely ...

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MTN Fines: CBN deducts N5.61bn from accounts of three banks

The Central Bank of Nigeria has debited the accounts of three banks to the tune of N5.61bn, being the total amount of fines it imposed on them last week for alleged illegal repatriation of funds. Last week, the regulator imposed N5.87bn fines on four banks for what it described as “flagrant violation of extant laws and regulations of the Federal ...

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FAAC: Federation revenue declined by N107bn in July

Federal, states and local governments on Thursday shared N714.8 billion revenue generated in July, the News Agency of Nigeria (NAN) reports. The figure indicated a decline of N107.1 billion when compared to what was generated in June. The Minister of Finance, Mrs Kemi Adeosun, while briefing newsmen in Abuja on the outcome of the monthly Federation Account Allocation Committee (FAAC) ...

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YALI Network declares her commitment to promote culture of Accountability, Transparency in Nigeria!

Young African Leaders Initiative (YALI Network FACE2FACE) Abuja has declared her commitments to promote and support the entrenching culture of Transparency and accountability through her several interventions and projects. One of which is the forthcoming Accountability and Transparency Summit scheduled to hold between 4th and 6th of September, 2018 in Abuja. This declaration was made today at the Press Conference ...

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NNPC Plans New Subsidiary for Commercial Bunkering Operations

The Nigerian National Petroleum Corporation (NNPC) has disclosed it would set up a new subsidiary company to undertake the business of commercial petroleum products bunkering on the waters of Nigeria. It explained in a statement its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, issued on Wednesday in Abuja that the move was aimed at consolidating its foothold on shipping ...

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CBN pumps $543m, CNY 63m into Forex market!

In another major round of interventions, the Central Bank of Nigeria (CBN) on Thursday, August 23 and Friday, August 24, 2018, injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market. At the Thursday’s trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 to the ...

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Taxation catalyst to sustainable national development — FIRS Boss

In a bid to boost the economic fortunes of the nation and ensure a robust funding of government infrastructures and social services, the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr William Babatunde Fowler, has emphasised that taxation is the catalyst to sustainable national development. Asserting that tax is the future of fund generation for our nation, he noted that ...

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