Economy

Abiodun Folarin   The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. The Apex bank disclosed this in a statment signed by its Ag. Director, Corporate Communications, Mrs. Sidi Ali Hakama, that the action became necessary due to the…

Jubilee Syringe Manufacturing, once regarded as the largest syringe manufacturing venture in Africa, has officially ceased operations in Awa in the Onna Local Government Area of Akwa Ibom. Inaugurated in 2017 by former Vice President Yemi Osinbajo, the firm cited “unforeseen circumstances affecting our business operations” as the major reason for…

The Central Bank of Nigeria (CBN) has reacted to reports about a recommendation for the Federal Government to take over some CBN-supervised financial institutions, saying, Nigerian banks remain safe and sound. In a statement by Mrs Sidi-Ali, Hakama, Ag. Director, Corporate Communications, CBN, the apex bank encouraged the public to continue…

The Central Bank of Nigeria (CBN) has again assured members of the public that it is addressing the reported cases of cash scarcity in some major cities across the country. The apex bank in a statement signed by its Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali…

Nigeria needs to review its fiscal policy and embark on tax reforms to earn enough revenue to run the economy. Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the declaration in Abuja on Monday while defending the ministry’s 2024 budget before the Senate committee on…

The Nigeria Customs Service (NCS) has announced plans to generate N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in 2024. The NCS Comptroller-General, Mr Adewale Adeniyi, stated this at the 2024 budget defense before the House of Representatives Committee on Appropriation on Monday in Abuja. Adeniyi said…

Central Bank of Nigeria (CBN) said its attention has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country. In a statement signed by Mrs Sidi Ali, Hakama, Ag. Director, Corporate…

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso has underlined the effectiveness of an efficient judicial system to attract Foreign Direct Investment (FDI). Cardoso said this in Abuja on Monday at the 22nd National Seminar on Banking and Allied Matters for Judges organised by the Chartered…

The Federal Executive Council (FEC) has approved the 2024 appropriation bill of N27.50 trillion for the 2024 budget with a N1.5 trillion increase from the earlier estimated bill. The government had proposed N26.2 trillion earlier but had reviewed the Medium Term Expenditure Framework (MTEF) that was approved by the National…

The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Navy have inaugurated a Committee to establish ways in which the synergy between both organs of government can be channeled into creating a welcoming environment for investment in the Blue Economy. The Flag Officer Commanding (FOC West), Rear Admiral…