Monday, April 26, 2021
Transcorp Makes New Board Appointments, Unveils New Subsidiary CEOs
The Board of Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest listed conglomerate and a leading investor in the energy sector, has announced the appointment of Mr. Victor Famuyibo and Mallam Ahmadu Sambo to its board of directors. The appointment became effective from April 22, 2021. Read more
Customs Intercepts Foreign Rice worth N22.5m in Kwara
The Nigeria Customs Service (NCS) Strike Force in charge of Zone “B” that is made up of the North- east, North-west and North-central zones of the country said it intercepted and seized about 513 bags of foreign parboiled rice with a duty paid value of N22,581,500 million. The coordinator of the team, Mr. Olorukooba Aliyu, disclosed this while speaking with newsmen in Ilorin, recently. Read more
‘Nigeria Lost N5.5tn to Cybercrimes in 10 Years’
The Chief Strategy Officer, Deloitte West Africa, Mr. Tope Aladenusi, has stated that Nigeria lost N5.5 trillion to fraud and cybercrimes in 10 years. Aladenusi, who disclosed this at a recent webinar hosted by First Bank of Nigeria Limited with the theme: ‘Staying Protected Amidst the Pandemic Chaos,’ noted that the losses from cybercrimes seemed to be more than drug trafficking. Read more
‘Proposed Escravos Deep Seaport to Attract $50bn FDI to Nigeria’
Promoters of the proposed Escravos Seaport Industrial Complex (ESIC – 1) have revealed that the $2.9 billion (N1.16 trillion) project will attract $50 billion (N20 trillion) in Foreign Direct Investment (FDI) to Nigeria when completed and operational. Read more
Banking sector recorded N356.47tn e-transactions in Q4 – NBS
A total volume of 3.46 billion transactions valued at N356.47tn were recorded in the fourth quarter of 2020 as data on electronic payment channels in the Nigeria banking sector. The National Bureau of Statistics disclosed this in its report on ‘Selected banking sector data: Sectoral breakdown of credit, payments and staff strength’ on Sunday. Online transfers dominated the volume of transactions recorded, it stated. Read more
FG spends N568.5bn annually on power tariff shortfalls – World Bank
The Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount could further increase if the country fails to take the right action. The bank disclosed this in its enlarged report on Nigeria Power Sector Recovery Programme obtained by our correspondent in Abuja on Sunday. Read more
SEC urges investors to register for e-dividend
The Securities and Exchange Commission has urged investors in the capital market to register for e-dividend so that they can receive the benefits of their investments in the capital market. The Executive Commissioner Operations, SEC, Mr Dayo Obisan, made the call during an interview in Abuja over the weekend, according to a statement from the commission on Sunday. Read more
Coca-Cola recycles 1.5 billion bottles to protect environment
Coca-Cola Nigeria says through its recycling initiatives it is committed to the support of environmental protection and sustainability in Nigeria, in commemoration of World Earth Day. A statement on Friday said the Director, Public Affairs, Communications and Sustainability, Coca-Cola Nigeria, Amaka Onyemelukwe, also said through its ‘World Without Waste’ initiative, it recycled over 1.5 billion bottles, and invested over $2m dollars in plastic recovery and recycling efforts. Read more
Growing burden of public debts on economy
“We think that debt has to be seen from the standpoint of its origins. Debt’s origins come from colonialism’s origins. Those who lend us money are those who had colonised us before. Under its current form, that is imperialism-controlled, debt is a cleverly managed re-conquest of Africa, aiming at subjugating its growth and development through foreign rules. Thus, each one of us becomes the financial slave, which is to say a true slave.” Read more
FG urges states to deepen fiscal transparency, accountability
The Federal Government has urged States to deepen fiscal transparency and accountability in public financial management system to improve good fiscal governance at the sub-national level. Permanent Secretary at the Ministry of Finance, Budget and National Planning, Aliyu Ahmed, at the meeting of the National Steering Committee of the States’ Fiscal Transparency Accountability and Sustainability (SFTAS) Programme for Results, expressed the imperative of instilling a common set of fiscal behaviour and standards in the States. Read more
