money
Nigerian government says 300,000 mass housing scheme strictly for low income earners
The Federal Government says its Social Housing Programme, one of the components of the National Economic Sustainability Plan (NESP), is targeted at low income earners. Imeh Okon, Senior Special Assistant to the President on Infrastructure, who made this clarification on Tuesday in Abuja, said the scheme was not meant for politicians or highly placed persons. The 300,000 social housing programme is a component of the NESP designed by the Vice President Yemi Osinbajo-led committee constituted by President Muhammadu Buhari to cushion the effects of COVID-19 on Nigerians. She explained that one of the objectives of the administration was to provide houses for citizens across the country. Okon said that the houses would be durable and of high quality not minding the low prices. “It is a social ...
Ebonyi governor denies giving cultists N3 million
Governor David Umahi on Monday said he did not give N3 million to placate notorious cult groups allegedly terrorising residents of the state. Umahi said this when the 13 Local Government Area Chairmen, Coordinators of Development Centres, with their Management Committee members, among other political appointees, paid him a solidarity visit at the Government House, Abakiliki. He dismissed the report that he gave the money to the groups through his security aide. According to him, he had ordered a manhunt for members of the groups. “How can a warrior such as me bribe cultists, to do what with the money? The duty of political leaders and the citizens is to give me the names of the cultists because I will give them a bad Christmas celebration. “I am searching for them whether they are in gover...
NBS: N319.99 trillion e-payments recorded in Q3 2020
A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said. It disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks. The bureau said Real Time Gross Settlement transfers dominated the volume of transactions recorded. RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a real-time and on a gross basis. The NBS said 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3 2020. In terms of c...
Group moves to reintegrate displaced persons
Agence France-Presse The initiator of The Skilled Women Initiative (TWINI), Chizom Nwankwo, has said the group intensified efforts in re-integrating some internally displaced persons in Abuja. Nwankwo said the displaced persons would be re-integrated into the community through the group’s learn, earn and blend model. She said with the plan, beneficiaries are taught vocational and technical skills of their choice, added with entrepreneurial skills to help them earn money. She said the beneficiaries had agreed to leave the internally displaced camp after 18 months. She also said the group created a market for the products to encourage beneficiaries, adding, “This is just like a factory. They are making soaps, shoes, cloths. If we are able to gather them and give them jobs, we create another ...
Court stops COSON from general distribution practice
A Federal High Court sitting in Lagos has declared that the General Distribution which is practised by the Copyright Society of Nigeria, COSON, is illegal. The practise involves the annual distribution of the same amount of music royalties, usually about N30,000 each, to thousands of the organization’s members. This practice was challenged in court by the Music Publishers’ Association of Nigeria, MPAN, in Suit No. FHC/L/CS/1418/2019; Green Light Music Publishing Ltd, Chocolate City Music Ltd, Premier Music Publishing Company Ltd v. Copyright Society of Nigeria Ltd/Gte. The judgement which was delivered on November 25, 2020, by Justice Oguntoyinbo also ordered COSON to stop further distribution of royalties “in a manner known as ‘General Distribution’ or how so ever called which does not re...
Police arrest kidnapper of ex-Ekiti commissioner
Ekiti Police Command said it has arrested one person in connection with the kidnap of a former Commissioner for Agriculture in the state, Mr Folorunsho Olabode. The suspect was among those paraded by Mr Sunday Abutu, the command’s Public Relations Officer, in Ado-Ekiti for their alleged involvement in various criminal activities. Abutu said that the suspect was arrested inside a forest at Ilemeso-Ekiti in Oye Local Government area of the state. “During interrogation, the suspect confessed to being a member of the syndicate that kidnapped Mr Folorunso Olabode, a former Commissioner for Agriculture in the state,” he said. The police spokesman said that the suspect also mentioned other members of his gang, including the two who had earlier been arrested, prosecuted and were now being remanded...
Angry mob set three armed robbers ablaze in Delta
Three suspected armed robbers were set ablaze by an angry mob early Tuesday morning, along Okumagba Avenue in the Warri South council area of Delta state. Newsmen learnt that two of the suspects were burnt at Emebiren Junction, close to the popular Robinson Plaza, while the other one was lynched at Eburu Junction. According to reports, the hoodlums were members of a gang, whose numbers could not be ascertained. A witness who spoke on condition of anonymity claimed that they started the robbery operation from about 1 am in an unknown vehicle. A chemist, a fish farm, and a household, all within the Okumagba Avenue axis, were said to have been attacked by the hoodlums, who carted away an undisclosed amount of money and mobile phones. Other onlookers claimed they attempted to rob some female t...
Ayo Fayose: President Buhari must account for $1 billion taken from excess crude account
Former Governor of Ekiti State, Ayodele Fayose has queried President Muhammadu Buhari to account for the $1 billion withdrawn from the Excess Crude Account (ECA) to battle insecurity in the country. However, newsmen found that the call may be superfluous as government rendered an account on 22 July. Oblivious of this, Fayose, in series of tweets appeared to suggest that the money had been wasted, because of the rising killings and kidnappings being witnessed on daily basis. “Nigerians should recall that I took a stand openly against withdrawal of the $1bn,” he said. According to Fayose, 30 months after the $1bn was released, Nigerians, including soldiers and FG officials were complaining of no arms and ammunition to combat insecurity in the country. “When in December 2017, FG took $1bn fro...
Man sentenced to life imprisonment for raping own daughter
An Ondo State High Court sitting in Akure, the State capital, has sentenced a man, Olusola Alo, to life imprisonment for raping his own daughter. Alo, it was reported, had been having sexual intercourse with his biological daughter since she was 10-years-old. The mother of the girl was said to have left him when the daughter was six-months-old. According to the police prosecutor, the secret was exposed when the girl claimed at a students’ fellowship meeting that somebody was already having sex with her. The girl explained that her father would demand sex anytime she requested money from him for school fees and personal upkeep. The convict pleaded not guilty to the one-count charge of rape preferred against him. Justice Samuel Bola in his judgement held that the evidence of the victim that ...
Firm restates commitment to enhance financial inclusion
Nigeria-based fintech solution, NowNow, has said that it will continue to upgrade its services to attune to current realities, such that will drive economic and social growth. Founder of NowNow, Sahir Berry, while speaking on how COVID-19 pandemic has disrupted the financial space recently, mentioned that Nigeria needs to strengthen its fintech space more than before. Berry stated that it was important for Nigeria to tap into the trends and prospects of fintech given the country’s large unbanked or underbanked. He added the company recognised this gap in Nigeria, which informed its investment in the space. “In 2017 we identified that one of the two big problems in Nigeria was lack of youth empowerment and financial inclusion. With a population of almost 100 million youths, we found that ac...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Ex-President Jonathan: I was judged harshly before 2015 elections because …
Former President Goodluck Jonathan on Tuesday said he was wrongly judged by some of his friends and political opponents before the 2015 presidential election because of his personal convictions and the vision he had for the country. He, however, insisted that he does not hold any grudge against his detractors for their harsh criticisms. It would be recalled that the ex-President was widely criticised, before the election, for his approach to alleged corruption in his administration, the perennial problem of insecurity, and the sacking of some top government functionaries within his administration including the former Central Bank Governor, Sanusi Lamido Sanusi, ex-Chief of Army Staff, Lt. Gen. Azubuike Ihejirika, among other. Speaking in Abuja during the public presentation of a book ‘Dear...