Regulation
Senate considers bill to unbundle NIPOST
The Senate has commenced moves to unbundle the Nigerian Postal Service with the consideration of a bill to repeal and re-enact the Nigerian Postal Service Act 2004. The bill which scaled second reading on Tuesday was sponsored by Senator Oluremi Tinubu (APC, Lagos Central). Leading the debate on the general principles of the bill, Tinubu said the piece of legislation seeks a reform of the Postal Industry and to make Comprehensive Provisions for the Development and Regulation of Postal Services in Nigeria. According to the lawmaker, the Nigerian Postal Service (NIPOST) which dates as far back as 1852, evolved from an exigency of the colonial administration to a Collection Office of the United Kingdom and eventually, to the NIPOST. She recalled that as at 1st of October, 1960, when Nigeria g...
PDP advises federal government against increasing pump price of petrol
The Peoples Democratic Party (PDP) on Friday advised the Federal Government against increasing pump price of petrol. The party in a statement by its National Publicity Secretary, Mr Kola Ologbondiyan, in Abuja said any contemplation to increase pump price of petrol to N212 would worsen the economic and social situations of Nigerians. This was in reaction to a debunk report that the Petroleum Products Pricing Regulation Agency (PPPRA) on Thursday night released a template that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. Ologbondiyan said that the N212 per liter reportedly contemplated in the March pricing template was not in the best interest of Nigerians. “It is a barefaced fact that there is no way that Nigerians can survive such hike in fue...
AfDB provides $400,000 grant for SEC
African Development Bank Group (AfDB) on Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation and broaden market instruments. The funds, according to a statement from AfDB, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank. “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremon...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Research: Nigeria records nearly 30,000 tobacco smoking-related deaths
An Abuja-based Centre for the Study of Economies of Africa (CSEA) has reported that a research it conducted had revealed that 28,876 deaths related to tobacco smoking are recorded annually in Nigeria. Marco Castradori, a research associate with the CSEA, revealed this, on Monday, in Kano, at a report dissemination workshop on the health burden and economic cost of smoking in Nigeria. According to Mr Castradori, the number represents around 16 per cent of deaths from smoking-related diseases and above five per cent of all cases of deaths. “Among the disease analysed, nearly 737,366 events are expected each year, of which 127,859 representing 17 per cent are attributable to cigarette consumption. “In terms of costs, these conditions burden the Nigerian healthcare system with nearly N634 bill...
PDP accuses President Buhari of violating coronavirus law
The Peoples Democratic Party (PDP) has expressed dismay over President Muhammadu Buhari’s alleged violation of his executive regulation on COVID-19, which prescribes 6-month jail term for defaulters. The party said it’s a huge national embarrassment and gross failure of leadership that President Buhari, who ought to lead by example, is being reported to have publicly violated the COVID-19 regulation, which he signed just about a week ago. In a statement on Sunday by the spokesman for the PDP, Kola Ologbondiyan, the party said it’s scandalous that while Nigerians are striving to obey the COVID-19 regulation, which stipulates the compulsory wearing of nose mask and physical distancing in the public, the President and some of his party men flouted the rule during his visit to his Daura countr...
DPR shuts down seven filling stations in Rivers
File Photo The Department of Petroleum Resources (DPR) says it has closed seven Liquefied Petroleum Gas (LPG) retail outlets in Rivers for operating without valid licences. Bassey Nkanga, Zonal Operations Controller of the agency, made the disclosure during a meeting with Petroleum Products Marketers Association and Petrol Tankers Drivers Union (PTD) on Friday in Port Harcourt. Mr. Nkanga said the enforcement of safety requirements/sanction against violators became necessary to support effective regulation in the downstream sector. “We are in a very peculiar season, the harmattan season when fire incidents usually occur at filling stations. This challenge had, in most cases, occurred as a result of avoidable mistakes, hence, the need to step up safety consciousness amongst stakeholders in ...
eGovernment: NITDA begins capacity building for ministries, agencies
Commonwealth of Nations The National Information Technology Development Agency (NITDA) on Wednesday began a two-day virtual strategic capacity building workshop for federal ministries, departments and agencies (MDAs). The exercise is being carried out to hasten the implementation of the National e-Government Masterplan and inculcate the use of Information Technology in government activities. The training is in three phases for directors of ICT and heads of procurement, network administrators and domain managers, while the third batch is for the NITDA team driving the digital transformation agenda. The Director-General of NITDA, Kashifu Abdullahi, who was represented by the Director e-Government Development and Regulation, Vincent Olatunji, in his opening remarks said the training aims at e...
Governor Lalong: 2020 NAFEST confirms return of peace in Plateau
Plateau State governor, Simon Lalong Bako, has stated that the hosting of the 2020 Jos National Festival of Arts & Culture (NAFEST) is a confirmation that peace has been restored in the state as he also restated his conviction in the need for regulation of the social media. The governor spoke yesterday at the opening ceremony of the 2020 NAFEST titled “Post Covid-19 and Cultural Dynamism” taking place in Jos, Plateau State. The governor who extolling the abundant resources in the state said “Plateau State is home of peace and tourism. We remain a state that is endowed with the best weather condition comparable to none in Nigeria, which explains why Plateau remains the destination of choice for many who desire to partake in its potentials such as rich arable soil, breathtaking tourism d...
Zamfara governor assents to four bills, to get official logo
Gov. Bello Matawalle of Zamfara has assented to four bills passed by the state legislature, Zailani Bappa, the Special Adviser to the governor on Media said in a statement made available on Thursday to newsmen in Gusau. The post Zamfara governor assents to four bills, to get official logo appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...