Dangote Cement’s Purported Price Slash: Police Arrest Suspect for Allegedly Scamming Hundreds of People

“He explained that investigation so far revealed that the suspect had perpetrated several other similar scams adding that the suspect had since been arraigned.”

Top Ten Less-Expensive Cities To Live, Work, or Study in Canada 2023/2024

The top ten less-expensive cities to live, work, or study in Canada are the byproduct of in-depth research to enable you to make the best decision on the city of your choice when relocating to Canada in 2023/2024.

New Naira Notes: Emefiele Told Me Rumored Removal Of Arabic Inscriptions Is Baseless – Sanusi Lamido

A former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi has disclosed that the CBN Governor Godwin Emefiele has assured him that the rumoured removal of the Arabic inscription on the Naira notes was baseless.

According to Sanusi, the proposed redesigned naira notes, which is set to be implemented between December and January next year, will all carry Arabic inscriptions.

Naija News learnt that the former apex bank governor in a short video shared on his social media platforms was reported to have debunked rumour of the removal of the Arabic inscriptions on the new naira note, saying Emefiele had assured him that the rumoured removal of the Arabic inscriptions on the new naira were baseless.

His comment follows the agitations of some Nigerians that the new naira notes should not carry any Arabic inscription on them.

Sanusi also claimed that plan to introduce N5,000 notes, which was shelved in 2012 has not been forgotten.

The former CBN governor who recalled how his attempt to introduce the N5,000 note was resisted when he was the governor in 2012, added that “considering the quantum of cash Nigerians carry, the issue is something that can not be avoided in future.”

Sanusi was reported to have said in 2012 when he was still the CBN governor that “inflation in Nigeria is a monetary phenomenon. In some countries such as Singapore, Germany and Japan, the highest denominations are 10,000 SGD, 500Euro and Yen 10,000, respectively.

“These denominations have relatively high dollar equivalent. The levels of inflation are, however, low at 2.8, 1.1 and -0.7, respectively as in 2010.

“We believe that the introduction of a higher bill would complement the bank’s cashless policy as it would substantially reduce the volume of currency in circulation, particularly in the long term.”

Sanusi, remarked that the making of the video was “just to clarify and debunk rumours of the removal of the Arabic inscriptions,” adding that If he had issues with the bank’s policy or timing, he will discuss them with the relevant authorities of the apex bank and not publicly.

Sanusi, who is also the spiritual leader of the Tijanniyah Sufi order of Nigeria, told Islamic scholars to always “ask questions on issues of the economy from relevant authorities.”

This article was originally published on Naija News

Former CBN Deputy Governor, Others Support Policy On New Naira Notes

CBN May Hike Interest Rate Again In Coming Months - Reports

Following the announcement to redesign the N200, N500 and N1000 naira notes by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele last Wednesday, several reactions have trailed the decision of the apex bank.

Some Nigerians have expressed different opinions and thoughts about the new policy.

Some have supported the decision of the apex bank saying it is best for the nation’s economy, while others have faulted the policy saying it is not a top priority for the CBN at this time, as other means can be adopted to revive the economy.

Naija News reports that a former CBN deputy governor, Prof. Kingsley Moghalu, has however declared his support for the apex bank’s decision on the new naira notes.

According to him, the CBN’s move to redesign the naira notes is a commendable step capable of reducing the country’s inflation.

He noted that the move had become necessary for national security, however a 90-day window for the policy’s implementation is too short.

Moghalu, in a statement, had disclosed that “I fully support the Central Bank of Nigeria in redesigning the Naira. If 80 per cent of the bank notes in circulation are outside the banks, that is troubling.

“The CBN obviously wants to force all those notes back into the banking system. Those with the notes must surrender them to get new ones or else it becomes illegal tender after January 31, 2023.

“This is also a way to withdraw currency from circulation; an unorthodox way of tightening the money supply since the country is battling high inflation.

“The flip side is that people who are holding huge amounts of cash outside the banking system for nefarious reasons will go to the parallel forex market to buy hard currency, putting further downward pressure on the value of the Naira as too much Naira will be chasing too few dollars”

 Naija News, however, gathered that Moghalu doubted that the step alone would solve the nation’s inflation, “Because there also are other major reasons for inflation such as the forex crisis, which this new move can exacerbate, as well as the impact of the security crisis on food price inflation.

“This will put a lot of operational pressure on commercial banks and the financial system in general.

“A 90-day window will have been better, but one can understand the need to avoid interfering with the elections.” the former deputy CBN governor noted.

Also in support of the policy was the Labour Party (LP) governorship aspirant in Imo State, Capt David Mbamara (rtd), who said “This is a tacit admission by the Federal Government that Nigeria’s economy has collapsed. It is equally a technical way and a very desperate attempt by the Nigerian state to redeem the Naira.

“Corruption has eaten so deep into the fabric of Nigeria state that corrupt money is now under people’s homes and under their beds, and what you have now is too much Naira pursuing few dollars because the economy is no longer productive but rather consumption-oriented.

“So, our Naira is not backed by foreign earnings and the only foreign exchange earner for Nigeria, oil, has also collapsed,” the Nation newspaper reported.

On his own part, Chief Executive Officer (CEO) of BIC Consultancy Services, Dr Boniface Chizea said “The CBN has the sole authority to issue legal tender currency in Nigeria. The bank alone is able to determine the quantum of currency to release to align with other critical objectives, particularly macroeconomic stability.

“The CBN designs the face of the currency. This is one reason why the mint which prints currency is a department supervised by the Central Bank. I speak authoritatively here.

“The CBN does not report to the minister of finance even if one should have expected that she should have been taken on board. But remember that when you ventilate such policies, there will be so many reasons to convince one not to go ahead.

“The rate of exchange will fall as we are now witnessing because the race to convert illegally held Naira has now commenced with this announcement. The challenge confronting the CBN now will be how to determine measures to check the slide,” Chizea submitted.

This article was originally published on Naija News

Over 700,000 Barrels Of Crude Oil Are Stolen Daily – Minister Reveals

Over 700,000 Barrels Of Crude Oil Are Stolen Daily – Minister Reveals

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, has expressed concern over the growing theft of the nation’s crude oil, a development he said is taken the country backwards.

According to him, over seven hundred thousand of crude oil are being stolen by thieves daily.

Naija News reports that Sylva disclosed this on Saturday while addressing a group of graduates from the Petroleum Training Institute (PTI) in Effurun, Delta State.

Represented at the event by the Ministry’s Permanent Secretary, Amb. Gabriel Aduda, Sylva said the losses are overwhelming and that the federal government is doing its best to curtail the menace.

While assuring the government’s commitment to curbing the event, which has impacted negatively on the nation’s foreign exchange inflow, the Minister said his ministry would synergise with the National Assembly to ensure that adequate attention was given to the amendment of the PTI Act.

“Oil theft has denied the country of an estimated 700,000 barrels of crude oil per day. The adverse effect of this is the drop in crude oil production and the decline in the national income,’’ Vanguard quoted Sylva as saying.

Sylva said that the institute could achieve more if the PTI Act were amended to enable the institute to have access to more funding. He said the ministry had given PTI mandates in different research areas into using local materials in crude oil production, stoppage of gas flaring, and commercialising gas, among others.

He admonished the institute to embrace contemporary ways and methods to deliver on its mandates following global rapid changes in technology. The Minister also advised the institute to liaise with relevant parastatal agencies of government and local and international oil companies for the continued upgrade of relevant training curricula.

Sylva congratulated the graduates and assured them of opportunities in the oil and gas industry. He said “The skills you acquired will be pivotal in actualising the ever-evolving goals in the oil and gas industry.

“I am saying this confidently because the world still relies largely on hydrocarbons.”

Meanwhile, the Principal and Chief Executive Officer of PTI, Dr Henry Adimula, had said earlier that 1,156 graduates would receive diplomas and certificates for the 20220/2021 academic session.

He said: “Out of this figure, 659 will be awarded National Diploma and 501 will be awarded Higher National Diploma, while six graduates will receive the PTI General Welding Certificates.

“I am delighted to inform you that out of these numbers, 112 students graduated with distinction while 380 graduated with upper credits.”

According to him, PTI’s vision and mission, anchored on competence and capacity, had distinguished it as a Centre of Excellence for human capacity development in Nigeria’s oil and gas industry and beyond.

While appealing to the National Assembly and significant stakeholders in the oil and gas sector to support the amendment of the PTI Act, Adimula said the amendment would enable the oil and gas institute to perform its duties effectively in line with the global trends.

The principal said a major challenge confronting the institute was the cost of funding the training of its personnel locally and internationally

“The institute’s infrastructure is presently overstretched and needs refurbishment, innovation and complete replacement of others,’’ Adimula noted.

Adimula congratulated the graduates and assured them that their training had prepared them for available opportunities in the oil and gas and allied industries and renewable new and cleaner energy sources.

One of the graduates, Miss Hope Oseh thanked God for completing her National Diploma programme successfully.

This article was originally published on Naija News

FG, States, LGs Share N700bn In September

The sum of N700.235bn has been shared between the three tiers of government by the Federation Account Allocation Committee as federation allocation for the month of September 2022.

The amount disbursed to the tiers of government was inclusive of Gross Statutory Revenue, Value Added Tax, and Electonic Money Transfer Levy.

From the allocation, Federal Government received N262.636bn, the states received N217.191bn, the Local Government Councils got N160.416bn, while the oil-producing states received N59.992bn as derivation, (13 per cent of mineral revenue).

The Federation Account Allocation Committee in a statement released at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for September 2022 was N189.928bn which is a decrease distributed in the preceding month.

The distribution is as follows; Federal Government got N28.489bn, the states received N94.964bn, Local Government councils got N66.475bn.

Accordingly, the gross statutory revenue of N502.135bn distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921bn, States got N118.141bn, LGCs got N91.081bn, and Oil Derivation (13 per cent mineral revenue) got N59.992bn.

This article was originally published on Naija News

Cooking Gas Price Increases By 61% – NBS

Kerosene, Gas Prices Rise 88% In One Year – NBS

The National Bureau of Statistics (NBS) has said the price of 12.5kg of cooking gas rose by 61 per cent to N9,906 in September 2022 from N6,165 in September 2021.

Naija News reports that the NBS made this known in its report on Liquefied Petroleum Gas (cooking gas) Price Watch for September 2022.

In its state profile analysis, the bureau stated that Cross River recorded the highest average retail price for the refilling of a 12.5kg cylinder of the product with N10,937, followed by Kogi with N10,760 and Oyo with N10,724.

Conversely, the lowest average price was recorded in Yobe with N8,350, followed by Katsina and Taraba with N8,545 and N9,026 respectively.

Analysis by zone showed that the South-West recorded the highest average retail price for refilling a 12.5kg cylinder with N10,320, followed by the South-South with N10,202, while the North-East recorded the lowest price with N9,300.

Due to rising prices, coupled with the recent force majeure announcement by the Nigeria Liquefied Natural Gas Limited, the Nigerian Association of Liquefied Petroleum Gas Marketers cautioned Nigerians against panic buying.

This article was originally published on Naija News

Inflation: Nigeria, Others Risk Political Instability – IMF

Nigeria and other countries in the Sub-Saharan African region risk social and political instability and worsening food insecurity, due to rising inflation, according to the International Monetary Fund.

IMF noted that inflation has nearly doubled pre-pandemic levels in the region, adding that while there is a significant difference between countries, the median inflation rate in the region increased to almost nine per cent in August.

It said, “And even though the rise has been less dramatic than in other parts of the world, and the drivers are different, inflation is nearly double pre-pandemic levels, risking social and political instability and worsening food insecurity.”

It disclosed this in a report titled, ‘Africa’s Inflation Among Region’s Most Urgent Challenges.’ The fund explained that the region was besieged by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt.

It stated that despite an economic rebound in 2021, the fallout from the pandemic has kept domestic economic activity in the region relatively muted, and it expects growth to slow this year.

The Washington-based lender stated that unlike richer countries in other regions, most countries in the region lack the needed resources to support and stimulate growth.

Listing some of the causes of the region’s inflation, it said inflation in Nigeria and other sub-Saharan African countries was being driven less by economic activity and more by external developments.

It said, “They include the sharp spike in global commodity prices, swings in the exchange rate, global supply chain disruptions, and natural disasters.

“In the case of food, the prices of key staples such as maize and wheat have increased since 2019, contributing two-thirds of overall inflation in fragile states and one-half elsewhere in the region. Higher global energy prices and the strong dollar have also fed through to inflation indirectly, via transportation and tradable goods like household products.

“By contrast, there have been only modest increases for the prices of goods and services that most reflect domestic demand pressures, so-called nontradable—which typically include any locally-produced services, such as in the hospitality, health, or education sectors.”

The IMF further said it expects 12 per cent of the population in Nigeria and other countries in the sub-Saharan region to experience acute food insecurity by the end of 2022.

It added that many countries have turned to subsidies and tax cuts to alleviate the squeeze in household incomes in a bid to alleviate some of the economic concerns of the regions while central banks across the region have started raising interest rates in response to rising inflation, capital outflows, and currency depreciation.

It disclosed, “Examples include Ghana, Malawi, Mozambique, Nigeria, Uganda, and the economic and monetary unions for both Central and West Africa.

“Monetary authorities also find themselves facing an increasingly delicate trade-off: raising rates to keep inflation in check will risk choking off credit for investment, depressing economic activity, and reducing incomes. Meanwhile, fiscal consolidation and the global slowdown weigh on domestic economic activity.”

However, the IMF warned central banks against raising interest rates in a hurry as it might jeopardize recovery.

This article was originally published on Naija News

Bank Directors Grow Income By 5.3%

The Bank Directors Association of Nigeria has announced that it’s income rose by 5.3 percent in the 2021 financial year.

The Chairman of the association, Mr Mustafa Chike-Obi, disclosed this at its 25th annual general meeting in Lagos during the presentation of the association’s 2021 financial statement which ended on December 31, 2021.

He said, “The total income performance of the association increased by 5.3 per cent in comparison with that of 2020 activities. A surplus of N13.45m was contributed to the accumulated fund.”

The association, limited by guarantee, also announced the retirement of two members of the board, Mrs Onari Duke, a non-executive director of UBA Plc who had served on the board since 2017.

Ms Hadiza Ambursa, a director representing Access Bank Plc also retired.

Chike-Obi stated that it was the desire of the association to ramp up its advocacy drive on behalf of the banks who were members of the association.

This article was originally published on Naija News