News Digest

FIFA president Sepp Blatter is to resign in the wake of the corruption scandal that has engulfed the world governing body. Continue Reading

Senators and members of the House of Representatives will go home with the operational vehicles of the National Assembly currently in their possession as the 7th Assembly winds down on Friday. Continue Reading

The national coordinator and founder of a non-governmental organisation (NGO), Green Shield of the Nation, Dr Kabir Abdulkadir Yan-Mama, has called on President Muhammadu Buhari to probe the N9.2 billion contract awarded by the former President Goodluck Ebele Jonathan government for importation of 750,000 cooking stoves from Germany. Continue Reading

Recently, the Code of Conduct Bureau, CCB, insisted that all public servants must declare their assets before leaving office. This new impetus has brought to the fore, the propriety or otherwise of the instrumentality of assets declaration to check corruption in the country. Continue Reading

The Economic and Financial Crime Commission (EFCC) said yesterday that it has concluded plans to arraign six top executives of the Central Bank of Nigeria (CBN) over their alleged role in an N8 billion scam involving the theft and re-circulation of defaced and mutilated currencies. Continue Reading

Nigeria’s new President, Muhammadu Buhari, may soon order an inquest into how past administrations spent a whopping $20 billion of tax payers’ money on electricity investment with no commensurate improvement in power supply to the citizens. Continue Reading

The Petroleum and Natural Gas Senior Staff Association of Nigeria has said the Subsidy Reinvestment Programme for which N21bn is provided in the 2015 Budget should be scrapped. Continue Reading

United Bank for Africa (UBA) has added another feather to its cap when the bank was decorated with the Corporate Citizens Award in the ‘Extensive Compliance Category by the Corporate Affairs Commission (CAC). Continue Reading

The Chinese businessmen behind the massive illegal importation of textiles to Kano are to be deported from Nigeria, a joint statement by the Nigeria Customs Service (NCS) and Nigeria Immigration Service has disclosed. Continue Reading

The Economic and Financial Crimes Commission (EFCC), last week, arraigned a former chairman of Wema Bank, Olapade Mohammed, before a Federal High Court in Lagos for allegedly stealing about N2 billion belonging to the firm. Continue Reading

THE Federal Operations Units (FOU), zone ‘C’ command of Nigeria Customs Service (NCS), Owerri has impounded 1,777 cartons of fake drugs with Duty Paid Value (DPV) of N250.6 million. Continue Reading

A recent report by Allan Gray, Africa’s largest privately owned investment management company, has expressed fears over the condition of Nigerian banks, saying they may go bankrupt or forced to raise capital before achieving normal earnings. Continue Reading

The President and Chairman of Council, Institute of Chartered Secretaries and Administrators of Nigeria, Dr. Suleyman Ndanusa, has urged members to avoid all forms of unethical practices and any act capable of tarnishing the image of the institute and the nation in general. Continue Reading

The Bank Verification Number ,BVN, initiative, when fully implemented, will help to curb arbitrage in the foreign exchange market, Executive Director at Sterling Bank, Mr. Abubakar Suleiman, has said. Continue reading

Federal regulators have taken a step toward requiring public companies to show the relationship between the compensation of their top executives and the company’s financial performance. Continue reading

A former Senator and the Chairman, UAC of Nigeria Plc, Senator Udoma Udo Udoma has criticised the proposed national code of corporate governance (NCCG), saying that the Financial Reporting Council of Nigeria (FRC) is trying to usurp the powers of other regulatory agencies. Continue Reading

Records from the International Monetary Fund (IMF) have shown that between 2 to 5 per cent of the world’s gross domestic products (GDP) is laundered yearly, estimated to be about $980 billion – $1.5 trillion in monetary terms. Continue Reading

There are indications that the Cen¬tral Bank of Nigeria, CBN Banks have stepped up action, including planned publication of debtors’ names, to tackle the scourge of increasing non- per¬forming loan in the banking industry. Continue Reading

With harsh operating environment coupled with bigger foreign telecom companies muzzling the local players out of business, the Association of Telecommunications Companies of Nigeria (ATCON) said if a local content bill is not enacted to protect local investors, many indigenous companies in the sector would collapse. Continue Reading

The Financial Reporting Council of Nigeria (FRC) has assured Nigerians that the implementation of the National Code of Corporate Governance (NCCG) will restore investor confidence, which was hitherto eroded as a result of loss of trust in the country’s business operating environment and by extension, the capital market. Continue Reading