Category: Finance
NDIC Calls on Lawyers to Enhance Recovery of Closed Banks’ Assets
The Nigeria Deposit Insurance Corporation (NDIC) has urged its external solicitors to intensify efforts in recovering assets of closed banks to ensure the payment of uninsured deposits, legitimate creditor claims, and liquidation dividends to investors. The Managing Director of NDIC, Dr. Bello Hassan, made the call during a sensitization seminar for the corporation’s external solicitors…
Nigeria Signs Pact with Saudi Arabia to Boost $7.7 Trillion Halal Economy
The Nigerian Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position Nigeria as a leading player in the global halal market, valued at $7.7 trillion. The agreement, signed at the Makkah Halal Forum in Saudi Arabia, aims to facilitate investment, technical cooperation, and market access across key…
FG, States, LGs Share ₦1.7 Trillion January Revenue – FAAC
The Federation Account Allocation Committee (FAAC) has announced the distribution of ₦1.703 trillion in revenue generated in January 2025 to the Federal Government, states, and local government councils. The allocation was made during the February FAAC meeting held in Abuja, according to a statement by the Director of Press and Public Relations, Office of the…
Court Adjourns $6.2m Fraud Case Against CBN Staff to November 2025
The Federal High Court in Abuja has adjourned the arraignment of three Central Bank of Nigeria (CBN) staff accused of fraudulently obtaining $6.2 million from the apex bank to November 3, 2025. The adjournment followed the Federal Government’s inability to produce the accused persons, who are currently at large, for trial. The defendants—Odoh Ocheme, Adamu…
Naira Depreciates to N1,502/$ in Parallel Market Amid Slight Gain in Official Market
The Nigerian Naira experienced a slight depreciation in the parallel market yesterday, trading at N1,502 per dollar compared to N1,500 per dollar on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira showed a marginal appreciation, closing at N1,501.5 per dollar, according to data released by the Central Bank of Nigeria (CBN). The…
Nigeria’s GDP Grows by 3.84% in Q4 2024, Driven by Strong Services Sector Performance
Nigeria’s economy maintained its upward trajectory in the final quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.84% year-on-year in real terms, according to the latest data released by the National Bureau of Statistics (NBS). This growth rate marks an improvement from the 3.46% recorded in the same period in 2023 and…
Ex-Acting Accountant General Nwabuoku Accused of Diverting ₦868.4 Million in Defence Funds
Key Witnesses Detail Alleged Fraud in EFCC Corruption Trial The Economic and Financial Crimes Commission (EFCC) has commenced the trial of Chukwunyere Anamekwe Nwabuoku, the former Acting Accountant General of the Federation, over allegations of diverting ₦868.4 million from the Federal Ministry of Defence. The trial, which began on January 31, 2025, before Justice James…
CBN Announces Launch of Electronic Foreign Exchange Matching System
The Central Bank of Nigeria (CBN) has disclosed plans to implement an Electronic Foreign Exchange Matching System (EFEMS), a new platform that is expected to overhaul the nation’s foreign exchange market. The system, aimed at promoting transparency and market-driven rates, will officially be launched on December 1, 2024, following a two-week testing phase set to…
CBN Appoints New Board for Keystone Bank, Adds Executive Directors
The Central Bank of Nigeria (CBN) has appointed a new board for Keystone Bank, a move aimed at strengthening the leadership and strategic direction of the financial institution. Lady Ada Chukwudozie has been named as the new chair of the board, taking on the critical role of guiding the bank’s policies and ensuring effective governance….
BREAKING: President Tinubu Announces Kickoff of $550 Million Ubeta Gas Project in Rivers State
In a major boost to Nigeria’s energy sector, President Bola Tinubu has officially launched a $550 million upstream gas development project in Rivers State. The project, a collaboration between the Nigerian National Petroleum Corporation Ltd. (NNPCL) and TotalEnergies, will focus on developing the Ubeta gas field. The announcement was made by President Tinubu’s Special Adviser…