The Central Bank of Nigeria (CBN) has released updated guidelines on the management of dormant accounts, unclaimed balances, and other financial assets. This revision follows the review of the October 2015 guidelines and aligns with Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020. The updated guidelines aim to standardize the management…
Governor Fayose Fraud Trial: The Economic and Financial Crimes Commission (EFCC) continues its prosecution of former Ekiti State Governor, Ayodele Fayose, and his company, Spotless Investment Limited, in a high-profile fraud case. The defendants face an 11-count charge of money laundering and stealing, involving a substantial sum of N6.9 billion. The case, which began on…
The Honourable Commissioner for Justice and Attorney General of Ondo State, Dr. Kayode Ajulo SAN, made a significant move towards justice reform. Accompanied by the Chief Judge of Ondo State, Hon. Justice Ayedun Odusola, and other key stakeholders, Dr. Ajulo visited multiple Correctional Centers across the state, leading to the release of 57 inmates. This…
Senator Ali Ndume has spoken out after being removed from his position as Senate Chief Whip. In a statement at his country home in Maiduguri on Friday, Ali Ndume asserted that he did nothing wrong and fully supports the remarks he made in the interview that led to his dismissal. Ali Ndume’s removal came after…
Tony Okocha, a prominent figure in Nigerian politics, has urged the National Assembly (NASS) to remove the conduct of local government (LG) elections from the hands of the State Independent Electoral Commission (SIEC). Tony Okocha’s plea is based on his belief that the current system is prone to manipulation and fraud. He alleged that election…
Philips Shaibu, the reinstated Deputy Governor of Edo State, has set the record straight on his political affiliation. In a recent interview on Arise TV’s morning show, Philips Shaibu revealed that he has been an unofficial member of the All Progressives Congress (APC) for some time. He explained that his formal exit from the Peoples…
The members of the Nigerian House of Representatives have unanimously voted to reduce their salaries by half for a period of six months. This decision, taken as a gesture of solidarity with the Nigerian populace, aims to address the pressing economic challenges and food insecurity faced by the nation. The lawmakers, who currently earn a…
The Central Bank of Nigeria (CBN) has given the green light for the sale of $20,000 to every Bureau de Change (BDC) in the country. This move is aimed at increasing foreign exchange liquidity in the market and reducing the pressure on the naira. The CBN has fixed the exchange rate at N1,450 per US…
President Bola Ahmed Tinubu has announced plans to provide 36 CNG-fueled buses to labour unions to alleviate the financial burden on workers due to the high cost of living. Each bus has a seating capacity of 100, and will be distributed to the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC). This gesture…
The Federal Government has revealed plans to introduce a 50% tax on banks’ profits from foreign exchange revaluation in 2023, subject to approval by the National Assembly. This windfall tax, outlined in the proposed changes to the 2023 Finance Act, aims to generate funds for vital projects and initiatives under the “Renewed Hope” program, including…
