• DSS arrests insurance commissioner over allegations of fraud and financial mismanagement

    DSS arrests insurance commissioner over allegations of fraud and financial mismanagement

    Operatives from the Department of State Services and the Nigerian Police Force on Wednesday arrested the Commissioner for Insurance, Alh Mohammed Kyari, over allegations of fraud and financial mismanagement.

    The operatives who were on joint operation were said to have arrived the headquarters of the National Insurance Commission where the office of Kyari is located at about 9am and arrested the CFI.

    Kyari who was putting on a dark blue traditional attire and a cap to match was whisked away by operatives […]

  • EFCC arrests FUNAAB VC over alleged financial fraud

    EFCC arrests FUNAAB VC over alleged financial fraud

    According to reports, the Economic and Financial Crimes Commission (EFCC) has arrested the Vice Chancellor, Federal University of Agriculture, Abeokuta, FUNAAB, Prof. Olusola Oyewole.

    A source at the commission told newsmen on Wednesday in Abuja that Oyewole was arrested for alleged financial fraud.

    According to the source, the Vice Chancellor will be arraigned in court on Friday.

    When contacted, the spokesman of the EFCC, Wilson Uwujaren, declined comment on the issue.

    “I don’t have that information yet,’’ he said.

    Oyewole was invited by the commission […]

  • Reps to grant financial autonomy to LGs

    Reps to grant financial autonomy to LGs

    A bill to grant financial autonomy to local government councils in the country, on Wednesday in Abuja, scaled through the second reading in the House of Representatives.

    The News Agency of Nigeria (NAN) reports that the bill sponsored by Rep. Nkeiruka Onyejeocha (PDP-Abia) seeks to alter section 162 of the 1999 constitution.

    Section 162 provides for the State Joint Local Government Account, into which all revenues accruing to the local governments from the federal and state governments are paid.

    In her debate, however, […]

  • Governor Tambuwal approves financial autonomy to Judiciary

    Governor Tambuwal approves financial autonomy to Judiciary

    Governor Aminu Tambuwal of Sokoto State has granted full financial autonomy to the Judiciary in the state.

    The State Justice Commissioner, Suleiman Usman, disclosed this in Sokoto on Saturday at a ministerial news briefing.

    Usman said the governor has graciously approved the payment of budgetary allocations consisting of salaries, overheads and capital votes meant for the judiciary to the Heads of the Courts in the state.

    Usman said: “With this development, the state judiciary is now financially autonomous.

    “Henceforth, budgetary allocations consisting of overhead, […]

  • Recession: Senate seeks harmonization of financial, monetary policies

    Recession: Senate seeks harmonization of financial, monetary policies

    According to reports, The Senate has urged the Ministry of Finance and the Central Bank of Nigeria (CBN) to harmonize the Federal Government’s financial and monetary policies as one of the ways to end the current economic recession.

    The Upper Chamber also enjoined the Executive to urgently negotiate external concessionary borrowing to finance aspects of deficit in the 2016 Appropriation Act.

    These were part of the recommendations adopted by the Red Chamber after its two-day exhaustive debate to proffer solutions to the […]

  • Financial experts not happy with retained 14% lending rate

    Financial experts not happy with retained 14% lending rate

    According to reports, the Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained interest rate at 14 per cent and urged the Federal Government to evolve robust fiscal policies in reviving the economy from recession.

    The Central Bank Governor, Godwin Emefiele, announced this in Abuja during a news conference on the outcome of the MPC meeting.

    Emiefile said the committee elected to retain the current policy, which is the Monetary Policy Rate, at 14 per cent, Cash Reserve Ratio […]

  • Governor Lalong’s selling Plateau for personal financial gains – Jang

    Governor Lalong’s selling Plateau for personal financial gains – Jang

    The senator representing Plateau North in the National Assembly, Jonah David Jang, has berated Governor Simon Lalong of Plateau State for insisting on selling out Plateau land for grazing reserve in spite of the outcry against it by the people of state, noting that the Governor’s attraction is the financial inducement.

    The Senator has also challenged the Governor to publish the alleged document where he endorsed grazing reserve policy in the state throughout his eight-year tenure of his government.

    In a press […]

  • Brexit will limit financial grants to Nigeria and others – Don

    Brexit will limit financial grants to Nigeria and others – Don

    A don, Mr Sam Goddorms, on Wednesday said that the U.K. exiting the European Union (EU) bloc would affect international financial grants given to Nigeria and other developing countries.

    Goddorms, a Lecturer in the Department of Political Science, University of Jos, told the News Agency of Nigeria (NAN) on telephone that the exit of U.K. was “unfavourable’’ to Nigeria.

    “With U.K. leaving the EU, most of the developmental grants being handed over to Nigeria will reduce drastically.

    “Now that this seems to be […]

  • NDLEA Seizes $2.1 Million

    NDLEA Seizes $2.1 Million

    Officials of the National Drug Law Enforcement Agency (NDLEA) have seized $2.1 million from suspected money launderers at the local wing of the Murtala Muhammed Airport in Lagos, Nigeria.

    In a statement released today, the NDLEA disclosed that its anti-narcotic agents intercepted and seized $2,198,900 “on the grounds of suspected money laundering at the local wing of the Murtala Mohammed Airport (MMA2) Lagos.” 

    The agency also arrested 46-year-old Ibiteye John Bamidele in connection with the seized funds. The NDLEA statement, signed by […]