• Freeze illegal IMTOs’ accounts funding black market, CBN orders banks

    Freeze illegal IMTOs’ accounts funding black market, CBN orders banks

    According to reports, the Central Bank of Nigerian(CBN) has ordered all commercial banks to freeze accounts used by illegal International Money Transfer Operators(IMTOs) to siphon hard currencies to the black market just as it warns Nigerians abroad to stay away from such operators.

    According to the apex bank, the illegal IMTOs lure customers with ridiculous exchange rate and use Naira accounts opened in local banks to channel foreign currencies to fund the parallel market.

    In a statement by its acting Director, Corporate […]

  • Why Nigeria can’t rely on donors’ funding – UNFPA chief explains

    Why Nigeria can’t rely on donors’ funding – UNFPA chief explains

    Nigeria cannot continue to rely on donor support for family planning and lifesaving commodities, the Executive Director of the United Nations Populations Fund (UNFPA), Dr. Babatunde Osotimehin has said.

    The UNFPA chief, who is also the UN Under Secretary, is in Nigeria for a three-day visit with the Permanent Secretary of the United Kingdom’s Department for International Development (DfID), Mark Lowcock, to boost access to reproductive health services.

    Estimates have it that DFID funds nearly 60 per cent of family planning commodities […]

  • UBA Bank denies involvement in funding failed Turkey coup

    UBA Bank denies involvement in funding failed Turkey coup

    According to reports, a Turkey-based newspaper, Yenisafak, had reported that some of those arrested in connection with the July 15, 2016 failed coup plot had told their interrogators that UBA Plc and a United States of America Army General, John F. Campbell, arranged for the funding of the coup plot.

    The United Bank of Africa has denied involvement in the funding of the failed coup plot in Turkey. A Turkey-based newspaper, Yenisafak, had reported that some of those arrested in connection with […]

  • Reps probe centenary project, seek more funding against militants

    Reps probe centenary project, seek more funding against militants

    The House of Representatives has ordered its committee on the Federal Capital Territory (FCT) to investigate the alleged irregularities in the execution of Centenary City Project, with a view to ascertaining whether it was done in line with standard procedures.

    Specifically, the project was intended by former President Goodluck Jonathan’s administration to on January 1, 2014, mark Nigeria’s 100 years of existence as a country since the amalgamation in 1914. The project was expected to be funded through the private sector.

    A […]

  • SSANU unhappy with funding of education

    SSANU unhappy with funding of education

    The Senior Staff Association of Nigerian Universities, (SSANU) has decried what it termed deliberate underfunding of the education sector by the government, saying the allocation of N403 billion to the sector in the 2016 Budget was grossly inadequate.

    The Association, in a communiqué at the end of its National Executive Council Meeting, urged President Muhammadu Buhari to immediately send a supplementary budget to the National Assembly to take care of the short fall in the budgetary allocation to the sector.

    The communiqué […]