NCC confirms MTN’s payment of another N30bn

 By Michael Okafor

The Nigerian Communications Commission (NCC) yesterday, 31 March 2017, confirmed that MTN, on Thursday, 30 March 2017, paid additional N30 billion, being the third payment of the N330 billion fine imposed on the telecoms company for refusal to deactivate 5.2 million unregistered SIM cards on its network.

Experts report on why Naira depreciates despite CBN intervention

By Michael Okakor:

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ resistance by the banking industry.

The president revealed on Saturday in Lagos that the refusal of some banks to sell the invisibles such as personal and business travel allowances frustrated naira recovery.

The ABCON chief said that the CBN had recently accused the banks of frustrating its policies.

Biafra: Peter Obi asks Nigerian government to release Nnamdi Kanu

A former governor of Anambra State, Mr. Peter Obi has called on the federal government to release Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB).

Obi said there was need for the Nigerian government to change its ‘hardline posture and yield to the persistent clamour” by releasing the IPOB leader from detention.

Kalu was last year arrested by the DSS for leading a secessionist group.

Speaking with journalists in Enugu on Thursday, Obi said the federal government ought to engage the Biafra activists in dialogue as that was the only means the agitation could be resolved.

Exchange rate: Naira appreciates

As at today, March 23, 2017, Naira is being sold at N410 to a dollar.

Nnamani must quit as Electoral Reform Committee Chairman – Fayose

Ekiti State Governor and Chairman, Peoples Democratic Party (PDP) Governors’ Forum, Mr Ayodele Fayose, has called for the immediate resignation of former Senate President, Ken Nnamani as chairman of the Electoral Reform Committee and allow a non-partisan person to take over, saying “if the federal government is serious about electoral reform, Senator Nnamani, a card carrying member of the All Progressives Congress (APC) won’t head the Electoral Reform Committee.”

Senate says democracy under threat as SGF shuns invitation

The Senate on Wednesday raised the alarm that the failure of the executive to answer legislative summons would end democracy in the country.

The Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, stated this in an interview with The PUNCH, while reacting to a letter written by the Secretary to the Government of the  Federation, Mr. Babachir Lawal.

The SGF, in the letter to the upper chamber on Wednesday, said he had dragged the Senate to court over a probe into the alleged management of funds meant for the rehabilitation of the North-East.

Verizon, AT&T suspend ads from Google over offensive videos

The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid

(Reuters) - U.S. wireless carriers Verizon Communications Inc and AT&T Inc said on Wednesday they have suspended digital advertising on Google's YouTube and other advertising platforms not related to search over concerns that their ads may have run next to extremist videos.

Verizon and AT&T joined a list of well-known British brands such as retailer Marks and Spencer Group Plc deserting Alphabet Inc's Google. Google is under fire in Europe from politicians and brands angered by ads appearing alongside videos on its YouTube platform carrying homophobic or anti-Semitic messages.

Pres Buhari says VP Yemi Osinbajo remains in charge as he continues his rest in Abuja

President Buhari who arrived Nigeria from London today, has asked Vice President Yemi Osinbajo to continue piloting the affairs of the nation as he needs more time to rest. He said this when he met with Osinbajo, his cabinet members and some governors at the state house this morning.

President Muhammadu Buhari Returns To Nigeria.

The Nigerian President, Muhammadu Buhari on Friday morning returned to the country after 49 days of medical vacation.

He arrived at exactly 7.41am at the Air Force Base Mando in Kaduna State.

The President was received by the Kaduna State Deputy Governor Bala Bantex, GOC 1 Division of the Nigerian Army, Major General Adeniyi Oyebade, the Air Officer Commanding,Training Command of the Nigerian Air Force, Air Vice Marshall Christopher Okoye, the Commissioner of police and other dignitaries.

President Buhari after alighting from the Presidential Jet,

Naira depreciates as central bank moves to intervene again

The naira on Wednesday depreciated sharply to N465 per dollar in the parallel market due to upsurge in demand for dollars importers travelling to China.

Investigations revealed that the parallel market exchange rate rose from N448 per dollar on Tuesday to close at N465 per dollar at the close of business on Wednesday, indicating N17 depreciation.

GT Bank declares N165.14bn profit in 2016

Guaranty Trust Bank Plc on Wednesday posted a profit before tax of N165.14 billion for the financial year ended December 31, 2016.

The profit represented a growth of 37 per cent when compared to N120.69 billion recorded in the corresponding period of 2015.

A statement issued by the bank in Lagos said the bank’s gross earnings for the review period grew by 37 per cent to N414.62 billion from N301.85 billion reported in December 2015.

Presidency Orders Arrest Of Journalists Over ‘Health Scare’ Story

Men of the Zimbabwean Police force have arrested an editor and senior reported of one of the privately owned Media agencies in the country, NewsDay Newspaper, for ‘undermining’ the President, Robert Mugabe.
The arrested journalist, Wisdom Mudzungairi who was arrested alongside the senior reporter for the news agency, Richard Chidza were incriminated based on a story in which the news agency claimed the Zimbabwean president was ‘in fresh health scare’.

CBN Takes Battle to Speculators, Pumps Additional $350m to Energise Naira

As part of its resolve to sustain the positive momentum in the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) again pumped additional $350 million into the market this weekend.
This will take the total amount supplied to the market by the central bank this week alone to a total to $570 million and may further crash the value of the dollar. The Naira traded between N450 and N460 to a dollar at some parallel market points in Lagos.
The move, which is part of the central bank’s strategy, is expected to further strengthen the value of the Naira.

CBN sells $180 million forex to boost liquidity

The Central Bank of Nigeria (CBN) yesterday released additional $180 million to the forex market to further ease business transactions in the country.

The intervention was done in two phases – an $80 million offer for Personal Travel Allowance (PTA), school fees and medicals at the inter-bank market and $100 million Wholesale Forwards Market sell, which by the new policy, is reduced to maximum of 60-day tenor.

Reps chide Emefiele over information on $17bn crude proceeds

 

House of Representatives

The House of Representatives yesterday chided the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele over his alleged failure to furnish the lawmakers with details of the proceeds of crude oil sales between 2011 and 2014.

Abdulrazak Namdas, Chairman of the House ad hoc committee probing into the issue, said CBN’s failure to provide such details was delaying probe of undeclared crude oil exports in those years.

INEC announces date for Anambra governorship poll

INEC Chairman Mahmud Yakubu

The Independent National Electoral Commission (INEC) has approved the date for the conduct of the Anambra State governorship election.

This was announced by an National Commissioner, Solomon Soyebi, and he made this known at a news conference on Thursday in Abuja.

CBN reintroduces charges on cash deposits, withdrawals

The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals, three years after it stopped the charges.

The reintroduction of the charges was contained in a circular to all Deposit Money Banks posted on the website of the CBN.

Fed govt plans $64m green bond issue by April

The Federal Government plans to launch a N20 billion ($64 million) green bond in April to fund projects and enhance sustainable development.

Acting President Yemi Osinbajo stated this yesterday while addressing participants at the Green Bonds Capital Market & Investors Conference organised by the Federal Ministry of the Environment and the Debt Management Office (DMO) at the Nigerian Stock Exchange (NSE) in Lagos.

Dollar falls to N470 at parallel market

The naira has been gaining steadily against the U.S dollar in three days of trading at the parallel market. 
The dollar sold for N510 on Tuesday, dropping to N505 Wednesday and fell to about N470 at the end of trading yesterday as more people trooped to the market to sell their foreign currency.

Osinbajo, Saraki, Dogara, others meet over 2017 budget

According to report, acting President Yemi Osinbajo has lobbied the leadership National Assembly, urging for the quick passage of the 2017 budget into law

This was disclosed in a statement by the spokesman of the acting president Laolu Akande.

According to Akande,