Finance

The decision of the Interim Management Committee (IMC) of the Nigeria Deposit Insurance Corporation (NDIC) to increase the Maximum Deposit Insurance Coverage, on Thursday, last week, was one of the best things to happen to the nation’s banking sector in recent times. When the Managing Director (MD) of the corporation, Mr. Bello Hassan, entered the Conference […]

The Federal Government is working on a system that will provide tax relief to 95 percent of the informal sector of the economy. Mr Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said this at the closing session of the committee on Sunday in Abuja. He said this would be achieved […]

The Zonal Director of the Economic and Financial Crime Commission in charge of Edo, Delta and Ondo states, Effa Okim, has revealed how underage Internet fraudsters, commonly called Yahoo Boys, declare false age to obtain driving licence, which they then use to open bank accounts for warehousing illicit funds. The zonal director revealed this during […]

Operatives of the Economic and Financial Crimes Commission, EFCC, Abuja Zonal Command on Wednesday arrested 29 suspected internet fraudsters. The suspects were arrested at the Apo, Gwarimpa and Katampe axis of Abuja. The anti-graft agency in a statement said their arrest followed actionable intelligence about their suspected involvement in internet fraud. Items seized from the […]

THE Trade Union Congress, TUC, of Nigeria, presidential candidate of the Labour Party in the 2023 elections, Mr Peter Obi, and the Coalition of Northern Group, CNG, have condemned the cybersecurity levy introduced by the Central Bank of Nigeria, CBN. While TUC described the levy expected to take effect within two weeks from May 6, as a […]

The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Despite the sustained nationwide raids and arrest of street currency hawkers, the Naira further […]

The Federal Government has described as blackmail, the allegation by the cryptocurrency exchange giant, Binance, that some officials demanded a $150m bribe to settle the criminal charge filed against the firm. The Minister of Information and National Orientation, Mohammed Idris, in a statement on Wednesday, dismissed the claims as baseless and part of a wider […]

The Economic and Financial Crimes Commission is probing 10 senior officers of the Nigeria Security and Civil Defence Corps over an alleged N7.5bn fraud. The anti-graft agency has also invited 10 contractors linked with the alleged fraud. The EFCC Chairman, Ola Olukoyede, had on April 26, 2024, written a letter to the NSCDC CG, inviting […]