Category: Business News
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![[UPDATED] EXCLUSIVE: CBN commences seizure of funds, closure of cryptocurrency accounts](https://thenewsguru.ng/wp-content/uploads/2016/10/Godwin-Emefiele.jpg)
[UPDATED] EXCLUSIVE: CBN commences seizure of funds, closure of cryptocurrency accounts
The Central Bank of Nigeria (CBN) has commenced the seizure of funds and closure of accounts with history of cryptocurrency trades in the country, TheNewsGuru.com, TNG can authoritatively report. TNG recalls that the apex bank last week Friday ordered all banks to close accounts of anyone who transacts in cryptocurrency. However TNG observed that the…
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Reps summon NNPC GMD over alleged N3.878tr unremitted revenue
The House of Representatives Committee on Public Accounts has summoned the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, to respond to an audit query from the Office of the Auditor-General of the Federation (oAuGF) on the N3.878 trillion under remittance revenue from domestic crude oil sales. Kyari is also expected…
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FG should identify real cause of high cost of crude oil production – PENGASAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASAN) has urged the Federal Government to identify the real cause of the high cost of crude oil production in the country. PENGASAN President, Mr Festus Osifo, made the appeal at the inauguration of the Nigerian Upstream Cost Optimisation Programme (NUCOP), in Abuja, on Tuesday.…
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Food prices hit 7-year high
The global food commodity prices rose to a seven-year high in January 2021, the Food and Agriculture (FAO) has disclosed. According to the United Nations agency, food prices led by cereals, vegetable oils and sugar, recorded their highest level since July 2014. The FAO’s Food Price Index, which monitors and records monthly changes in the…
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Why we banned cryptocurrency transactions — CBN
The Central Bank of Nigeria (CBN) has justified the ban on cryptocurrencies, saying it fuels illicit financial flow and terrorism. In a statement, Osita Nwanisobi, Acting Director, Corporate Communications, CBN, said the ban on cryptocurrencies will not have any negative impact on Fintechs as there are other robust platforms they can thrive. He said in…
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NAFDAC shuts down factory of Somgeo Brand of spices
The National Agency for Food, Drug Administration and Control (NAFDAC) says it has shutdown every warehouse and factory of Rose Ltd., a manufacturing company that produces Somgeo Brand of spices, for revalidating already expired products. The warehouses, which were shutdown, are located at Petu Village, Cele 2, Bus Stop Off Ibeju-Lekki, and No. 23, Tunji…
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SERAP asks World Bank to publish documents on funded electricity projects in Nigeria from 1999
Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass “to exercise the Bank’s prerogative to release archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020, the Bank’s role in the implementation of any funded electricity projects,…
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NNPC records N13.43 billion trading surplus
…posts crude oil, gas export sales of $108.84m The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations…
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UBA to end over 30 years of operation from makeshift building in UNILAG
The United Bank for Africa (UBA) on Friday received a parcel of land to construct a permanent site at the university of Lagos after over 30 years of operation from a makeshift building. The plot donated by the University of Lagos (Unilag) is for construction of a four-storey building by UBA. Receiving the piece of…
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Anambra to work With Air Peace to bring Embraer Service Centre to State
The Anambra State government has set in motion the machinery to work with West Africa’s leading airline, Air Peace, to get Embraer of Brazil, the world’s fourth largest civilian aircraft manufacturer, to locate a service centre for Africa in the state. Though the details of the state government’s move are not yet…