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CBN refunds N13 billion consumers’ excess debitCBN refunds N13 billion consumers’ excess debit

CBN House

The Consumer Protection Department of Central Bank of Nigeria, CBN, has refunded over N13 billion to financial consumers whose accounts were excessively debited and those who incurred unwarranted losses in their dealing with various financial institutions in the country. CBN said the reparation was part of its responsibility as a regulatory financial body that is out to protect financial consumers ...

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 Strikes increased Federal Salary Bill to NI.7 trillion in three years  –  Okogwu tells Confab Committee


THE Director- General, Budget Office, Dr Bright Okogwu disclosed yesterday that following incessant strikes by Nigeria workers, the nation has witnessed a salary increase to the tune of N1.7 trillion naira, just as he advocated that the Value Added Tax (VAT) which was currently put at 5% should be increased to 10%. Speaking Friday when he appeared before the Senator ...

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2nd Niger Bridge ‘ll be completed on schedule – Julius Berger assures

River Niger Bridge in  Onitsha

The Julius Berger-Nigeria Sovereign Investment Authority, NSIA, consortium, the contractors handling the 2nd Niger Bridge, has promised to complete the project on schedule. This position was contained in a statement signed by the Managing Directors of Julius Berger and the NSIA, Messrs Wolfgang Goetsch and Uche Orji, respectively, in Abuja, Sunday. The duo described as untrue reports that there were ...

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Jonathan commissions N100bn new investment in North East


President Goodluck Jonathan, Friday, performed the ground-breaking of the N100 billion expansion project for Ashaka Cement’s new 2.5million metric-tonne capacity cement production line in Gombe, North East Nigeria. The project, which will be completed within three years, will increase the company’s current production capacity of over one million metric tonnes to about four million metric tonnes while creating a lot ...

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FG rakes in N23bn monthly revenue from power generation, says Dagogo-Jack

Power Generating Plant

The Chairman, Presidential Task Force on Power, PTFP,, has said the government was earning over N23 billion on monthly basis as revenue from power generation in the country. Mr. Dagogo‑Jack, who said this at a roundtable meeting for chief executives organised by the Nigerian Content Development and Monitoring Board, in Abuja, added that the amount earned from the sector would ...

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Okonjo-Iweala, Aliko Dangote listed among World’s 100 most influential people

Ngozi Okonjo-Iweala

Ten years after its European edition honoured her as one of world’s ‘Heroes’, TIME magazine has named the Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, in its yearly list one of the 100 most influential people in the world. The minister is in the “Leaders” category of the respected list, along with Chinese President Xi ...

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Terrorism Financing: NAICOM beams searchlight on Insurance firms


National Insurance Commission (NAICOM) has started sending inspectors to insurance firms to ascertain whether they have been complying with the provisions of the law regarding money laundering and terrorism financing. This is in compliance with the directive by the Nigerian Financial Intelligence Unit (NFIU) on terrorism financing; and the provisions of the Money Laundering (Prohibition) Act 2004, and the Know ...

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Google disappoints investors as advert rates decline

Google’s shares have declined over concerns that its advertising rates are declining despite posting higher overall revenues. Google on Thursday, reported consolidated revenues of $15.42bn for the quarter ended March 31, 2014, an increase of 19 per cent compared to the first quarter of 2013. Profits were also up by three per cent to $3.45bn. However, the cost per click ...

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Cement dealers vote for Dangote’s  3x,  plead for ban on 32.5 grade

Dangote Cement

Cement dealers and distributors in the South West have endorsed the newly packaged Dangote cement’s 42.5 grade (3X) and expressed optimism that the entry into the market of the product would help sanitize the building and construction industry. Phoning in from different states in the region, callers during a live Yoruba programme of the Radio Nigeria’s Gold FM in Ilesha, ...

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Nsukka Business Community protests high tariff, poor power supply


Members of the Allied Business Community in Nsukka, Enugu State, Wednesday, staged a protest over alleged exploitation of their members by the Enugu Electricity Distribution Company, EEDC. The members, who carried placards with various inscriptions, said they were protesting age-long injustices. Some of the placards read: “Forced to pay electricity bills; EEDC stop exploiting Nsukka people; Replace estimated bills with ...

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