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Tag Archives: business news

EFCC Cracks Down On Ponzi Scheme ‘Swiss Golden,’ Arrests Suspects


The Economic and Financial Crimes Commission (EFCC) has arrested one Maxim Lobaty, a Russian and other two Nigerians: Austin Emenike and Dickson Nonso Onuchukwu in Lagos. They were arrested for defrauding over seven thousand Nigerians to the tune of over N3 billion in the guise of running a financial scheme. This was sequel to a petition received from complainants who had invested millions in the ... Read More »

Power Grid Collapses Twice In Five Days


After ensuring system stability for more than two months, the country’s power grid collapsed twice in the past five days. Electricity generation figures obtained from the Federal Ministry of Power, Works and Housing in Abuja on Monday showed that the grid recorded partial collapses on April 12 and 14 this year. Generated power on the grid dropped from a high of 3,946.5 megawatts on April ... Read More »

ICAN Opposes Bill Seeking To Establish Parallel Bodies


The foremost accountancy body in Nigeria, the Institute of Chartered Accountants of Nigeria, has condemned in strong terms the proposed bill seeking to establish the Chartered Institute of Forensic Accountants of Nigeria and Chartered Institute of Forensic and Investigative Auditors in Nigeria. The 53rd President of the institute, Is’maila Zakari, spoke at the induction of 99 new candidates that qualified for certification in three of ... Read More »

FG Probes Alleged Contract Inflation, Asset Diversion In 28 MDAs


The Federal Government is currently investigating 28 of its Ministries, Departments and Agencies over allegations of contract inflation and conversion of government assets to personal use. The probe is currently being done by the investigative section of the whistle-blower unit. The Director, Special Projects, Ministry of Finance, Mohammed Dikwa, confirmed these in a presentation at an evaluation workshop on the whistle-blower policy and asset tracing ... Read More »

Buhari Extends VAIDS To June 30


…says no further extension will be approved   President Muhammadu Buhari on Wednesday approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018. According to a statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, the short extension after the original March 31 deadline expired was based on appeals by professional bodies and individual ... Read More »

Naira Drops To 363/Dollar


The naira recorded marginal weakness at the parallel market on Wednesday, one week after the Central Bank of Nigeria’s Monetary Policy Committee retained the Monetary Policy Rate at 14 per cent. Specifically, the local unit dropped to 363 per dollar, from 362 on Tuesday. On the official market, the naira was quoted at around 305.60, supported by the CBN. It traded at 360/per dollar at ... Read More »

EFCC, FIRS To Track Tax Evaders


The Federal Inland Revenue Service and the Economic and Financial Crimes Commission have pledged to strengthen their collaboration to track both individuals and organisations who refuse to pay the right taxes. The partnership, according to a statement by the Head, Communications and Servicom Department, FIRS, Wahab Gbadamosi, has led to the recovery of the sum of N29bn Withholding Tax from banks and other financial institutions ... Read More »

Trade Protectionism Threatens Economic Growth, Says IMF Chief


International Monetary Fund chief Christine Lagarde on Wednesday issued a stern warning to governments to avoid undermining global growth with protectionist trade policies. In a less than thinly-veiled warning to US President Donald Trump, who has locked horns with China on trade, the head of the IMF said countries should open trade further by reforming their own domestic practices rather than putting up new barriers ... Read More »

Abacha Loot: FG Confirms Receipt Of $322.5m From Switzerland


The Federal Government on Tuesday confirmed the repatriation of the sum of $322.5m to Nigeria by the Swiss Government as part of funds looted by the late former military Head of State, Gen. Sanni Abacha. The Minister of Finance, Mrs. Kemi Adeosun, confirmed the release of the fund in a statement issued by her Media Adviser, Oluyinka Akintunde. The minister said the money was paid ... Read More »

Committee Report On 2018 Budget Ready Next Week – Saraki


President of the Senate, Bukola Saraki, has said the Committee on Appropriations is expected to present a harmonised report on the 2018 Appropriation Bill next week. The Senate committees have been given till Friday to present their reports on the 2018 budget proposal by the Federal Government’s Ministries, Departments and Agencies. Saraki made the announcement at the plenary on Tuesday after reading a letter from ... Read More »

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