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FG Owes Road Contractors N392bn – Fashola

By Sahel Standard Magazine October 22, 2020 81 0

Minister of Works and Housing Raji Fashola said the Federal Government is indebted to road construction firms in the country to the tune of N392billion. Fashola disclosed in Abuja during his budget defence session before the Senate Committee on Works. He said the firms are handling 711 road projects across the country. He lamented the […]Continue Reading

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CBN Website Not Hacked – Director

By Sahel Standard Magazine October 16, 2020 280 0

Contrary to claims in the social media alleging that the website of the Central Bank of Nigeria (CBN) (www.cbn.gov.ng) has been breached by malicious persons, we wish to state categorically that our website is secure. We wish to assure the Nigerian public and indeed all our other stakeholders that the CBN website is adequately protected […]Continue Reading

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People Making Billions from #EndSars Campaign- Sowore

By Sahel Standard Magazine October 14, 2020 264 0

Activist, Omoyele Sowore, says some individuals have made billions of naira from the negotiations to put an end to the nationwide protests. Sowore, who is the Publisher of Sahara Reporters, said this in a tweet on Wednesday while reacting to reports that business leaders and some social media influencers had entered into negotiations. He tweeted, “I […]Continue Reading

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FG Seeks Approval from NASS to Seize , Freeze Stolen Funds, Assets

By Sahel Standard Magazine October 14, 2020 134 0

The Federal Government has approached the National Assembly for more powers to freeze and seize stolen public funds and assets. The President, Major General Muhammadu Buhari (retd.), in a letter to the House of Representatives, which the Speaker, Femi Gbajabiamila, read at the plenary on Wednesday, sought creation of a Proceeds of Crime (Recovery and […]Continue Reading

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CBN tasks Airlines, Shipping Companies over Adherence to Export Regulations

By Sahel Standard Magazine October 7, 2020 278 0

This is contained in a warning circular by Dr Ozoemena Nnaji, CBN’s Director, Trade and Exchange Department made available to News Agency of Nigeria (NAN) on Wednesday. Nnaji advised that strict compliance with those regulations had become mandatory to improve the Nigerian export sector. “The CBN has observed with dismay, the noncompliance by shipping and […]Continue Reading

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Worries over $2b Forex Demand Backlog

By Sahel Standard Magazine October 7, 2020 137 0

Fitch Ratings has expressed concerns about the state of the naira and rising forex demand backlog estimated at $2 billion. The forex demand backlog stood at $1 billion in May, according to investment banking firm FBN Quest in a note to investors. The dollar demand has been swelling and piling up pressure on the naira. […]Continue Reading

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Jaiz Bank plans N13b Private Placement

By Sahel Standard Magazine September 30, 2020 149 0

Nigeria’s premier non -interest bank, Jaiz Bank Plc plans to raise new equity funds of about N13 billion through a private placement as the ethical commercial bank seeks to deepen its growing balance sheet. Jaiz Bank plans to offer 20 billion ordinary shares of 50 kobo each at 65 kobo per share through private placement […]Continue Reading

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P&ID Case: Court Orders Release Of $200 million To FG

By Sahel Standard Magazine September 29, 2020 223 0

A commercial court in London has ordered the release of $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government. The Governor of the Central Bank, Godwin Emefiele who confirmed the development on Tuesday, said the ruling follows the establishment of prima facie fraud before the […]Continue Reading

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CBN Probes 71 for Suspected Forex Deals

By Sahel Standard Magazine September 21, 2020 128 0

The Central Bank of Nigeria (CBN) has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules. Sources close to the apex bank yesterday confirmed the investigation of many leading companies in key sectors of the economy Continue Reading

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Buhari Bars Release of Forex for Food, Fertiliser Imports

By Sahel Standard Magazine September 11, 2020 163 0

Omololu Ogunmade President Muhammadu Buhari thursday directed the Central Bank of Nigeria (CBN) not to release “a kobo” from the country’s reserves for the importation of food items and fertilisers. He said at the National Food Security Council meeting yesterday at the State House, Abuja, that he would soon communicate the directive, which he had […]Continue Reading