Nigeria's leading finance and market intelligence news report.

Five Things You Need to Know to Start Your Day

Presidency’s stance forces Obasanjo, Sultan, others into closed-door parley

The peace dialogue organised by the Interfaith Initiative for Peace and other socio-cultural organisations under the aegis of Committee of Goodness of Nigeria (CGN), was, yesterday, forced into a closed-door session by concerns raised by the Presidency over its mission.

Former President Olusegun Obasanjo, erstwhile Head of State, Gen. Abdulsalami Abubakar (rtd), Sultan of Sokoto, Alhaji Sa’ad Abubakar III and ex-Catholic Archbishop of Abuja, John Cardinal Onaiyekan, during the meeting at the Transcorp Hilton, Abuja, deliberated on issues pertaining to the rising insecurity and calls for secession in the country.

The gathering, earlier scheduled for May 27, 2021, was postponed following concerns by the Presidency that some individuals were planning to stage a national conference, where a vote of no confidence in President Muhammadu Buhari would be passed.

The rescheduled meeting, yesterday, also had in attendance one-time National Security Adviser (NSA), Lt.-Gen. Aliyu Mohammed Gusau (rtd), ex-Governor Olagunsoye Oyinlola of Osun State, as well as former Attorney General of the Federation (AGF), Kanu Agabi (SAN).

NCC to unveil new voice tariff between local, international operators

The Nigerian Communications Commission (NCC) has concluded the process for determining the cost-based price of mobile International Termination Rate (ITR) to ensure healthy competition on traffic handling for voice services between local and international operators in Nigeria.

The Commission made this known at the final stakeholders’ forum for the presentation of the study on cost-based pricing of mobile ITR, undertaken by Messrs Payday Advance and Support Services Limited, held at the Commission’s Head Office in Abuja.

Speaking at the forum, the Executive Vice Chairman (EVC) of NCC, Prof. Umar Danbatta, said the cost-based study became imperative, following previous efforts at finding an optimum price for the termination of international voice services that will be beneficial to all relevant industry stakeholders.

FG to introduce updated trade policy – Adebayo

The Minister of Trade, Industry and Investments, Niyi Adebayo, on Thursday said the ministry is working to produce an updated trade policy that will reflect the current situation of the world.

Adebayo disclosed this in Abuja during a press conference on the ‘Nigerian at 60 celebration’.

He said the policy would be submitted to the Federal Executive Council for ratification by the end of the year.

The minister said, “We have got a trade policy. We are in a process of updating and completing our trade policy.

“We are hopeful that before the end of this year, we will be able to take the policy to the Federal Executive Council for approval.

FG begins moves to sell looters’ seized assets

The Federal Government has commenced the bidding process for the sale of recovered and forfeited assets from the Economic and Financial Crimes Commission.

The Office of the Attorney General of the Federation and Minister of Justice and the Inter-ministerial Committee set up by the government to handle sales of the assets under the Ministry of Justice opened the bid for the sales of the assets in Abuja on Thursday.

This was disclosed in a statement issued by the National Association of Auctioneers on Thursday.

The National President of the association, Aliyu Kiliya, expressed his satisfaction with the manner in which the opening of the bid was conducted.

Kiliya also urged the committee to uphold uprightness in the process of selling the assets.

He said, “All the procedures for Bureau for Public Prosecution and the Stores Regulation should be followed to the latter. The committee should do a diligent job not to allow any space for litigation in future as the items involved are very sensitive.

“Knowledgeable persons should handle the sales which involved items not only in Nigeria but overseas, so as not to put all the efforts in disrepute.”

CBN Denies Plan to Nationalise Unity Bank

The Central Bank of Nigeria (CBN) yesterday described as “fake news,” a media report that it was considering nationalising Unity Bank Plc.

CBN’s spokesman, Osita Nwanisobi, in a statement advised customers and other stakeholders of the bank to disregard the report, describing it as the handiwork of mischief makers.

He said: “The report is fake news. There is iota of truth in it.”

He added that the public should disregard such news.

The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier 2 lender is in ,”grave financial condition”, with Capital Adequacy Ratio (CAR) and Non- Performing Loans (NPL) ratio that breach prudential standards.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.