CBN Revises Documentation Requirements For PAPSS Transactions
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria. According to a statement by the Bank on Monday, this initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, […]
Federal Government Set To Pay Arrears Of Wage Award
By Oluwakemi Kindness The Federal Government on Monday says it is set to pay the outstanding five months N35,000 wage award arrears to federal government workers. The Office of the Accountant General of the Federation (OAGF) made this known in a statement issued in Abuja by the Director Press, Bawa Mokwa. The OAGF explaines that […]
PenCom, NERC Crack Down on GENCOs, DISCOs Over Pension Arrears
By Oluwakemi Kindness The National Pension Commission (PenCom) has sought the intervention of the Nigerian Electricity Regulatory Commission (NERC) to compel electricity Generation Companies (GENCOs) and Distribution Companies (DISCOs) to remit outstanding pension contributions owed to their employees. PenCom’s Director General, Ms. Omolola Oloworaran, stated this when she led a delegation to seek NERC’s intervention […]
Liquidation Dividend: NDIC pays ₦46.6bn To Depositors Defunct Heritage Bank
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has declared the first tranche of liquidation dividends of ₦46.6bn from the proceeds of sales of the defunct Heritage bank’s assets and recovery of debts owed to the defunct institution. Liquidation dividend represents amount paid by the Corporation to depositors of a closed bank, in excess […]
Ondo State to Explore Pension Funds For Infrastructural Development
By Oluwakemi Kindness Ondo State government says it is exploring opportunities to leverage pension funds for infrastructural development in the state. Governor Lucky Aiyedatiwa, made this known when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Omolola Oloworaran in Akure. A statement by the Commission on Thursday says […]
FAAC Shares N1.578trn As March 2025 Allocation
By Oluwakemi Kindness The Federal Government, States and the Local Government Councils have shared the sum of N1.578 trillion, being March 2025 Federation Account Revenue. The revenue was shared at the April 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja;. The total revenue of N1.578 trillion comprised statutory revenue of N931.325 billion, Value […]
We Can Withstand Shocks From Trade War – CBN
By Oluwakemi Kindness The Central Bank of Nigeria, CBN, says it is well prepared to handle the pressure and shocks from the ongoing trade wars between the U.S and China. The Apex bank explained that it is reviewing emerging scenarios to enable it take diligent actions to weather any form of storm that may arise […]
NCS Issues 1st PAAR Under The B’Odogwu Management System
Oluwakemi Kindness The Nigeria Customs Service (NCS) has announced the successful issuance of the first Pre-Arrival Assessment Report (PAAR) under the B’Odogwu (Unified Customs Management System). It marks a significant milestone in the Service’s commitment to technology-driven trade reforms. This achievement follows the recent strategic engagement between the Comptroller-General of Customs, Adewale Adeniyi, and the […]
Customs Debunks Extension Of Comptroller General’s Tenure
Oluwakemi Kindness The Nigeria Customs Service (NCS) has debunk reports claiming an extension of the tenure of the Comptroller-General of Customs, Bashir Adewale Adeniyi. The NCS in a statement on Tuesday night by it spokesperson, Abdullahi Maiwada, categorically states that this information is inaccurate and misleading. The statement says for the avoidance of doubt, appointments […]
CBN Reports Net Reserve Of $23.11bn For 2024
Oluwakemi Kindness The Central Bank of Nigeria (CBN) on Tuesday reports a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024. The NFER stands at $23.11 billion, the highest level in over three years, marking ab increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, […]