Top News Update 31/05/2017
1. CBN Pumps $482.6m into Forex Market
2. Nigerians Suggest N52.4bn Budget for National Assembly
3. Osinbajo Inaugurates Industrial Policy and Competitiveness Advisory Council
4. US launches SpaceX Falcon 9, carrying FUTA’s NigeriaEdusat-1
5. FG raises panel on teaching of sciences, mathematics in Nigerian languages
6. Banks lost N2.19bn to fraudsters in 2016 – CBN
7. Senate Passes Bill on Mutual Assistance on Cross Border Crimes
8. Osinbajo signs Acts to ease MSMEs’ access to credit
9. 23 Banks Got N28.7bn Inflows from Dubious MMM Transactions
10. Nigeria does not appreciate her writers – Emenyonu
CBN Pumps $482.6m Into Forex Market
The Central Bank of Nigeria (CBN) on Tuesday sustained its intervention in the inter-bank segment of the foreign exchange (forex) market by injecting a total of $482.6 million into the market. This, the bank said underlined its determination to protect the value of the naira. A breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.
Nigerians Suggest N52.4bn Budget For National Assembly
Some Nigerians have proposed a reduction of the 2017 National Assembly budget from the approved N125 billion to N52,490,951,173. In response to the publication of the National Assembly budget, BudgIT and EiENigeria recently invited citizens to the “#OpenNASS Datathon” on May 20, 2017 with the objective of developing a lean and effective budget for the National Assembly as a standard for Nigeria to reduce the cost of governance.
Osinbajo Inaugurates Industrial Policy And Competitiveness Advisory Council
Acting President Yemi Osinbajo Tuesday inaugurated the Nigeria Industrial Policy and Competitiveness Advisory Council, which will spearhead the industrial agenda that will boost the contribution of manufacturing to the country’s Gross Domestic Product (GDP) by 250 per cent over a five-year period. The ambitious agenda will make Nigeria a manufacturing hub for West Africa and diversify the economy from its over-dependence on oil.
US Launches SpaceX Falcon 9, Carrying FUTA’s NigeriaEdusat-1
The Federal University of Technology, Akure, FUTA’s achievements in science and technology will get a boost Thursday, June 1, when the SpaceX Falcon9 rocket launches Birds 1 satellites, comprising five CubeSats belonging to Japan, Ghana, Mongolia, Nigeria and Bangladesh, into space from Kennedy Space Centre in Florida, USA. The Nigerian CubeSat, NigeriaEdusat-1, was designed, built and owned by FUTA in collaboration with National Space Research and Development Agency, NASRDA, Abuja, and Kyushu Institute of Technology Japan.
FG Raises Panel On Teaching Of Sciences, Mathematics In Nigerian Languages
Nigeria yesterday commenced the process of teaching mathematics and science subjects in the local languages. Minister of Science and Technology, Ogbonnaya Onu inaugurated an inter-ministerial committee to map out the logistics for the implementation of the project. Members were picked from the ministries of science and technology; and education.
Banks Lost N2.19bn To Fraudsters In 2016 – CBN
The Central Bank of Nigeria on Tuesday said that Deposit Money Banks in the country lost a total of N2.19bn to fraudsters in the 2016 fiscal period. The figure was contained in the Nigeria Electronic Fraud Forum Annual Report, which was unveiled by the CBN Governor, Mr. Godwin Emefiele, during the NEFF stakeholders’ workshop on cybercrime. The report, which was made available to our correspondent, stated that 19,531 fraud cases were reported for the DMBs in 2016 as against 10,743 in 2015.
Senate Passes Bill On Mutual Assistance On Cross Border Crimes
The Senate on Tuesday passed the bill for mutual assistance in criminal matters between Nigeria and other foreign countries to facilitate the identification, tracing, freezing, restraining, recovery, forfeiture and confiscation of proceeds, property and other instrumentalities of crimes. The bill, an executive one, would provide a legal framework that would strengthen the fight against corruption, terrorism, economic and financial crimes, money laundering and other related offences.
Osinbajo Signs Acts To Ease MSMEs’ Access To Credit
Acting President Yemi Osinbajo on Tuesday signed into law two Acts of Parliament that had earlier been passed by the National Assembly. According to a statement by the Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, the Acts signed into law will ultimately facilitate access to more affordable credit for Nigerians. The assented Acts are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as the Collateral Registry Act) and the Credit Reporting Act, 2017.
23 Banks Got N28.7bn Inflows From Dubious MMM Transactions
No fewer than 23 Nigerian banks received inflows amounting to N28.7 billion executed in 460,000 transactions through the Mavrodi Mondial Moneybox (MMM) Ponzi scheme within six months, the 2016 annual report of the Nigeria Electronic Fraud Forum (NeFF) has revealed. The amount, which was moved between June and December 2016, is 61 per cent higher than the budget of the Federal Ministry of Education and almost six times over the budget of the Nigerian Defence Headquarters (DHQ) in the 2017 budget, the report stated.
Nigeria Does Not Appreciate Her Writers – Emenyonu
Renowned literary critic based in the United States, Prof. Ernest Emenyonu, has decried the lack of recognition for Nigerian writers in the country. Speaking at a recent literary event in Lagos, Emenyonu, who has been appointed chairman of the judges’ panel for the 2017 Nigeria Prize for Literature, noted that, in spite of their laudable achievements, Nigerian writers were hardly appreciated or celebrated enough in their own country.