CBN Introduces Financial Education Curriculum In Primary, Secondary Schools – Official
The Central Bank of Nigeria (CBN) has developed and introduced a Financial Education Curriculum for basic and senior secondary schools, to educate children on how to use financial services responsibly. The Head of Consumer Education, CBN, Khadijah Kasim, said this on Monday in Abuja after a road walk with school children within Nyanya, Karu, Orozo and Jikwoyi in commemoration of the Global Money Week. The Week is an annual global celebration, aimed at inspiring children and youth to learn about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur.
Stock Exchange Suspends Trading On Unic Insurance
The Nigerian Stock Exchange (NSE) has placed UNIC Insurance Plc on full suspension, following approval of the scheme of arrangement that will lead to a restructuring of the insurance company under an investment holding company. Full suspension disallows both trading and price movement on a particular stock unlike technical suspension which allows trading without price movement. The NSE stated that the full suspension was in compliance with the process required for the approved scheme of arrangement between UNIC Insurance and shareholders of the insurance company.
Expert Faults CBN’s Offshore Software For MfBs
The Central Bank of Nigeria (CBN) has finally concluded the selection exercise for a software for a shared platform for the more than 900 microfinance banks (MfBs) in Nigeria. The selection exercise that has gone on for the past three years will be concluded anytime soon. Funding is said to have been provided by the International Fund for Agricultural Development (IFAD) through Rural Finance Institution Building Programme (RUFIN) programme. Investigations showed that the CBN embarked on the exercise in order to streamline the management and regulation of the large number of MfBs in the country. It was believed that a shared service platform will reduce the cost of business for them and enhance their chances of continued survival.
AMCON Recovers N681 Billion From Chronic Debtors – MD
The Asset Management Corporation of Nigeria (AMCON) has recovered over N681.5billion from chronic debtors in the last six years of its operation, its Managing Director, Ahmed Kuru, said in Abuja on Monday. Mr. Kuru, who made the disclosure at an interactive session with Judges of the Federal High Court, said the amount was recovered from the debtors in form of cash, properties and shares. He said most of the recoveries were made possible through court-sanctioned settlements or outright judgment.
CBN Adds More Dollars To Forex Market After Setting Sales Limit
To meet requests from customers for foreign exchange following its decision on Monday to set the upper limit of the exchange rate, the Central Bank of Nigeria, CBN, has released $85 million to banks for sale to customers. The forex was sold to the banks at the new rate of N357 to the dollar for onward sale to retail end-users at the new ceiling rate of not more than N360. The spokesperson of the CBN, Isaac Okorafor, said the forex was to meet the demand for invisibles such as Basic and Personal Travel Allowances, medicals and school fees.
Arik Airline Shareholders File New Suit Against AMCON, NCAA Over Takeover
Shareholders and directors of Arik Air Limited have dragged the Asset Management Corporation of Nigeria and the Nigerian Civil Aviation Authority before the Lagos Division of the Federal High Court, accusing the federal authorities of mismanagement. In suit number FHC/L/CS//2017, filed on March 27, the shareholders prayed the court to hold AMCON and NCAA responsible if there is any case of air accident or other serious damages in the airline’s operation. “‘A declaration that the defendants would be personally liable for any Air crash arising from non-compliance with the NCAA Act and regulations including any claims for compensation and criminal liability arising therefrom,” court papers showed.
Oil Firm Returns N62 Billion To NNPC Aftermath Controversial Crude Swap Deal
The Nigerian National Petroleum Corporation, NNPC, said on Monday it had reached a final settlement with AITEO Group over an outstanding $202.4 million (about N62 billion) debt in respect of under-delivery of petroleum products under the crude swap contract between 2012 and 2014. Under the crude swap deal by the NNPC during the Goodluck Jonathan administration, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products. That deal was criticised by several analysts who argued that the oil firms were, in collusion with top public officials, cheating the Nigerian government. The government had said it embarked on the deal because, among others, the local refineries were not working optimally and so as to reduce cash payment for imported petrol.
2016 Budget To Expire May, Not March — Senate
The Senate Appropriations Committee on Monday said the 2016 budget would run for 12 months and, therefore, expire on May 5 2017. President Muhammadu Buhari assented to the budget on May 6, 2016, after a long delay amid allegations of budget padding and fraud. According to the chairman of the Senate committee on appropriations, Danjuma Goje, the law backing the 2016 budget, 2016 Appropriations Act, provides that the budget shall run for 12 months, starting from the date it was promulgated. “As far as the Bill that was signed into law by Mr. President is concerned, there will be no mop up on 31st March 2017 since the validity period for the 2016 budget ends midnight May 5th, 2017, ” said Mr. Goje.
Nigerian Govt To Borrow $6.1 Billion To Complete All Rail Projects By December 2019
The Federal Government has concluded plans to borrow $6.1 billion from Chinese Exim Bank to complete all rail projects in the country by 2019. The Minister of Transportation, Rotimi Amaechi, disclosed this on Monday in Abuja. According to a statement issued by Yetunde Sonaike, the Ministry’s Director of Public Relations, Mr. Amaechi was said to have made this known during the Ministry’s 2017 budget proposal defence at the National Assembly in Abuja. Mr. Amaechi said that the Federal Government had targeted the construction of Lagos – Ibadan, Kano – Kaduna rail projects and the first phase of the Coastal Rail (Lagos-Calabar) in the 2017 budget.