Top News Update 21/07/2017
1. Budget: Osinbajo proposes N135.6bn virement
2. CBN sells $2.64bn to authorised dealers
3. TSA: Court orders seizure of $793.2m hidden in banks
4. Tight security as Adeosun finally arrives finance ministry
5. Nigeria naira firms on thin volumes as traders eye dollar liquidity
6. Osinbajo wants N46bn spent on Fashola ministry’s projects
7. Ajaokuta: Ministry advised Osinbajo against concession to Indian firm
8. Nigeria International Striker Kayode Joins Fifth Tier Club In England
9. Senate Confirms Eight INEC RECs, Withholds Lagos, Two Others
10. JLMB records N1.5b zero profits
Budget: Osinbajo Proposes N135.6bn Virement
Acting President Yemi Osinbajo has submitted a virement proposal of N135.6bn to the National Assembly. The money is meant to cover projects across many MDAs, particularly the Ministry of Power/Works/Housing. The request was made in a letter dated July 18, 2017, which was read to members of the House by its Speaker, Mr Yakubu Dogara, at plenary on Thursday in Abuja.
CBN Sells $2.64bn To Authorised Dealers
The Central Bank of Nigeria said it sold a total of $2.64bn to authorised dealers in May. According to the CBN’s Economic report for May, the amount indicated 70.8 per cent and 106.1 per cent increase above the levels in the preceding month and the corresponding period of 2016 respectively. The bank attributed the development to the increase in inter-bank sales, matured forwards contracts and Bureau De Change sales during the period under review.
TSA: Court Orders Seizure Of $793.2m Hidden In Banks
The Federal High Court in Lagos on Thursday ordered seven commercial banks in the country to temporarily remit a total of $793, 200, 000 allegedly hidden with them in contravention of the Federal Government’s Treasury Single Account policy. Justice Chuka Obiozor ordered the seven banks to remit the various amounts being allegedly kept illegally in their custody to the designated Federal Government’s Asset Recovery dollars account domiciled with the Central Bank of Nigeria.
Tight Security As Adeosun Finally Arrives Finance Ministry
After two days of protest by workers of the ministry of finance which led to a total shut down of business activities at the headquarters of the ministry, the Minister of Finance, Mrs Kemi aadeosun on Wednesday finally showed up at the ministry. The finance minister who had for the past two days avoided the protesting workers by staying away from the office arrived at the ministry at about 8am with her convoy amidst tight security.
Nigeria Naira Firms On Thin Volumes As Traders Eye Dollar Liquidity
Nigeria’s naira firmed to 281.72 in early trades on Wednesday on thin dollar volumes, traders said, on its third day as a floating currency after the central bank ditched a 16-month old peg on the exchange rate. The naira opened at 282 to the greenback, after closing weaker at 284 the previous day, traders said. The Nigerian currency slumped 30 percent at its float on Monday. Indicative rates on Wednesday showed banks were quoting to buy the dollar between 281 to 295 naira.
Osinbajo Wants N46bn Spent On Fashola Ministry’s Projects
The Acting President, Prof. Yemi Osinbajo, on Thursday proposed a virement of N135.6bn in the 2017 budget. The document was laid before the National Assembly in Abuja through a letter Osinbajo wrote the legislature. It was a move to resolve the row between the Executive and the National Assembly over some cuts and adjustments the latter did to the original proposals in the 2017 budget.
Ajaokuta: Ministry Advised Osinbajo Against Concession To Indian Firm
The Ministry of Mines and Steel Development advised Acting President Yemi Osinbajo against the recent concession of the Ajaokuta Steel Company and National Iron Ore Mining Company Limited, Itakpe to an Indian firm, Global Infrastructure Nigeria Limited, The PUNCH gathered on Monday. In a memo dated October 13, 2015 obtained by our correspondent in Abuja on Monday, the former Permanent Secretary in the ministry, Baba Faruk, wrote Osinbajo urging the Federal Government to see through the arbitration instituted in the International Court of Arbitration in London by the GINL rather than give in to the company’s quest for out-of-court settlement.
Nigeria International Striker Kayode Joins Fifth Tier Club In England
With a statement on their official website, National League club Guiseley A.F.C. have announced that they have captured the signature of Nigeria international Kayode Odejayi ahead of the forthcoming season. The experienced frontman has been offered a contract by the Lions after impressing in pre-season matches. Kayode began his career with the youth team of Bristol City before penning a professional contract at the club.
Senate Confirms Eight INEC RECs, Withholds Lagos, Two Others
The Senate thursday confirmed eight persons as Resident Electoral Commissioners (RECs) for the Independent National Electoral Commission (INEC). It, however, withheld the confirmation of the nominees from Lagos, Kebbi and Zamfara States for further legislative consultation.
JLMB Records N1.5b Zero Profits
Jubilee Life Mortgage bank has recorded a profit of N1.5 billion as the total profit while last year was recorded as N245 million profit.The Managing Director of Jubilee Life Mortgage bank, Remi Olatunbode, disclosed this at the official commissioning of the headquarters in Victoria Island, Lagos. Olatunbode said ‘‘ Jubilee Life Mortgage bank has attracted a core investor, recapitalized and grew its shareholders funds to over N5 billion, the bank has absorbed four micro finance institutions growing its branch network from six to nine branches with 36 mortgage banks in Nigeria.