Finance
Senator Orji Kalu files application seeking release from prison
The former Governor of Abia State, Senator Orji Uzor Kalu, has filed an application before the Federal High Court in Lagos seeking his immediate release from the custody of the Nigerian Correctional Service in Kuje, Abuja. The application has been assigned to Justice Mohammed Liman. The former Director of Finance, Abia State Government House, Ude Jones Udeogu, an aide to the former governor was listed as a respondent to the application alongside Orji Kalu’s company, Slok Nigeria Limited. The former governor also wants an order of the Court setting aside his conviction dated Dec 5. 2019, under the Hand of Hon. Justice Mohammed Idris since the Supreme Court in its judgment on May 8, 2020, held that it was given without jurisdiction. Besides this, Orji Kalu has also asked the court to set asi...
Presidency: Nothing wrong with taking more loans
There is nothing wrong in taking more loans to finance specific projects, the Presidency said on Sunday. It urged those criticising efforts in borrowing to develop the country, to desist. Presidential spokesman Femi Adesina said Nigeria has more capacity to accommodate loans. He spoke while featuring on Southwest Political Circuit, a popular political interview programme on Ibadan-based radio station, Fresh F.M. Adesina called from his Aso Rock office to take questions on aspects of COVID-19 management and economic issues. He said that there was no need for Nigerians to raise concern about the country’s rising debt profile because the President Muhammadu Buhari administration is applying loans to the specific projects they are meant for. Although he pointed out that the huge debt, which th...
Ondo Assembly probes N4.3 billion in ‘secret account’
The Ondo State House of Assembly says it has commenced an investigation into the N4.3 billion claimed to have been recovered from an alleged secret account in a commercial bank. The Chairman of the House Committee on Public Accounts, Edamisan Ademola, told newsmen after plenary on Friday that the assembly had directed the committee to investigate the source of the secret account. Ademola said the committee had invited some government officials, including the Commissioner for Finance, Chief Wake Akinterinwa, as well as the Accountant-General and the state Auditor-General on the discovery. He said the committee was acting on the report of the Auditor-General which stated that over N4.3 billion deposited in a secret account for 10 years had been discovered. Ademola (APC-Irele) said, “The stat...
Bitcoin Arbitrage: The Story of Free Money
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COVID-19: TransUnion Provides Key Info to Kenya’s Financial Services Providers
Global information and insights company TransUnion says Kenya’s financial services providers and consumer credit market will have to drive a robust, proactive response to the COVID-19 crisis if they are to manage the risks to the industry, with the pandemic expected to have a major impact on the country’s economy and the consumer landscape. Past crises and initial data suggest there will be ‘a significant reduction’ in the quality and volume of credit in Kenya as consumers and businesses grapple with lower income. What will define the COVID-19 pandemic for the consumer credit market is how banks and lenders respond to the challenges it presents, says Billy Owino, CEO of TransUnion Kenya. To help the consumer credit market respond to the crisis, TransUnion this morning launched its COVID-19...
Bitcoin is Part of Mainstream Finance, says deVere CEO
Sourced from Ethereum World News. Bitcoin’s historic halving event on Monday underscores that the “long-term future of cryptocurrencies is secure”, says the CEO and founder of one of the world’s largest independent financial advisory organisations. The comments from deVere Group’s Nigel Green come as the world’s supply of Bitcoin was forever slashed. The highly anticipated halving event, occurring only every four years, means that less and less Bitcoin – which is limited to 21 million units – will now be mined. Monday’s was only the third ever halving. In 2012, the number of new Bitcoins issued every 10 minutes fell from 50 to 25. In 2016, it went down from 25 to 12.5. Now, in the 2020 halving, it will drop from 12.5 to 6.25. Nigel Green says that the “Bitcoin halving event has demonstrate...
Doing Business in a Post-Lockdown World
Sourced from Business News Daily At the beginning of March, few anticipated the significant impact the COVID-19 pandemic would have on the lives of all South Africans. As the gradual easing of the strict lockdown conditions continues, thoughts turn to how companies will begin their recovery. Ian McAlister, GM of CRS Technologies, looks at what to expect. From Friday 1 May, South Africa transitioned to Level 4 lockdown conditions which will result in several more industries resuming operations, albeit in a limited capacity. And while all the details around operational issues are still to be confirmed, expectations are that at least 1.5 million South Africans will be returning to work. In part, this is designed to get the economy back up and running following several weeks of virtual non-act...
