money
NBS: N319.99 trillion e-payments recorded in Q3 2020
A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said. It disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks. The bureau said Real Time Gross Settlement transfers dominated the volume of transactions recorded. RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a real-time and on a gross basis. The NBS said 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3 2020. In terms of c...
Group moves to reintegrate displaced persons
Agence France-Presse The initiator of The Skilled Women Initiative (TWINI), Chizom Nwankwo, has said the group intensified efforts in re-integrating some internally displaced persons in Abuja. Nwankwo said the displaced persons would be re-integrated into the community through the group’s learn, earn and blend model. She said with the plan, beneficiaries are taught vocational and technical skills of their choice, added with entrepreneurial skills to help them earn money. She said the beneficiaries had agreed to leave the internally displaced camp after 18 months. She also said the group created a market for the products to encourage beneficiaries, adding, “This is just like a factory. They are making soaps, shoes, cloths. If we are able to gather them and give them jobs, we create another ...
Court stops COSON from general distribution practice
A Federal High Court sitting in Lagos has declared that the General Distribution which is practised by the Copyright Society of Nigeria, COSON, is illegal. The practise involves the annual distribution of the same amount of music royalties, usually about N30,000 each, to thousands of the organization’s members. This practice was challenged in court by the Music Publishers’ Association of Nigeria, MPAN, in Suit No. FHC/L/CS/1418/2019; Green Light Music Publishing Ltd, Chocolate City Music Ltd, Premier Music Publishing Company Ltd v. Copyright Society of Nigeria Ltd/Gte. The judgement which was delivered on November 25, 2020, by Justice Oguntoyinbo also ordered COSON to stop further distribution of royalties “in a manner known as ‘General Distribution’ or how so ever called which does not re...
Police arrest kidnapper of ex-Ekiti commissioner
Ekiti Police Command said it has arrested one person in connection with the kidnap of a former Commissioner for Agriculture in the state, Mr Folorunsho Olabode. The suspect was among those paraded by Mr Sunday Abutu, the command’s Public Relations Officer, in Ado-Ekiti for their alleged involvement in various criminal activities. Abutu said that the suspect was arrested inside a forest at Ilemeso-Ekiti in Oye Local Government area of the state. “During interrogation, the suspect confessed to being a member of the syndicate that kidnapped Mr Folorunso Olabode, a former Commissioner for Agriculture in the state,” he said. The police spokesman said that the suspect also mentioned other members of his gang, including the two who had earlier been arrested, prosecuted and were now being remanded...
Angry mob set three armed robbers ablaze in Delta
Three suspected armed robbers were set ablaze by an angry mob early Tuesday morning, along Okumagba Avenue in the Warri South council area of Delta state. Newsmen learnt that two of the suspects were burnt at Emebiren Junction, close to the popular Robinson Plaza, while the other one was lynched at Eburu Junction. According to reports, the hoodlums were members of a gang, whose numbers could not be ascertained. A witness who spoke on condition of anonymity claimed that they started the robbery operation from about 1 am in an unknown vehicle. A chemist, a fish farm, and a household, all within the Okumagba Avenue axis, were said to have been attacked by the hoodlums, who carted away an undisclosed amount of money and mobile phones. Other onlookers claimed they attempted to rob some female t...
Ayo Fayose: President Buhari must account for $1 billion taken from excess crude account
Former Governor of Ekiti State, Ayodele Fayose has queried President Muhammadu Buhari to account for the $1 billion withdrawn from the Excess Crude Account (ECA) to battle insecurity in the country. However, newsmen found that the call may be superfluous as government rendered an account on 22 July. Oblivious of this, Fayose, in series of tweets appeared to suggest that the money had been wasted, because of the rising killings and kidnappings being witnessed on daily basis. “Nigerians should recall that I took a stand openly against withdrawal of the $1bn,” he said. According to Fayose, 30 months after the $1bn was released, Nigerians, including soldiers and FG officials were complaining of no arms and ammunition to combat insecurity in the country. “When in December 2017, FG took $1bn fro...
Man sentenced to life imprisonment for raping own daughter
An Ondo State High Court sitting in Akure, the State capital, has sentenced a man, Olusola Alo, to life imprisonment for raping his own daughter. Alo, it was reported, had been having sexual intercourse with his biological daughter since she was 10-years-old. The mother of the girl was said to have left him when the daughter was six-months-old. According to the police prosecutor, the secret was exposed when the girl claimed at a students’ fellowship meeting that somebody was already having sex with her. The girl explained that her father would demand sex anytime she requested money from him for school fees and personal upkeep. The convict pleaded not guilty to the one-count charge of rape preferred against him. Justice Samuel Bola in his judgement held that the evidence of the victim that ...
Firm restates commitment to enhance financial inclusion
Nigeria-based fintech solution, NowNow, has said that it will continue to upgrade its services to attune to current realities, such that will drive economic and social growth. Founder of NowNow, Sahir Berry, while speaking on how COVID-19 pandemic has disrupted the financial space recently, mentioned that Nigeria needs to strengthen its fintech space more than before. Berry stated that it was important for Nigeria to tap into the trends and prospects of fintech given the country’s large unbanked or underbanked. He added the company recognised this gap in Nigeria, which informed its investment in the space. “In 2017 we identified that one of the two big problems in Nigeria was lack of youth empowerment and financial inclusion. With a population of almost 100 million youths, we found that ac...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Rollercoaster: Bitcoiners who missed rally feel relief and regret
Arianna O’Dell, a 30-year-old entrepreneur and songwriter based in New York City, had a tumultuous four-year journey in cryptocurrency before selling her investments in February. During her rollercoaster ride, bitcoin prices swung from less than $1,000 to nearly $20,000. O’Dell may not have made optimal decisions about when to buy or sell, and missed out on the recent rally – but said she does not regret that. Investing $2,705 worth of proceeds into her business was better than enduring the stress of daily fluctuations, even though the price has since doubled, she said. “Honestly, I’ve had more luck in Vegas than I’ve had with cryptocurrencies,” O’Dell said in an interview. She is part of a relatively new class of retail investors who joined the cryptocurrency market years ago, helping pro...
Senator Adeyemi advocates N50 billion bailout fund for airline operators
Sen. Smart Adeyemi (APC Kogi), has called on the Federal Government to provide a bailout fund of N50 billion for airlines operators in the country. The post Senator Adeyemi advocates N50 billion bailout fund for airline operators appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
NDPHC to complete four NIPPs with 2000MWs combined capacity
The Niger Delta Power Holding Company (NDPHC) has unfolded plans to complete four Nigerian National Integrated Power Project (NIPPs) with 2000MegaWatts combined capacity. The post NDPHC to complete four NIPPs with 2000MWs combined capacity appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
