Author: Kwara Reporters

The Economic and Financial Crimes Commission (EFCC) has said bank executives are complicit in aiding money laundering in the country, adding that it would commence prosecution soon.Speaking at the 17th annual conference of the Chartered Institute Bankers of Nigeria, the Chairman of the EFCC, Ola Olukoyede said the commission will soon start prosecution of bank executives involved in corruption.According to him, findings revealed complicity in money laundering, illegal forex sales and trading among bank officials.While calling on the CIBN to step up its regulatory functions to guard against fraud, the EFCC boss said major financial fraud were conducted through the…

Brent crude oil futures fell below $70 per barrel for the first time since December 2021, marking a new downturn in prices driven by strong supply, demand concerns, and widespread speculative selling.The global benchmark dropped by 2.8%.However, U.S. supply disruptions from Tropical Storm Francine provided some support for prices. Brent crude futures fell by 48 cents, or 0.67%, while U.S. West Texas Intermediate (WTI) crude dropped 42 cents, or 0.6%, to $68.29. Both benchmarks had gained around 1% on Monday. Oil prices relinquished the previous day’s gains on Tuesday, as a weaker demand outlook and concerns over global oil oversupply continued…

The university of Maiduguri in Borno State has been closed till further notice, following a devastating flood that ravaged many parts of the state capital.The university management announced the temporary closure in a statement on Tuesday by its registrar, Ahmad A. Lawan, sympathising with staff members and students affected by the disaster.The statement read, “This is ot inform all staff and students that in view of the devastating flood disaster that is affecting Maiduguri and its environment, the university management is hereby suspending all lectures in the university and closing offices temporarily with immediate effect until the situation improves.“The measures…

President Bola Tinubu has directed Vice-President Kashim Shettima to, immediately, visit Maiduguri, Borno, over the devastating flood in the state capital.Shettima disclosed this on Tuesday in Abuja, at the 17th Annual Banking and Finance Conference (CIBN) with the theme,” Accelerated Economic Growth and Development: the state of play and the way forward”. “After this meeting with the consent of the President, I will rush to Maiduguri. The whole city has been overtaken by flood. It is not peculiar to one part of the country. We are facing this challenges right from Bayelsa to Sokoto.”“Be rest assured that the President has the…

Flooded aerial view of Maiduguri town Tuesday morning.Residents have been warned to evacuate their homes near Sanda Kyarimi Park after dangerous reptiles were flooded out of the zoo in the devastating overnight flood disaster in Maiduguri, the Borno State capital.The state government on Monday issued a high alert and closed down schools as the flood submerged several homes before the Alau Dam eventually collapsed on Tuesday morning.Flooded aerial view of Maiduguri town Tuesday morning.Residents said several homes have been submerged, including the palace of the Shehu of Borno and government facilities.According to some residents, reptiles, including snakes and crocodiles, were…

The National Agency for Food and Drug Administration and Control (NAFDAC) has ordered the recall of Dove Beauty Cream Bar Soap (100g) with batch number 81832M 08, produced in Germany, due to the presence of a harmful chemical impurity.In a statement on its website, NAFDAC disclosed that the soap contains Butylphenyl Methylpropional (BMHCA), also known as Lilial, which is banned in cosmetic products for its potential health risks.The agency explained that the chemical, commonly found in perfumes, has been linked to reproductive harm, including risks to unborn children, and may cause skin sensitization, leading to allergic reactions. “The presence of Butylphenyl…

The National Working Committee (NWC) of the Labour Party (LP), led by Julius Abure, was removed based on a 2018 court judgement and an agreement facilitated by the Independent National Electoral Commission (INEC), according to a resolution reached at a party meeting in Umuahia, Abia State.At the meeting, convened by Governor Alex Otti of Abia State, the group resolved to dissolve the Abure-led NWC and appointed a 29-member caretaker committee, headed by a former Minister of Finance, Nenadi Usman, with Darlington Nwakocha, a former senator, as secretary.However, Mr Abure and his supporters have rejected the decision, describing it as illegal.PREMIUM…

The Nigeria National Petroleum Company Ltd (NNPCL) and its joint venture partner Chevron Nigeria Limited have completed the transfer of five of its Joint venture assets into the terms of the Petroleum Industry Act (PIA) signed into law in 2021.In a statement signed by the NNPC Ltd’s Chief Corporate Communications Manager, Olufemi Soneye, disclosed that the two partners signed the deal in a ceremony on Monday at the NNPC towers, in Abuja.This transferred the assets from Petroleum Profit Tax (PPT) into PIA terms.Proposed 5% levy on companies for community project might lead to exits – Afrexim BankNNPC debunks claim of…

The Presidential Fiscal Policy and Tax Reforms Committee has proposed the introduction of a 0% VAT on intellectual property and services as part of a broader initiative to stimulate Nigeria’s export sector.This reform is one of seven key changes in the proposed VAT regime designed to reshape the country’s tax system.The Chairman of the Committee, Taiwo Oyedele, shared these details via his official X (formerly Twitter) account on Monday, inviting Nigerians to offer their thoughts on the proposals. Oyedele’s post explained that the proposed VAT regime, which introduces a 0% VAT rate on the export of services and intellectual property to…

Oil marketers are concerned about the delay in announcing the price of Premium Motor Spirit, popularly called petrol, being produced by the Dangote Petroleum Refinery, as they noted that the landing cost of imported PMS is now about N1,120/litre.Dealers stated that a high PMS price from the Dangote refinery would lead to the importation of the commodity by marketers since the government has opened up the market for competition.In July this year, the Major Energies Marketers Association of Nigeria revealed that the landing cost of PMS was N1,117/litre. The landing cost is simply the price at which the commodity lands…