Business articles

CBN suspends cashless policy, orders banks to make refunds

CBN suspends cashless policy, orders banks to make refunds

The Central Bank of Nigeria (CBN) on Friday suspended the implementation of cashless policy. The bank in a circular instructed banks to revert to old charges and refund customers who had been debited. The CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000. It had directed banks to charge

CSOs task Buhari on early submission of budget proposal to National Assembly

Civil Society Organisations in Lagos (CSOs) have advised President Muhammadu Buhari to imbibe the practice of sending the yearly appropriation to the National Assembly early enough so as to give members opportunity to scrutinise and pass the budget in good time. The suggestion was made on Tuesday during a workshop for CSOs on Open Government

Malabu asks court to stop FG from signing $13bn project with Shell, Agip

Malabu Oil and Gas Limited has asked the federal high court to stop Shell Nigeria Exploration and Nigerian Agip Exploration Company Limited from signing a final investment decision (FID) on the $13.5 billion Zabazaba deepwater project located in the controversial OPL245. Malabu is also asking for an interlocutory injunction restraining the federal government and the

Two MMM agents remanded in prison

A Malumfashi chief magistrates’ court in Katsina state has ordered the remand of Debora Fojo and Musa Garba, two agents of the ponzi scheme, Mavrodi Mundial Movement (MMM), in custody over alleged breach of trust and cheating. The two were accused of collecting N429,000 to invest in the scheme. Fojo and Garba are residents of

DStv, GOtv subscribers to pay more from May 1

MultiChoice, owners of DStv and GOtv, has increased subscription rates by five percent, with effect from May 1, 2017. This is coming less than two years after Nigerians threatened to boycott MultiChoice Nigeria over 20 percent subscription hike. Back then, a court ordered the company not to increase the rates pending the determination of a

CBN vows to continue forex intervention

The Central Bank of Nigeria (CBN) on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users. Isaac Okorafor, acting director, corporate communications of CBN, in a statement said the bank wants to disabuse the notion

BREAKING: DSS arrests businessman, Ifeanyi Ubah

The Department of State Services has arrested and detained Nigerian business mogul and politician, Ifeanyi Ubah. According to Sahara Reporters, the reason for his arrest is unknown. But Ubah, who owns Capital Oil, had previously been linked to a fraud probe involving the Nigerian National Petroleum Corporation. Sources close Ubah, said the businessman was not