Treasury Single Account: We realised N2.2trn in 3 months - Buhari

During a meeting with Nigerians in London on Thursday, pres. Buhari said that his administration within 3 months saved N2.2 trillion through the enforcement of the Treasury Single Account.

BVN exposes 23,306 ‘ghost workers’ on Fed Govt payroll

The Bank Verification Number Exercise has exposed no fewer than 23,306 ghost workers within the Federal Government’s payroll. The Federal Ministry of Finance made the discovery with the adoption of the BVN for salary payment recently.

We don’t have any immediate plan to devalue the naira - Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the Apex bank has no immediate plan to devalue the Naira despite the continued downward slide of the Naira. Emefiele said this after the meeting of the bank's Monetary Policy Committee yesterday January 26th.

CBN Directs Banks to Destroy Cards Trapped in ATMs

The Central Bank of Nigeria has directed Deposit Money Banks to henceforth destroy Automated Teller Machine cards trapped in their ATM terminals.

The CBN also gave banks 24 hours to reverse debit entries arising from failed transaction attributable to system-related issues.

Skye Bank grants N450bn loans to energy firms

DESPITE warnings over the rising incidence of non-performing loans, NPL, especially as it relates to exposure to the energy sector, Skye Bank Plc gave out N449.872 billion loans to energy firms in two years, between 2013 and 2014. Specifically, information obtained from the bank’s Annual Report and Financial Statement for the 2014 financial year, showed that the bank recorded total loans and advances of N651.261 billion in 2014, compared to N549.858 billion in 2013.

CBN explains why states can’t pay salaries

LAGOS — The dwindling resources of states and local governments suffered a 30.6 per cent fall from federation account allocation in April 2015 when compared with what the states got in the same period last year.

Central Bank of Nigeria, CBN, Economic Report for the month of April said that the total statutory allocation to the state governments stood at N153.45 billion in April 2015. This was 30.6 and 22.9 per cent below the 2014 monthly budget estimate and the level in the preceding month, respectively.

Mobile money transactions in Nigeria hit N985bn yearly

Director, Banking and Payments Systems Department, Central Bank of Nigeria, CBN and Chairman, Nigeria electronic Fraud Forum, NeFF, Mr. Dipo Fatokun, has said that in spite of challenges facing mobile money adoption in Nigeria, over $5 billion (about N985 billion) worth of mobile money transactions are still processed annually. He stated this while addressing newsmen on the sideline of the unveiling of the NeFF 2014 annual report in Lagos.

Bank Verification Number (BVN) will enable banks blacklist dubious customers

Based on feedbacks from banks, how would you describe the level of compliance with the directive on BVN?
The feedback from the banks is very positive. I think we should start by understanding why we are embarking on the BVN project, you will see that there is no way the Banks would not be enthusiastic about it.

Unemployed, Poor Nigerians To Get N5000 Monthly – FG

The Buhari Administration at the weekend declared that there are ongoing plans to implement one of its striking campaign promises that it will pay N5000 each to the poorest Nigerians across the country.
Vice President Yemi Osinbajo who gave the hint noted that government is “currently evaluating the best ways to collapse existing cash transfer and social welfare schemes to ensure consistency and alignment.

President Buhari to earn N14.4m annual salary and see what others will earn

The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has reviewed the salaries of the President, Vice President, Senate President and Speaker of the House of Representatives and Speakers in the 36 states of the federation, as well as well other legislators in both the National and State Assemblies among other public officers in the country. Based on the total package prepared by the RMAFC, President Muhammadu Buhari ‘s annual salary and allowances stand at N14, 4 million.

Missing $20bn issue not adequately addressed says Sanusi

Former Governor of the Central Bank of Nigeria and   the current Emir of Kano, Lamido Sanusi, says the issues surrounding the missing $20bn oil money have not been adequately addressed by the Federal Government.

Sanusi, who is now known as Emir Muhammadu Sanusi II, had last year raised the alarm about missing $20bn but was removed shortly after by President Goodluck Jonathan.

NNPC didn’t get N1.329trn subsidy money from CBN --- Alison-Madueke

The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, has denied that Nigerian National Petroleum Corporation, NNPC, received N1.329 trillion as subsidy payments between 2009-2011 from the Central Bank of Nigeria, CBN, as alleged by the ad-hoc committee of the House of Representatives on Subsidy Regime.
The committee report had alleged that “NNPC directly deducted N408.255 billion, in addition to the payment of N81.648 billion by CBN, in 2009; N407.801 billion, in addition to the payment of

Ministry of Works’s budget slashed by FG from N100bn to N11bn

The Minister of Works, Mike Onolememen, said the ministry’s N100bn proposed budget for 2015 was slashed by the Ministry of Finance to N11bn, representing an 89 per cent slash.

Onolememen, who was in the Senate to defend his ministry’s estimates for the fiscal year, added that no sum was approved for   the Federal Roads Maintenance Agency’s capital projects   and the Office of the Surveyor -General of the Federation.

He said the Finance ministry predicated its action on the economic realities on the ground.

Online Bank Robbers Steal Up to $1 Billion, Kaspersky Says

A hacker group has stolen as much as $1 billion from banks and other financial companies worldwide since 2013 in an “unprecedented cyber-robbery,” according to computer security firm Kaspersky Lab.

The gang targeted as many as 100 banks, e-payment systems and other financial institutions in 30 countries including the U.S, China and European nations, stealing as much as $10 million in each raid, Kaspersky Lab, Russia’s largest maker of antivirus software, said in a report. The Carbanak