CBN, banks face probe over ATM charges, others

Senate summons Emefiele

Lawmakers approve $2.78bn Eurobond

The Senate, yesterday, mandated its joint Committee on Banking, Insurance and other Financial Institutions and Finance to invite the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to come and explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

Freight agents protest Customs extortion at Clarion Bonded Terminal gate

Protesters on Monday shutdown operational activities at Clarion Bonded Terminal at Alakija, Lagos over alleged extortion by an Assistant Comptroller of the Nigeria Customs Service deployed to the facility.
The operators alleged that the official of the Service had been frustrating clearance of vehicles and containers from the facilities since his deployment to the vehicular bonded terminal two weeks ago.

Nigeria seeks support for re-election into ITU

Nigeria’s belief in multilateralism and readiness to serve as exemplified by its many international commitments makes its bid for re-election into the International Telecommunications Union (ITU) worthy of support from countries within Africa and the globe, the Ambassador/Permanent Representative of the Nigerian Permanent Mission in Switzerland, Ambassador Audu Kadiri, has said.

How Nigeria got it right at tobacco treaty talks – ERA/FoEN

The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has eulogized the Nigerian delegation that attended the just-concluded eighth conference of parties to the World Health Organisation Framework Convention on Tobacco Control (WHO-FCTC) in Geneva, Switzerland.
ERA/FoEN stated in Lagos that with the strong stance of the delegation throughout the talks on protecting the treaty from tobacco industry interference, Nigeria has taken its pride of place in the tobacco control community.

2018 Budget: FG releases N460b for capital expenditure –Udoma

The Federal Government has, so far, released over N460 billion from the 2018 budget for capital projects.

Minister of National Planning, Senator Udoma Udo Udoma, said this yesterday during an interaction with Nigerian journalists at the ongoing IMF and World Bank Group (WBG) Annual Meetings in Bali, Indonesia.

“I don’t have the exact figure for the releases, but over N460 billion has been released for the 2018 budget,” he said. “The president has sent a request to the National Assembly to support borrowing for the 2018 budget.

Apapa gridlock and the economic implications

By Nchekwube Nwabunnia

Chevron becomes first oil major to exit Norway

U.S. oil firm Chevron (CVX.N) will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.

Oil majors, including Exxon Mobil (XOM.N), BP (BP.L) and Shell (RDSa.AS), have scaled down their presence in Norway by selling or merging their assets in the mature region to focus on new growth opportunities elsewhere.

Senate confirms Muiz Banire as AMCON Chairman

The Senate has confirmed the appointment of Muiz Banire as the Chairman of the Governing Board of the Assets Management Corporation of Nigeria (AMCON).
The decision to confirm Banire’s appointment was taken at the Senate’s plenary session on Wednesday.
President Muhammadu Buhari had nominated Banire, a former Legal Adviser of the All Progressives Congress (APC), for appointment as the AMCON Chair in July 2018, shortly before the Senate abruptly embarked on the recess.

Breaking: Nigerian govt proposes N24,000 minimum wage for workers

The federal government has proposed N24,000 as the new minimum wage for civil servants.

Chris Ngige, minister of labour, disclosed this while briefing state house correspondents after the weekly federal executive council (FEC) meeting.

He said after the Nigeria Labour Congress (NLC) called off the nationwide strike, it agreed to N30,000 as the minimum wage for workers in the public sector and N25,000 for their counterparts in the private sector.

Ngige, however, made it clear that the government would be able to afford N24,000.

No pact with Labour on new minimum wage, says Nigerian govt

The Federal Government has denied reaching an agreement with the leaders of the Nigerian Labour Congress (NLC) on the new minimum wage.

The Minister of Labour and Employment, Chris Ngige, disclosed this on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Minister explained that negotiations are still ongoing as the different groups involved have agreed on different figures as minimum wage.