Friday, March 11, 2016

[News Update] Trouble: Top CBN Officials Suspended over Multi-Million Dollar Fraud

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine

CBN suspends staff over multi-million dollar fraud
The Federal Government has placed some very senior officials of the Central Bank of Nigeria (CBN) on suspension for fraud running into hundreds of millions of dollars. Read: http://goo.gl/zNnWUw

MTN proposes N300bn as Settlement for Fine
The Senate Committee on Communications yesterday revealed that MTN Communications Nigeria Limited has proposed to pay N300 billion ($1.5 billion) in the ongoing negotiations between the company and Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), on the N780 billion fine imposed on the network operator by the Nigerian Communications Commission (NCC). Read: http://goo.gl/Pd1kUu

Tax exemption: Nigeria loses $3.3bn to NLNG project
Nigeria may have lost $3.3 billion on the Nigerian Liquefied Natural Gas, NLNG, project as a result of the 10-year tax holiday granted during the implementation of the project, a study has indicated. Read: http://goo.gl/g58pn5

Nigeria's steel market faces Glut
As the glut in global steel production heightened, with many steel industrial firms shutting down, local steel manufacturers may have begun to feel the pangs of the glut as capacity utilisation drops below 50 per cent sequel to low demand. Read: http://goo.gl/Ib8oxX

Budget Padding: Buhari Sweeps Off 184 Government Officials
President Muhammadu Buhari has demoted top civil servants who tampered with figures in the 2016 budget. Read: http://goo.gl/4N5cph

CBN to borrow N1.07tn in Q2
The Central Bank of Nigeria is planning to borrow N1.07tn via treasury bills issuance in the second quarter of 2016. Read: http://goo.gl/aQHDZF

FG needs $500m to fix refineries – Kachikwu
The minister of state for petroleum resources, Mr. Ibe Kachikwu, has revealed that between $300 million and $500 million will be required to fix the four refineries in Warri, Port Harcourt and Kaduna for effective service delivery. Read: http://goo.gl/hYHVly


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posted by Economic Confidential at 6:52 AM

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