Diezani Alison-Madueke’s Estate Agent has been arrested in connection to UK Properties bought with looted funds

The current social media buzz reports has it that the estate agent who helped ex-minister, Diezani Alison-Madueke, buy properties in the UK has been arrested in Nigeria. A London estate agent who appeared on the BBC’s Homes under the Hammer was recently named in an investigation into alleged corruption by a former Nigerian oil minister known as ‘The Madam’. Court documents filed in the US allege King’s Cross estate agency, Daniel Ford, helped to buy millions of pounds worth of properties for Diezani Alison-Madueke in London. It’s been established via UK company records that Daniel Ford’s sole director is Adeyemi Edun. Mr. Edun has also been seen on a TV series offering advice on buying and renovating flats. Investigations further revealed that Mr. Adeyemi Edun has acted for the controversi... sacks over 70 percent of its workers

Popular Nigeria top e-commerce website, is said to have laid off more than 70% of its staff. According to reports, the top e-commerce outfit laid off over 400 workers on Thursday following its recent struggles to survive in the online shopping business It is reported that the online shopping company has, however, promised to make upfront payments of 5 months salaries to workers. The company which explained that it had to sack most of its staff as a survival measure, had some days back, also stopped its Payment On Delivery option. Like 0

Senate approves President Buhari’s request to seek $5.5 billion foreign loan

The Senate has approved the request of President Muhammadu Buhari to seek a $5.5 billion foreign loan. The loan was approved during the Senate’s plenary session on Tuesday. President Buhari, in a letter adressed to the National House of Assembly in October, explained that $2.5 billion of the loan would be utilized in financing the 2017 budget while the remaining $3 billion is to be channeled into refinancing domestic debts. The Senators, upon approving the loans, vowed to effectively oversight all the projects outlined to be executed with the loans. The Senate’s approval of the loan followed the consideration of the report submitted by its Committee on Local and Foreign Debts headed by Senator Shehu Sani. The committee recommended the approval of the loan, confirming that the p...

Oil Prices hit highest levels as Saudi’s crown prince executes anti-corruption purge

Oil prices have hit highest levels in years as an anti-corruption crackdown by the crown prince of Saudi Arabia that included high profile arrests and a tightening of the markets happened over the wekend. The global benchmark for oil prices, Brent futures, early on Monday, hit $62.44 per barrel while U.S. West Texas Intermediate crude hit $56.00 per barrel. The figures have been the highest levels reached for some years now. Prince Mohammed bin Salman’s anti corruption purge which saw investors, Government officials and royals arrested has sent out a statement of intent concerning his position as the designated future king of Arabia Head of the National Guard, Prince Miteb bin Abdullah and Billionaire, Alwaleed bin Talal, were amongst those arrested. Head market strategist at futures...

FEC approves 2018 budget proposal

The federal executive council (FEC) has approved the 2018 budget proposal. The draft for the budget proposal was approved on Thursday during the FEC meeting held at the State House in Abuja. The Minister of Budget and National planning, Udo Udoma stated this when he addressed state house correspondents in Abuja. According to him, President Buhari will submit the draft to the National Assembly after the FEC must have liaised with the lawmakers on when it should be submitted Like 0

Emefiele bags Forbes ‘Best of Africa’ award

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been conferred with the 2017 Forbes Best of Africa Innovative Banking Award by the Forbes Magazine. The award was presented to Mr. Emefiele at a dinner held at the Willard Intercontinental, Washington, on the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund (IMF). The President of Forbes Customs Emerging Markets, Mark Furlong, said the award was in recognition of Emefiele’s courage and determination in using monetary policy to ensure financial stability in Nigeria. According to him, the CBN under Emefiele had also shown transparency, which had helped to stabilise the economy and had made huge interventions in the real sector of the economy. He particularly cited the Anchor Borrowers’...

Youths in Nigeria can now access loans using their certificates, jewelleries, others – CBN

According to the Central Bank of Nigeria (CBN), young entrepreneurs who want to venture into various Small and Medium Enterprise(SME), can now access micro finance loans from banks in the country using their academic certificates as collateral. This was disclosed by Dr. Mudashiru Olaitan, Director of Development Finances of the apex bank yesterday at the Coalition of Civil Society Groups’ third All Civil Society National Economic Summit, held in Abuja According to Olaitan, based on the National Collateral Registry policy of the CBN, young people can now access bank loans of up to N3million from banks using their jeweleries, certificates and other moveable assets as collateral. In his words, “The CBN has introduced a number of initiatives aimed at encouraging the youths to engage in e...

Buhari nominates Aishah Ahmad as new CBN Deputy Governor

President Muhammadu Buhari has nominated Mrs Aishah Ahmad for confirmation as the Deputy Governor of the Central Bank of Nigeria, CBN. Mrs Ahmad is expected to replace former CBN Deputy Governor, who retired early in the year. According to statement by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, the president presented Mrs Ahmad’s name to the senate in accordance with the provisions of “Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.” The statement quoted the President as urging the Senate President, Dr Bukola Saraki, “To consider the expeditious confirmation of Mrs Ahmad, who would then resume work immediately.” Also Buhari has written to the Senate, seeking the confirmation of the appointment of members of the Monetary Policy Committee of the ...

Naira appreciates against dollar as CBN injects $195m into Forex market

The naira has continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday. The Acting Director, Corporate Communications Department at the Bank, Isaac Okorafor, disclosed the figures to newsmen, stating that the CBN was pleased with the state of the Forex market. He added that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira. This is coming after the Central Bank of Nigeria intervened in the inter-bank Foreign Exchange Market to the tune of $195 million. The apex Bank has injected a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50 million. The invisibles se...

CBN to sell N917.1bn treasury bills in 3 months

The Central Bank of Nigeria (CBN) has revealed plans to sell N917.1 billion worth of treasury bills in the next three months ending November 30. The apex bank disclosed this through its fourth quarterly Treasury Bills Issuance programme released yesterday. CBN issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation. The programme revealed that CBN will issue treasury bills worth N917.1 billion from Thursday, September 14 to Thursday, November 30. The three months bills to be issued which represent the amount of bills that will mature during the period consist of N209.9 billion worth of 91 days bills; N197.8 billion worth of 182 days bills; and N509.4 billion 364 days bills,while bills to be offe...

Kenyan Stock Exchange falls as Investors react to the Supreme Court Ruling

The Kenyan stock market fell sharply, on Friday, following the Supreme Court decision to annul the presidential election won by the incumbent, Uhuru Kenyatta. The Nairobi all-share index finished a whopping 3.69 per cent in the red, starting the new month on a negative note. The Nairobi Securities Exchange Broad index has lost 21.15 per cent since 2017 started. At the currencies market, the Kenya shilling was priced lower 0.44 per cent in morning trade, around 103.20 on the U.S. dollar. Exotix Capital Analyst based in the Kenyan capital, Faith Mwangi said in a short statement, that his investment bank sees ”markets weakening” as political tension resumes over the next two months. Meanwhile, the Kenyan Supreme Court has fixed November 1, 2017 as the new date for another election. Like 0

UK’s National Crime Agency Freezes Alison-Madueke’s London Properties

The UK’s National Crime Agency (NCA) has frozen London properties valued at £10 million allegedly bought for the former Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, as investigations into the case against her unravel by the day. The two properties located at Regents Park in London, along with one in Buckinghamshire, have now been frozen based on the request of Nigerian authorities. According to online news medium, Premium Times, a London court gave the freeze order in September 2016 but details of the rulings have only recently become public. But the agency was too late in preventing a further two properties, worth £8 million, from being sold. In July, the U.S. Department of Justice (DoJ) had revealed four properties it alleged were bought for the former petroleum minister ...

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