Tuesday, November 30

Tag: Remittance

CBN to launch digital Currency on Independence Day
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CBN to launch digital Currency on Independence Day

The Central Bank of Nigeria (CBN) has announced that it will be announcing its own digital currency on October 1, 2021. Nairametrics reported that the CBN alongside stakeholders picked Independence Day as its launch date. According to the publication, CBN's IT Director, Rakiya Mohammed at the conclusion of the 306th Banker’s Committee meeting, disclosed that the apex bank has been conducting research in regards to digital currencies since 2017 and may conduct a proof of concept before the end of this year. The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain. Nigeria’s central bank further revealed that the importance of eNaira includes Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effec...
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Nigerians Abroad Threaten To Withhold $23 Billion Remittance Over Ahmed Wase’s Remarks

Nigerians in Diaspora Worldwide, yesterday, threatened to withhold over $23 billion yearly remittances to the country after the Deputy Speaker of the House of Representatives, Ahmed Wase, allegedly infringed on their rights. The group, in a petition, addressed to Senate President Ahmad Lawan and Speaker Femi Gbajabiamila called on President Muhammadu Buhari to prevail on Wase to reverse his rejection of a complaint by the Mutual Union of Tiv in America on issues relating to land grab in Benue State. The Nigerians abroad threatened to halt immediate fund repatriation if the demand fails to see the light of day in 14 days. Wase, who presided over plenary last Wednesday, had rejected a petition presented by the member representing Gwer East/West Federal Constituency of Benue State,...
Freight Forwarders Bemoan Low Cargo Clearing In Apapa Port
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Freight Forwarders Bemoan Low Cargo Clearing In Apapa Port

Some concerned freight forwarders on Saturday bemoaned low number of containers cleared by the Nigeria Customs Service (NCS) in Apapa port. *Apapa port The port users, who spoke on the challenges facing their operations in Lagos State, alleged that only between 38 and 40 containers were cleared by NCS for release daily, in spite of the automation of ports operations. “Risk Assessment Report (RAR), Pre-Arrival Assessment Report (PAAR) and the latest Nigeria Customs Integrated Service II are expected to speed up cargo transaction but to no avail. “Clearing and release of containers daily become herculean and, most times, fruitless because of human interference, coupled with incessant system break down,” lamented Mr Osita Chukwu. Chukwu, the Convener, Save Nigeria Freight Forward...
Labour Ministry Wades Into NUPENG, SEEPCO Row
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Labour Ministry Wades Into NUPENG, SEEPCO Row

ASABA- THE Federal Ministry of Labour and Employment has intervened in the dispute between the National Union of Petroleum and Natural Gas Workers, NUPENG, and the management of Sterling Oil Exploration and Energy Producing Company, SEEPCO, over unionization of workers, which led to strike action by the union, last week. Vanguard learned that at a meeting in Abuja, weekend, the company was directed to ensure that all third party contractors irrespective of their contract status should comply with the provision of the law on workers union deduction and remittance of check-off dues. The meeting was attended by the Director, Trade Union Services and Industrial Relations, Federal Ministry of The Labour, Mrs. O. U. Akpan, NUPENG president, Mr. Wilson Akporeha, Dr. Chris Offokansi of S...
5% PSC Remittance: Unlawfully Robbing FAAN To Pay AIB – Unions
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5% PSC Remittance: Unlawfully Robbing FAAN To Pay AIB – Unions

Two aviation unions have rejected the recent ministerial directive that five per cent of the revenue collected by the Federal Airports Authority of Nigeria from Passengers Service Charge should be remitted to the Accident Investigation Bureau. The unions described the remittance as “trying to unlawfully rob FAAN to pay AIB when both are established by law stipulating their source of funding”. The unions — Association of Nigeria Aviation Professionals and Nigeria Union Of Pensioners, FAAN Branch — made their position known in a letter dated July 7 and addressed to President Muhammadu Buhari. A copy of the letter which was jointly signed by the Secretary General of ANAP, Mr Abdul Saidu, and NUP General Secretary, Mr Emeka Njoku, was obtained on Monday in Lagos. The unions urged t...
Covenant University Tops In Research Endeavors Among World Universities
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Covenant University Tops In Research Endeavors Among World Universities

Covenant University’s vision of being one of the top 10 universities in the world by the year 2022 has received a big boost, with the University ranked Number One (1) globally in some research endeavors and rated among the top 10 in others, based on the latest computations by Elsevier SciVal, the world acclaimed ready-to-use solution that offers easy access to the research performance of 8,500 research institutions and 220 countries worldwide. Unfolding details of the achievement at a meeting between the Chancellor and the University Management, Deans of Colleges, Directors and Heads of Departments, held on Friday, April 28, 2017, the Vice-Chancellor, Covenant University, Professor AAA. Atayero, said that through the financial support of the Board of Regents, the University had signed u...

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