The Federal High Court in Abuja has dismissed the bail application filed by Tigran Gambaryan, an official of Binance Holdings Limited, who is currently being tried for alleged money laundering offenses. In a ruling on Friday, Justice Emeka Nwite stated that there was a significant risk that Gambaryan would flee if granted bail. Justice Nwite concurred with prosecuting lawyer Ekele Iheanacho, who argued against the bail application. Iheanacho highlighted the earlier escape of Gambaryan’s co-defendant, Nadeem Anjarwalla, the Binance Regional Manager for Africa, from custody as a key reason to deny bail. Further details on the case will be provided…
Author: Editor Francis
The American Institute of Certified Public Accountants (AICPA) is weighing a major change to the educational requirements for becoming a certified public accountant (CPA) in the United States. This potential move comes as the accounting industry grapples with a severe shortage of new recruits entering the profession. According to a report from the Financial Times, the AICPA is considering reducing the amount of university education needed to qualify as a CPA. Currently, becoming a CPA in the U.S. requires the equivalent of five years of education, one year longer than a typical bachelor’s degree. The report states that this is…
In an effort to address persistent power outages in Nigeria, President Bola Tinubu has sanctioned the gradual settlement of power sector debts, totaling over N3.3 trillion. The Federal Government plans to pay approximately N1.3 trillion owed to power generating companies (Gencos) through a combination of cash injections and promissory notes. Additionally, about $1.3 billion (N1.994 trillion) owed to gas companies will be cleared using cash and future royalties. The announcement was made by the Minister of Power, Chief Adebayo Adelabu, during the 8th Africa Energy Marketplace in Abuja, themed “Towards Nigeria’s Sustainable Energy Future: Policy, Regulation, and Investment.” The government…
The Nigerian government has reassured citizens that the country’s N20 trillion pension fund remains safe and secure. This assurance came from the Minister of Finance, Wale Edun, in a statement issued on Thursday. Following the recent Federal Executive Council meeting, Edun announced plans to utilize local funds for infrastructure development. This proposal sparked criticism from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), who cautioned the government against using the pension fund for such projects. NLC President Joe Ajaero and TUC Deputy President Tommy Okon jointly emphasized the importance of safeguarding the pension fund, noting, “Nigerian workers…
President Bola Tinubu welcomed President Bassirou Diomaye Faye of Senegal at the Presidential Villa in Abuja on Thursday. During their brief interactive session, President Tinubu highlighted the need for a unified approach to address the pressing issues facing West Africa. Tinubu stressed that West Africa must collaborate to tackle the multifaceted problems of terrorism, banditry, human trafficking, and poverty. He emphasized that regional leaders must prioritize their citizens in governance to ensure the true essence of democracy is upheld. “An alignment of purpose and structure in West Africa is crucial to effectively address the challenges confronting the region,” Tinubu stated.…
The Nigerian government has announced that the application portal for the highly anticipated student loan program will open on Friday, May 24. This announcement was made by Nasir Ayitogo, spokesman for the Nigerian Education Loan Fund (NELFUND), in a statement on Thursday. The loan scheme aims to provide financial assistance to students, enabling them to pursue their academic goals without financial barriers. “The management of the Nigerian Education Loan Fund, NELFUND, led by its Managing Director, Mr. Akintunde Sawyerr, is thrilled to announce 24 May 2024, as the official date for the opening of the portal for student loan applications,”…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have formally cautioned the federal government against using funds from the National Pension Fund Scheme for economic and infrastructural development. This warning was issued in a petition addressed to key government officials, including the Minister of Finance, Wale Edun, the Secretary to the Government of the Federation, the Minister of Labour, and the Head of Service, among others. The petition highlights the concern among civil service workers following the government’s announcement to utilise the substantial pension funds, totaling N19.66 trillion, for infrastructural development. The NLC and TUC expressed deep apprehension,…
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to fraudsters, announcing an intensified round-the-clock hunt for individuals involved in corrupt practices. The announcement was made by the Executive Chairman of the EFCC, Ola Olukoyede, during the inauguration of the agency’s new radio station, 97.3FM, on Thursday in Abuja. Olukoyede emphasised the EFCC’s unwavering commitment to combating corruption, stating, “We are getting stronger for the fight, and there will be no hiding place for fraudsters as EFCC will get them anywhere, anytime.” He assured that the agency is more determined than ever to eliminate corruption in Nigeria.…
Emirates Airlines has announced that it will resume flights to Nigeria starting October 1, 2024. The announcement was made via the airline’s official X handle on Thursday. The post stated, “We’re back, Nigeria! We’ll be resuming services to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities.” Emirates will operate daily flights between Lagos and Dubai, providing customers with more choices and enhanced connectivity from Nigeria’s largest city to destinations across the globe. This decision follows a meeting between the Minister of Aviation and Aerospace Development, Festus Keyamo,…
Michael Onunkun, popularly known as MAE Onunkun, a former Second Republic Senator in the old Ondo State, has passed away at the age of 98. Onunkun, who represented the Ondo West Senatorial District, now Ondo South, from 1979 to 1983, died on Wednesday night. His daughter, Mrs. Morenike Alaka, a former Chairman of Okitipupa Local Government, confirmed his passing to the News Agency of Nigeria (NAN) on Thursday in Okitipupa. She stated that the elder statesman died at around 11:57 pm at the West End Hospital, Okitipupa. Reflecting on her father’s life, Alaka said, “My dad, a distinguished Senator in…
According to the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics (NBS) for April, Kogi, Kwara, and Ondo States are experiencing the highest food prices in Nigeria. Kogi State tops the list with a food inflation rate of 48.62 percent year-on-year, followed closely by Kwara at 46.73 percent and Ondo at 45.87 percent. Conversely, the states with the slowest rise in food inflation are Adamawa, Bauchi, and Nasarawa, recording 33.61 percent, 33.85 percent, and 34.03 percent, respectively. On a month-to-month basis, Lagos, Edo, and Yobe have the highest food prices. However, these states recorded…
The federal government’s proposal to use pension funds to address the infrastructure deficit in the country has sparked various reactions. As of the end of March 2024, pension funds in Nigeria amounted to N19.66 trillion, according to data from the National Pension Commission. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hinted at the plan following a Federal Executive Council meeting on Tuesday. The proposal includes tapping into these funds to help bridge the housing deficit. However, a report by Daily Trust indicates that current guidelines from the National Pension Commission do not allow the federal…