Customs Still In The Eye Of The Storm

By Stephen Ubanna Until Hameed Ali, a retired Colonel and Comptroller General, Nigeria Customs Service, NCS, is removed from office by President Muhammed Buhari, the  Senate Committee Committee on Customs, Excise, Tariff and marine Transportation,headed by Hope Uzodinma, will stop at nothing toexpose the rot in Customs. In spite of the billions which the Customs pay into the Federation Account monthly, the Committee believes there are still much sharp practices in the Customs with the collaboration of other stakeholders , leading to loss in the collection of revenue in foreign…

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Anambra: Battle of the Ubas

By Chidiebere Onyemaizu   The November 2017 Anambra gubernatorial election is likely to witness a spectacular scenario of two siblings-Senator Andy Uba of the APC and his younger brother and chieftain of the Peoples Democratic party, PDP,Chris Uba- on opposing political platforms facing each other at the polls. There are indications that Senator Andy Uba is set to emerge consensus candidate of the All Progressives Congress, APC. The Magazine has been told that many of the APC guber aspirants in the state viewed as pretenders are being pressured to stand…

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Osinbajo vs the Cabal: Dangerous Power play

The ongoing war between the Cabal and the Acting President, Yemi Osinbajo took an eerie turn recently with the determination of the Acting president to swear in the screened and cleared Ministers. Stephen Ocheni from Kogi State and Suleiman Hassan from Gombe State were screened and confirmed by the Senate in May.Since then,they have been waiting to be sworn in and participate as members of the Federal Executive council. Today, the acting President did the needful and swore them in, though their portfolios, according to him, will be determined at…

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Apapa: Still A Disaster

The Oshodi/Apapa Express way  is still a disaster despite government fr promises to fix the road as Aliko Dangote and  two other critical  stakeholders mobilize funds to fix the road to save the multi-billion naira investments at Apapa Wharf By Stephen Ubanna Okechukwu Uzochukwu, a Lagos based clearing agent has never had so bad taking delivery of his importer’s Container at Tin-can Island port to an importer’s warehouse. This is because of the bad state of the Oshodi /Apapa Expressway. It takes a truck laden with Container from the Sifax…

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Stamp Duty Again: CBN’s Unwavering Action

By Shedrack Ifurueze Following the implementation of the Stamp Duty Act by the CBN and commercial banks operating in Nigeria, the Nigerian Postal Service is to be classified as a revenue-generating agency. Investigation by the magazine has shown that the CBN told commercial banks to start enforcing the country’s stamp duties law on financial transactions with “immediate effect.” In a circular to the banks, the CBN asked the banks to charge N50 on every N1000 deposit or electronic transfer made by customers. The circular read in part: Deposits or transfer…

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Dormant Accounts: Why Banks Stand Vetoed?

By Shedrack Ifurueze Emmanuel Usoro, not real name was an account holder with Union Bank Plc, one of the first generation banks. He however stopped servicing the account about 10 years ago when banks were still using the 14-digit savings and current account numbers. To Usoro’s utmost surprise when he went to the bank to reactivate his account, he was simply told in plain terms that he cannot do that because his account has been declared dormant over the years, except that he has another opportunity to open a new…

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Still On Delinquent Debtors

By Shedrack Ifurueze Though the tension brewing in the nation’s financial sector seems to be fading, The denials by Idika Kalu, former Minister of Finance and Transport; Olatunde Ayeni, the promoter and director of Globe Energy Resources and the management of another major oil firm, MRS; among others, in separate statements vehemently denied owing or having any business dealings with First City Monument Bank, FCMB. But, according to Ayeni, who also doubles as the Chairman of Skye Bank Plc the magazine observes was listed in error as the sole director…

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MPR, CRR Retention: Stakeholders React

By Shedrack Ifurueze Eager to stimulate economic growth and discourage inflation in the economy, commercial banks, the Monetary Policy Committee, MPC of the CBN for the upteenth time retained the benchmark of the Monetary Policy Rate, MPR by a record 200 basis points of 14 per cent. The Monetary Policy Committee of the CBN during its two-day meeting last week also announced that the Cash Reserve Requirement, CRR has been reduced from 25 percent to 20 per cent. It went farther to change symmetric corridor of 200 basis points around…

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Youths Push for Removal of Political Age Limits

Hundreds of young Nigerians marched on the country’s parliament on Tuesday, calling for lawmakers to remove age barriers on political posts, including the presidency. Nigeria’s 1999 constitution stipulates that the president has to be at least 40, while senators and state governors have to be aged 35 or above. Young Nigerians march to protest against age barriers on political posts in Abuja, on July 25, 2017. Hundreds of young Nigerians marched towards the country’s parliament on Tuesday, calling for lawmakers to remove age barriers on political posts, including the presidency.…

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Buhari Promises to Return Soon

President Muhammadu Buhari has written President Alpha Conde of Guinea, thanking him for the nationwide prayers held, last week, by Guineans for his recovery and good health. Buhari in another letter to Conde also welcomed his (Buhari’s) nomination to lead African Heads of State in the fight against corruption, vowing to take up the duty with gusto once he got on his feet. The letters came as seven governors, including two Peoples Democratic Party, PDP, governors left Abuja yesterday, to visit the President. Controversy, however, emerged over the exclusion of…

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Mbappe’s Root Traced to Nigeria

Monaco striker Kylian Mbappe has attracted some of the biggest sides in world football in the last few weeks, making the 18-year-old football’s most courted teenager. The striker took Europe by storm last season, scoring 26 goals in all competitions in his first full season at  senior club level. Mbappe is one of the most sought  after players in the summer transfer market in  Europe. Reports on Tuesday claimed that the teenage sensation has Nigerian origin. Close followers of the emerging striker acknowledge his ability to carve out goals, not…

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Collapsed Lagos Building Death Toll Rises

The number of deaths from the Tuesday’s collapsed building in Lagos has increased to six, Alhaji Ibrahim Farinloye, the South-West spokesman for the National Emergency Management Agency, has said. Farinloye said in Lagos on Wednesday that 15 people had so far been rescued. He said that the incident happened at Tokunbo, off Odunfa Road, Carrena/Martins Street, Lagos Island. According to him, another 11-year-old boy was pulled out of the debris alive at about 4.00 a.m on Wednesday. He said that an 11-year-old boy, who had his two legs chopped off,…

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Barcelona Offers Liverpool 89.5 Million Pounds for Coutinho

Barcelona are expected to make an improved offer for Philippe Coutinho to Liverpool after the Brazillian reportedly agreed personal terms with the Spanish giants. According to reports in Spain, the Catalans, who had an intial £72m bid rejected, will test Reds manager Jurgen Klopp’s resolve to keep the 25-year-old with an improved offer that could be as much as £89.5m. With PSG hovering around Barcelona’s forward, Neymar, bringing Coutinho to the Nou Camp may persuade him to stay. However, Coutinho to Nou Camp may not be easy picking for Barca…

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Osinbajo Inaugurates New Ministers

The Acting President, Yemi Osinbajo, on Wednesday finally inaugurated Stephen Ocheni (Kogi) and Suleiman Hassan (Gombe) as ministers over two months after their nominations were confirmed by the Senate. The inauguration took place inside the Council Chambers of the National Assembly at the commencement of the weekly meeting of the Federal Executive Council. Shortly after administering their oaths of office on them, Osinbajo announced that their portfolios would be announced “shortly.” The new ministers are currently attending the FEC meeting with their colleagues. It will be recalled that the House…

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OKOWA AND ‘’EGO ARIA’ PHENOMENOM: LETTER TO MY GOVERNOR

By  Jerome-Mario Utomi.   Your Excellency, Senator Doctor Ifeanyi Authur Okowa, the Executive Governor of Delta State, though you are a medical Doctor by profession you have left nobody in doubt that you were  a very good student of Economics back in your  secondary school formation days.   This is evident from the way you punctuate every speech of yours with the basic economic concepts as taught at the introductory stage of the subject. Chief among these concepts is the Theory of man’s numerous needs chasing limited resources. This theory…

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