Finance
FG Signs Agreement with Egyptian Company on Gold Mining
The Federal government has signed an expression of interest agreement with leading Luxembourg incorporated private gold development and mining company in Cairo, Egypt.
The agreement signed between the Ministry of mines and steel development and the company Messrs la Mancha incorporated is for the investment in gold mining in Nigeria.
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Minister of state, mines and steel development, Uchechukwu Ogah, stated that with the signing of the expression of interest by la Mancha, efforts to attract big investors into the sector have started yielding the desired result.
He added this will boost the diversification of the economy through the minerals and metals sector.
Director of press for the Ministry Etore Thomas, in a statement, said Nigeria as the largest economy in Africa and with its vast and mostly untapped solid mineral resources has the potential for industrialization through the mineral sector.
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Author: Kehinde Ajewole, Abuja
The federal government has begun a probe of online banks over their alleged breaches of customers’ data privacy.
The director-general, national information technology development agency, Kashifu Inuwa, who made this disclosure in Abuja on Monday, said the agency was working with the Nigeria police force and other relevant agencies to investigate several lending platforms, popularly called loan shark platforms.
He said this while addressing journalists ahead of the national privacy week 2022. amidst outcry of data invasion by Nigerians against lending platforms, NITDA had imposed a fine of n10m on Soko loan for data breach last August.
In November 2021, NITDA partnered with the federal competition and consumer protection commission to address the increasing rates of data privacy abuse by money lending organisations, particularly fintech firms.
Read also:
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The federal government has revealed plans to make additional provisions for fuel subsidy in the 2022 budget.
The minister of finance, budget, and national planning, Zainab Ahmed disclosed this on Monday at a meeting with the president of the senate, Ahmad Lawan, at the national assembly complex in Abuja.
In her remarks, the finance minister explained that the government had to reconsider its decision on the planned removal of fuel subsidy after the 2022 budget was passed by the national assembly.
She stated that fuel subsidy was provided for in the 2022 budget to run from January till June, but after consultations with stakeholders and in view of the high inflation and economic hardship, additional provisions would be made beyond the initial period.
According to Ahmed, it has become clear that the timing for the removal of fuel subsidy will be problematic as the country still experiences high inflation. she admitted that removing fuel subsidy at this period would ultimately worsen the condition of Nigerians, especially those struggling to make ends meet.
Read Also: FG Will Replace Fuel Subsidy with N5,000 Transport Grant for 40m Nigerians
Author : Eunice Johnson, Abuja
The Nigeria Labour Congress has endorsed the planned bill on monthly house rent in the Federal Capital Territory introduced by the Senator representing Kogi West District, Smart Adeyemi.
The bill titled, ‘Advanced Rent (Residential Apartments, Office Spaces, etc.) Regulation Bill 2022,’ has gone through first reading at the Senate. It provides for a maximum of three months’ advance rent payment in the first instance and subsequent monthly payment for the rest of any tenancy lease in the FCT.
The NLC President, Ayuba Wabba, in a statement on Thursday, said the bill was in tandem with the rent regime in most parts of the world, including South Africa and Kenya.
The statement was titled, ‘The Nigeria Labour Congress throws its full weight behind the bill on monthly house rent in the FCT.
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