Finance

Regulate, don’t prohibit cryptocurrencies, Osinbajo tells CBN

Published

1 month ago

February 27, 2021

Onyebuchi Aniekeyi

Regulate, don’t prohibit cryptocurrencies, Osinbajo tells CBN

Vice President Yemi Osinbajo has told the Central Bank of Nigeria that cryptocurrencies should be regulated and not prohibited.

The CBN had, a few weeks ago, ordered all deposit money banks, non-banking institutions, and other financial institutions against enabling cryptocurrency tradings.

The apex bank ordered the institutions to close the accounts of customers with cryptocurrency transactions immediately, adding that a breach of the directive will attract severe regulatory sanctions.
According to the CBN Governor, Godwin Emefiele, who shed more light on the decision, it was taken in the best interest of Nigerians.

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He said this while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market.

However, Osinbajo, who spoke on Friday at the Bankers Committee Vanguard in Lagos, said that fear should not be applied in terms of cryptocurrencies.
The Vice President advised the monetary authorities to provide a “robust regulatory regime” that will address the concerns about cryptocurrencies.

“The point I’m making is that some of the exciting developments we see call for prudent and care in adopting them, and this has been very well articulated by our regulatory authorities,” he said.
“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and prevent any of the adverse side effects or any of the possible criminal acts that may arise as the consequence of our adopting or taking any of these options.
Expressing optimism about cryptocurrencies, Osinbajo said in the coming years it “will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine.”

Finance

Nigeria Exited Recession Faster Than Expected – World Bank

Published

1 week ago

April 3, 2021

Onyebuchi Aniekeyi

Nigeria Exited Recession Faster Than Expected - World Bank

The World Bank has said Nigeria moved out of last year’s recession faster than expected.

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Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter.

Finance

ICPC cautions Federal hospitals, finance directors against budget-padding

Published

2 weeks ago

March 27, 2021

Onyebuchi Aniekeyi

ICPC cautions Federal hospitals, finance directors against budget-padding

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission ICPC, Prof Bolaji Owasanoye, SAN, has condemned the padding of budget by government officials, warning that the Commission won’t tolerate breach of government financial rules and regulations.

Owasanoye, according to a statement on Friday, by the ICPC spokesperson, Azuka Ogaga, advised the hospitals managements to carry out a proper evaluation of the number of personnel needed and for which services so as not to overshoot the number of non-regular staff required.

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He pointed out that it was an aberration for Federal Medical Centres to have more staff than teaching hospitals and criticised the fraudulent practices associated with outsourcing of services which was prevalent in the hospitals.

He noted that a review of the health sector undertaken by the Commission revealed that funds meant for specific projects in hospitals had been diverted to other unimportant areas.

On internally generated revenue, Owasanoye told the finance directors that agencies which receive allocations from government were expected to pay 100 per cent of their IGRs into the government treasury to avoid abuse.

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Finance

Osinbajo Calls For Coordination Between Govt, MDAs To Promote Economic Diversification

Published

2 weeks ago

March 27, 2021

Onyebuchi Aniekeyi

Osinbajo Calls For Coordination Between Govt, MDAs To Promote Economic Diversification

Vice President, Yemi Osinbajo, has called for synergy between various tiers of government, Ministries, Departments, and Agencies at all levels.

Professor Osinbajo stated this on Friday in a keynote address delivered virtually at the 19th meeting of the National Council on Development Planning themed “National Development Planning in Nigeria: Issues and Challenges”.

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He said the coordination between the government and the MDAs was important to ensure that national plans are inclusive In other to promote high growth and economic diversification.

According to him, Nigeria’s economic plan should be modern and ambitious but yet realistic and flexible enough to absorb shocks and adapt to swiftly changing domestic and international conditions.

He further stressed that these plans must accelerate domestic resource mobilisation and capacity building While noting that the best possible environment for the private sector to invest and operate must be created in other for Nigeria’s economy to thrive