Author: Staff Reporter

The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to transfer dormant accounts, unclaimed balances, and other financial assets to its dedicated account, the Unclaimed Balances Trust Fund Pool Account. This directive was contained in a circular issued on Friday, signed by the acting Director of Financial Policy and Banking Regulation, John Onojah. According to the CBN, accounts that have been dormant for at least 10 years will be warehoused in the dedicated account. The funds may be invested in Nigerian Treasury Bills and other government securities. However, the new guidelines exempt accounts under litigation and…

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Peoples Democratic Party (PDP) chieftain, Dele Momodu, has thrown a challenge at President Bola Tinubu, promising to carry him on his head if he takes bold steps to address the country’s economic woes. Momodu made this statement on his X handle on Friday while criticizing Doyin Okupe, former spokesman to ex-President Olusegun Obasanjo, for supporting Tinubu’s government. Momodu expressed disappointment at Okupe’s defense of the government, stating that Nigeria has never been in a worse state. He accused Okupe of flip-flopping and using sophistry to defend successive governments since 1999, without any tangible benefits to the country. Momodu outlined specific…

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Manchester United has secured the services of highly-rated defender Leny Yoro from Lille for a whopping £52m, the club announced on Thursday. The 18-year-old sensation will likely don his preferred number 15 jersey, a number he has worn since the 2022/2023 season. Yoro initially wore the number 33 shirt when he made his debut for Lille at just 16 years old. Notably, Yoro will not have to negotiate with any current United players to claim the number 15 shirt, as Sergio Reguilon, who wore it last season, has returned to Brentford following a loan spell that was cut short in…

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In a rare show of solidarity with Nigerians, the House of Representatives has unanimously agreed to slash their salaries by 50% to support food sufficiency across the country. This decision is aimed at addressing the high cost of food and ameliorating the hardship faced by citizens. The resolution followed an amended motion moved by Deputy Speaker Benjamin Okezie Kalu, who appealed to lawmakers to sacrifice 50% of their N600,000 monthly salaries to support Nigerians. The motion was adopted and referred to the committees on Humanitarian Affairs, Finance, and Budget for compliance. With this move, the House of Representatives will contribute…

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The Peoples Democratic Party (PDP) Governors Forum has thrown its weight behind organized labour’s call for a minimum wage increase, urging the federal government to consider the economic realities of states in the negotiation process. In a communique read by Bauchi State Governor, Bala Mohammed, after their meeting in Enugu on Wednesday, the governors expressed support for labour’s “eminently justified” demand, citing the widespread hardship and impoverishment of Nigerians. While urging restraint in the negotiation process to avoid a breakdown in law and order, the governors warned that the protracted negotiation was taking a toll on the economy. They attributed…

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In a move to bolster the nation’s economy, President Bola Tinubu has requested the Senate’s approval to inject N6.2 trillion into the 2024 budget. This supplementary funding, outlined in a letter read by Senate President Godswill Akpabio, aims to enhance capital expenditure and recurrent expenditure for the year ending December 31, 2024. The request seeks to withdraw N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and an additional N3 trillion for recurrent expenditure. Furthermore, the President is seeking an amendment to the Finance Act of 2023 to impose a windfall tax on banks, providing for its administration and…

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In a historic moment, King Charles III will deliver the UK government’s programme for the next 12 months on Wednesday, outlining Labour’s first legislative agenda in over 14 years. Prime Minister Keir Starmer’s vision prioritizes boosting the economy, creating wealth, and driving progress. Starmer vowed, “Now is the time to take the brakes off Britain. I am determined to create wealth for people up and down the country. It is the only way our country can progress.” The speech, written by the government, will propose over 35 bills, including measures to control public spending, prevent utility price hikes, and promote…

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Renowned singer Davido has declared that Afrobeats artistes have finally bridged the gap with international music giants, likening their success to that of Drake. Speaking at a panel discussion with the United States Advisory Council on Africa Diaspora Engagement and Leaders in Nigeria’s Creative Industries, Davido emphasized the genre’s rapid growth and commercial success. “Afrobeats artists are now selling the same tickets as Drake. One song as an Afrobeats artiste can change your generation,” he said, highlighting the impact of Afrobeats on the global music scene. Davido encouraged young artistes to collaborate with their peers, stating, “When you collaborate with…

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Justice Hamza Muazu of the Federal Capital Territory High Court in Maitama has rejected an application by former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to travel to the United Kingdom for a medical check-up. Emefiele, facing a 20-count charge of procurement fraud, obtaining by pretense, and forgery, failed to provide sufficient reasons for the trip, according to the judge. Despite claiming a medical appointment, he did not present a copy of the invitation or appointment letter. The judge ruled that Emefiele’s ailment could be treated in Nigeria and expressed concerns about his potential flight risk due to ongoing…

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New research indicates that the plate tectonics responsible for earthquakes, mountain building, and continental drift may have commenced when Earth was in its infancy, significantly earlier than previously thought. The study, published on July 8 in the journal PNAS, suggests that plate tectonics started more than 4 billion years ago, shortly after the planet’s formation 4.5 billion years ago. During the Hadean era, Earth was a hot, volatile environment with an ammonia-and-methane atmosphere and enough water to form a global ocean. As the planet cooled, a solid outer crust developed, which today is shaped by the movements of tectonic plates…

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