Kaduna Electric disconnected the Zamfara State Government House and other government offices in Gusau due to the over N400 million debt the state government is owing the company. The company’s Business Development and Relationship Officer in Gusau Area Office, Mr. Aminu Yakubu, said the action followed the failure of the state government to settle its […]
The Minister of Finance, Mrs. Kemi Adeosun on Tuesday said the Federal Government is determined to expand the coverage of the Treasury Single Account (TSA) to cover more agencies in 2017. Speaking in Abuja at the opening of a two-day retreat on the TSA, the Minister, who described the implementation of the policy as a […]
Union Bank, one of Nigeria’s most respected financial institutions, has kicked off celebrations to mark its 100th anniversary of service in Nigeria. The kick-off event was held on Tuesday, February 14th and the bank’s headquarters in Lagos. Union Bank was established in 1917 as Barclays Bank DCO (Dominion, Colonial and Overseas) and through the […]
The Accountant-General of the Federation, Mr. Ahmed Idris has noted that the quality of leadership provided by President Muhammadu Buhari, which he described as rare courage and political will is a major reason for the successes so far achieved by the Treasury Single Account policy implementation. The AGF made this disclosure during his welcome Address […]
As part of the efforts of the House of Representatives to ensure that Nigeria exits its current economic recession and alleviate the hardship caused by the recession, Speaker Yakubu Dogara yesterday inaugurated a technical committee on economic recession. The committee, comprising of 16 erudite professionals with vast experience in economics and sundry issues, is to […]
The Presidential Enabling Business Environment Council (PEBEC) has endorsed a Senate bill which seeks to provide a legal framework for Credit Bureau Services in Nigeria. Sponsored by the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Adebayo Ibrahim (APC, Kwara South), the bill would facilitate access to credit for […]
The Central Bank of Nigeria (CBN) has debunked what it called grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited.
Ag. Director, Corporate Communications, Isaac Okorafor said in a statement Tuesday that “While we acknowledge that no currency in the world is immune from counterfeiting, we make bold to state that the rate of counterfeiting in Nigeria has been very minimal due to appropriate policies put in place by the Bank.
“Indeed, our records at the Bank clearly indicate that the prevalence of counterfeit notes in Nigeria from January to December 2016 was less than one per cent (0.0014%) or 14 counterfeit pieces out of one million bank notes.
Okorafor said “In line with our core value of proactivity, we have always endeavored to use strong security features to make it difficult for dishonest persons to counterfeit the currency. In addition to that, we have carried out periodic massive nation-wide enlightenment of Nigerians on easy identification of fake banknotes and the reporting of such.
“We therefore find it rather curious that a former high ranking official of the CBN would make such bogus and unauthentic claims apparently calculated to destroy confidence in our national currency and sabotage the collaborative efforts of the CBN and the Federal Government at ensuring enduring stability of the financial system.
“The unfortunate implication of the fabricated claim of the said former official of the Bank, is that it gives the false impression that two bills out of every ten Naira pieces held by an individual is ‘fake’.
“We therefore challenge the said former CBN official to make public the empirical evidence suggesting that 20 per cent Naira currency in circulation is fake.
“For the avoidance of doubt, the CBN frowns strongly at attempts to counterfeit the Naira. We remain committed to safeguarding the value of the Naira by ensuring that our Naira banknotes are not susceptible to counterfeiting. We also work constantly with relevant security agencies to monitor and check the activities of counterfeiters.
“Members of the public are therefore advised to disregard the false alarm raised by the said former CBN official, be wary of the activities of counterfeiters and report any case of counterfeiting to the police and their banks.”
The French Development Agency under the UIMM Project in collaboration with the Association of Nigerian Electricity Distribution Companies (ANED) has indicated readiness to assist Kaduna Electric in knowledge and skills acquisition for its staff. At a meeting with the management of Kaduna Electric at the Company’s Headquarters in Kaduna, the Project Manager of the UIMM […]
Governor Seriake Dickson on Monday said, the Memorandum of Understanding signed between the Bayelsa State Government and the Bank of Industry was a part of an efforts to raise the N10 billion entrepreneurship development fund to create wealth for small and medium scale entrepreneurs in the state. Dickson, who made the disclosure during the signing […]