Visblog

President Bola Tinubu has ordered the full implementation of the Stephen Oronsaye report.⁣ The Oronsaye report proposed a leaner government by merging some agencies and scrapping many others. The president’s decision was announced by a presidential spokesperson, Bayo Onanuga, in a post on X. “Twelve years after the Steve Oronsaye panel submitted its report on restructuring and rationalizing Federal government parastatals and agencies and a white paper issued two years after, President Tinubu and the Federal Executive Council today decided to implement the report,” Mr Onanuga wrote. “Many agencies will be scrapped and many others will be merged, to pave way to a leaner government,” he said. Minister of Information and National Orientation, Mohammed Idris, also disclosed this while briefing State House correspondents at the end of the FEC meeting, presided over by President Bola Tinubu, at the Council Chamber, Presidential Villa, Abuja. The minister explained that with the adoption of th...

The Chairman of Geometric Power Group, Professor Barth Nnaji, has explained that his passion to contribute to industrial development in Igbo land in a manner that would accelerate rapid development of Nigeria was the major influence behind the decision to locate the Geometric Power Plant in Aba. Nnaji, who was Nigeria’s former Minister of Power, disclosed this at the leadership colloquium on, “Igbo Leadership and Development,” that was convened recently. He said: “I am passionate about the rapid development of Nigeria, starting with Ala Igbo because of the structural problems it has faced since the end of the Nigerian Civil War in 1970 and also because of its enormous technological and economic potential. “Geometric Power Limited is making its contribution to help reclaim the old economic days of the Great Zik of Africa, Dr. M.I. Okpara and many others. Once Geometric Power addresses the electricity challenge in nine out of 17 local government areas in Abia State fully, not even the sk...

The Central Bank of Nigeria (CBN) is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses. It was previously N35 million for a general license. The updated regulations encompass numerous modifications to the guidelines governing BDC activities within the nation. Once approved, these updated guidelines will come into effect on a date determined by the CBN. Tier 1 operators must maintain a minimum share capital of N2 billion and also submit a Mandatory Caution Deposit of N200 million. The fee for application is N1 million, while the license fee amounts to N5 million. In Tier 2, operators are required to possess a minimum share capital of N500 million and maintain a Mandatory Caution Deposit of N50 million. The application fee is N250,000, while the license fee amounts to N2 million. The central bank also mentioned that the specified minimum capital requirement for BDCs, along with ...

President Bola Tinubu declared on Thursday his government would not go back on the ongoing reforms in the country. The current administration has come under severe criticism over the removal of fuel subsidy and measures aimed at strengthening the naira which many have identified as the causes of the current economic hardship in the country. The president, according to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, spoke when a delegation from the Corporate Council on Africa (CCA) led by CCA’s President and Chief Executive Officer, Florizelle Liser, visited him at the State House, Abuja. Tinubu told the delegation he would not relent until his vision for Nigeria was achieved, adding that his administration would implement necessary economic reforms to facilitate business growth and create investment opportunities that support the growing population. He said: “I am happy that the Council is interested in various segments of Nigeria’s economy. We are righ...

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, on Thursday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that the Naira is strengthened. Cardoso said this at the Be patient, CBN working to strengthen Naira – Cardoso begs Nigerians Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, on Thursday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that the Naira is strengthened. Cardoso said this at the 2024 public lecture entitled: ‘Recent Developments in a Nigerian Foreign Exchange Market: Issues, Options and Way Forward’, organised by the Nigerian Economic Society, NES, at the CBN Centre of Excellence Hall, University of Ibadan. The CBN governor, who was represented at the event by Dr. Usman Opanachi of the Department of Monetary Policy, CBN said: “Anytime the Naira is on trial, the CBN is also on trial. We are working day and night to address t...