Business
GTB, Ecobank, Providus, Standard Chartered appear before Reps over N10.6bn debt
The House of Representatives says four banks have failed to remit N10.6 billion being customs duty indebtedness to the Federal Government.
House Committee on Customs disclosed the amount Wednesday wnen the banks appeared before it. The banks are Guaranty Trust Bank, Standard Chartered Bank, Ecobank and Providus Bank.
Chairman of the Committee, Leke Abejide, (APC,Kogi) said, most of the banks have been found culpable of not disclosing the exact amount they owed as outstanding remittances of Customs Duty collections running into billions of naira.
According to him, out of 18 banks being investigated on the matter, four are allegedly owing the FG about N10.6 billion in unremitted Customs duty collections.
Similarly, the committee berated ECO Bank over their claim of N450 million unremitted funds in their documents submitted to the committee earlier.
Abejide said, the committee had after independent investigation, data collections and analysis of the bank’s transactions on customs collection, have realised that, the figure is N3.9bn.
Executive Director, GTB, Haruna Musa said some of the figures out of the N103 million liability tagged as unremitted have actually been remitted by the bank.
However, the Ecobank Executive Director, Corporate Banking, Adekola Adeleke said the bank is not owing any other fund.
The committee commended Providus Bank for their uprightness in their disclosure than the other banks.
The Group Head, Public Sector of the bank, Nasir Muhammed said out of the N213m collected, N129m was submitted late and the remaining balance will be paid promptly.
“I am using this medium to warn them. Out of 18 Banks, I mean 5 out of 18 Banks, we were able to get N10.6bn that they are owing government,” said Abejide.
Chairman of the committee warned that, any bank found wanting or holding on to funds collected on behalf of the Nigeria Customs Service will be sanctioned and the outstanding deducted from their accounts by the Central Bank of Nigeria (CBN).
“Well, we have given them two weeks to go and come back. After these two weeks, we will not have any other option than to write the CBN to deduct the money from source,”Abejide warned.
Business
Naira opens 2025 on weak note against US dollar
Naira opens 2025 on weak note against US dollar
The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.
Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.
In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.
The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.
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The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.
One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.
Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.
Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.
Naira opens 2025 on weak note against US dollar
Auto
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour has been declared the fastest growing auto brand in Nigeria.
The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).
Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.
Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.
It mainly produces crossovers and Sports Utility Vehicles (SUVs).
The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.
Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.
Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.
The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.
The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.
Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.
The firm celebrates the award on its Facebook page with the following comments:
“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.
“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.
“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”
Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.
Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.
As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.
Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.
National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.
Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.
Business
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.
In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.
Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.
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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.
“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
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