FG slams terrorism charges against Aswani market leader – Newstrends
Connect with us

Business

FG slams terrorism charges against Aswani market leader

Published

on

The Federal Government has filed terrorism charges against leaders of Aswani International Market in Lagos State.

Head of the market, Chief Taoreed Farounbi, alias Baba Alado, and six others have been slammed with three counts before Justice Muslim Hassan of the Federal High Court in Lagos.

Farounbi and his co-defendants were accused of conspiring and participating in acts of terrorism, leading to the killing of two men, Debo Olohunyo and Chibuzor Daniel, in the White Sand area of Isheri-Osun, Lagos State on March 19, this year

The prosecution also alleged that the defendants unleashed mayhem, leading to the destruction of many properties in the area.

The prosecution said the defendants acted contrary to Section 1(2) (a) of the Terrorism Prevention Act 2011 as amended by Terrorism Prevention (Amendment) Act 2013.

Listed as Farounbi’s co-defendants are Alhaji Olusegun Akinde, alias Echo, Ayokunle Fakiyesi, Idowu Akinde, Musiliu Oladejo, Lekan Matthew, and Adeleke Akindeji.

Their arraignment was on Monday failed as the prosecuting counsel for the state, A. K. Alilu, told the judge that only the sixth defendant, Lekan Matthew, was in court, adding that the others had not been seen again after they were granted administrative bail.

The defence counsel, M.B. Jimoh-Akogun, assured the court that his clients had not absconded, saying the impression they had was that the case was fixed for December 16.

Following Jimoh-Akogun’s undertaking to accept service of the charge sheet on his clients, Justice Hassan ordered that the charge sheet be served on him, while he made an order remanding Matthew in correctional custody, pending the defendants’ arraignment on January 28, 2021.

Business

CBN raises commercial banks’ capital base to N500bn

Published

on

CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

Continue Reading

Business

Tinubu orders creation of single-digit tax system

Published

on

Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

READ ALSO:

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

Continue Reading

Trending

Skip to content