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Kwara State Police Arrests 13 Persons For Hawking Naira Notes

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Kwara State Police Arrests 13 Persons For Hawking Naira Notes

The Kwara State Police Command has arrested 13 persons for allegedly selling, hawking and trading in Naira notes, contrary to provisions in the act of the central bank of Nigeria.

The spokesman for the state command, DSP Ajayi Okasanmi, who paraded the suspects, said the arrests were necessary to enforce the provisions of sections 20 and 21 of the CBN act which say selling and trading of the Naira currency are punishable offences.

Okasanmi said the suspects were arrested at various points in ilorin metropolis following intelligence report.

The suspects will be charged at the conclusion of police investigations.

Okasanmi said members of the public should desist from abusing the Naira. He said our currency is one of the symbols of our identity.

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Saudi Arabia To Invest 100m Euros In Africa’s Sahel Region

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Saudi Arabia To Invest 100m Euros In Africa's Sahel Region

Saudi Arabia has pledged 100 million euros  to support priority investment programs in Africa’s Sahel region.

Saudi’s state minister for African affairs Ahmed Qattan made the announcement at a donors meeting for the five-member Sahel group, held in the Mauritanian capital Nouakchott. The other countries making up the Sahel group are Burkina Faso, Chad, Mali and Niger.

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Business News

NDIC Explains Why CBN Revoked Licences Of Micro Finance Banks And Mortgage Banks

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NDIC Explains Why CBN Revoked Licences Of Micro Finance Banks And Mortgage Banks

The Nigerian Deposit Insurance Corporation has explained why the Central Bank of Nigeria revoked the licenses of 154 Micro Finance Banks and 6 Primary Mortgage Banks.

NDIC Managing Director, Umary Ibrahim, says the revocations took place because the entities were losing their capital base, they had poor liquidity, they had inept management, and that insiders gave themselves loans they did not intend to repay.

This explanation was given by NDIC controller of the Kano zonal office, Bashiru Nuhu, during the 2018 Kano International Trade Fair. Nuhu said depositors would be paid once NDIC had verified depositors and their claims.

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African News

South Africa Out Of Recession

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South Africa Out Of Recession

Official figures released in South Africa show that the economy is no longer in recession. The country had plunged into a recession in the second quarter for the first time since 2009.

Statistics agency said on Tuesday, South Africa’s real gross domestic expenditure expanded by 2.3% in the third quarter of 2018 after contracting by 0.7% in the second quarter.

This comes as a boost to President Cyril Ramaphosa, who has been struggling to fulfill a promise to turn around the economy and create jobs at a time of mass unemployment.

Meanwhile, electricity utility Eskom has warned on Monday, South Africa faces more power cuts, as it sought to prevent the collapse of its power grid. Eskom implemented a fifth day of controlled power cuts on Monday, putting more strain on the economy months before a national election.

Eskom, which is battling a severe financial crisis, coal shortages and breakdowns of its power plants, says it would cut up to 2,000 megawatts of power from the grid.

South Africa senior economist Jeff Schultz says prolonged power cuts would likely hurt economic growth in the first quarter of 2019.

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