Sentences with phrase «of naira»

The EFCC accused the minister's son of carrying out business transactions worth billions of naira in violation of Money Laundering Act.

Nigeria Politics Online reports that a clash between two factions of the National Union of Road Transport Workers, (NURTW), led to destruction of lives and property worth millions of naira in Ife

The naked truth is that the federal government decided to suppress the Islamic Movement on the behest of Saudi Arabia, an agent and ally of the West, killing over a thousand civilian souls and destroying properties worth billions of Naira in its wreak.

Justice Agbim noted that «the fuel subsidy fraud involved corruption and fraud on a very massive scale»; that it involved many oil companies and officials of government's regulatory agencies «looting and stealing of trillions of naira from the Federal Government of Nigeria and threatening the security and economy of Nigeria.»

They are also worried that despite the huge crash in value of the Naira against world's major currencies, CBN maintained its official rate at N197 / USD1 thereby creating wider parallel market margin of about 50 per cent, the highest so far in the history of Nigeria's currency market.

«Some of the other wasteful expenses include a sum of over N10m spent on the building of a website called O - JOB Portal, as well as several millions of naira on the maintenance of an aircraft which is hardly seen in Osun State.

One parrot was going around the world to tell them that Nigeria is a fantastically corrupt country, today he is bedridden in a foreign hospital after budgeting billions of Naira for State - House Clinic.

He submitted that this singular act will «reduce pressure on naira and eventually increase value of naira against other world major currencies.»

The exchange rate now is over N270 per dollar, even as depreciation of naira is having a telling effect on the economy.

According to the report on Wednesday, Dangote lost $ 4.9 bn or one - third of his wealth as the combined effect of falling oil prices and the June devaluation of the naira pushed him to No. 112 on the billionaires» list with $ 10.4 bn.

But former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe, stated that the recent fall of the naira against the United States dollar does not speak well of the Nigerian economy, despite claims by President Buhari.

In August 2011 when she returned under the Jonathan government, with the assistance of the Ministry of Finance Team, she re-invigorated the establishment and use of the Integrated Personnel and Payroll Management Systems (IPPIS), the Government Integrated Financial Management System (GIFMIS) and the Treasury Single Account (TSA), all of which saved the country billions of naira by drastically reducing avenues for corruption in the public service.

«It is also important for the Government of China to note that the Federal Government of Nigeria claimed to have recovered and still recovering trillions of Naira allegedly looted from the treasury.

Testifying before Justice Joyce AbdulmaleeK of the Federal High Court in Ibadan, Kadri stated that many boxes meant to contain N1000 were either filled up with brown papers cut to the size of naira notes or swapped with N500 interleaved with newspapers cut to the size of money.

Alleged diversion of Abacha funds untrue — Okonjo - Iweala Former Minister of Finance, Dr Ngozi Okonjo - Iweala, has reacted to allegations that she diverted billions of naira Abacha loot recovered by the federal government a «baseless story» explaining that some of the money was released to the office of the National Security Adviser in response to a -LSB-...]

Governor Ifeanyi Ugwuanyi of Enugu State on Friday recanted what his experience looked like when he visited the scene of last Monday's invasion of Ukpabi Nimbo Community in Uzouwani Local Government Area of the state by suspected Fulani herdsmen, where scores of people were killed and property worth millions of naira destroyed.

This translated to 42 kobo appreciation of the Naira.

President Muhammadu Buhari on Tuesday said since its inception in 2015, his administration has succeeded in recovering trillions of naira stolen by those he described as people without conscience.

The Central Bank of Nigeria, CBN, has refuted some spurious and grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited.

«Metuh said, «Nigerians must insist that the APC declares the source of the billions of naira with which it is sponsoring the negative publications»

According to the minister, the increased support of Made - in - Nigeria goods would also lessen the dependency on importation and lead to the strengthening of the naira.

Property worth millions of naira including arms and ammunition, uniforms of immigration personnel, mobile phones and other office equipment, were recently razed down by fire at...

He intervened again and gave us President Muhammadu Buhari, and today all you hear is trillions of naira budgets with nothing to show.

Oduah, who currently represents the Anambra - North Senatorial District in the Senate, was accused of diverting billions of naira when she was a minister under the Goodluck Jonathan administration.

Founder of the Naira Bet betting company and a business motivator, Akin Alabi, has advised Business Strategist and youths advocate, Fela Durotoye, to be realistic in his presidential ambition in 2019.

Residents talk about the collapse of the naira, Nigeria's currency, caused by the slump in oil revenues, which are crucial for Africa's biggest economy.

He said that despite the billions of naira expended on the storm water project, flooding was on the increase in the state, in addition to the dilapidated state of roads in different parts of the state.

Miffed by the constant abuse of the naira, the Central Bank of Nigeria (CBN) and the National Orientation Agency (NOA) have joined forces to launch grassroots campaign against naira abuse across the 774 local government areas of the country.

Meanwhile, the CBN Governor met with the Senate, yesterday, to discuss the sharp decline of the Naira in the parallel market in recent times.

Last week, the value of the Naira recorded the highest and fastest gain of 11.9 per cent, at parallel market, in over three years.

Notwithstanding the impact of Naira devaluation and double digit inflation in Nigeria and a number of other African countries where UBA operates, the Group managed through its cost lines to deliver a sterling Profit Before tax (PBT) ofN57.5 billion, representing a significant growth of 65.5 percent over N34.8 billion recorded in the corresponding period of June 2016.

As many Nigerians, specifically the participants of the popular Ponzi scheme, Mavrodi Mondial Moneybox known as MMM, are hoping to unfreeze their accounts, the scheme had dump the use of Naira as mode of payment by introducing Bitcoin as the best performing currency.

«The attention of the Central Bank of Nigeria (CBN) has been drawn to certain spurious and grossly uninformed claims suggesting that about 20 percent of the naira currency notes in circulation are counterfeited,» it said.

The accused persons allegedly conspired to convert and launder several sums of money running into billions of naira under the guise of providing security intelligence around the Maritime domain.

Following the soaring reigns and expansion strength of Guinness Nigeria Plc with its acquisition of distribution rights from its parent company, the company's revenues have been on increase as it accrues billions of Naira recently.

Osinbajo, said such was responsible for the unremitting plunge of the Naira against the dollar in the market.

She said she could not estimate the extent of the damage but she has lost thousands of Naira to the inferno.

IBB had in 1986 and 1988 initiated SAP which is said to have been responsible for the sliding drift of the naira.

He called for the re-denomination of the naira, adding that owners of looted funds could come out and change their money.

As part of anti-corruption measures, he also ordered that the currency be replaced - the colour of the naira notes were changed - forcing all holders of old notes to exchange them at banks within a limited period.

«The contentious issue of the exchange rate policy that will complement the fiscal policy of this administration will be a product of determining the real equilibrium exchange rate path of the naira,» wrote Adeosun.

Concluding its prognosis of the foreign currency market situation, Cowry Assets analysts stated, «this week we expect further depreciation of the Naira at the alternative market segments on aggravated supply scarcity buoyed by the closure of CBN's window to BDCs».

Instead of this outdated mechanism, we should base our budgetary calculations on the quantity of naira needed to foster the highest growth possible without pushing inflation too high.

If you think I am being overly critical, then ask yourself why the economy and the value of the Naira picks up when Buhari is in London and tanks when he returns to Nigeria!

«What is the exchange rate of the Naira today compared to when he got there?