Read As President Buhari Orders Fresh Probe Of CBN, NNPC, FIRS, NCC, Customs

This latest news has it that that Nigerian President Muhammadu Buhari has ordered a complete audit of all revenue generating agencies in the country as a clean up measure and to make them more efficient.

Top on the list of the agencies are the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Federal Inland Revenue Service, the Nigerian Communications Commission and the Nigerian Customs Service.

According to Premium Times former President Goodluck Jonathan authorized the withdrawal of N67.2billion in cash from the Central Bank of Nigeria in the build up to the 2015 general elections.The amount were said to have been carted away from the bank in bullion vans.



At his first Independence Day nationwide broadcast on Thursday, the

Meet Orajiaka, 37, A Nigerian Who Built A $10 Million Toy Company

Paul Orajiaka, a 37 year-old Nigerian entrepreneur, is the founder of Auldon Limited, a manufacturer of African-themed toys. Orajiaka founded his company 17 years ago with less than $100 and today, it now has annual revenues of more than $10 million.

Orajiaka’s story will make you marvel. From failing to secure a US visa several times soon after he left secondary school in the quest of seeking for greener pastures, from the shame he faced which made him leave Benin for Lagos to start trading at Idumota with his in-law… His story is touching… but then it has a happy ending.

Orajiaka recently spoke with Forbes, find the interview after the cut. Don’t say it is too long oo, read, and be inspired. To have millions in dollars is not beans ooo.

Auldon manufactures dolls and other toys which depict, promote and teach Africa’s cultural heritage to , children. Orajiaka founded the company 17 years ago with less than $100; it now has annual revenues of more than $10 million.

Apart from Nigeria, Auldon’s toys are now sought after in countries like South Africa, Ghana, Kenya, and some parts of Europe. Last year, Auldon launched the Unity Girl Dolls, a set of multi-cultural dolls clad in the traditional attires of Nigeria’s major ethnic groups. It has been a runaway success and a tremendous hit among Nigerian parents and their daughters.

Orajiaka is currently studying for a Doctorate in Business Administration [DBA] at Henley Business School of the University of Readin, majoring in Entrepreneurship. Forbes recently had a chat with him where he recounted his

Cause Sought For World Trade Center Scaffolding Collapse That Leaves 2 Window Washers Dangling

Investigators are looking into the collapse of a World Trade Center scaffold that left two window washers dangling from the nation's tallest skyscraper — 1 World Trade Center.

The 104-floor high-rise opened for business earlier this month.


On Wednesday, a cable suddenly developed slack, flipping a scaffold that left the workers trapped and dangling 68 stories above the street.

NEW 100 NAIRA NOTE

President Goodluck Jonathan on Wednesday formally unveiled the new N100 commemorative notes at the Presidential Villa, Abuja.

The short ceremony which was initially scheduled for last Wednesday did not hold then because of the President’s journey to Burkina Faso.


Vice President Namadi Sambo and the Central Bank of Nigeria’s Governor, Godwin Emefiele, joined the President to unveil the note during the weekly Federal Executive Council meeting.

Shortly after presenting the note, Emefiele said it was issued to commemorate the 100 years of the nation’s amalgamation.

He listed some countries that had before now issued currencies to mark epochal events to include Morocco, Russia and Costa Rica among others.

He said the new note was produced with what he described as most advanced security features in the world.

Emefiele listed the design platforms on which the note was made to include security, durability, attractiveness, cultural heritage and transformation.

Jonathan lauded the CBN for coming up with the commemorative note, though it was coming a bit late since activities marking the nation’s centenary had been concluded.

He recalled that commemorative N50 notes were also introduced to mark the nation’s 50th independence anniversary.

Minister of Finance, Dr. Ngozi Okonjo-Iweala, also commended the CBN for coming up with the notes.

She specifically lauded the QRC feature on the back of the note.

The code, if scanned with smart phones, leads users to a website where the nation’s history could be accessed.

The minister also raised questions on the amount the CBN will use to print the new notes and whether it would be done locally.

Jonathan however said the questions would be answered when a memorandum on the issue is presented to the council.

Cost of producing new notes, printers would be made known – Jonathan

President Goodluck Jonathan has commended the Central Bank of Nigeria for releasing new N100 note to commemorate the country’s centenary celebration.

Speaking at the official unveiling of the notes shortly before the commencement of the Federal Executive Council meeting, President Jonathan recalled that commemorative N50 notes were also introduced to mark the nation’s 50th independence anniversary.

He said that the cost of producing the new notes as well as where it would be printed would be made known when a memo to such effect was presented to the FEC in due course.

The ceremony was witnessed by Vice President Namadi Sambo, Central Bank of Nigeria (CBN)Governor, Godwin Emefiele, as well as ministers.

Commenting on the new note, the CBN governor Mr Emefiele said it was designated for the commemoration 100 years of nation hood.

President Jonathan unveils new N100 notes

President Goodluck Jonathan on Wednesday formally unveiled the new N100 commemorative notes at the Presidential Villa, Abuja.

The short ceremony which was initially scheduled for last Wednesday did not hold then because of the President’s journey to Burkina Faso.

Vice President Namadi Sambo and the Central Bank of Nigeria’s Governor, Godwin Emefiele, joined the President to unveil the note during the weekly Federal Executive Council meeting.

Shortly after presenting the note, Emefiele said it was issued to commemorate the 100 years of the nation’s amalgamation.

He listed some countries that had before now issued currencies to mark epochal events to include Morocco, Russia and Costa Rica among others.

He said the new note was produced with what he described as most advanced security features in the world.

Emefiele listed the design platforms on which the note was made to

Nigerian Goverment Uncovers 60,000 Ghost Workers

The federal government has uncovered a total of 60,000 ghost workers in federal establishments across the country following the staff audit of the federal government ministries, departments and agencies (MDAs) on the implementation of the integrated Personnel and Payroll Information System (IPPIS).

The current number indicates a 20 cent increase over the 50,000 earlier announced, the coordinating minister for the economy (CME) and minister of finance, Dr Ngozi Okonjo-Iweala disclosed yesterday.

Okonjo-Iweala, who disclosed this yesterday while briefing newsmen on performance of the ministry in the last one year, added that the discovery had saved government over N160 billion, which was amount paid to them as salaries and allowances.

She, however, said that the case had been transferred to the Independent Corrupt Practices Commission (ICPC) for prosecution of those involved.

“Last year, 60,000 ghost workers were weeded out, which saved government about N170 billion. The ministry wrote to ICPC to trace those that needed to be held accountable and we are ready to assist ICPC on any issue that borders on transparency.”

The lead director, Centre for Social Justice (CSJ), Eze Onyekpere, lamented that since 2013 when the discovery of ghost workers was first made, no credible step had been taken to recover the money and expose and punish the perpetrators.

“Government’s refusal to take steps to recover the money is an endorsement of corruption, a manifestation of impunity which encourages intending looters to seek to perfect their crime,” he said.

How Lagos spent N160 billion World Bank loan – Fashola explains

Lagos State Governor, Babatunde Fashola, yesterday, gave a breakdown of how his administration expended the N160 billion World Bank loan it acquired, saying the state maintained a healthy debt profile.

Fashola, who spoke during his commemoration of 2,700 days in office and achievements in the last 100 days, in Alausa, Ikeja, said long overdue refund would go a long way in reducing the debt profile of the State, which he said the Federal Government recently published to mislead the public.

He said, “Recently, our political adversaries issued statements that we have borrowed N160 billion. What they have not told you is what we

Nigeria’s inflation rate falls to 8.3%

The Consumer Price Index which measures the rate of inflation in the country eased from 8.5 per cent in August to 8.3 per cent in September, the National Bureau of Statistics has said.

The bureau in its September 2014 CPI/Inflation Report made available to our correspondent on Tuesday in Abuja, stated that inflation rate fell by 0.2 per cent and this was the first ease in the rate of increase in food prices after increases in the previous six months.

It said, “In September 2014, price increases as observed by the CPI which measures inflation eased from the previous month. Prices rose by 8.3 per cent (yea r-on- year), down by 0. 2 percentage points from 8.5per cent recorded in August.

Nigeria ‘ll be among 10 countries contributing to global poverty in 2030 — World Bank

The World Bank has said that Nigeria will be one of 10 countries that, in the year 2030, will remain as the main contributors to global poverty.

It said that the scenario requires that in Nigeria, currently contributing heavily to global poverty numbers, growth rates need to rise, but not to a degree that is entirely unimaginable.

It stated that in Nigeria, the growth rate needs to pick up from 2.3 to 3.2 per cent growth in real term. According to the report Nigeria will contribute another 61.5 million poor people to the global total.
According to the World Bank, much more work needs to be done to end poverty and close the gap in living standards between those in the bottom 40 per cent and the top 60 per cent of the population around the world.

Fire guts Access Bank In Benin

The Airport road branch of Access Bank in Benin, Edo state, was Wednesday night gutted by a rampaging fire.

Eye witnesses said the fire started from the rear top floor of the building at about 7:00 p.m.

It was also gathered that officials of the bank were still inside the building when the fire started.

Prompt response by men of Edo State Fire Service supported by the Nigeria Air Force Fire Service helped put out the fire.

NIGERIA: Report On $10.8bn Missing Oil Money Ready Nov —Coordinating Minister

Coordinating minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has assured that the report of the audit into the unaccounted $10.8 billion oil money will be in November.

Okonjo-Iweala spoke at the Financial Times Africa Summit 2014, with the theme: “Consolidating the Continent’s Rise,” in London, United Kingdom, on Monday.

She said the figure was not new, but had been a source of discussions between the Ministry of Finance and the Petroleum Ministry, adding that the attention it generated necessitated the need for the government to take steps leading to the appointment of PriceWaterHouseCoopers (PwC) to do a forensic audit.

“Initially, it was $48 billion, then $20 billion, but the figure we have always had is $10.8 billion. I am minister of finance, if money is missing, I want to use it for good things for the country and that was why when we went to the Senate, we demanded for forensic audit, the president supported it and asked for it to be done

Africa's Richest Man Aliko Dangote Launches 'CNN Marketplace Africa' To Change World Perception About Africa's Economic Status

Pan-African conglomerate, Dangote Group has stepped up efforts at projecting Africa in a positive light to the global community. 

This it does through partnership and sponsorship of Market Place Africa on the Cable News Network (CNN), a Facetime segment of the international’s show that offers a unique window into African business.

The programme which debuted September 19 will be featuring Dangote advertising campaign showcasing Dangote’s expansion drive across the Continent. 

‘Facetime’ is a high-profile segment within CNN Marketplace Africa, where each, week a major player from the continent’s business community is interviewed. CNN Marketplace Africa is the destination for access to movers and shakers at the forefront of African business.

The show goes beyond the numbers to bring viewers the new business solutions and industry trends redefining African business. On-air content is complemented by distinctive online editorial at a CNN Marketplace Africa microsite, where popular and innovative content are shared across a range of social channels.

Okonjo-Iweala must answer 50 questions on economy – House of Reps

The House of Representatives on Monday said the Minister of Finance, Dr. Ngozi Okonjo-Iweala, must answer the 50 questions asked by its committee on Finance during the presentation of the 2014 budget minister on December 19 last year.

The Chairman of the House Committee on Finance, Hon. Abdulmumin Jibrin, had insisted that the 2014 budget would not be considered until the minister answers the 50 questions asked at the forum.

The committee had given Okonjo -Iweala two weeks to submit a written response to the questions which bordered on the economy, but she has requested for more time to respond.

Speaking at a pre- resumption press briefing on Monday, the Chairman of the House Committee on Media and Public Affairs, Hon. Zakari Mohammed, said the Committee on Finance was acting under the mandate given to it by the House and as such, the minister should answer the 50 questions as it would aid the House in the consideration of the budget.

He said, “The Finance Committee has a mandate of the House and