financial

CBN Introduces BVN Lite For Minimal Financial Transactions

December 16, 2019 3:49 pm

The Central Bank of Nigeria (CBN) has created a new category of Bank Verification Numbers (BVNs) known as BVN Lite, saying this would help to capture financially excluded people in the country.

Governor of CBN, Mr Godwin Emefiele, made this disclosure on the sidelines of the of the 11th annual Bankers Committee retreat held in Ogere, Ogun State last week.

According to Mr Emefiele, the requirements for the registration of this new BVN would be lesser than the previous one carried out some years ago in the banking industry. He said those captured under the BVN Lite would be limited …

Man City Flex Financial Muscle To Leave Man Utd Behind

December 6, 2019 3:51 pm

The balance of football power in Manchester has swung comprehensively to City from United on the field and the Premier League champions are now on the verge of toppling their neighbours in the financial stakes as well.

Despite failing to hit the heights of their past two title-winning campaigns, City host United on Saturday already 11 points ahead of their local rivals just 15 games into the league season.

The Red Devils sit sixth, eight points adrift of the Champions League places, and facing a huge fight to get back into that highly lucrative competition next season.

As City try …

Man City Lose Appeal To CAS Over Financial Fair-Play

November 15, 2019 12:49 pm

Manchester City has lost their appeal against the decision of UEFA to refer the English champions to its adjudicatory chamber over alleged Financial Fair Play violations, the Court of Arbitration for Sport (CAS) said on Friday.

City reacted angrily when they were referred to the adjudicatory chamber of UEFA’s club financial control body by its investigatory chamber in May.

The club said it would appeal to CAS, but the sports court dismissed their initial appeal, saying on Friday that City had not “exhausted the legal remedies available to it prior to the appeal”.

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ICAN Delists, Suspends Over 25,000 Non-Financial Members

November 6, 2019 3:31 pm

The Institute of Chartered Accountants of Nigeria has delisted 14,337 non-financial members who are owing the association dues for more than three years effective from November 1, 2019.

The professional accountancy body, in a statement signed by its registrar John I. Evbodaghe, said it has also suspended 11,240 members who are owing dues covering between than six months to three years.

“Council has directed that members should be given two weeks grace period ending November 19, 2019 to further reconcile their financial status with the Institute.” the statement said.

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INEC Seek Financial Autonomy For State Electoral Commission

October 25, 2019 2:46 am

Explains misappropriation of funds

Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has called for financial autonomy for State Independent Electoral Commissions (SIECs) for timely conduct of credible council elections across the country.Yakubu made the call yesterday during a parley with members of the Forum of State Independent Electoral Commissions of Nigeria (FOSIECON) at INEC headquarters, Abuja.

The 1999 Constitution empowers SIECs to conduct council elections while INEC conducts elections into federal, state legislative and governorship seats.

Political watchers have described elections conducted by SIECs into the councils in most states as mere appointments and not democratic

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Illicit financial flows: Nigeria loses $17bn yearly -TI

May 15, 2019 11:04 pm

Transparency International (TI) on Wednesday disclosed that Nigeria loses not less than $17 billion annually through illicit financial flows.

The Executive Director of TI and Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, stated this in Abuja during a meeting of his organisation with its West Africa chapters.

While insisting that the political and business elite have deprived Nigerians of their entitlements through corruption in procurement, Rafsanjani said: “Our countries experience enormous challenges with public procurement, political integrity, illicit financial outflows, migration and many others. In Nigeria alone, $17 billion is lost annually to illicit financial outflows.

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FIFA writes Jalla over alleged financial scandals in NFF

March 30, 2019 9:33 pm

World football governing body (FIFA) may have set the machinery in motion to probe the series of allegation of financial recklessness levelled against top officials of the Nigeria Football Federation (NFF).

Former international, Harrison Jalla, had complained to the Investigatory Chamber of the Ethics Committee of FIFA on December 5, 2018, alleging reckless spending by some top officials of the NFF.

After waiting for response for one month, Jalla wrote another letter to FIFA on January 26, 2019, requesting for information on the ‘current status’ of his complaint.

However, the Investigatory Chamber of the Ethics Committee of FIFA said in …