Showing posts from August 28, 2019

President Buhari Aludes Closure of Nigeria-Benin Border to Contraband Trafficking

The Nigerian President Muhammadu Buhari has said the shut down of the Nigeria-Benin Border is due to the massive smuggling of contraband goods, especially rice,through the volatile corridor.

President Buhari made this known during a hearing session granted to his Beninese counterpart, Patrice Talon, on the sidelines of the Seventh Tokyo International Conference on African Development (TICAD7), in Yokohama, Japan today.

President Buhari, who expressed great concern over the smuggling of rice, said that it threatened the self-sufficiency already achieved through the agricultural policy of his administration.

According to him, "... now that producers are returning to their farms and the country has saved huge sums of money that would otherwise have been spent on importing rice with our scarce foreign exchange reserves, we can no longer afford the smuggling of food products to such alarming proportions. "

The Nigerian president said the limited closure of the country's west…

CBN Warns Public Against Fraudulent Publication on Social Media

The Central Bank of Nigeria (CBN) has called out to the public to be wary of fraudulent messages on social media circles requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans provided by the Federal Government.

According to the handle the application should be made through the  e-mail, purportedly handled by the CBN.

The apex bank claims it indeed has several development finance intervention
programmes from which different categories of businesses have benefitted, the bank does not do so through direct interaction with prospective applicants.

In a statement issued by the bank there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFIs), such as Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs).

Members of the public, particularly youth and owners of small-scale businesses have been a…