Business

Debt: Shehu Sani Asks Tinubu To Probe Buhari’s Govt

Published

2 years ago

May 14, 2023

Editor

Former Kaduna senator Shehu Sani has asked President-elect Bola Tinubu, to probe the outgoing government led by President Muhammadu Buhari.

Sani said this while expressing worries over the local and foreign debts the Buhari administration incurred in its eight years.

The nation’s rising debt profile is currently hovering around N77 trillion if the N23 trillion loans from the Central Bank of Nigeria (CBN) are securitised, the Debt Management Office (DMO) disclosed.

DAILY POST reports that Nigerians are currently expressing concerns that the outgoing administration is still requesting an $800 million loan from the World Bank a few weeks before the end of its tenure.

Some of the loans obtained by the Buhari government were reportedly used to construct roads, bridges, and other infrastructure across the nation.

But, Sani said the first step in servicing the nation’s debt is to conduct a full investigation of the cost of the projects they were purportedly used for.

In a post on Twitter, he asked the incoming government to probe all federal ministries, departments, and agencies under the Buhari regime.

His words: “The first step towards servicing our billions of dollars of local and foreign debt is a full investigation of the cost of the projects they were purportedly used for.

“The incoming government must probe all the MDAs under this regime.”

Related Topics:#Tinubu Buhari Debt Shehu Sani

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Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

10 hours ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

10 hours ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

10 hours ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.