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FEC approves N18b for Kano, Calabar free trade zones

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Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, has announced that the Federal Executive Council (FEC) has approved N18.1 billion for the development of infrastructure at the nation’s free trade and economic zones.

Addressing state house correspondents yesterday after the weekly FEC meeting in Abuja, Mohammed said the affected zones include the Kano and Calabar free trade zones,  the textile and garment park and the special economic zone in Lagos.

Mohammed said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for Federal Government employees, public servants para-military and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907 and this premium is for a period of 12 months.

“This is part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation.”

Mohammed said FEC also approved N18.1 billion for the ministry of industry, trade and investment; N864.7 million for two road contacts that were abandoned by previous administrations; and N1.1 billion for the procurement of aviation security uniforms and accessories for use in various airports across the country.

“Minister of Aviation got an approval for the award of contract for direct procurement for the design, manufacture and supply of aviation security uniforms and accessories. The sum total is N1, 127, 945. The unique thing about uniforms for the aviation industry is that it has some International Civil Aviation Organisation (ICAO) standards that would be followed.

“The Minister of Niger Delta got approval for Okpula-Igwartanta Phase I linking Imo and Rivers state, started in 2010. He got an approval for a variation of N620, 763, 000. He also got approval for erosion flood control on Ndemili-Utagba-Onitsha road in Delta State, started in 2014. The council today approved N244 million to augment the original contract sum,” the minister said.

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CBN warns banks over foreign exchange malpractices

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The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.

The circular signed today by the Director Trade and Exchange Department, CBN,  Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.

“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”

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Naira hits historic low of 543 against dollar

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The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.

The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.

The British Pound was also sold for £1/N740.

This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

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Zugacoin hits $87,000 against Bitcoin $41,000

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Zugacoin, a cryptocurrency  founded by Professor Archbishop Sam Zuga AKA Jehovah’s Field Marshall is now trading at the value of 87,000 dollars against Bitcoin 41,000 dollars.
Africans are advised to take advantage of Zugacoin for their financial freedom especially as it is also on binance network SZCB and has been listed on 10 different Exchange including VinDAX and Pancakeswap.
Zugacoin which is barely a year old is currently on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain.
This is also coming after the first Blockchain Main Net in Africa was successfully launched by the philanthropic cleric.
Samzugacoin Blockchain Mainnetwork And Zugacoin (Zugascan) Explorer, is the first Blockchain Network created from Africa by an African and for Africa tech space.
Archbishop Sam Zuga, who was recently honored as the first Professor of Digital Economy in the world, is focused at providing ways to help every willing average Nigerian to fight poverty and earn a better living.
According to the cleric, the poverty in Nigeria and Africa is artificial and God has given him the ability to alleviate the citizens out of its shackles.
If possible, eradicate it.
Explaining further how he intends to see his mission and vision accomplished, Sam Zuga stated that with ZUGACOIN every willing Nigerian and African should be able to begin their journey into financial freedom.
He also said he would teach Nigerians how to grow money through digital economy principles.

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