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CBN freezes 11 bank accounts of companies, individual

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The Central Bank of Nigeria (CBN) on Wednesday reported that it got a break request from the Federal High Court, Abuja division, to freeze 11 financial balances of 5 organizations and a person for 45 days to empower it to direct examinations concerning dubious exercises.

The request follows an exparte movement, dated March 12 and recorded on March 16, looking for the compulsory request of the court to coordinate First City Monument Bank (FCMB) Limited, to freeze all exchanges on the recorded records and any remaining financial balances of the respondents for 180 days forthcoming the result of examination and request right now being directed by the CBN.

As indicated by the assertion from the CBN who is the offended party, the recorded names of the litigants/respondents incorporate Albert Austin Ugochukwu with 2 ledgers, Belfour Energy and Allied Services, Belfour Oil and Gas Limited with 3 financial balances, Circle Flow Integrated Services, Kacynaus Reality Nigeria Limited with 3 financial balances and Tasmara Integrated Services.

The court report additionally expresses that the request was given by the court after perusing the Affidavit on the side of the Application, Affidavit of Urgency, Verifying Affidavit and Affidavit of Non-Multiplicity of activity all removed by an Assistant Manager of the CBN, Central Business District, Oluwatoyosi Suwebat Oladipo, along with a joined show.

The request from the Federal High Court part of the way peruses, “A between time Order is made enabling the candidate to coordinate the Head Office of First City Monument Bank Ltd to freeze forthwith all exchanges on the financial balances recorded on the movement paper for a time of 45 days just forthcoming the result of examination presently being led by the Central Bank of Nigeria.”

The archive additionally expresses that the request which was given by the Presiding Judge, A.R. Mohammed, was sustainable on lapse however just on valid justifications appeared and any individual influenced by this request was qualified for approach the court to look to save, release or have the request surveyed for valid justifications, he said.

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Dawie is taking the bulls by its horn a beat after the other

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On the 5th of October 2019, Northboi called out four times Grammy nominee and one time winner Wizkid for not giving him due credit for producing his song Joro, the issue lead to a social media outburst with rival fans fueling the fire, while Wizkid’s loyalist were playing defense, two years after, the problem still persists, most Nigerian producers are under paid, despite having a lot of hit songs to there name, this was Dawie’s first nightmare, creating a non existent sound from idea to execution is no small feat, now seeing that beat go viral isn’t another small feat, but if I don’t make anything off it, what’s the essence? Those were the rhetorical questions Dawie asked before he furthered, “the music industry is like a big ecosystem where there are a lot of relationships from commensalism to parasitism, a lot of people live off others work, while a lot of people collaborate to make things work for each other, the industry isn’t as easy as it seems to navigate, despite the facts that there are no laid down rules, there are a lot of rules” – the producer said sipping his chi exotic viewing landmark beach while trying to bring out a small folder from his back pack, what’s that i asked? It’s a small folder where I pen down my thoughts, it helps my creative process a lot, what’s why I love staying at the seaside, the calm effect it give me, makes me focused on what i am doing, he responded while wearing a small smile.

Unlike many producers, Dawie takes legal actions seriously, he said that’s what has saved him from a lot of “industry wahala” when asked the total numbers of songs he has produced, he smiled you are asking me which of my babies I love best ? I have produced alot, and I will produce alot more.

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Michael Reign is changing the face of Nigerian streetwear culture

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Despite the current instability in Nigeria, one thing Nigerians can’t help is looking good, wearing nice cloths so it’s normal for there to be an existent fashion industry but there is an issue, urban street wears are largely under represented, with most fashion houses taking a full swipe at haute couture culture, others are running a luxury line. Michael Reign is filling that space.
During our 5mins chat with the CEO of the company, Oluwajoba Dada, he said “people already have cloths but they don’t wear what fits them and clothing is a fast way of identification, so a lot of people are misrepresented” when he was asked why he choose to create Michael Reign.
With a line dedicated to printing for brands, Michael Reign owns there whole line of business from branding to distribute to storage

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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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