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Business News

Adeosun explains how government intends to pay debt owed contractors

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Mrs. Kemi Adeosun

Minister of Finance, Mrs. Kemi Adeosun has assured that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015.

Adeosun made this known while appearing before the Senate Ad-Hoc Committee on Promissory Note Programme and Bond Issuance chaired by Deputy Chief Whip, Senator Francis Alimikhena.

She revealed that the debts owed to various classes of contractors, including the terminal benefits of ex-Nigerian Airways workers, would be repaid through promissory notes and bonds issuance.

A promissory note, sometimes referred to as a note payable, is a legal instrument and debt instrument in which one party the issuer promises in writing to pay a determinate sum of money to the other the payee, either at a fixed or determinable future time or on demand of the payee, under specific terms.

The minister lamented that unpaid Federal Government obligations constituted a clog in economic activity across many sectors, adding that the present administration was determined to address the problem.

She listed the unpaid obligations to include

Obligations to pensioners and salary & promotion arrears to civil servants.

  •  Obligations to contractors and suppliers who in turn, owe banks increasing the quantum of non-performing loans.
  •  Unpaid electricity bills by the Ministries, Departments, and Agencies (MDAs).
  • Exporters owed funds under the Export Expansion Grant Scheme and unpaid refunds due to State Governments in respect of projects undertaken on behalf of the Federal Government.

The Minister also revealed that the terminal benefits of Ex-Nigeria Airways have not been appropriated yet and no presidential directive has been given to the payment.

 

Earlier, the representative of the Accountant General of the Federation, Mr. Mohammed Usman, had told members of the Senate’s Ad-Hoc Committee that the Government paid N34.2 billion to clear the promotion arrears to workers in the MDAs.

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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