The Central Bank of Nigeria (CBN) has ordered banks to pay savings deposit accounts an interest rate of at least 4.2%, an increase from the 1.4% previously received. This was contained in a circular dated 15 August 2022, titled “Review Of Interest Rate On Savings Deposits” and signed by Haruna B. Mustafa, Director of Banking Supervision. According to the regulatory bank, the increase in savings interest rates, which is effective from 1 August, was made in light of the return to complete normalcy after taking into account the current macroeconomic conditions. The circular reads “It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30% to 10% of the Monetary Policy Rate (MPR). This was aimed at stimulating growth in the larger economy following the economic slowdown occasioned by the pandemic.” The regulatory bank noted that Nigeria has returned to economic normalcy. It said, “following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.”
The FG’s intervention fund for the electricity distribution companies has risen 45 percent to ₦2.9 trillion in August, from ₦2 trillion in May this year. By estimation, ₦2.9 trillion is the total funding extended to the sector since privatisation in 2013. The Director-General, Bureau of Public Enterprise, Alex Okoh, in an interview, said there was an approval of a fresh 2.3 billion Euro loan for the transmission and distribution arms of the sector. Prior to the 2.3 billion Euros, the last one was the $500 million by the World Bank to improve the electricity distribution sector in May. “There are a lot of interventions going in that regard. There is a fund of 2.3 billion Euros for the transmission and distribution sector so that we can generate more power for consumers,” Okoh said during the interview.
Disgruntled aspirants who participated at the 26 March national convention of the ruling All Progressives Congress have vowed to take the leadership of the party to court over its failure to refund the payment for their Expression of Interest and Nomination Forms. The development is coming four months after they were asked to step down for the current National Chairman of the party, Senator Abdullahi Adamu, and other members of the National Working Committee. Depending on the category of the expression of interest and nomination forms, the 126 aspirants who contested various positions were made to cough out between ₦20 and ₦25 million each. At the end of the exercise, APC raked in well over ₦700 million with an additional ₦3 billion generated among stakeholders and party members ahead of the presidential primary. There were also complaints that despite the huge revenue generated by the leadership of the party between March and August, ad hoc workers, staff and affected party members who were engaged were equally not paid their welfare allowances. Adamu is reported to be deliberately delaying the refund.
The Al-Qaeda-affiliated Group for the Support of Islam and Muslims (GSIM) claims to have killed four paramilitaries from the Russian private security group Wagner in an ambush in central Mali, according to a statement authenticated by the US-based NGO SITE, which specialises in monitoring radical groups. The information was confirmed to AFP by two local officials and a hospital source, while a senior Malian army official in the centre refused to validate or deny it. On Saturday, “a group of Wagner mercenaries went out on motorbikes in the Bandiagara region, starting from the village of Djallo and heading towards the mountains,” the statement said. “The soldiers of Allah were on the lookout for them and were able to kill four of them and the rest fled,” the jihadist group’s propaganda arm continued. Mali has called on what it describes as “instructors” from Russia to support its army while Paris and Washington denounce the presence, in the country, of “mercenaries” from the private Russian group Wagner, which Bamako denies.