LIST OF REASONS

The central government of Nigeria in a plan referenced in Guardian Newspaper of 1st May, 2024 targets to put one million compressed Natural Gas (CNG) vehicles on Nigerian roads by 2027. To that effect, an announcement was made yesterday by the President's Special Adviser on Information and Strategy,  Bayo Onanuga that some 5,600 CNG vehicles and 20,000 CNG conversion kits have been procured by the Federal Government, to the tune of 100 billion Naira ahead of President Tinubu's one year anniversary.  The government at the centre implements this palliative in transportation sector due to the hardships associated with the fuel subsidy removal in Nigeria .  The implementation of the plan however was greeted with criticisms by the players in the automotive industry. The criticisms were two-pronged: First, the time-honoured players in country including PAN Nigeria, Kaduna; ANAMMCO, Enugu;  Innoson Vehicle Manufacturing Company Ltd (IVM), Nnewi; and Volkswagen, Lagos frowne...

Mobile money operators and fintech companies including Opay, Kuda, Moniepoint, and Firmoney have been banned from onboarding new customers by the Central Bank of Nigeria. This Report as contained in Puch Newspaper,  April 30, 2024 was causing panic among the customers of the financial companies.  The apex bank in Nigeria imposed the restriction against the virtual financial institutions because of the ongoing audit of their Know Your Customers (KYC) process. Controversies have trailed the KYC processes of the companies, and the concerns of money laundering via their channels. Since the ban, a great deal of the companies have been reticent except Opay, as reported in Punch, May 1, 2024, that assured their teeming customers that there was no cause for control as everything is under alarm. They expressed readiness in implementing as ever, the CBN guidelines to banks and other financial institutions especially as it concerns strict application of KYC rules. Fintech companie...