The Joint Admissions and Matriculation Board (JAMB) has said it generated N22 billion in revenue for 2024, with N6 billion remitted to the federal government coffers.

This information was disclosed in the JAMB weekly bulletin made available on Monday.

The exam board said it spent over N18 billion on the 2024 Unified Tertiary Matriculation Examinations (UTME), service providers, and essential expenses.

JAMB also noted that it staff claims totaling N2.1 billion were also paid out during the review period.

The board added that it provided a N1,500 subsidy per UTME registration candidate, totaling N3 billion.

The bulletin reads in part: “In 2024, the Board generated a total income of N22,996,653,265.25. From this amount, it expended N18,198,739,362.68 towards conducting examinations (UTME), paid service providers, and covering essential expenses, including staff claims amounting to N2,119,571,022.88.”

It was earlier reported that between 2010 and 2016, JAMB remitted only N50 million cumulatively.

Remittances during this period included N11,522,808 in 2011, N25,303,274 in 2013, and N13,926,462 in 2014. No funds were remitted in 2010, 2012, 2015, and 2016.

However, remittances increased in 2016 following the appointment of Is-haq Oloyede as JAMB head by then-President Muhammadu Buhari.

JAMB remitted N5 billion that year, followed by N7.8 billion in 2017, N8 billion in 2018, N5 billion in 2019, and N7 billion in 2020.

In 2021, JAMB remitted N3.51 billion, and N2 billion in 2023.

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President Bola Tinubu has welcomed the reopening of the Warri Refining and Petrochemical Company by the Nigerian National Petroleum Company Limited.

The president’s spokesman, Bayo Onanuga, quoted him saying, “Today, the Warri Refinery returned to operation weeks after NNPC Limited restarted the 60,000 barrels per day at the Port Harcourt Refinery in November.”

President Tinubu reiterated his administration’s commitment to boosting local refining capacity and establishing Nigeria as a hub for downstream industrial activities in Africa.

The contract for the rehabilitation of the four state-owned refineries was awarded by the All Progressives Congress-led administration of President Muhammadu Buhari.

With the Warri Refinery now operating at 60% capacity, President Tinubu expressed confidence in his administration’s energy efficiency and security plan.

He commended the Mele Kyari-led NNPCL management for restoring Nigeria’s pride as a major oil-producing nation.

President Tinubu stated, “The restart of Warri Refinery today brings joy and gladness to me and Nigerians. This will further strengthen the hope and confidence of Nigerians for a greater and better future that we promised.”

He congratulated Mele Kyari and his team, saying, “I congratulate Mele Kyari and his team at NNPCL for working hard to restore our national pride and make Nigeria a hub for crude oil refining in Africa.”

President Tinubu urged NNPCL to expedite repair work on Kaduna Refinery and the Port Harcourt refinery.

The statement added, “WRPC will focus on producing and storing critical products, including Straight Run Kerosene (SRK), Automotive Gas Oil (AGO), and heavy and light naphtha.”

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The Nigerian National Petroleum Company (NNPC) has refuted claims that its hiring practices and leadership appointments are swayed by ethnicity, religion, or political ties.

This response follows an article by Farooq Kperogi, which questioned the impact of ethnicity on the NNPC’s leadership structure.

Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, firmly denied these allegations, stating that the company’s decisions are based on merit, professionalism, and business needs.

Soneye emphasized that the NNPC operates as a merit-based organization, where hiring, promotions, and appointments are solely based on qualifications, experience, and individual skills.

He assured the public that these processes are free from ethnic, religious, or political influences, reflecting the company’s commitment to efficient service delivery.

“The NNPC prides itself on being a professional organisation with a diverse leadership lineup that includes individuals from various parts of the world, not just Nigeria. The presence of qualified foreigners in the employ of the NNPC… is verifiable,” he said.

Soneye criticized Farooq Kperogi’s article, saying it unfairly targeted President Tinubu and distracted from the NNPC’s achievements under Mele Kyari’s leadership.

“Under the leadership of Mele Kyari, the NNPC has achieved remarkable milestones… These milestones were not defined, coloured, or contoured by primordial fault lines of tribe and religion.”

Soneye clarified that President Bola Tinubu’s administration has not interfered with NNPC’s operations, instead introducing policies to empower the company and foster growth.

He invited critics to visit the corporation and witness its professionalism and dedication, emphasizing the focus on tangible results that contribute to Nigeria’s economic development.

The spokesperson added that the NNPC remains committed to unity, diversity, and meritocratic principles, aiming to position Nigeria as a global energy leader.

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President Bola Tinubu has reaffirmed his commitment to the tax reform initiative, stating it is a permanent fixture of his administration.

This declaration was made on Monday night during a presidential media chat broadcast on NTA.

The proposed tax reform bills, currently under review by the National Assembly, have sparked intense debate and opposition, particularly from Northern leaders.

This backlash prompted lawmakers to initiate consultations to address concerns surrounding the bills.

Tinubu acknowledged that the reforms may not garner universal support, but emphasized their permanence.

He stated, “The tax reform is here to stay. The reform is pro-poor and it is to widen the tax net, so we can have more people paying.

“The hallmark of a good leader is the ability to do what you have to do at the time it ought to be done.”

When asked about potential concessions to alleviate concerns, specifically regarding the VAT component, Tinubu replied that tax amendments inherently involve negotiations and concessions, indicating his willingness to engage in such discussions.

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First Bank Managing Director, Mr. Segun Alebiosu, has praised female bankers for transforming Nigeria’s banking sector into a model recognized globally.

Speaking at a grand soiree hosted by the Association of Professional Women Bankers (APWB) in Lagos, Alebiosu acknowledged the unique challenges women in the industry face, including brain drain, platform instability, operational issues, and customer service hurdles.

Despite these obstacles, he urged female bankers to remain steadfast and prioritize mentoring the next generation to ensure the sector’s continuous growth.

“I commend our women in banking for making the Nigerian banking industry a global benchmark. The challenges—such as brain drain, platform instability, operational glitches, and customer service issues—should not deter you.

Stay resilient and focus on mentoring the next generation to sustain growth,” he said.

Represented by Oluseyi Olufeso, Executive Director at First Bank, Alebiosu pledged ongoing support for the APWB and its mission.

In her welcome address, APWB Chairperson Funke Feyisetan Ladimeji applauded her colleagues for their resilience and innovative contributions to the financial sector, reinforcing their pivotal role in driving progress.

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The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized that achieving a $1 trillion economy is crucial for Nigeria’s prosperity and resilience.

Speaking in Lagos during the 2024 SEC Journalists Academy, Agama, represented by John Briggs, Head of the SEC Lagos Zonal Office, highlighted the pivotal role of the capital market in driving this economic goal.

His keynote presentation was titled “The Role of the Capital Market in Driving Nigeria’s $1 Trillion Economy.”

Agama explained that the capital market is the engine of economic progress, efficiently mobilizing resources from savers to sectors requiring growth capital.

He noted that nations achieving significant milestones in industrialization, infrastructure, and innovation rely heavily on their capital markets for resource allocation.

“In Nigeria, the capital market holds immense potential to transform the economy with the right policies and investor confidence. Financing critical national projects, particularly infrastructure, can significantly contribute to economic transformation,” Agama stated.

He cited the success of innovative funding instruments like sovereign bonds and Sukuk as examples of how the capital market has already supported national development.

He also pointed out that the Nigerian Exchange Limited’s total market capitalization of N60 trillion underscores the private sector’s growing economic impact.

“Achieving a $1 trillion economy is not just aspirational; it is essential for Nigeria’s prosperity,” Agama asserted, adding that the capital market is well-positioned to drive this transformation as the financial backbone of the economy.

Dr. Akeem Oyewale, MD/CEO of Marble Capital Limited, also delivered a paper titled “Leveraging Modern Technology to Attract Youths to the Capital Market.” He noted that youth participation in the market remains minimal and called for innovative strategies to engage younger generations in capital market activities.

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The Central Bank of Nigeria (CBN) has warned banks that facilitate the illicit flow of new naira notes will face a fine of N150 million per branch.

In a circular issued by Solaja Olayemi, acting director of currency operations, the CBN expressed concern over the illegal flow of new banknotes to currency hawkers and unscrupulous economic agents.

This practice hinders the efficient distribution of cash to bank customers and the general public, according to the CBN.

The CBN will intensify spot checks at banks and automated teller machines (ATMs) to review cash payouts and identify cash hawking spots.

“In this regard, any erring deposit money banks or financial institutions… shall be penalised at first instance N150,000,000.00… per erring branch,” the circular stated.

The CBN urged banks to strengthen their controls and procedures around cash management to prevent illicit activities.

On November 15, the CBN directed banks to prioritize cash disbursement through ATMs.

The regulator commenced spot checks to ensure responsible cash disbursement and prevent the sale of new naira notes to currency hawkers.

Banks found engaging in cash hoarding or hindering efficient cash distribution will face penalties.

The CBN also warned that banks violating the Clean Note Policy will incur sanctions.

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Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, has said that efforts are in place to safeguard states’ interests opposed to proposed tax reform bills.

Oyedele shared his thoughts on ‘The Morning Show’, an Arise Television programme, on Wednesday.

Since President Bola Tinubu sent the tax reform bills to the national assembly, they have faced criticism.

The bills have received mixed reactions, with some northern stakeholders strongly opposing them.

Oyedele expressed surprise that the federal government expected resistance from Lagos and Rivers states. Instead, the northern states pushed back, which was unexpected.

“We had not envisaged that this was going to be pushback from the other states; we thought the pushback would come from Lagos mostly maybe a little from Rivers,” Oyedele said.

“It’s almost like we ended up with the people we are fighting for, are now fighting us.”

Oyedele emphasized that value-added tax (VAT) derivation is a sensitive issue for states due to its difference from oil and gas derivation.

He added that the federal government’s proposal aligns with the constitution.

“VAT derivation I think that word is sensitive because people think about where it’s based on production. If they’re not producing crude oil, you don’t get any part of that derivation,” Oyedele said.

“Whereas for VAT, every state consumes. If you share anything based on VAT derivation, everyone gets something from it.”

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The Peoples Redemption Party (PRP) has denounced the President Bola Tinubu-led administration’s move to impose a N50 electronic levy on transactions exceeding N10,000.

This stance was made public through a statement issued by Comrade Muhammed Ishaq, the acting National Publicity Secretary of the party.

The PRP expressed deep concern over the imposition of this levy, which affects all financial transactions above N10,000 through various banking and fintech platforms.

The party views this levy as an additional, unwarranted burden on Nigerians, who are already struggling to make ends meet.

“In a time when citizens are grappling with unprecedented hardships —exacerbated by the disastrous removal of fuel subsidies and other misguided policies — the federal government’s choice to impose an additional levy is not only tone-deaf but outright callous.”

“This electronic levy, set to commence on December 1, 2024, is a flagrant display of insensitivity to the plight of ordinary Nigerians.”

“The Federal Inland Revenue Service (FIRS) may justify this levy as part of revenue collection efforts, but it’s clear that this is an exploitative measure aimed at squeezing more money from citizens overburdened by high inflation, soaring living costs, and declining purchasing power.”

The PRP warned that this policy would drive Nigerians away from banking, contradicting efforts to promote financial inclusion.

“The measure would further make low-income earners avoid banking despite calls to have them banked.”

“Nigerians have shown resilience in the face of hardships, but the continual imposition of levies and taxes only deepens economic suffering.”

The party questioned the government’s insensitivity to the people’s plight amidst harsh economic conditions.

“Daily, families face painful choices: whether to pay for essentials or forego basic needs.”

“It’s an affront to life and dignity that the government would exacerbate citizens’ suffering with additional financial burdens.”

The statement urged the government to review the policy in the people’s interest.

“We call on the federal government to reconsider and immediately halt this electronic levy, focusing instead on providing relief to Nigerians in these challenging times.”

“The PRP urges the government to implement policies prioritizing the people’s welfare, revitalizing the economy, and stimulating growth, rather than resorting to punitive measures.”

“The PRP stands in solidarity with Nigerians affected by this unjust levy and calls for collective action against it.”

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The Central Bank of Nigeria (CBN) is set to launch its revamped website on Monday, featuring enhanced user experience and expanded content.

The apex bank said the redesigned website, operational from Monday and can be accessed on www.cbn.gov.ng.

According to a statement by the acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the new website boasts improved features, accessibility, and navigation.

The updated platform provides comprehensive information about the CBN’s mandate, with optimized mobile responsiveness, ensuring effortless access across various devices and browsers.

The CBN expressed gratitude for public feedback, which significantly influenced the redesign, stating, “We are pleased to announce the launch of our newly redesigned website.”

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate. Additionally, the website is responsive to mobile devices.”

“The bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours.”

The CBN reaffirmed its commitment to continually enhancing the website as a vital communication tool.

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