Business

CBN Reads Riot Act To Banks Over Intervention Funds The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest on intervention funds guaranteed by the apex bank. Mr. Emefiele who gave the warning in Abeokuta, Ogun state, during an interaction between the Presidential Task Force on Agricultural …

Read More »

Nigeria loses $200b investments Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria has lost 200 billion dollars of investments due to its inability to legislate the proposed reform in oil and gas. PENGASSAN said this in a position paper sent to the Chairman and members of the Senate Joint Committee in the Petroleum Industry Governance Bill …

Read More »

Restoring oil production output our immediate priority – Udoma The Minister of Budget and National Planning, Senator Udoma Udo Udoma, says Nigeria’s immediate priority is to get oil production output back to the desired level to secure revenue needed to diversify the economy. Senator Udoma told the United Nations Development Programme (UNDP) Regional Director for Africa, Mr Abdoulaye Mar Deiye, in …

Read More »

   Udoma briefs National Assembly on Economic Plan …Assures new plan will not end up on the shelf The National Assembly has been asked to join forces with the Executive and ensure that the National Economic Recovery and Growth Plan (NERGP) does not end up as another beautifully bound document meanseseleseselet for the shelves. Budget and National Planning Minister, Senator …

Read More »

Wema Bank opens new branch in Abuja Wema Bank Plc has announced the opening of a new branch in Abuja as part of its strategic expansion following a national licence granted the bank by the Central Bank of Nigeria in 2015. The lender, in a statement on Wednesday, said the new branch would strengthen its business in the Federal Capital …

Read More »

Citigroup, others to issue Nigeria’s $1b Eurobond in 2017 The Federal Executive Council (FEC) has approved the appointment of transaction parties for the one billion dollars Eurobond to be issued in January, 2017. Speaking after the Federal Executive Council (FEC) meeting on Wednesday, the Minister of Finance Mrs Kemi Adeosun identified the transaction parties as Citigroup, Standard Chartered Bank, Stanbic IBTC, …

Read More »

MMM will lead to losses, Access bank warns customers Access Bank Nigeria Plc has warned its customers to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission. The bank in an emailed statement to its customers said it had come to its attention …

Read More »

Union Bank Get’s Nod to Raise N50 Billion Right Issue Sequel to its growth plans, Shareholders of Union Bank of Nigerian Plc yesterday approved the request of board of directors to raise N50 Billion for the bank growth plans. The approval was given at an Extra Ordinary General Meeting (EGM) held in Lagos. However, this is subject to the company …

Read More »

Read More »

FG issues airlines January 1 ultimatum to remit TSC,CSC to agencies The Federal Government in a bid to put an end to Airlines indebtedness to Aviation Agencies arising from the 5 per cent Ticket Sales Charge/Cargo Sales Charge(TSC/CSC) has given 1st January, 2017 as the deadline for airlines operating in the country to automate their remittance / payment systems forthwith. …

Read More »