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Nigeria will continue to lose over $6b yearly to cash economy if the Federal Government fails to urgently address prevailing challenges that are hampering the nation’s transition to a digital economy. Stakeholders in the financial and technology sectors are deeply [...]
The disclosure yesterday of plans by Central Bank of Nigeria (CBN) Governor Godwin Emefiele to pursue, among other objectives, the recapitalisation of the banking sector, have triggered suspicions of distress in the industry. Pundits, who pursue this line of argument [...]
After four years of abeyance, the Federal Government yesterday inaugurated the board of the Securities and Exchange Commission (SEC). At the occasion in Abuja, the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, who is also overseeing the office of [...]
The International Monetary Fund has warned Nigeria and other oil-exporting countries over rising foreign debts, saying there is a need to make external borrowings sustainable. The Fund, however, commended Nigeria for the recent reforms aimed at reducing infrastructure gap in [...]
INJUSTICE BEING DONE TO SUPPORT STAFF OF FIRSTBANK NIGERIA BY THE MANAGEMENT OF THE BANK In the year 2008, there was a need for the bank to recruit staff for tellering activities of the bank (the major banking service). The [...]
WE are happy that domestic retail investors are returning. This is because of what we see in the economy now. The government has shown that it has become more committed in improving the economy through the ease of doing business [...]
A former Nigerian president, Olusegun Obasanjo, has said some of the projects that constituted the Paris Club debt were dubious and fraudulent. Mr. Obasanjo also explained why he headhunted Nigeria’s immediate past finance minister, Ngozi Okonjo-Iweala, who also held that [...]
Finance Minister, Kemi Adeosun, said yesterday that more than half of Nigeria’s value added tax, VAT, comes from Lagos State alone. Kemi Adeosun Speaking at the parley between the Federal Government and Progressive Governors Forum, PGF, in Abuja, Adeosun [...]
The Senate on Thursday said there was a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016. Senate confirmation was sequel to the consideration of the report of the Senate Committee on Banking, Insurance and Other Financial [...]
Acting chairman of the Economic and Financial Crimes commission, Ibrahim Magu has accused Nigerian banks of providing a safe haven for corrupt looters in the country. Magu blamed banks in the country for creating a friendly atmosphere for looters to [...]
Former Finance Minister, Ngozi Okonjo-Iweala, has been named an independent non-executive director at Standard Chartered Plc in the United Kingdom. Okonjo-Iweala Standard Chartered PLC is a British multinational banking and financial services company head-quartered in London and with presence in [...]
The Central Bank of Nigeria (CBN) yesterday retained the nation’s monetary interest rate at 14 per cent, citing headwinds confronting the domestic economy on one hand and the uncertainties in the global environment on the other as reasons for its [...]
Nigeria can no longer afford to continue borrowing to fund its budget and must seek alternative fundraising mechanisms, Finance Minister Kemi Adeosun said on Tuesday. “We need to mobilise additional revenue to fund our budget,” she said. “We have got [...]
The National Intelligence Agency (NIA) is claiming ownership of the $43,449,947, £27,800 and N23, 218,000 seized Wednesday by the Economic and Financial Crimes Commission from Osborne Towers, a luxury residential complex in Ikoyi, Lagos, owned by Mr. Adamu Muazu, a [...]
The Development Bank of Nigeria (DBN) is set to begin operations as the Central Bank of Nigeria (CBN) has issued license to the bank. The bank was established to support small-scale businesses, with loans of varying lengths at lower interest [...]
The Central Bank of Nigeria (CBN) yesterday ordered banks to process foreign exchange demand for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in all their branches within 24 hours. The CBN gave this order in a circular to [...]
The Minister of State for Industry Trade and Investment, Mrs Aisha Abubakar, says the Federal Government will support nine-year-old Nelson Ashinze to realise his potential as a designer. Abubakar made the pledge during the presentation of Ashinze’s brand of designs, [...]
The International Monetary Fund (IMF) says efforts to save the Nigerian currency, the Naira by rationing foreign exchange have gradually crumbled and added that the challenges around foreign exchange in Nigeria have pushed inflation to double digits in Africa’s largest economy. [...]
The Presidency has proposed a N6.5 billion capital expenditure with which to buy cars, kitchen equipment, feed the animals in the Villa zoo, and rehabilitate office, as well as, residential buildings. Buhari Specifically, N100.8 million has been earmarked for [...]
The Muhammadu Buhari’s government have ordered the officers of the Department of State Services (DSS) to clampdown on Bureau de Change operators, a measure they drafted to force down the exchange rate of he US dollar to the Nigerian Naira. Two [...]
AfDB Approves $600m Loan for Nigeria: The African Development Bank’s Board of Directors on Wednesday approved a $600m loan for Nigeria, several months after the Federal Government had approached the lender for a budget-support facility. The loan is meant to [...]
Nigeria Seeks $1 Billion Bailout Loan: Nigeria is in talks with the African Development Bank (AfDB) for a $ 1 billion loan to help cover its 2016 budget deficit, the finance minister, Kemi Adeosun said on Monday, September 26, 2016. [...]
EFCC Freezes Patience Jonathan’s Personal $5m Account: The Economic and Financial Crimes Commission has frozen Patience Jonathan’s personal account, titled ‘Patience Ibifaka Jonathan’, which is domiciled in Skye Bank Plc. Impeccable sources within the agency told our correspondent on Wednesday [...]
The Director-General, Bureau of Public Procurement (BPP), Mr Emeka Eze, has said over N420 billion had been saved for Federal Government in the last 15 months through the activities of the bureau on contract valuation. Ezeh, who was speaking at [...]
The House of Representatives’ Committee on Finance has said it will probe tax evasion by commercial banks. It has invited the Federal Inland Revenue Service (FIRS), banks’ chief executive officers and the Central Bank of Nigeria (CBN). The apex bank [...]
Benue and Imo states allegedly diverted money meant for the payment of workers’ salaries. This is according to a report by the Independent Corrupt Practices and Other Related Offences Commission, which monitored how states spent the N338bn bailout fund given [...]
Last October, Nigeria’s biggest indigenous oil and gas company, Oando Plc, made history for the wrong reason when it announced a loss of N184 billion in the 2014 financial year. The loss was the biggest ever recorded by any Nigerian [...]
Mr. Femi Falana (SAN), human rights lawyer, has advised the Federal Government to shelve its plan to obtain $2bn loan from China. According to him, “plunging the nation into more indebtedness” the Federal Government should intensify efforts to recover some [...]
The presidency has clarified that President Muhammadu Buhari did not sign or receive any loan from China, as his supporters reported over the week. Presidential spokesman, Mr Femi Adesina in response to inquiries on whether the loan received from China [...]
President Muhammadu Buhari omitting the Coastal Rail line project from Lagos to Calabar in the 2016 budget was NEVER an omission, but a deliberate act to punish the region that he hates to a fault. Buhari did the same in [...]
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