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Browsing the "Finance" Category

Naira falls after CBN stops forex sales to BDCs

Naira falls after CBN stops forex sales to BDCs

Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators. The bank said the parallel market [...]

July 28, 2021 Finance
United Bank For Africa Sues Energy Firm, Polaris Bank

United Bank For Africa Sues Energy Firm, Polaris Bank

A Federal High Court sitting in Lagos has restrained Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank from tampering, howsoever, with funds standing to their credit up to $6,759,000 (about N2.8 billion) or its equivalent in any currency [...]

July 9, 2021 Finance
Nigeria and realities of growing debt burden

Nigeria and realities of growing debt burden

Last week was a scary one for millions of Nigerians who have been impoverished by the government’s rising appetite for easy money, including debt, and missteps of statecraft. Scary, not because the government has secured a fresh loan or about [...]

June 28, 2021 Economy, Finance
Buhari’s lust for loans amid rising debts

Buhari’s lust for loans amid rising debts

The recent approval of two fresh foreign loans of $1.5 billion and €995 million respectively, by the Senate, has raised a lot of concerns among many stakeholders in the country. Many have considered it a very bad move in the [...]

May 31, 2021 Finance
£4.2 million Ibori loot paid to Delta govt

£4.2 million Ibori loot paid to Delta govt

The £4.2 million recovered from the former governor of Delta State, James Ibori, has been paid to the Delta State Government, the Accountant General of the Federation, Ahmed Idris, said on Tuesday. The fund, which the federal government recently received from [...]

May 26, 2021 Finance
ICPC: Foreign countries should refund stolen funds with interest

ICPC: Foreign countries should refund stolen funds

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoy, has canvassed the payment of interests on stolen funds by benefiting foreign nations as part of measures to redress the menace of Illicit Financial Flows (IFFs). The [...]

May 21, 2021 Finance
Paris summit mobilises finance, vaccines for Africa

Paris summit mobilises finance, vaccines for Africa

A Paris summit Tuesday promised to help Africa overcome the coronavirus pandemic with a “New Deal” using global financial firepower to replenish depleted coffers and ramp up a sluggish vaccine rollout. The summit, which brought together African leaders and global [...]

May 19, 2021 Finance
Owoh: Currency printing is Finance Ministry’s responsibility

Owoh: Currency printing is Finance Ministry’s responsibility

Godwin Owoh, a professor of applied economics and expert in central banking, in an interview with GEOFF IYATSE, speaks on the economic distortion caused by unrestrained Ways & Means (W&M) financing, the Central Bank of Nigeria (CBN) supervision and other [...]

May 17, 2021 Finance
Climate harm puts brakes on buying Teslas with bitcoin

Climate harm puts brakes on buying Teslas with bitcoin

Tesla hit the brakes Wednesday on letting people pay for electric cars with bitcoin, saying the computing-intense mining process of creating new cryptocurrency spews climate-harming emissions. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and [...]

May 13, 2021 Finance
CBN queries First Bank for appointing new MD

CBN queries First Bank for appointing new MD

The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The query is contained in a letter dated April 28, 2021, signed [...]

April 29, 2021 Finance
EFCC cautions Nigerians against Bitcoin, forex trading

EFCC cautions Nigerians against Bitcoin, forex trading

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against what it described as any investment that promises returns that looks too good to be true. “Though risk-taking is considered by some as the oxygen that drives investment decisions, [...]

April 27, 2021 Finance
NEC backs finance minister, says no money printed

NEC backs finance minister, says no money printed

The National Economic Council (NEC) has denied the federal government printed money to boost allocations to states in March, brushing aside explanations by the central bank governor that the bank was within its rights to do so. The government had [...]

April 23, 2021 Finance
Debts Exceeded Revenues In Lagos, Cross River, FCT, Others

Debts Exceeded Revenues In Lagos, Cross River, FCT, Others

The debts of four states exceeded their net revenues by more than 400 per cent, the Fiscal Responsibility Commission has said. The states are Lagos, Osun, Cross River and Ogun. The FRC in its report ‘Debt sustainability analysis of state [...]

April 7, 2021 Finance
New IMF reserves could fund vaccines in poor nations

New IMF reserves could fund vaccines in poor nations

Moves to bolster the International Monetary Fund’s (IMF’s) emergency reserves could provide the $44bn needed to vaccinate 70 percent of the population in lower- and middle-income countries by the end of 2022, at no added cost to rich countries, according [...]

April 6, 2021 Finance
Food Inflation

Food Inflation Rises To 21.79% In February 2021

Nigeria’s food inflation rate surged to 21.79% in February 2021, which is the highest rate recorded in Nigeria since October 2005—exactly 15 years and 4 months ago. The February 2021 CPI and Inflation Report as released by the National Bureau [...]

March 19, 2021 Finance
Nigeria’s debt

Nigeria’s debt to N32.9 trillion as 2020 borrowing

Nigeria’s total public debt as at December 31, 2020 was N32.915 trillion, the Debt Management Office has said. The figures include the debt stock of the federal and state governments, as well as, the Federal Capital Territory. The DMO blames the rise [...]

March 17, 2021 Economy, Finance
Finance

Failure to migrate to digital economy costs Nigeria $6b yearly

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 [...]

November 24, 2019 Finance
Godwin

CBN mulls fresh capital base for Nigeria’s banks

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 [...]

June 25, 2019 Finance
Mary UdoK Acting Director General SEC

Four years after, government inaugurates SEC board

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 [...]

June 25, 2019 Finance
International Monetary Fund

Breaking: IMF warns Nigeria, others over rising foreign debts

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 [...]

October 13, 2017 Finance
First Bank Nigeria Limited

INJUSTICE BEING DONE TO SUPPORT STAFF OF FIRST BANK NIGERIA

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 [...]

September 14, 2017 Finance
How to sustain domestic retail investors confidence

How to sustain domestic retail investors confidence — Shareholders

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 [...]

September 4, 2017 Finance
Olusegun Obasanjo

Why I head-hunted Okonjo-Iweala to become finance minister – Obasanjo

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 [...]

August 14, 2017 Finance
KEMI-ADEOSUN

More than half of Nigeria’s VAT comes from Lagos — Adeosun

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 [...]

August 3, 2017 Finance
Nigeria House of Senate

Senate Blasts MTN For Moving $14bn Out Of Nigeria, Wants Stanbic IBTC Punished

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 [...]

July 28, 2017 Finance
Ibrahim Magu

Nigerian Banks Aid Looters – EFCC Boss, Ibrahim Magu

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 [...]

July 28, 2017 Finance
Okonjo Iweala

Okonjo-Iweala named director at UK bank

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 [...]

July 28, 2017 Finance
Central bank issues

CITING ECONOMIC HEADWINDS, CBN HOLDS INTEREST RATE AT 14%

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 [...]

July 26, 2017 Finance
Kemi Adeosun

Nigeria can no longer afford to borrow to fund its budget – Adeosun

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 [...]

July 12, 2017 Economy, Finance
BEVERLY HILLS, April 13, (THEWILL) – 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 former governor of Bauchi state and ex-National Chairman of the Peoples Democratic Party (PDP), THEWILL has gathered exclusively. The NIA is the government security agency tasked with overseeing foreign intelligence and counterintelligence operations in Nigeria. A ranking government official with knowledge of the latest twist to the seizure confirmed to THEWILL that NIA Director General, Ambassador Ayodele Oke, has been in touch in EFCC’s boss, Ibrahim Magu, to express his displeasure over the raid at the apartment used as one of NIA’s safe houses in Lagos for its clandestine operations. The official said Magu, whose confirmation as substantive chairman of the agency has been frustrated by the DSS and the Senate, has been under pressure to show President Muhammadu Buhari the billions of naira he told the president during a meeting that the EFCC had recovered under his leadership. “So he is on a reckless search for monies hence all these strings of raids and seizures within the last one week,” the source who asked not be identified said. “I can authoritatively tell you that money belongs to the NIA. The DG has come forward to claim it and has informed my office of the development. He is furious with Magu for his agency’s recklessness and for compromising their operations,” the official told THEWILL. Meanwhile, Justice Muslim Hassan of a Federal High Court in Lagos Thursday ordered the temporary forfeiture of the cash and ordered that the funds be temporarily forfeited to the Federal Government and adjourned till May 5, 2017, for anyone interested in the funds to show up before him to show cause why the money should not be permanently forfeited to the Federal Government. THEWILL had previously linked Mrs. Esther Nnamdi-Ogbue, a former Managing Director, Retail, at the Nigerian National Petroleum Corporation (NNPC), to the haul found in an apartment on the 7th floor. She denied ownership of the cash in a statement by her attorney Thursday though admitted residing on the second floor. National Intelligence Agency Claims Ownership

More Twists In The $43m+ Seized By EFCC As National Intelligence Agency (NIA) Claims Ownership – Source

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 [...]

April 14, 2017 Finance