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Browsing the "Finance" Category


Yar’Adua, Jonathan Squandered U.S. $67 Billion Foreign Reserves – Ezekwesili

Enugu — Former minister of education Dr Oby Ezekwesili on Friday said the squandering of $45 billion in foreign reserve account and $22 billion in Excess Crude Account by the two subsequent administrations after Olusegun Obasanjo’s was a clear proof [...]

February 8, 2015 Finance
Nigeria Debt

Concerns Over Nigeria’s Rising Indebtedness To China

• Onosode, Utomi Urge Proper Management Of Relationship, Funds IT appears there are no stops on China’s determined march into the soul of Nigeria’s economy, as it takes central position in strategic sectors — oil and gas, aviation, transport and [...]

January 19, 2015 Finance

70% of the Nation’s Revenue on Admin and Spending 30% on The People

Is that a sensible situation?” – Sanusi Lamido, CBN Governor   The Governor of Central Bank of Nigeria, Mallam Lamido Sanusi, on Wednesday fired back at those calling for his removal, saying they missed the point.The CBN governor said his [...]

January 15, 2015 Finance
Lagos Assembly approves N490bn budget

Lagos Assembly approves N490bn budget

Lagos Assembly approves N490bn budget – On Tuesday, Lagos State House of Assembly, approved a total amount of N489.690 billion to be used by the state government in 2015, having a breakdown showing a recurrent expenditure of N241.977 billion as well [...]

January 7, 2015 Economy, Finance
Real Estate Company to Invest N10bn in Delta State

Real Estate Company to Invest N10bn in Delta State

Real Estate Company to Invest N10bn in Delta State –   The firm disclosed this at its inaugural customer forum held in Lagos recently. The project, which proposes 400 units of houses on 6 hectres of land space would commence [...]

December 15, 2014 Economy, Finance
CBN will soon review MSME development fund guidelines

CBN will soon review MSME development fund guidelines

CBN will soon review MSME development fund guidelines – The Central Bank of Nigeria (CBN) claims it will soon evaluate the guidelines for accessing the N220 billion Micro, Small and Medium Enterprises (MSME) Development Fund to guarantee easy access. The Acting [...]

December 3, 2014 Business, Economy, Finance
CBN Trains 680 Certified Microfinance Bankers

CBN Trains 680 Certified Microfinance Bankers

CBN Trains 680 Certified Microfinance Bankers – There are more than 680 certified microfinance bankers trained by the Central Bank of Nigeria of Nigeria (CBN) to improve service delivery in microfinance banking industry. Mr Kola Durojaiye, Deputy Director, Other Monetary [...]

November 26, 2014 Economy, Finance

Banks to release loan for small businesses

The Central Bank of Nigeria Bankers Committee said on Thursday they are working to finalise the establishment of the modern collateral registry that will make sure that moveable assets were acknowledged by banks as collateral by the 2nd quarter of [...]

October 17, 2014 Economy, Finance

World Bank approves $500m loan to finance Nigerian SMEs

The Board of Executive Directors of World Bank has approved a loan of $500m for Nigeria to improve accessibility to finance by Small and Medium Enterprises. The bank, which disclosed this in a statement made available to our correspondent in [...]

September 29, 2014 Business, Economy, Finance

FG gets $500m loan from World Bank for MSMEs

The Federal Government has got a $500 million loan from the World Bank to fund medium and small scale enterprises (MSMEs). A statement from the World Bank said its “Board of Executive Directors has approved a US$500 million International Bank [...]

September 27, 2014 Business, Economy, Finance

N750 Billion was Invested by Nigerian Banks in Power Sector Since Privatisation

When Nigerian banks invested roughly N750 billion in the power industry since its privatisation, it is essential that the security of this large exposure sits squarely on each efforts to guarantee the success of the privatisation procedure, Mr. Segun Adeleye, [...]

August 26, 2014 Business, Economy, Finance

Nigerian Banks Under Searchlight for Terrorism Safety

U.S Justice Department has placed Nigerian banks under searchlight within the wake of rising terrorism throughout the country. Specifically, the banks are being investigated to establish their links, if any, with funding of the various terror cells across the continent, [...]

July 5, 2014 Economy, Finance

Credit bureau operators, NASME move to improve SME financing

For several years in Nigeria, lending institutions, especially commercial banks, have been apathetic to lending to Small and Medium Enterprises (SMEs). One of the reasons given is that the rate of loan repayment default by SMEs is very high. As [...]

May 5, 2014 Finance

Fed Govt, Stockbrokers mull new funding for power firms

The Federal Government and stockbrokers at the weekend reached consensus on the need to collaborate on a viable mechanism to provide long-term capital to support recently privatized power companies. The Federal Government, through the Ministry of Power, and Chartered Institute [...]

April 28, 2014 Economy, Finance

Mansad Insurance records 92 % drop in trade receivables

Mansad Insurance Plc has witnessed a 92 per cent drop in its trade receivables from N2.04 billion recorded in the 2012 financial year end to N166 million in 2013. The drop in trade receivable, is coming on the heels of [...]

April 28, 2014 Finance

Banks to allocate uniform numbers to customers

Deposit Money Banks (DMBs) will at the end of May begin allocating uniform numbers (Bank Verification Number) that will be unique to every customer, the Central Bank of Nigeria and Nigeria Interbank-Settlement System (NIBSS) have said. CBN spokesman Isaac Okoroafor, [...]

April 28, 2014 Finance

W/Bank to assist Nigeria with $8bn in projects in 4 years

The World Bank has approved a Country Partnership Strategy (CPS) for Nigeria which will increase its development assistance to the country for job creation, social service delivery and governance to about US$2 billion per year through the International Development Association [...]

April 28, 2014 Economy, Finance

Fidelity Bank’s foreign currency exposure hits 27per cent

  Fidelity Bank’s exposure to foreign currency lending rose to 27 per cent last year, from one per cent in 2012, a report by Renaissance Capital (RenCap), an investment and research firm, has shown. The firm said Fidelity achieved the [...]

April 23, 2014 Finance

Finance Houses’ reforms await CBN governor

Operators of finance houses are awaiting the resumption of the Central Bank of Nigeria (CBN) Governor designate, Godwin Emefiele, for the conclusion of the subsector’s stalled reforms. Sources said the suspended CBN Governor, Sanusi Lamido Sanusi, sent a draft guideline [...]

April 23, 2014 Finance
nigerian universities

10 Nigerian Universities, Others Share U.S.$150 Million World Bank Fund

The World Bank on Thursday approved $150 million (N24 billion) to finance 19 university-based Centers of Excellence in seven countries in West and Central Africa. Ten of the beneficiaries of the scheme are Nigerian universities, while nine others are from [...]

April 19, 2014 Economy, Education, Finance

New GDP Figures Will Attract FDI, Foreign Portfolio Investment

The new Gross Domestic Product, GDP of $510 billion will enhance inflow of Foreign Direct Investment, FDI and Foreign Portfolio Investment, FPI into the country, said the President of Chartered Institute of Stockbrokers, Mr. Ariyo Olushekun. He stated this at [...]

April 19, 2014 Economy, Finance

Nigeria’s GT Bank Q1 profit drops 2 pct on higher operating cost

Nigerian lender Guaranty Trust Bank’s first-quarter pretax profit fell 2 percent to 28 billion naira, it reported on Thursday. But gross earnings climbed to 67.6 billion naira in the three months ended March 31, from 63.9 billion naira in the same period [...]

April 18, 2014 Finance

ECOWAS Central Banks Seek Uniform Computation of Bad Loans

Banks within the West African sub-region will soon have a uniform format for computing bad loans. This was part of the decision taken at the meeting of the Committee of central bank Governors under the West African Monetary Zone held [...]

April 18, 2014 Economy, Finance

CBN Raises Supply of Lower Naira Denomination

As a result of complaints of scarcity of lower denomination naira across the country, the Central Bank of Nigeria (CBN),  yesterday indicated that it had increased the supply of banknotes to deposit money banks (DMBs). The central bank explained that [...]

April 14, 2014 Economy, Finance

Skye Bank posts N17bn profit

Skye Bank Plc has announced a profit before tax of N17.136 billion for its 2013 financial year, an increase of 3.79 per cent over the N16.510 billion recorded in 2012. According to the results, which is International Financial Reporting Standards [...]

April 9, 2014 Economy, Finance

Ecobank, FBN, seal $170m financing deal with Seven Energy

In an effort towards expanding its gas infrastructure assets in the country, Seven Energy International Limited and its wholly-owned subsidiary, Accugas Limited, have closed a $170 million 5.5-year medium-term acquisition facility deal with Ecobank Nigeria Limited and FBN Bank (UK) [...]

April 7, 2014 Finance

Naira strengthens against US dollar

The naira, on Friday, firmed up against the US dollar at the Nigeria Inter-bank Foreign Exchange (NIFEX) market following the intervention of the Central Bank of Nigeria (CBN) through the sale of foreign exchange to the tune of $654.545 million [...]

April 7, 2014 Finance

Stakeholders question NSE’s ability to protect minority shareholders

Stakeholders have questioned the Nigerian Stock Exchange’s (NSE) ability to protect minority shareholders of listed companies on the Nigerian bourse. This call was made by the Chairman of Progressive Shareholders Association of Nigeria, Boniface Okezie, at the Investors’ Clinic organised [...]

April 7, 2014 Finance

Madagascar Officials Understudy HASAL MFB’s Micro Financing Model

Top officials of the Ministry of Finance of Madagascar have visited HASAL Microfinance Bank Limited, one of the leading MFBs spearheading grassroots financial inclusion drive in the country, to understudy the bank’s  operational model with a view to using the [...]

March 31, 2014 Economy, Finance

Zenith Bank tasks youths on financial literacy

Driven by the Central Bank of Nigeria’s (CBN’s) policy of financial inclusion among Nigerians, Zenith Bank Plc said it has launched a campaign targeted at inculcating savings culture and general financial literacy among secondary schools students in the country. The [...]

March 18, 2014 Economy, Finance