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Browsing the "Finance" Category

Saving yourself from financial hurdles

How to save yourself from financial hurdles

Seeing oneself come out of financial hurdles is the dream of many people if not everyone. There is nothing as good as financial freedom and security so much as getting oneself to a point where financial constraint is no longer a [...]

January 16, 2014 Finance
Central Bank Nigeria

Nigeria Set to Announce Fannie Mae-Style Mortgage Company

By Chris Kay Nigeria’s government will announce plans tomorrow to develop a mortgage finance company along the lines of the U.S.’s Fannie Mae that will help broaden access to home loans in Africa’s most populous country. The Nigeria Mortgage Refinance Co. will [...]

January 15, 2014 Finance
CBN

CBN intorduces new payment system

Mr Tunde Lemo, CBN Deputy Governor (Operations), made this known while briefing newsmen on Thursday in Abuja. Lemo, who is expected to proceed on retirement on January 11, said that CBN put live operations to the new system on December [...]

January 10, 2014 Finance
Tunde-Lemo

Lemo retires as CBN deputy governor on Friday

The Deputy Governor, Operations, Central Bank of Nigeria, Mr. Tunde Lemo, will this Friday retire from the bank. Lemo is believed to be among the top contenders to replace the CBN Governor, Mr. Lamido Sanusi, whose tenure ends in June. [...]

January 9, 2014 Finance
revenue formula

Draft new revenue formula ready —RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission on Thursday said the long awaited draft new revenue formula was ready. A statement issued in Abuja by Chairman, Public Affairs and Communication Committee, RMAFC, Ambassador Zubairu Dada, said the draft would now [...]

December 20, 2013 Finance
SEC approves minimum capital for market operators

SEC approves minimum capital for market operators

Pursuant to Section 313(6) of the Investments and Securities Act (ISA) 2007, the board of the Securities and Exchange Commission (SEC) has approved the new minimum capital requirements for all categories of Capital Market Operators. Following the amendments, the capital [...]

December 19, 2013 Finance
Ngozi-Okonjo-Iweala

Jonathan Delegates Okonjo-Iweala to Present Budget to National Assembly

By Omololu Ogunmade and Muhammad Bello President Goodluck Jonathan Wednesday assigned the Coordinating Minister for the Economy and  Minister of Finance, Dr. Ngozi Okonjo-Iweala, to lay the 2014 budget before a joint session of the National Assembly on his behalf. [...]

December 19, 2013 Finance
David-Mark-and-Aminu-Tambuwal-

Budget: Senate, Reps settle for $77.5 oil benchmark

Strong indications emerged on Tuesday that the Senate and House of Representatives had agreed on $77.5 as the oil price benchmark for the 2014 budget. The development came just as the Minister of Finance, Dr. Ngozi Okonjo-Iweala, might present the [...]

December 19, 2013 Finance
Kingsley-Moghalu

GDP Rebasing is Essential for Nigerian Economy

By Obinna Chima Deputy Governor, Central Bank of Nigeria (CBN), Financial System Stability, Dr. Kingsley Moghalu, has said  the planned rebasing of the country’s Gross Domestic Product (GDP) is very  necessary and helpful to the economy. The National Bureau of [...]

December 9, 2013 Finance
Former Goldman Sachs Banker Preko Convicted For Helping James Ibori

Former Goldman Sachs Banker Preko Convicted For Helping James Ibori

A British jury at the Southwark Crown Court today passed a guilty verdict on former Goldman Sachs banker, Ellias Preko.  He was found guilty on two counts of money laundering as well as forgery for aiding jailed former governor of [...]

December 9, 2013 Finance
lamido sanusi

CBN Governor Sanusi Advises Presidency On When To Announce His Successor

Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said that his successor should be announced three months to the end of his tenure. He also advised his successor to continue with his policy of tight [...]

December 2, 2013 Finance
Chinelo-Anohu-Amazu

Pension assets to hit N11.1tn in 2016 –PenCom

The pension industry is expected to triple its assets the next three years to $70bn (about N11.1tn), as the government targets small businesses to get more people into the pension scheme, the National Pension Commission has said. Reuters, in a [...]

November 29, 2013 Finance
Okonjo_Iweala

Capital inflows into Nigeria, others grow to $48 billion

THE capital inflows into Nigeria and other  sub-Saharan African countries have grown  grew four times from $13.2 billion in 2003 to $48.3billionn in 2012. This development was disclosed by Standard Chartered Bank in its investment report on the continent, Regional [...]

November 29, 2013 Finance
Arunma Oteh

N864bn invested in Nigerian Bonds by foreign investors – Oteh

The Security and Exchange Commission (SEC) on Thursday said about 5.4 billion U.S. dollars (N864 billion) has been invested in the Nigerian bonds by foreign investors within the 2013 fiscal period. The Director General of SEC, Ms Arunma Oteh made [...]

November 29, 2013 Finance
Africa’s GDP to reach $300bn on internet expansion – McKinsey

Africa’s GDP to reach $300bn on internet expansion – McKinsey

Considering the massive financial investment ploughed into the deployment of broadband infrastructure across the continent, the Internet, though still in its infancy, could contribute some $300 billion to Africa’s Gross Domestic Product (GDP) by 2025, according to a recent report [...]

November 28, 2013 Business, Finance
Director-General-Securities-and-Exchange-Commission-SEC-Ms-Aruma-Oteh

Capital market records 38% growth – Oteh

Between January and November this year, the Nigerian capital market has recorded a 38.8 per cent growth, the Director-General, Securities and Exchange Commission, Ms Arunma Oteh, has said. She stated this on Wednesday while addressing market women during the capital [...]

November 28, 2013 Finance
N5,000 Notes Are Coming in 2014 – CBN

N5,000 Notes Are Coming in 2014 – CBN

Despite being criticized by the public, the Central Bank of Nigeria (CBN) has confirmed plans to produce and distribute the N5,000 note in 2014. Tunde Lemo, the Deputy Governor of CBN, disclosed this while speaking to journalists at the NIBSS [...]

November 27, 2013 Finance
sanusi-lamido

Sanusi Bracing for Shocks to Nigeria’s Fiscal Spending

Nigeria’s central bank Governor Lamido Sanusi said he is bracing for public spending “shocks” as Africa’s most populous nation prepares to vote in 2015, reducing the chance of lower interest rates. “Toward the elections there will be a supplementary budget,” Sanusi said in [...]

November 26, 2013 Finance
Sanusi Bracing for Shocks to Nigeria’s Fiscal Spending

Sanusi Bracing for Shocks to Nigeria’s Fiscal Spending

Nigeria’s central bank Governor Lamido Sanusi said he is bracing for public spending “shocks” as Africa’s most populous nation prepares to vote in 2015, reducing the chance of lower interest rates. “Toward the elections there will be a supplementary budget,” Sanusi said in [...]

November 26, 2013 Finance
CBN Head Office

CBN Seeks Implementation of Treasury Single Account

Obinna Chima     The Central Bank of Nigeria (CBN) has called for an urgent implementation of the Treasury Single Account (TSA) in order to properly manage the country’s revenue. The CBN stated this in a communiqué at the end [...]

November 22, 2013 Finance
CBN to Extend Cashless Policy Nationwide Before June Tunde-Lemo

CBN to Extend Cashless Policy Nationwide Before June

Obinna Chima   The Central Bank of Nigeria (CBN) yesterday disclosed plans to extend the cashless policy to other states in the country before June 2014. The Deputy Governor (Operations), CBN, Mr. Tunde Lemo, revealed this Thursday in an interview [...]

November 22, 2013 Finance
Sanusi-Lamido-Sanusi

FG Generated N2.716 Trillion in Q3

Obinna Chima     The total revenue generated by the federal government in the third quarter of 2013 stood at N2.716 trillion, a report by the Central Bank of Nigeria (CBN) has shown. The central bank’s economic report for the [...]

November 22, 2013 Finance
SEC Promises Effective Regulation of Private Equity Firms

SEC Promises Effective Regulation of Private Equity Firms

Eromosele Abiodun As part of efforts to perform its investor protection mandate, the Securities and Exchange Commission (SEC) Thursday promised to effectively regulate the private equity/hedge funds space in line with global best practices. Speaking at a seminar on private [...]

November 15, 2013 Finance
Lamido Sanusi

Revive market for commercial papers market – Sanusi charges FMDQ

GOVERNOR, Central Bank of Nigeria (CBN), Mallam Lamido Sanusi has called on the board of the Financial Market Dealers Quote to revive the market for commercial papers in Nigeria. Commercial papers are unsecured promissory notes  with a fixed maturity of  [...]

November 14, 2013 Finance, Real Estate
Broadband Nigeria

Sanusi Hails CFA Society’s Contributions to Financial System

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has hailed the CFA Society of Nigeria for its role of producing professionals who have contributed to the smooth functioning of the Nigerian financial system.   Sanusi [...]

November 13, 2013 Finance
Mr. Jonah Ogunniyi Otunla

AGF advocates new accounting policies

By Olasunkanmi Akoni Accountant-General of the Federation, AGF, Jonah Ogunniyi, has stressed the need for accountants-general across the states to ensure the success of the implementation process of International Public Sector Accounting Standards, IPSAS, by 2014. The process aims at [...]

November 13, 2013 Finance
Okonjo-Iweala-360x225

Nigeria’s debt rises to N8.32tn

The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said. The latest statistics released by the DMO on its website on Monday showed that as of September 30, 2013, the total debt comprised the external [...]

November 13, 2013 Finance
Nigeria’s parliament postponed President Goodluck Jonathan’s budget .

Nigeria Postpones Budget Speech That Seeks Spending Curbs

Nigeria’s parliament postponed President Goodluck Jonathan’s budget speech in which he’s expected to propose spending limits as revenue falls in Africa’s largest oil producer. The presentation will be made on Nov. 19 instead of tomorrow, Enyinnaya Abaribe, chairman of the Senate Committee [...]

November 12, 2013 Finance
.Tunde-lemo

CBN Mandates Banks to Get Security Certification by 2015

James Emejo The Central Bank of Nigeria (CBN) has mandated all commercial banks to be information security-certified by 2015. The CBN Deputy Governor (Operations), Mr. Tunde Lemo, dropped the hint in Abuja on Wednesday, during the conferment of the ISO [...]

November 8, 2013 Finance
Nigeria’s Lagos Has Record Bond Approved for Biggest City

Nigeria’s Lagos Has Record Bond Approved for Biggest City

By Chris Kay Plans to sell a record amount of bonds by Nigeria’s Lagos state, which holds sub-SaharanAfrica’s biggest city, were approved by the country’s markets regulator. The Nigerian Securities and Exchange Commission cleared the region’s government to sell 87.5 billion naira [...]

November 6, 2013 Business, Finance