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Browsing the "Finance" Category

Banks Disbursed N109bn To 20 Power Firms - CBN

Banks Disbursed N109bn To 20 Power Firms – CBN

Eleven Deposit Money Banks had so far disbursed the sum of N109.3bn to 20 companies from the N300bn Power and Airlines Intervention Fund provided by the Central Bank of Nigeria in 2010, the Governor, CBN, Mr. Lamido Sanusi, said on [...]

November 5, 2013 Finance
US-SEC--Headquarters-4

FG releases fresh N160bn for capital projects

BY IFEANYI ONUBA The Federal Government on Sunday said it had released N160bn to its Ministries, Department and Agencies for the implementation of fourth quarter capital projects captured in the 2013 budget. The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed [...]

November 4, 2013 Finance
US-SEC--Headquarters-4

SEC Advocates Infrastructure Financing through Capital Market

By Goddy Egene The Securities and Exchange Commission (SEC) last week restated that the Nigerian capital market has the capacity to provide the long-term funds needed to solve the infrastructural challenges in the country.   Director, Securities & Investment Services [...]

November 4, 2013 Finance
Central-Bank-of-Nigeria

Economic growth fell by 0.8% in 2012 – CBN

The growth  of the nation’s economy dropped by 0.8 per cent from 7.4 per cent in 2011 to 6.6 per cent in 2012, according to the Central Bank of Nigeria’s 2012 yearly report. The report, released on Friday, linked the [...]

November 4, 2013 Finance
CBN-headquarters-Abuja

CBN to receive ISO 27001 certification

The Central Bank of Nigeria is to receive the International Standard Organisation ISO 27001:2005 Certificate issued by the British Standards Institution Assurance UK Limited. A statement by the bank on Wednesday said the ISO certification, the highest accreditation for information [...]

October 31, 2013 Finance
Nigeria's central bank wants inflation in a range between 6-9 percent, its governor Lamido Sanusi told Reuters on Wednesday, lowering the regulator's previous target of keeping in single-digits.

CBN Lowers Inflation Target to 6-9%

Nigeria’s central bank wants inflation in a range between 6-9 percent, its governor Lamido Sanusi told Reuters on Wednesday, lowering the regulator’s previous target of keeping in single-digits.   Inflation in Africa’s top oil exporter fell to a fresh five-year [...]

October 31, 2013 Finance
NIPP plant sale target N512bn - FG

NIPP plant sale target N512bn – FG

BY EVEREST AMAEFULE The Federal Government has said it expects to garner $3.2bn (N512bn) from the sale of the 10 power plants constructed under the National Integrated Power Project. The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said this in a [...]

October 25, 2013 Finance
ecobank

Ecobank Transnational opens first branch in Ethiopia

Pan-African banking group Ecobank Transnational has opened its first branch in Ethiopia, establishing a foothold in the fast-growing East African economy and extending its African network to 35 countries. Economic growth in Africa’s second most populous country is running at [...]

October 25, 2013 Finance
nigerian capital markets

Investments tribunal seeks funding from capital market transaction fees

The Investments and Securities Tribunal (IST) is seeking increased funding for its operations, particularly from the transaction fees accruing to the Nigerian capital market. Ngozi Chianakwalam, chairman, IST, while speaking at the opening session of the Capital Market Stakeholders Forum [...]

October 25, 2013 Finance
Bnak of Industry

A Paradigm Shift in Financial Inclusion Strategy Required – BoI

By Femi Adekoya   For Nigeria to realise its economic goals, a paradigm shift in the nation’s financial inclusion strategy may have become imperative. This was the view of the Managing Director, Bank of Industry (BoI), Ms. Evelyn Oputu during [...]

October 18, 2013 Finance
FG Generated N6.6 Trillion in 8 Months

FG Generated N6.6 Trillion in 8 Months

Nume Horsfall   The federal government generated a total of N6.611 trillion between January and August 2013, a report has shown. However, the amount represented a decline by 12.5 and 10.7 per cent below the budget estimate for the period [...]

October 18, 2013 Finance
Sanusi Bags 2013 Central Bank Governor Award for Sub-Saharan Africa

Sanusi Bags 2013 Central Bank Governor Award for Sub-Saharan Africa

Washington DC — The Central Bank (CBN) Governor, Malam Sanusi Lamido Sanusi, has bagged the 2013 Central Bank Governor Award for Sub-Saharan Africa. The award is in recognition of Sanusi’s efforts to reduce inflation to a single digit. It was [...]

October 14, 2013 Finance
Recovery of Abacha's €185 Million From Liechtenstein - Nigeria Pushes

Recovery of Abacha’s €185 Million From Liechtenstein – Nigeria Pushes

BY OBINNA CHIMA Nigeria has embarked on an international campaign to press Liechtenstein to return the €185 million ill-gotten gains linked to the late military dictator, General Sani Abacha, which is still harboured in the tiny principality nearly 14 years [...]

October 11, 2013 Finance
Kingsley-Moghalu

Stiffer sanctions on Erring Banks – CBN

Obinna Chima The Central Bank of Nigeria (CBN) Tuesday warned that financial institutions that fail to comply with its regulations will face severe sanctions henceforth. The Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu, said this while presenting an [...]

October 9, 2013 Finance
The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval.

Nigeria bans import of foreign currencies

The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. According to a statement signed by CBN Director of Corporate Communications, Mr Ugo Okoroafor, on Tuesday in Abuja, the move was sequel to [...]

October 2, 2013 Finance
editorial-aids-hiv-620x350

On CBN’s mid-term report

The Central Bank of Nigeria (CBN) in its mid-term economic report released roughly a fortnight ago, said total Deposit Money Banks’ (DMBs) assets and liabilities stood at N22.53 trillion at the end of the second quarter of 2013, representing an [...]

September 20, 2013 Finance
Budget Senate summons Okonjo-Iweala, Ngama

Budget: Senate summons Okonjo-Iweala, Ngama

The Senate on Thursday invited the Minister of Finance, Mrs. Ngozi Okonjo-Iweala and the Minister of State for Finance, Yerima Ngama to appear before it over the implementation of the 2013 budget. Okonjo-Iweala and Ngama are to face members of [...]

September 19, 2013 Finance
Mobola-Johnson-pic-07-ds-300x225

Nigeria to fast-track infrastructure rollout

Nigeria’s Minister of Communication Technology, Omobola Johnson, has revealed that the Federal Government has put plans in place to speed up the delivery of much-needed infrastructure and will be working closely with Federal Ministry of Works to streamline and standardize the processes.   [...]

August 28, 2013 Finance, Real Estate
Nigeria spends over N1trn in war against terror

Nigeria spends over N1trn in war against terror

The Federal Government may have spent well over N1 trillion in the fight against the Boko Haram and other terrorist groups in the country since 2009, BusinessDay checks have revealed.   The latest report by the Stockholm International Peace Research [...]

August 23, 2013 Finance
Lamido

CBN launches N220bn MSMEs fund at 9% rate

The Central Bank of Nigeria, (CBN) has  launched a N220 billion   Micro, Small and Medium Enterprises (MSMEs) Fund which  will be disbursed at 9 per cent interest rate to beneficiaries. The apex bank’s move is aimed at boosting entrepreneurship at [...]

August 16, 2013 Business, Finance
Ngozi-Okonjo-Iweala

Okonjo-Iweala: FG Lacks Funds to Meet ASUU Demands

• Govt to release N100bn for varsities’ infrastructure as strike continues Senator Iroegbu and Aisha Wakaso The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has disclosed that the demands of the Academic Staff Union of [...]

August 14, 2013 Education, Finance
former-governor-of-delta-state-chief-james-ibori

GTBank Fined For Inadequate Money Laundering Checks

The United Kingdom-based Financial Conduct Authority has fined the UK subsidiary of the Guaranty Trust Bank over £500,000 for failing to do thorough anti-money laundering checks on its potential clients from high-risk countries. The FCA said on Friday that between [...]

August 12, 2013 Finance
New rules, products lay groundwork for Nigeria Islamic finance sector

New rules, products lay groundwork for Nigeria Islamic finance sector

Nigeria is gradually opening up to Islamic finance, a move that could bring non-interest banking to over 80 million Muslims and develop one of Africa’s fastest-growing consumer and corporate banking sectors.   Home to the largest Muslim population in sub-Saharan [...]

August 6, 2013 Finance
Nigeria debts by state

Debts Left For Next Generation By State Governors. Party-By-Party Basis

PDP States. 1] Kano (PDP) owes $61.7million 2] Katsina (PDP) owes $74.6million 3] Akwa Ibom (PDP) owes $61.6 million 4] Cross River (PDP) owes $113million 5] Kebbi (PDP) owes $47.8million 6] Kogi (PDP) owes $33.8million 7] Niger (PDP) owes $29.7million [...]

August 6, 2013 Finance
FG Begins Work On 2014, 2015, 2016 Budgets

FG Begins Work On 2014, 2015, 2016 Budgets

The federal government yesterday commenced discussions on a fiscal strategy paper aimed at producing a medium term fiscal framework for 2014/2015 and 2016 budget.   An emergency meeting of the Federal Executive Council (FEC) at the presidential villa discussed revenue [...]

August 3, 2013 Finance
Raji-Fashola81

‘Lagos GDP hits N13trn, safe to borrow’

Commissioner-designate for Finance in Lagos, Mr Ayodeji Gbeleyi, said on Friday that Lagos State government with Gross Domestic Product (GDP) worth of N13 trillion has ample capacity to borrow and invest such in productive infrastructure to continue to grow her [...]

August 3, 2013 Finance
Govt set up committee for private equity development

Government set up committee for private equity development

BY IFEANYI ONUBA, The Federal Government on Thursday inaugurated a committee to develop a framework for attracting private equity and venture capital in the country. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who inaugurated the committee in [...]

August 2, 2013 Finance
Ngozi-Okonjo-Iweala

SWF to Create Template for Pension Investment in Infrastructure

Ndubuisi Francis in Abuja Impressed with N2.9 trillion held by pension funds in the country, the federal government has asked the Nigeria Sovereign Investment Authority (NSIA) – operator of the Sovereign Wealth Fund (SWF) – to come up with modalities [...]

August 2, 2013 Finance, General
Nigeria Bond sale

Nigeria: Bond sale signals changes

The latest international bond sale from Nigeria, which was heavily oversubscribed, underscored the bullishness of overseas investors in the country’s sustained if uneven growth. However, the yield level on the offering also highlights the looming challenges that Nigeria, along with [...]

August 2, 2013 Finance
Nigerian Budget 2013

2013 Budget: NASS Bows To Presidency Restores ‘Missing’ N77bn Personnel Vote

The Senate, on Monday, bowed to pressure from the presidency to consider a proposed amendment to the 2013 budget, as the lawmakers restored the missing N77billion meant for personnel cost and eventually passed the proposed N4.9trillion for the fiscal year. [...]

July 26, 2013 Finance