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Under-Threat Nigerian Banks Edge Closer to Lending Target

Under-Threat Nigerian Banks Edge Closer to Lending Target By Alonso Soto Nigeria’s banking industry is opening the lending taps to avoid penalties, bowing to central bank demands to unlock credit to help revive the economy. Banks raised their loan-to-deposit ratio to 64% in the third quarter, one percentage point shy of the minimum target imposed by the central bank,...... more

Yuletide: Access Bank unveils “More Xtravaganza” to reward customers

Yuletide: Access Bank unveils “More Xtravaganza” to reward customers Access Bank Plc has unveiled series of exciting rewards for its customers with a campaign tagged “More Xtravaganza”, ahead of the Yuletide celebration. The News Agency of Nigeria (NAN) reports that Mr Victor Etuokwu, the bank’s Executive Director, Retail Banking, said in Lagos on Tuesday that the campaign, which had started...... more

FOR THE RECORD: COMMUNIQUÉ ISSUED AT THE SECOND EDITION OF URHOBO ECONOMIC AND INVESTMENT SUMMIT, EKPAN, UVWIE LOCAL GOVERNMENT AREA, DELTA STATE.

FOR THE RECORD: COMMUNIQUÉ ISSUED AT THE SECOND EDITION OF URHOBO ECONOMIC AND INVESTMENT SUMMIT, EKPAN, UVWIE LOCAL GOVERNMENT AREA, DELTA STATE. Preamble The second edition of Urhobo Economic and Investment Summit was held November 22, 2019 at KFT Event Centre, Uvwie Local Government Area, Delta State. The theme of the summit is “Private Sector and the Future of the Nigerian Economy: The Ease of Doing Business in Urhoboland”. Given the significance of...... more

Border Closure Responsible For Rising Inflation – FG

Border Closure Responsible For Rising Inflation – FG The Federal Government on Wednesday admitted that its border closure policy was responsible for the rising inflationary figures in the country. Recent figures released by the Nigeria Bureau of Statistics (NBS), shows that the headline inflation stood at 11.61 per cent as of October. The Minister of Finance/Budget /National Planning, Mrs...... more

MPC retains MPR at 13.5%

MPC retains MPR at 13.5% The Monetary Policy Committee (MPC), has retained the Monetary Policy Rate (MPR) at 13.5 per cent while other policy parameters remained constant. Governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele,  made this known after the MPC’s meeting in Abuja on Tuesday. Emefiele disclosed that all the 11 members...... more

53 Ships With Petroleum Products Expected At Lagos Ports — NPA

53 Ships With Petroleum Products Expected At Lagos Ports — NPA Fifty-three ships laden with petroleum products, food items and other goods are expected to arrive at the Apapa and Tin Can Island Ports latest by Christmas eve. The Nigerian Ports Authority (NPA) stated this in its publication, `Shipping Position’, a copy of which was made available to the News Agency of...... more

Senate Okays 7.5% VAT, 6 other taxes

Senate Okays 7.5% VAT,  6 other taxes The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country. The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent. It also seeks an increment in the Companies...... more

FG, States, LGAs Share N693.529bn For September

 FG, States, LGAs Share N693.529bn For September The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of N693.529 billion to the three tiers of government for the month of September, 2019. The News Agency of Nigeria (NAN) reports that the N693.529 billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue...... more

2020 Budget: Fuel Subsidy To Gulp N450bn

2020 Budget: Fuel Subsidy To Gulp N450bn   Fuel subsidy, otherwise technically called ‘under-recovery of premium motor spirit (PMS)’ would gulp a whooping N450 billion in 2020 according to the Minister of Finance, Budget and National Planning, Zainab Ahmed. She stated this at the public presentation of the 2020 budget proposals in Abuja on Monday. The Cable reports...... more

NNPC Strikes Hydrocarbon Deposits In Benue Basin

NNPC Strikes Hydrocarbon Deposits In Benue Basin The Nigerian National Petroleum Corporation (NNPC) exploratory activities North of the country has yielded  some cherering news as it announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country. The drilling of the Kolmani River...... more

Nigeria In World Bank’s Top-20 “Improvers In Doing Business”

 Nigeria In World Bank’s Top-20 “Improvers In Doing Business” The World Bank Doing Business (DB) team has announced Nigeria as one of the top-20 improvers in doing business out of 190 countries. The News Agency of Nigeria (NAN) reports that Dr Jumoke Oduwole, Special Adviser to the President, Ease of Doing Business, disclosed this a statement  in Abuja. She said...... more

$9.6bn P&ID Fine: Stay Of Execution Order Excites FG

$9.6bn P&ID Fine: Stay Of Execution Order Excites FG The Federal Government is excited with the UK Court’s “Stay of Execution Order” on the controversial $9.6bn judgment it delivered in favour of Process and Industrial Developments in August. It is seen as a huge moment of respite. ChannelsTV reports that the FG through the Attorney General of the Federation, Abubakar...... more

Charges: CBN Gives Clarifications

Charges: CBN Gives Clarifications   The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits. The News Agency of Nigeria (NAN) reports that the Director, Corporate Communication Department, Mr Isaac Okorafor, made the...... more

Agbakoba Commends FG Over EAC, Identifies Key Legal Steps To Economic Recovery

Agbakoba Commends FG Over EAC, Identifies Key Legal Steps To Economic Recovery By Dr. Olisa Agbakoba SAN Nigeria legal luminary and human rights and democracy crusader, Dr Olisa Agbakoba on Thursday commended the Federal Government for the constitution of an Economic Advisory Council (EAC). He went on to point out necessary legal steps to be taken to ensure that the country comes out...... more

Petroleum Ministry’s Ex-Director Remanded In Prison Over P&ID Deal

Petroleum Ministry’s Ex-Director Remanded In Prison Over P&ID Deal A former director in the ministry of petroleum resources, Grace Taiga, has been remanded in Suleja prison, Niger state, over the controversial Process & Industrial Development Limited (P&ID) deal. TheCable reports that a high court in the federal capital territory (FCT), Abuja, remanded Taiga in prison after she pleaded “not guilty”...... more

FG In Talks With World Bank Over Another $2.5bn Loan

FG In Talks With World Bank Over Another $2.5bn Loan The Federal Government is currently in talks with the World Bank for a fresh $2.5bn loan, Bloomberg has reported. World Bank Vice President for Africa, Hafez Ghanem, disclosed this in an interview in Abuja on Thursday Nigeria received $2.4bn from the World Bank in the past year, according to Ghanem. “We are...... more

Jack Ma, Alibaba’s Chairman, Retires Today At 55

Jack Ma, Alibaba’s Chairman, Retires Today At 55  With Agency Reports Jack Ma, the billionaire who ushered e-commerce into China, is officially stepping down as Alibaba's executive chairman on today, handing the role over to the company’s current CEO Daniel Zhang. He's celebrating his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou....... more

U.S. court discharges NNPC of $2.7bn debt to ESSO

  U.S. court discharges NNPC of $2.7bn debt to ESSO Mother luck smiled on Nigeria escaping another huge debt to be paid to an offshore company again after the P&ID $9.6billion recently incurred as a U.S. Southern District Court of New York delivered judgment in favour of the Nigerian National Petroleum Corporation (NNPC) against ESSO Exploration and Production Nigeria Limited and...... more

Ghana overtakes Nigeria as West Africa’s largest FDI recipient in 2018

Ghana overtakes Nigeria as West Africa’s largest FDI recipient in 2018 A new report by the United Nations Conference on Trade and Development (UNCTAD) has placed Ghana as largest recipient of foreign direct investment in 2018 in West Africa. The report titled ‘UNCTAD Global Investment Trends Monitor’, was released on Monday. It ascribed a 36% decline to Nigeria in FDI in 2018....... more

IMF Lowers Nigeria’s 2019 Growth Projection to 2%

 IMF Lowers Nigeria’s 2019 Growth Projection to 2% The International Monetary Fund (IMF) has cut Nigeria’s Gross Domestic Product (GDP) projection for 2019 to two per cent, from the 2.3 per cent it had predicted for the country previously.  The fund stated this in its World Economic Outlook (WEO) update titled, “A Weakening Global Expansion,” released Monday.  It noted...... more

Food security: Groups train 500 on meal distribution

Food security: Groups train 500 on meal distribution As part of measures to address food security challenges in the country, about 500 people have be trained on meal distribution mechanism. Organisers of the programm, the National Council of Women Societies (NCWS) and My Food Bank (MFB) Nigeria, said the idea is to equip participants on how to effectively improve...... more

Vodafone to lay off more than 1,000 workers

Vodafone to lay off more than 1,000 workers More than 1000 Vodafone workers will lose their jobs the telco has said. Vodafone said Thursday it planned to cut up to 1,200 jobs in Spain as it streamlines its organisation to cope with a drop in revenue and profits in a fiercely competitive telecommunications market. In a statement, the group...... more

Minimum Wage: FG bows to pressure, to send bill to NASS

Minimum Wage: FG bows to pressure, to send bill to NASS The federal government has promised to send a bill on the N30,000 new national minimum wage to the National Assembly on or before January 23. This development is coming after several pressure by organised labour. The latest being the national protest organised labour embarked on Tuesday to press home the demand....... more

FIRS eyes N8tr revenue in 2019

FIRS eyes N8tr revenue in 2019 The Federal Inland Revenue Service (FIRS) is targeting to generate N8 trillion this year. FIRS Executive Chairman Tunde Fowler said this on Monday. Fowler, who spoke in Lagos at the opening of the 2019 FIRS Management and Stakeholders Retreat tagged: “Parliamentary support for effective taxation of the digital economy”, said the...... more

World Bank gets interim successor as Jim Yong Kim resigns

World Bank gets interim successor as Jim Yong Kim resigns From February 1, 2019, the World Bank Group will get an interim successor in Kristalina Georgieva, following the resignation of the president, Jim Yong Kim on Monday. Kim had said in a statement that he will be stepping down from his position after more than six years, just a little over...... more

2019: FG budgets N2.3tr for debt service, N28,908,625m for Villa ranch

2019: FG budgets N2.3tr for debt service, N28,908,625m  for Villa ranch The Federal Government has budgeted to spend over N2,264,014,113,091 for debt service in 2019, even as it allocated N28,908,625 million in the 2019 budget for the upgrade of Villa ranch and construction of wildlife, The Sun has reported. The paper also said that, about N65,431,205 million has been earmarked for wildlife...... more

$2.8m: Court refuses to vacate interim forfeiture order

$2.8m: Court refuses to vacate interim forfeiture order A Federal High Court sitting in Port Harcourt has refused to vacate the interim forfeiture order it granted on December 28, 2018 in respect of $2.8 million. Justice A.T. Mohammed gave the position on Thursday, January 4, 2019. The Economic and Financial Crimes Commission (EFCC), Enugu Zonal Office had on Thursday,...... more

New Abuja airport terminal opens for business

New Abuja airport terminal opens for business The new terminal at the Nnamdi Azikiwe International Airport, Abuja, is now being used, with Asky Airlines leading the way. Asky Airlines’ B737-700 aircraft with flight number ET-AVP, which landed at the airport at 3:30 p.m from Lome in Togo, had 91 persons on board comprising 85 passengers and six crew...... more

FG to meet labour unions Friday over minimum wage

FG to meet labour unions Friday over minimum wage The Federal Government says it will meet with Organised Labour January 4, to prevent the threat of national industrial action over non transmission of the New National Minimum Wage bill to the National Assembly. Sen. Chris Ngige, Minister of Labour and Employment, said the meeting is to nip in the bud...... more

NCC faults Falana’s claims on N600b yearly loss

NCC faults Falana’s claims on N600b yearly loss The Nigerian Communications Commission (NCC) on Sunday faulted Lagos lawyer Mr. Femi Falana’s (SAN) claim that the country was losing about N600 billion due to the failure of the commission to issue “contract award letter” to a firm that allegedly won the contract for the implementation of “Revenue Assurance Software”. Falana...... more

 

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Rochas Okorochas Declare War On Buhari, Tinubu & Oshiomohole

 

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