BUSINESS
Obaseki plunges Edo into foreign debt with no result to show, DMO reports says
A report from Nigeria’s Debt Management Office (DMO) has shown that Edo State sunk into scary levels of foreign debt under the administration of Governor Godwin Obaseki. According to the data, Edo State has a foreign debt profile of $276.25m representing 6.53 per cent of the sub-national foreign debt portfolio, a figure second only to Lagos State. In spite of this...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
FG earned N5.04tn from oil sale in 11 months – CBN
Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period. A breakdown of the N5.04tn oil...
More borrowing, a sign of liquidity problems in smaller banks – Experts
The Chief Economist/Head, Investment Research of PanAfrican Capital Holdings, Mr Moses Ojo, attributed the increase in the SLF to the low liquidity of some of the commercial banks. He noted that most tier-three commercial banks had borrowed heavily from the apex bank to square up their daily business activities. He said, “The factors that accounted for this is mainly the low...
Banks borrow N19.6tn from CBN amid rising liquidity problems
Commercial banks borrowed a total of N19.64tn from the Central Bank of Nigeria in 2019, an increase of 73 per cent from the N11.36tn borrowed in 2018. This has raised concerns among analysts following the rising liquidity problems in the financial services sector. This happened barely one month after the World Bank warned the CBN against supporting undercapitalised banks indefinitely. According to...
Start registering prostitution as business now – Group begs FG
NON- governmental organisation, NGO, Team of Detecting Agency for Government Reform Initiative, TDAGRI, has advocated registration of prostitution as a business in Nigeria. Leader of the group, Nebeck Eziora, made this proposal in a statement entitled Nigeria in the Era of New Political Invention, stressing that prostitution should be recognised and registered as a business for it to serve as...
It’s Not A Sin To Borrow – Buhari’s Aide, Garba Shehu
President Muhammadu Buhari’s Senior Special Assistant on Media, Garba Shehu, while speaking with journalists at the weekend in Abuja, also said that it was not wrong for the federal government to borrow more money to finance infrastructure in the country. “It is not a scandal to borrow, the bad thing about borrowing is when you deployed it to your pocket....
CBN Slashes Banks’ ATM Withdrawal Fee
The Central Bank of Nigeria on Sunday reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35. The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month. The new directive is part of the major highlights of the new Guide to Bank Charges...
ONNE FREE ZONE REMAINS TOAST OF INVESTORS — OGFZA
RIVERS - The Oil and Gas Free Zones Authority (OGFZA) has described its flagship Free Zone in Onne, Rivers State, as the toast of the global investing community and first port of call for those seeking opportunities for good return on investment in oil and gas related businesses. The Acting Managing Director of OGFZA, Mr Adekunle Ajayi, made the remark...
New approach to taxation pushes A’Ibom IGR to all-time high of N24.8billion in 2019
Abasifreke Effiong Akwa Ibom state has moved from 16th position on the Internally Generated Revenue (IGR) rating table in 2015 to number six (6) on the table in 2019, going by the latest rating released by the Joint Tax Board (JTB). The state's IGR reached an all-time high of N24.8billion within eight months, January to August 2019. This amount represents...
