News Nigeria

Ex CBN Gov, Sanusi invests $1bn in A’Ibom

Ihesiulo Grace 10 November 2018 0

The former Governor, Central Bank of Nigeria (CBN) and Emir of Kano, His Royal Majesty Emir Sanusi Lamido Sanusi has indicated interest to invest one billion dollars in Qua Iboe Power Project (QIPP) in Akwa Ibom state. Emir Sanusi disclosed this in Uyo yesterday during his visit to Governor

Business

Nigeria tops Africa’s diaspora remittances list – Emefiele

Ihesiulo Grace 7 November 2018 0

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has disclosed that Nigeria is on top of Africa countries and ranked five globally in the global fund remittances by migrants which World Bank’s estimate put at $613 billion in 2017. Speaking in Abuja at the opening of the workshop on remittances household survey, […]

Business Features

How Heritage Bank is unlocking Nigeria’s Agricultural potentials

Ihesiulo Grace 5 November 2018 0

Nigeria is at the threshold of the much-needed agricultural revolution, as food production remains a significant challenge all over the world, MOTOLANI OSENI, looks into challenges facing diversification of Nigeria’s economy, need for effective agricultural financing, the Central Bank of Nigeria (CBN) intermediation role, and contributions from agricultural friendly banks

Business News

Forex injections: External reserves shed over $2bn in one month

Ihesiulo Grace 5 November 2018 0

…Gain $8.083bn in one year, CBN lifts FX market with $547.16m, CNY56.17m in one week …Investors FX segment records $1.128bn turnover in 5 days. The nation’s external reserves, which is managed by the Central Bank of Nigeria (CBN) has reduced by the total sum of $2.079 billion in just one month, checks by The Daily […]

Business Top Stories

Despite awareness, over 25m bank customers yet to enroll for BVN

Ihesiulo Grace 5 November 2018 0

…Account holders linked with BVN hit 46.1m …As banks record N19.77bn fraud, forgery cases in 6 months Not less than 25.7million bank customers are yet to be captured in the Bank Verification Numbers (BVN) exercise as at June 30, 2018, the Central Bank of Nigeria (CBN) has revealed. The apex bank stated that 64 per […]

News

Senate orders CBN to suspend ATM card maintenance charges

Ihesiulo Grace 18 October 2018 0

The Senate has called on Central Bank of Nigeria to suspend ATM card maintenance charges. Office of the Senate President tweeted the decision on its official handle.Nigerian ATM card holders are usually charged yearly fees for owning the card. BREAKING: Today, the Nigerian Senate passed a resolution calling on the Central Bank of Nigeria (CBN) […]

Business Top Stories

We’ve sustain stability in foreign exchange market – CBN Gov

Ihesiulo Grace 15 October 2018 0

…Finance Minister: World Bank’s HCI ranking a wake-up call The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has said that maintaining a stable exchange rate to avoid depreciation of the Naira is better than building foreign reserve buffers. Emefiele told journalists on Sunday that the development was part of the outcome of the […]

Business Top Stories

2-Sell naira, spray at parties, go to jail-Bankers Committee

Ihesiulo Grace 5 October 2018 0

The Bankers Committee comprising the Central Bank of Nigeria (CBN) and Chief Executive Officers of commercial banks operating in the country on Thursday agreed to take stiffer actions against the nation’s currency abusers, who now risk six months jail term and or N50, 000 fines. The Committee, after its meeting in Lagos on Thursday , […]

Business

Heritage bank seeks banks, Fintechs’ partnership on financial inclusion

Ihesiulo Grace 26 September 2018 0

Heritage Bank Plc has stressed the need for sustained collaboration between banks and financial technology companies (fintechs). This will support Central Bank of Nigeria’s (CBN) drive for financial inclusion and promote economic growth. Managing Director of Heritage Bank, Mr. Ifie Sekibo, said this while delivering a goodwill message at the 2018 Annual National Conference

Business

Capital repatriation: CBN to invite MTN, Stanbic IBTC, 3 others

Ihesiulo Grace 26 September 2018 0

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that the apex bank would invite leading telecommunication operator – MTN and the four banks sanctioned recently for capital repatriation to prove their cases. The four banks are: Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank. Emefiele gave the hint on Tuesday […]

Business Top Stories

Nigeria economy may relapse to recession if…MPC warns

Ihesiulo Grace 26 September 2018 0

…Cautions FG over elections spending, insecurity, flooding …Retains MPR at 14 percent, CRR 22.5%, Liquidity Ratio at 30% The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has warned that the country may slip into recession again if the Federal Government did not take urgent steps to address the imminent danger, noting […]

Business Top Stories

CBN takes over Skye Bank, changes name to Polaris Bank

Ihesiulo Grace 22 September 2018 0

…Revokes licence, injects N786bn to save bank …Directs AMCON to begin sale process Monday The Central Bank of Nigeria (CBN), on Friday, revoked the operating licence of Skye Bank Plc with immediate effect. The CBN Governor, Mr. Godwin Emefiele, disclosed this during a press conference in Lagos. Emefiele added that the decision had been reached […]

Business Top Stories

CBN acquires FG’s N12.4bn shares in NSPMC

Ihesiulo Grace 19 September 2018 0

The Central Bank of Nigeria (CBN) and the Bureau of Public Enterprises (BPE) have reached an agreement for the sale of the Federal Government’s N12.4 billion shares in Nigerian Security Printing and Minting company (NSPMC) to CBN. A total of 20.1 percent shares out of its 30.2 percent was sold to the CBN while government […]

Economy Opinion

The CBN/MTN fine: The gift that keeps on killing

Ihesiulo Grace 18 September 2018 0

By Yakubu Abubakar The nation has watched stupefied as allegation after allegation have been thrown at telecommunications giant, MTN Nigeria over the last few weeks. Some have vehemently insisted that the travails of the company began a few months earlier when ‘well-meaning’ officials of the Nigeria Labour Congress picketed some of the company’s offices to […]

News

Abuja school petitions First Bank over alleged forged loan document

Ihesiulo Grace 11 September 2018 0

Whiteplains British School has petitioned the Central Bank of Nigeria (CBN) and the Board members of First Bank plc demanding a thorough investigation into the emergence of a “Tripartite Legal Mortgage” agreement on a loan arrangement with the bank. The school said it had written all the 18 Board members of First Bank plc to […]

Business Top Stories

Fidelity Bank mulls better financing for real sector

Ihesiulo Grace 10 September 2018 0

Top Nigerian lender, Fidelity Bank Plc, has restated its readiness to take full advantage of the new credit policy guideline recently released by the Central Bank of Nigeria (CBN) to support the growth of the agriculture and manufacturing sectors of the economy. The Bank’s Chief Executive Officer, Mr Nnamdi Okonkwo, made this known in Lagos […]

Business Top Stories

N1.8bn fine imposed on Stanbic IBTC in national interest – CBN

Ihesiulo Grace 8 September 2018 0

The Central Bank of Nigeria (CBN) on Friday said the alleged deduction of N1.886 billion fine from Stanbic IBTC Bank’s account was in the national interest. An official of CBN, who pleaded anonymity while confirming this to the News Agency of Nigeria (NAN) in Lagos, said he could not immediately give details, but the apex […]

Business Top Stories

CBN deducts N5.5bn from StanChart, Citi, Stanbic IBTC over forex infractions

Ihesiulo Grace 7 September 2018 0

The Central Bank of Nigeria has deducted total sum of N5.486 billion from accounts of Standard Chartered, Citigroup and Stanbic IBTC Plc over violation of extant laws and regulations, including the Foreign Exchange (Forex) mitoring and miiscellaneous Provisions. The apex bank debited Standard Chartered the sum of N2.4 billion ($7.9 million), deducted N1.2 billion from […]

Analysis Economy

Nigeria’s vibrant business landscape – The case of an arid rainforest

Ihesiulo Grace 5 September 2018 0

By Ikemesit Effiong   Indeed, Nigeria might be in the throes of a regulatory perception problem. The latest confirmation of this issue comes from the rather puzzling decision by the country’s central bank to sanction Africa’s biggest telecom firm MTN Nigeria and four banks for what it called the “illegal repatriation” of $8.1 billion from […]

Business News

CBN’s sustained FX intervention aiding manufacturing sector growth-Analysts

Ihesiulo Grace 4 September 2018 0

…As PMI closes July at 57.1 index points Following the closure of the Manufacturing Purchasing Managers’ Index (PMI) in the month of August at 57.1 Index points from 56.8 index points in July, Finance analysts, haves said that the Central Bank of Nigeria (CBN) sustained foreign exchange intervention is the growth in the manufacturing sector. […]