CBN tackles Senate over alleged unremitted operational surpluses By Eyo Nsima The Central Bank of Nigeria, CBN, Wednesday, challenged the Senate over allegation of unremitted 80 per cent of operational surpluses into the Consolidated Revenue Fund, CRF, in the past five years. The Deputy Governor of CBN in charge of Economic Policy, Dr Kingsley Obiora, […]
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By Eyo Nsima The Lagos Chamber of Commerce, LCCI, has reacted as the The National Bureau of Statistics, NBS, releases Nigeria’s Gross Domestic Produt, GDP, report for the second quarter of 2021. Commenting on the GDP report, the LCCI, stated: “The National Bureau of Statistics has released the national accounts for Q2 2021 showing that
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The Economic and Financial Crimes Commission, EFCC, has urged the banks to investigate their customers’ sources of income. Addressing members of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, who visited him in Abuja, Abdulrasheed Bawa, EFCC chairman, said: “I will like to urge you to know your customers, know the kind
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The Department of Petroleum Resources has faulted the claim by the Nigeria Customs Service that it was partly responsible for the continued smuggling of Premium Motor Spirit popularly called petrol, which has been subsidized by the Federal Government. The Head, Downstream Department, DPR, Bashir Sodiq, said filling stations along the land borders now get less
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While there are a wide range of agritech innovations that could propel African farmers to profitability, only 23% of youth engaged in agriculture are using any form of agricultural technology-noting a lack of financing and training, according to a new 11-country survey by Heifer International (www.Heifer.org). The report, “The Future of Africa’s Agriculture: An Assessment
Aggregates carrier INDI NURMATALIA 07 with 2,200 tons of cement onboard has run aground on coral reefs at night on August 7, 2021, according to FleetMon. It stated: “Aggregates carrier INDI NURMATALIA 07 with 2,200 tons of cement on board ran aground on coral reefs at night August 7, 2021, while approaching Manokwari, West Papua,
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By Dr. Chinyere Almona At the Council Meeting of the Lagos Chamber of Commerce & Industry on Wednesday 4th August 2021, there were deliberations on what practical steps can be taken by the Government to boost revenue and foreign exchange inflows. Nigeria’s fiscal and financial challenges have been of concern to several stakeholders including the
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By Eyo Nsima Wema Bank Plc, a leading commercial bank, has concluded plans to acquire a fintech firm or a merger with another commercial bank. Moruf Oseni, the bank’s deputy managing director, said, Friday, in Lagos during the company’s half-year 2021 investors/analysts presentation, that this was targeted at bringing about growth. He said: “In organic
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CBN introduces guidelines for Payments Service Holdcos By Eyo Nsima The Central Bank of Nigeria, CBN, has introduced guidelines for the regulation of Payments Service Holding Companies, PSHCs, in the nation. The guidelines, stated: “The regulation requires companies desirous of operating more than one license category, to set up a PSHC, with activities of subsidiaries
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DBN increases loan portfolio to N215bn The Development Bank of Nigeria (DBN) has increased its loan portfolio to N215.1 billion. DBN’s Managing Director, Mr. Tony Opkanachi, who provided the loan portfolio data in a statement, stated: “Notably, the Bank maintains a BASEL II capital ratio of 75.2 percent, several multiples of the minimum 10 percent
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