NECA: Nigeria Breweries Closure By Lottery Commission Illegal

NECA: Nigeria Breweries Closure By Lottery Commission Illegal

The Nigeria Employers’ Consultative Association has kicked against the closure of offices and business premises of Nigeria Breweries Plc across the nation by the Director-General of the National Lottery Regulatory Commission, Mr Lanre Gbajabiamila. NECA said that Gbajabiamila’s action had failed to respect the ongoing suit – CA/A/207/2016, NECA & 1 or vs. AG Federation & 3 others – which is connected to the issue that allegedly prompted the closure of the Nigeria Breweries. It added that the court, since 2016, had directed parties in the case to maintain status…

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Over 6000 Jobs Saved As A Result Of Polaris Bank Take-Over

Over 6000 Jobs Saved As A Result Of Polaris Bank Take-Over

The adoption of the bridge bank option, which led to the establishment of Polaris Bank to take over the defunct Skye Bank, was able to save the banking industry of over N949.6bn in depositors’ fund. The Managing Director, Nigerian Insurance Corporation, Alhaji Umaru Ibrahim, said this on Tuesday during a workshop on ‘Financial inclusion, consumer protection and evolution of virtual currencies in Nigeria.’ The Central Bank of Nigeria had on September 22 revoked the operating licence of Skye Bank Plc. The Governor, CBN, Godwin Emefiele, had while making the announcement…

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IMF: Nigeria’s Revenue To Weaken In 2019

IMF: Nigeria’s Revenue To Weaken In 2019

The International Monetary Fund’s prediction of a weak revenue generation for Nigeria in the short term may have some implications, according to reports. This is coupled with the Federal Government’s recent projections of lower revenue for 2019 than budgeted for 2018. According to a research report by the FSDH Merchant Bank Limited titled ‘Low revenue generation: Implications for Nigerian economy and financial market,’ the declining crude oil price may place additional macroeconomic pressure on Nigeria in the short term. The Federal Government would need to urgently adopt active partnership arrangements…

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MTN Nigeria To Begin Mobile Money Operations In Q1 2019

MTN Nigeria To Begin Mobile Money Operations In Q1 2019

MTN Group says it will apply for a mobile banking licence in Nigeria and launch the service in the coming year. The Chief Executive Officer of the company, Rob Shuter, made this known while addressing a conference in Cape Town on Tuesday, Reuters reported. “We will be applying for a payment service banking licence in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019,” Shuter said. This is coming after the Central Bank…

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FG Partners Lagos Firm On 150km Per Hour Lagos-Abuja Fast Rail

FG Partners Lagos Firm On 150km Per Hour Lagos-Abuja Fast Rail

In a bid to solve the challenges of gridlock and hazards involved in travelling by road from Lagos to the Federal Capital territory, Abuja, work is in the pipeline for a hi-tech transportation system for the route. The fast cable light rail project will cover the distance of Lagos and Abuja in 45 minutes at an average speed of 150km per hour but has capacity for 500km per hour. At a gathering in Lagos to sensitive members of the public to the project, the Regional Head, Skyway String Transport Technology,…

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Osinbajo: Nigeria’s Debt To GDP Is 20%

Osinbajo: Nigeria’s Debt To GDP Is 20%

Vice-President Yemi Osinbajo on Tuesday defended Nigeria’s $73bn debts despite admitting that the debt profile grew by another $10bn between 2015 and this year. In 2015, the VP said the debt size was $63bn, growing by $10bn to hit $73bn in 2018. However, Osinbajo, who spoke during a town hall meeting with Nigerians in Abuja, defended the debt profile, arguing that the country was still within the safe region, especially when compared with other countries. He said people had misconceptions when they argued that the present administration of President Muhammadu…

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New List Of Debtors To Be Released By AMCON

New List Of Debtors To Be Released By AMCON

The Asset Management Corporation of Nigeria is preparing to release another list of debtors, an investigation has revealed. The corporation’s Head of Corporate Communications Department, Jude Nwauzo, confirmed this to our correspondent in a telephone chat. According to information obtained, the corporation has decided to expose the debtors following their failure to meet their debt obligations after several peaceful engagements. Nwauzo told our correspondent that AMCON would be forced to charge the debtors to court if they failed to repay their loans. In October, AMCON published a list of defaulters…

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Global Market Threatened With Crude Oil Surplus In 2019

Global Market Threatened With Crude Oil Surplus In 2019

  Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. “In 1H19, based on our outlook…

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NSE, CISI Collaborate On Stakeholder Training

NSE, CISI Collaborate On Stakeholder Training

The Chartered Institute for Securities & Investment (CISI) has entered into a new partnership with The Nigerian Stock Exchange (NSE) to provide trainings for CISI’s qualifications in Nigeria, under the auspices NSE’s X-Academy. Based in London, CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession. The NSE said in a statement that the partnership will result in CISI accrediting X-Academy as its training partner in Nigeria for qualifications including…

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Chams, First Access To Roll Out Digital Credit Solution

Chams, First Access To Roll Out Digital Credit Solution

Chief Executive Officer, ChamsAccess, Dumebi Obodo New York-based financial technology (Fintech) company – First Access, is partnering its Nigerian counterpart, ChamsAccess Limited, to deliver digitised and automated credit solutions to micro lenders. The software platform allows micro lenders anywhere to digitise their entire lending process, and capable of replicating existing processes and accommodating a wide range of needs around origination, approval, monitoring and collection due to its flexibility. First Access provides an easy way for traditional institutions to enter the digital world, driving faster growth and strong risk management practices….

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