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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CBN Strengthens Naira With  $210m Forex Injection

CBN Strengthens Naira With  $210m Forex Injection

CBN headquarters, Abuja The Central Bank of Nigeria on Tuesday injected $210m in the inter-bank foreign exchange market. Figures obtained from the CBN indicated that the authorised dealers in the wholesale segment of the market received $100m while the small and medium enterprises and invisibles segments were allotted $55m each. The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the naira would continue its strong run against the dollar and other major…

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N115 Billion FG Bonds For Auction

N115 Billion FG Bonds For Auction

The Debt Management Office has said the Federal Government will auction by subscription N115bn worth of bonds on November 21. In a circular by the DMO on its website on Tuesday, the breakdown of the figure revealed that N35bn five-year reopening bond to mature in April 2023 would be offered at 12.75 per cent; another N35bn seven-year reopening bond to mature in March 2025 would be auctioned at 13.53 per cent; while N45bn 10-year bonds to mature in February 2028, would be auctioned at 13.98 per cent. The DMO said,…

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Air Peace: Impossible Charges Hamper Planned International Routes

Air Peace: Impossible Charges Hamper Planned International Routes

Air Peace has blamed aviation politics for the delay in starting its flights to long-haul routes, such as London, Guangzhou-China, Houston, Mumbai, Johannesburg, Dubai and Sharjah. The airline’s Chief Operating Officer, Mrs Oluwatoyin Olajide, stated that the authorities of most of the international destinations approved for the carrier were either deliberately foot-dragging in processing its application or imposing frustrating conditions to discourage it from flying into their domains. Some of the destination countries, she said, responded to the airline’s application only after about two years. Where the destination countries reluctantly…

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