Nigeria’s Annual Paper Import Hits N720 Billion

Nigeria’s Annual Paper Import Hits N720 Billion

Nigeria is currently importing over two million metric tons of papers valued at N720 billion yearly. This has triggered concerns on the need to develop the local print and graphics industry for improved contribution to the economy. Printing and graphics stakeholders under the aegis of Change Group have therefore urged the Federal Government to develop the print and graphics industry in Nigeria through collaboration with stakeholders in its quest to diversify the economy from oil. The group lamented that the country is loosing billions of naira to capital flight from…

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CBN Retains MPC At 14%

CBN Retains MPC At 14%

The Central Bank of Nigeria (CBN) has retained its more than two-year Monetary Policy Rate (MPR) to close the 2018 fiscal calendar. The decision was reached at the end of its Monetary Policy Committee (MPC) meeting yesterday in Abuja. The MPR, which is the interest rate at which the CBN lends money to commercial banks, was retained at 14 per cent alongside other base rates. They include Asymmetry Corridor at +200-500 basis points around MPR, Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent….

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CBN Pledges To Monitor Political Lending By Commercial Banks

CBN Pledges To Monitor Political Lending By Commercial Banks

CBN Governor, Mr. Godwin Emefiele The Central Bank of Nigeria on Thursday said it would monitor the rate at which banks provide loans to politicians to finance their campaign spending ahead of the 2019 general elections. The Governor of the CBN, Mr Godwin Emefiele, disclosed this while briefing journalists shortly after a two-day Monetary Policy Committee meeting which were held at the headquarters of the apex bank in Abuja. Responding to a question on what steps the apex bank was taking to check excessive lending by banks to politicians, the…

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Senate Questions $3.12 Billion NLNG Withdrawals

Senate Questions $3.12 Billion NLNG Withdrawals

The Senate Committee on Gas has directed the Nigerian National Petroleum Corporation and the Central Bank of Nigeria to submit within one week, the schedules of the 45 withdrawals made from the account of the Nigeria Liquefied Natural Gas from 1999 till date. The senate panel, which is probing the alleged mismanagement of the NLNG dividends’ accounts, asked the two federal agencies to specifically include the 22 schedules of dividend payments and withdrawals from May 2015 without the National Assembly approval. The Chairman of the committee, Senator Bassey Akpan instructed…

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FG’s Green Bond To Take Off In December

FG’s Green Bond To Take Off In December

The Federal Government on Thursday announced that arrangements had been completed for the issuance of its second green bond in December 2018 to facilitate the funding of climate change projects across the country.  The Minister of State for Environment, Ibrahim Jibril, announced the government’s readiness to issue the second green bond at a two-day national stakeholders retreat organised by the Federal Ministry of Environment ahead of the planned issuance. The government had in 2017 issued a maiden N10.69bn green bond with a five-year tenor to fund projects for the development…

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CBN: Bank Fraud To Reach N6.1 Trillion By 2021

CBN: Bank Fraud To Reach N6.1 Trillion By 2021

Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021. Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation in Benin. According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally. Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department NDIC, said it was due to broader ecosystem scope, evolution of…

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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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