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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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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UBA To Reward Customers For PoS Use

UBA To Reward Customers For PoS Use

To further encourage e-payments, Pan-African financial services group, United Bank for Africa (UBA), has announced that it will reward 25 lucky customers with N100,000 each, for making payments with their UBA cards through its Point of Sale (PoS) terminals at any merchant location. The promo is scheduled to run till December 31, and after repeated use, customers will be automatically enlisted for the draw when the total sum of payments they have made on UBA POS terminals exceeds N50,000. A total of illion is up for grabs. Speaking during the…

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FG To Add 1000MW To National Grid In 2019

FG To Add 1000MW To National Grid In 2019

AfDB says 645m people without electricity in Africa Although, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in Nigeria. Fashola, at a post-event interview with reporters on the side line of the on-going first Africa Investment Forum (AIF), organised by the African Development Bank (AfDB), in Johannesburg, South Africa, yesterday, said the Ministry expects over 1000 megawatts (mw) to come…

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