Business

CBN moves to stops bank services for textile smugglers

Textile smugglers are in for a tough times in Nigeria, as the Central Bank of Nigeria says it plans to make it difficult for them to operate banking business in the country.

This is part of strategies the apex bank hopes to deploy to discourage recalcitrant smugglers and also reposition the tex [...]

Sat, 09 March 2019


Trade ministry seals filling stations in Abuja

The Federal Ministry of Industry, Trade and Investment, recently sealed some filling stations in the nation’s capital Abuja, for dispensing less fuel than was paid for by customers.

This action caused confusion, as observers questioned the right of any other government agency other than t [...]

Sat, 09 March 2019


NIRSAL MFB’ll create healthy rivalry –Emefiele

When fully functional, the proposed NIRSAL Micro Finance Bank is expected to provide single digit interest loans of five percent to small businesses across the country, the Central Bank of Nigeria has revealed.

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, while allaying fears tha [...]

Sat, 09 March 2019


Collapse of Fortis MFB collapse expected-NDIC

Nigeria Deposit Insurance Corporation, NDIC, said the liquidation of Fortis Micro-Finance Bank, MFB, was done after every attempt to save the bank from going under failed.

NDIC denied media reports that it the liquidation process was hurriedly done without prior attempt to salvage the ailing ba [...]

Sun, 17 February 2019


DMBs approve loan for ICT, entertainment industries

The Central Bank of Nigeria, CBN, has agreed to provide new credit facility at single-digit interest for the creative sector so as to drive job creation in the sector.

The Bankers Committee of the CBN said the decision to support the creative industry was born out of the conviction that the sec [...]

Sun, 17 February 2019


2019 will be the year for farmers- NCX

The Nigeria Commodity Exchange, NCX, says it is hoping to generate at least N4.3billion from trading on farm produce in 2019. In this interview, the MD of the agency, Zaheera Baba-Ari, talks about the new trading system to be deployed in achieving this feat. Sarah NEGEDU was there. Excerpts:

Sun, 17 February 2019


FG unveils portal to check fraud in procurement processes

As part of efforts to ensure transparency in the procurement process across government agencies, the Federal Government recently developed a new portal to harmonize prices of items to be acquired by MDAs.

 

The portal known as the price checker is part of the financial management re [...]

Sat, 09 February 2019


Mining sector attracts huge investment in 2018– NIPC

Mining and quarrying sectors were said to have accounted for a large chunk of proposed investment in the Nigerian economy in 2018.

According to the Nigerian Investment Promotion Commission, NIPC, total investment commitment into various sectors of the economy stood at $90.9billion in 2018, with [...]

Sat, 09 February 2019


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