Business

Banks get ultimatum to make full provision for forex loans

The seven days grace given to commercial banks, within which, to dust up their books on foreign currency denominated loans and advances provided in the previous exchange rate regime, elapses this week.
The Central Bank of Nigeria had last week ordered Deposit Money Banks to make full provision f [...]

Forex sale to BDCs will discourage speculations - CBN

The Central Bank Governor, Mr. Godwin Emefiele, has allayed fears that its recent decision to allow International Money Transfers Operators, through authorised dealers, sell foreign currencies to BDCs would fall arbitrage.
He said the policy would rather bridge the gap between the interbank and [...]

Huge debts threaten GENCOs investment in Nigeria

If nothing is done to recover the huge debt owed Electricity Generating Companies, GENCOs, or a full payment of the federal government’s stabilization fund is made, then the power companies may be forced to withdraw their investments from the country.
Those were the submissions of the firm [...]

FG spends 35% of 2016 budget in 2 months

Over 34.6percent, that is about N2.1 trillion, of the 2016 budget has so far been expended since May, when the federal government began implementation of the budget.
Minister of Budget and National Planning, Mr. Udoma Udo-Udoma, disclosed that approximately N2.1 trillion of the N6.06 trillion ap [...]

Group Managing Director of the NNPC, Dr. Maikanti Baru with the Chief of Defence Staff, Gen. Gabriel Olonishakin, during a meeting at the Defence Headquarters Abuja, last week. Photo: NNPC.

L-R: Managing Director/CEO, Stanbic IBTC, Mrs Sola David-Borha, wife of Nigeria’s Vice President , Dolapo Osinbajo, wife of Nigeria’s President, Hajia Aisha Buhari, President,vInternational Trade Centre, Arancha Gonzalez and President, Tony Elumelu Foundation, Mr Tony Elumelu during the Women in Export Stakeholders Forum and Exhibition in Abuja. Photo: Wale Elekolusi.

Economic crunch mar Sallah celebrations in Abuja

The recession currently being experienced in the Nigerian economy took its toll on the festive period, as most Islamic faithful said they were forced to celebrate the last Eid El-Fitri in a low key.
Sallah celebrations, like any other religious festivities in Abuja are renowned for their elabora [...]

Banks to ascertain status of collateral through NCR

Deposit Money Banks and other financial institutions in the country have been asked to forthwith, register all collateral used in obtaining loans with the Nigeria Collateral Registry, NCR.
The directive which has been in effect since Monday last week, will help the financial institutions ascerta [...]