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Mr Kayode Pitan, Chairman, Bank of Industry (BoI) spoke at the inauguration of the transport sector track of the Micro, Small and Medium Enterprises (MSME) Survival Fund in Lagos.

BoI records N35.5 billion profit as assets hit N1.86 trillion

The Bank of Industry (BoI) has said it recorded a profit after tax of N35.54 billion for the financial year ended Dec. 31, 2020, as its total assets hit N1.86 trillion.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN tells banks to get on its central credit management platform

The Central Bank of Nigeria (CBN) has mandated all development finance institutions (DFIs), microfinance banks (MFBs), primary mortgage banks (PMBs) and finance companies (FCs) operating in the country to enrol on its credit risk management system (CRMS).
Nigeria Naira

Analysts: Printing currency could hurt economy

Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy.
The Nigeria Interbank Settlement System (NIBSS) has issued approved standard operating guidelines for the Bank Verification Number (BVN) matching system, mainly for a harmonised way of verifying customer’s identity.

Nigerian banks get standard operating guidelines for BVN matching

The Nigeria Interbank Settlement System (NIBSS) has issued approved standard operating guidelines for the Bank Verification Number (BVN) matching system, mainly for a harmonised way of verifying customer’s identity.
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

44 companies to face NSE’s sanctions over default filing

A total of 44 companies quoted on the Nigerian Stock Exchange, NSE, may face sanctions from the Exchange for failing the timeline in rendition of 2020 audited financial results.

PACN: Report of liquidity issues in Wema Bank never from us

PanAfrican Capital Holdings Limited, PACN, has stated that recent media reports to the effect that liquidity crisis had hit one of the nation’s oldest banks, Wema Bank did not in any way represent its position or from them.
ActionAid Nigeria (AAN)

ActionAid, stakeholders express worry over unstable levels of borrowing, rising national debt profile

A non-profit making organisation, ActionAid Nigeria, AAN, and stakeholders, Friday, expressed worry over unstable levels of borrowings and rising national debt profile under the Buhari-led administration and poverty increasing daily.
FILE PHOTO - A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS-Yuriko Nakao-File Photo

Africa seeks $25 billion for climate adaptation, green recovery

African nations aim to double funding for climate change adaptation projects to $25 billion over five years as they look to foster a green recovery from the economic damage wrought by the coronavirus pandemic.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN gets court order to freeze 193 accounts for forex fraud

The Central Bank of Nigeria (CBN) has secured the orders of the Federal High Court, Abuja to freeze 193 corporate and individual bank accounts, pending the outcome of investigations into allegations of foreign exchange (FX) infractions against holders of the accounts.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN sensitizes Nigerians on products, policies

Speaking at the fair with the theme: Promoting Financial Stability and Economic Development at Sultan Maccido Quranic institute, Sokoto, the CBN Governor Mr Godwin Emefiele said this was to enlighten the general public about the products and interventions of the bank to grow the nation’s economy.
The Central Bank of Nigeria (CBN) has revealed that the aggregate domestic credit in commercial banks grew by 7.61 percent in October 2020, compared with 7.35 percent in the previous month.

CBN freezes 11 bank accounts over suspicious activities

Eleven bank accounts of some companies and an individual were on Wednesday frozen by the Central Bank of Nigeria (CBN).
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF mulls $650 billion special drawing rights to boost countries’ reserves

The International Monetary Fund (IMF) says it will propose a $650 billion special drawing rights (SDR) to boost international reserves of its member countries.
The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, (NIRSAL PLC) has facilitated over N148 billion in finance and investments for agriculture and agribusiness.

NIRSAL debunks corruption allegation over handling of ABP, threatens litigation

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has debunked reports that the Central Bank of Nigeria has suspended further disbursements to the agency over allegations of corruption in its handling of the Federal Government’s Anchor Borrower’s Programme.
Canada’s top banks are shedding workers for the second straight year, moving toward leaner operations to satisfy investors demanding returns on tens of billions of dollars that lenders have poured into new technologies.

Canadian banks shrink workforce to cover big tech investments

Canada’s top banks are shedding workers for the second straight year, moving toward leaner operations to satisfy investors demanding returns on tens of billions of dollars that lenders have poured into new technologies
Pedestrians walk in Buenos Aires' financial district, Argentina September 24, 2020. REUTERS-Agustin Marcarian

SDRs and debt holidays still just a band-aid for debt-hobbled countries

Debt experts, charity groups and investors welcomed news on Wednesday that the world’s poorest countries will get new IMF funds and COVID-19 debt relief, but they also cautioned that for some it would still only be a band-aid solution.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

IMF urges sub-Saharan Africa to increase tax revenues, others

The International Monetary Fund (IMF) has urged countries in Sub-Saharan Africa to do more domestically to increase tax revenues and improve the quality of spending.
The Financial Reporting Council of Nigeria (FRC) has issued new reporting guidelines to enable firms respond to prudential considerations in various sectors.

FRC charged to enforce acceptable financial reporting in MDAs

The Accountant-General of the Federation, Ahmed Idris, on Wednesday charged the Financial Reporting Council of Nigeria to enforce the acceptable financial management and reporting standards in ministries, departments and agencies of government.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

IMF, World Bank advocate flexible fiscal support, debt relief

Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic.
World Bank Group President David Malpass

Nigeria to benefit as G-20 approves extension of debt relief

Finance ministers of G-20 countries have approved an extension of debt relief for the world’s poorest nations till December 2021.
Debt Management Office (DMO)

DMO opens FGN savings bond offer for subscription

The Debt Management Office (DMO) has announced the offering for subscription the 2 and 3 years federal government of Nigeria (FGN) savings bond for April 2021.
The Central Bank of Nigeria (CBN) has revealed that the aggregate domestic credit in commercial banks grew by 7.61 percent in October 2020, compared with 7.35 percent in the previous month.

Microfinance banks seek extension of recapitalisation deadline

Microfinance banks in Nigeria will not be able to meet up with recapitalisation requirement of the Central Bank of Nigeria, within the proposed time, because of the effect of the coronavirus pandemic on the economy, an official has said.

Ex-CBN deputy governor: Terrorists, kidnappers now demanding ransom in cryptocurrency

Kingsley Moghalu, former presidential candidate of the Young Progressives Party (YPP), says terrorists and kidnappers are now demanding ransom in cryptocurrency.

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The Senate President, Ahmad Lawan, has said that for appreciable development to take place in the country, more women must be regarded and enlisted to take up more spaces in governance.

Nigeria’s senate president, others bag NIS fellowship award

Senate President, Ahmed Lawan, and the governor of Lagos State, Babajide Sanwo-Olu, were on Wednesday in Abuja presented with the Honourary Fellowship Award of the Nigerian Institution of Surveyors (NIS) alongside a former Minister of Defence, Brig-General Mansur Dan-Ali (rtd) and the Emir of Nasarawa, HRH Alh. Ibrahim Usman Jibril, at the institution’s 2021 investiture ceremony.
The Chairman of the Board of Trustees of the Tertiary Education Trust Fund, TETfund, Alhaji Kashim Ibrahim-Imam, on Wednesday said he and the Executive Secretary of the Fund, Prof. Suleiman Bogoro, took the suspension of the Vice Chancellor, University of Lagos, UNILAG, Prof. Oluwatoyin Ogundipe, personal when he was suspended by the Governing Council of the institution last August.

Official: TETFund spends N120 billion on academic staff training since 2008

Academic Staff from public institutions across the country have so far accessed over N120 billion for training, within and outside Nigeria, from the Tertiary Education Trust Fund (TETFund) since its inception in 2008.
As children across Nigeria join their world counterparts to celebrate Children’s Day, Governor Muhammadu Inuwa Yahaya of Gombe State has called on parents, community leaders, teachers and all involved in children’s upbringing to take mentoring seriously and provide them with a good leadership example.

Payroll fraud: Gombe approves N1.49 billion for biometric system installation

The Gombe State Government has approved the sum of N1.499 billion for the supply and installation of biometric attendance system to check payroll fraud in the state’s civil service.
All Progressives Congress (APC) Nigeria

2023: APC disowns viral zoning arrangement

The national caretaker/extraordinary convention planning committee (CECPC) of the ruling All Progressives Congress (APC) has disowned a zoning arrangement list in circulation on the social media.
Euro 2020 is almost certain to be postponed in the wake of the coronavirus pandemic sweeping across the globe.

UEFA confirms Rome as Euro 2020 host city

Rome’s Stadio Olimpico has been “fully confirmed” as a venue for Euro 2020 matches after the Italian government guaranteed the presence of at least 25 per cent of fans, UEFA announced on Wednesday.

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Public works programme participants lament non-payment by government

Participants in the Federal Government’s Special Public Works programme have complained about the non-payment of their stipends three months after the initiative took off.
Director General of the centre, Mrs. Mary Ekpere-Eta who said this in Abuja during the official launch of the Nigerian women for Liquefied Petroleum Gas project, said this was in a bid to improve women’s livelihoods, survival, clean environment, as well as pulling millions of households out of poverty.

NCWD: 99 million Nigerian women to benefit from oil, gas in three years

Director General of the centre, Mrs. Mary Ekpere-Eta who said this in Abuja during the official launch of the Nigerian women for Liquefied Petroleum Gas project, said this was in a bid to improve women’s livelihoods, survival, clean environment, as well as pulling millions of households out of poverty.

PDP governors: Restructuring necessary to avert civil war

Amidst rising tension across the country, the Peoples Democratic Party (PDP) Governors Forum, yesterday, said an urgent devolution of power and restructuring of the polity has become imperative, as the country cannot afford another civil war.
A retired National Boxing Coach, Samson Aransiola, on Monday said that indigenous boxers were being robbed of a place in the heavyweight category because the sport lacked adequate investment in the country.

NSF: Ondo boxer knocks out opponent in 15 seconds, advances to semis

Ondo state boxer, Adedeji Adegbola, on Friday, knocked out his opponent, Oluwafemi Adetoye of Yobe state, in a record 15 seconds of their first round heavyweight boxing bout at the ongoing National Sports Festival in Benin.

Group condemns military invasion of Benue communities

A group known as Shangev-Tiev Assembly (STA) has condemned the military invasion of parts of Konshisha Local Government Area of Benue State in which many lives have allegedly been lost and several property destroyed.