Finance

Experts: Central bank’s proposed policy for loan defaulters commendable

Financial experts say the Central Bank of Nigeria’s (CBN) proposed policy that will ensure that loan defaulters forfeit their deposits in other banks is commendable.

Nigeria’s GDP slows to 1.94 percent in second quarter

Nigeria’s Gross Domestic Product (GDP) growth rate dropped to 1.94 per cent (year on year) in real terms in the second quarter of the year (Q2 2019) compared to 2.10 per cent in the preceding quarter, according to the National Bureau of Statistics (NBS).
Debt Management Office (DMO)

Federal government’s September savings bond opened for transactions

The Debt Management Office (DMO) says that the September savings bonds’ offer of the Federal Government has opened for transactions.
South African Rand

South African rand flat as investors await GDP data

South Africa’s rand traded sideways on Monday, with investors holding fire ahead of second quarter economic growth figures that could help gauge the future direction for the currency.
Mary Uduk - The Securities and Exchange Commission (SEC) has urged investors with multiple shareholding accounts to regularise such before December 31, 2019.

SEC urges defunct Afribank shareholders to claim dividends

The Securities and Exchange Commission (SEC) on Monday asked shareholders of the defunct Afribank Plc to claim their dividends.
France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook’s Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules, France’s central bank governor said on Friday.

Facebook’s Libra currency ‘could undermine ECB’ – official

Widespread adoption of Facebook’s proposed “Libra” cryptocurrency could harm the European Central Bank’s ability to manage the eurozone economy and threaten the euro itself, a top official said Monday.

Central bank rolls over N208.6 billion maturing T-bills

The Central Bank of Nigeria (CBN) has rolled over N208.6 billion Treasury Bills across all maturities at the Primary Market Auctions.

Dirty notes: Central bank’s deadline ends today

The three-month deadline set by the Central Bank of Nigeria (CBN) for bank customers to deposit dirty naira notes in their banks will elapse at the close of business today.

CAFEi urges CBN to extend deadline for mutilated notes return

Otunba ‘Debola Osibogun, CAFEi President, said in Lagos on Sunday that extension of the deadline would give room for more people to key into the initiative.

Experts: Central bank deposit forfeiture order is legal

Contrary to insinuations in some quarters, the Central Bank of Nigeria (CBN) new policy regime mandating banks to go after customers who default on the repayment of their loans by seizing their deposits in other accounts is backed by law.

Firm launches savings, investment application in Ibadan

In its bid to assist people, especially small and medium entrepreneurs and those living in rural areas, to have access to credit facilities, a firm, Credit Assist Investment Limited, has launched a standard secured web and mobile application, KoloMoni.

CACS: First Bank disburses over N100 billion to support agricultural value chain – Adesola...

First Bank of Nigeria Limited has disbursed over N100 billion under the Central Bank of Nigeria Commercial Agriculture Credit Scheme initiative introduced to strengthen agricultural value chain.
President Muhammadu Buhari says Nigeria has very attractive investment opportunities with some of the highest “Returns-on-Investment’’. 2

President Buhari welcomes investments from Japan bank, Toyota

President Muhammadu Buhari on Friday held investment talks with top officials of Japan Bank for International Cooperation, and Toyota Group, at the margins of the Seventh Tokyo International Conference on African Development (TICAD 7), holding in Yokohama, Japan.

Expert warns federal government against danger of external debt

Nwani said there is nothing bad in borrowing but added that it should be for developmental projects in such a way that would have positive effects on economic growth and human development.

Ecobank chief asks bankers to reposition for challenges

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has called on bankers to reposition their skillsets and knowledge-scope in order to meet with the challenges of a fast-changing business environment and marketplace.
Bank of Industry (BoI)

BoI disburses $2.4 billion to two million SMEs

The Board Chairman, Bank of Industry (BoI), Aliyu Dikko, on Thursday said the lender has provided financial support worth N678 billion ($2.4 billion) to over two million Small and Medium Enterprises (SMEs).

MUFG Bank, Afreximbank seal pact

The African Export-Import Bank (Afreximbank) and MUFG Bank on Thursday in Yokohama City, Japan, announced the signing of a Memorandum of Understanding (MOU) to provide a broad framework for collaboration between the two organisations.
The African Development Bank, AfDB, says it has approved a 70 million dollar loan for a road project in Ebonyi. The bank said on its website on Friday that it would provide $40 million, while its co-financier, the Africa Growing Together Fund (AGTF), would contribute $30 million for the project.

AfDB spends $2 billion to train six million African scientists

The African Development Bank (AfDB) says it has committed $2 billion to the education and training of six million science students in Africa from 2005 to date.

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Ousted emir emerges Zamfara PDP deputy chairman

Former Emir of Bakura in Zamfara, Alhaji Hassan Marafa has emerged as the Deputy Chairman of the state chapter of the Peoples Democratic Party (PDP).
Seyi Makinde

Tribunal verdict triumph of truth over falsehood – Oyo governor

Oyo State Governor, Mr Seyi Makinde, has described his victory at the Governorship Election Petitions Tribunal as the triumph of truth over falsehood.
Google employees are holding a sit-in at offices around the world to protest alleged retaliation against workers.

Google to unveils new Pixel phone October 15

Google on Monday sent out invitations to an October 15 event starring “things Made by Google,” with a new Pixel smartphone expected in the line-up.

Reps: 1,723 contractors received N70 billion without mobilising to site

The House of Representatives ad hoc committee on abandoned Projects in Niger Delta has discovered that a total of 1,723 contractors had collected a total of N70.495 billion without mobilising to the site.

Gary Neville brands Paul Pogba’s agent Mino Raiola a ‘disgrace’

Gary Neville has branded Manchester United midfielder Paul Pogba’s agent Mino Raiola a disgrace and urged his former club to no longer negotiate with the Italian.