Finance

Ecobank: We are building entrepreneurs, supporting financial inclusion

Ecobank Nigeria has reiterated that its agency banking scheme, also known as Xpress Points, is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria.

Court strikes out suit against NIPC

The Abuja Division of the Federal High Court has struck out a suit brought by a member of the governing council of the Nigerian Investment Promotion Commission (NIPC) which sought to block the agency from spending the N5.6billion internally generated revenue that accrued to it.
African Export-Import Bank (Afreximbank)’s President, Prof. Benedict Oramah, said this at the on-going Afreximbank Annual Meeting (AAM 2019) in Moscow on Thursday.

Afreximbank raises $907.5 million syndicated loan

The African Export-Import Bank (Afreximbank) has demystified market uncertainties caused by COVID-19 pandemic and successfully concluded a dual-currency Syndicated Loan, equivalent of US$907.5 million.
Motorists drive in traffic along a highway as pedestrians walk on the walkways before a curfew, which is a measure to contain the spread of the coronavirus disease (COVID-19), in Nairobi, Kenya May 13, 2020. REUTERS-Thomas Mukoya

Private creditors push back against blanket debt relief for Africa

Prominent emerging market creditors have set up a new group to help heavily-indebted African nations coordinate responses to the economic impact of COVID-19, but have also criticised recent calls for blanket debt relief.
The Asian Development Bank said Monday it will roll out a massive $20 billion package to help developing member nations weather the economic fallout from the coronavirus pandemic.

ADB: Coronavirus’ economic impact could hit $8.8 trillion

Global economic losses from the coronavirus pandemic could reach up to 8.8 trillion dollars, or nearly 10 per cent of the world economy’s output, the Asian Development Bank (ADB) said on Friday.
Zainab Ahmed

Minister: N5.548 trillion now available to fund 2020 budget

The Minister of Finance, Zainab Ahmed, has disclosed that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion.
South African Rand coins are seen in this photo illustration. REUTERS-Mike Hutchings

South Africa’s rand weaker as global economic worries weigh

South Africa’s rand weakened early on Thursday as demand for emerging currencies continued to ebb due to growing concerns over the impact of the coronavirus on the global economy.
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.

Central bank to offer grants in race for coronavirus vaccine

The Central Bank says it is developing a framework to offer grants and credit to researchers, science institutions and biotechnology firms to develop a vaccine against Covid-19.
Waziri Adio NEITI

Federal, states, local governments receive N1.95 trillion from FAAC in first quarter

Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, stated that the Federal, states and local governments received N1.95 trillion from the Federation Account Allocation Committee (FAAC) in the first quarter of 2020.
South Africa’s central bank has temporarily prohibited the use of debt issued by the Land Bank as collateral after the state agricultural lender was downgraded deeper into junk status and missed $2.7 billion in loan repayments.

South Africa suspends use of Land Bank debt as collateral after default

South Africa’s central bank has temporarily prohibited the use of debt issued by the Land Bank as collateral after the state agricultural lender was downgraded deeper into junk status and missed $2.7 billion in loan repayments.
A security takes his position in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt March 14, 2016. REUTERS-Amr Abdallah Dalsh

Egyptian state banks collect over $7 billion from high-yield certificates

Egypt’s two biggest state banks have collected 121 billion Egyptian pounds ($7.7 billion) from a new high-yield savings certificate they introduced in March, officials from the two banks were quoted as saying on Sunday.
South Africa’s central bank (SARB) said on Friday it would reduce overnight repo auctions to one per day from the two it has held since early March to inject liquidity into the banking system amid the coronavirus pandemic.

South Africa’s central bank switches back to one daily repo auction

South Africa’s central bank (SARB) said on Friday it would reduce overnight repo auctions to one per day from the two it has held since early March to inject liquidity into the banking system amid the coronavirus pandemic.
The All Farmers Association of Nigeria, AFAN, Friday, hailed the appointment of acting Managing Director of Bank of Agriculture, BoA, Alwan Hassan, as it signifies hope for smallholder farmers in the country.

AFAN: Alwan Hassan’s appointment as BoA’s acting chief signifies hope for farmers

The All Farmers Association of Nigeria, AFAN, Friday, hailed the appointment of acting Managing Director of Bank of Agriculture, BoA, Alwan Hassan, as it signifies hope for smallholder farmers in the country.
Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS-Thomas White-Illustration

South Africa’s rand gains as easing US-China tension boost risk demand

South Africa’s rand rose early on Friday, with sentiment toward risk and emerging market currencies boosted by an easing in tensions between China and the United States and optimism about the re-opening of some economies around the world.
South Africa’s rand firmed against the dollar early on Wednesday after President Cyril Ramaphosa announced a 500 billion rand ($26.41 billion) rescue package on Tuesday evening to cushion the economic blow of the COVID-19 pandemic.

South Africa’s net foreign reserves rise to $45.5 billion in April

Gross reserves also increased, to $53.003 in April from $52.458 billion previously. The forward position, representing the central bank’s unsettled or swap transactions, decreased to a balance of $592 million in April after a positive balance of $631 million previously.

President Buhari appoints acting BOA chief

President Muhammadu Buhari has appointed Alwan Hassan as the new acting managing director for the Bank of Agriculture.
The Chinese Embassy in Nigeria has lambasted Oby Ezekwesili, a former Minister of Education, for demanding compensation from China over the Coronavirus pandemic.

Former Nigerian minister appointed to IBFD board of trustees

IBFD, the world’s foremost authority on cross-border taxation, has announced the appointment of Dr Oby Ezekwesili to its Board of Trustees, effective from 1 April 2020.

Nigeria receives $3.4 billion IMF emergency fund

Nigeria has received a $3.4 billion emergency fund from the International Monetary Fund (IMF), less than 24 hours after receiving $311 million of stolen money stashed in the United States and Jersey island.

Recent Stories

Odion Jude Ighalo has hinted he is set to stay at Manchester United for another seven months.

Yisa Sofoluwe: Loan extension will enable Odion Ighalo to prove his worth at Manchester...

Former Nigeria international Yisa Sofoluwe believes the extension of Odion Ighalo’s loan deal with Manchester United will enable him to prove his worth at Old Trafford.
Lagos State Government Coronavirus (Covid-19) Isolation Centre

Lagos records four new coronavirus deaths

Four patients have died of coronavirus-related complications in Lagos State, The PUNCH reports.
Liverpool players have shown their support for the Black Lives Matter movement as Marcus Rashford and Jadon Sancho called for justice over the death of American George Floyd.

Liverpool kneel in support of George Floyd

Liverpool players have shown their support for the Black Lives Matter movement as Marcus Rashford and Jadon Sancho called for "justice" over the death of American George Floyd.
Villarreal winger Samuel Chukwueze feels fulfilled and excited to play for the Nigeria national team.

Chelsea have an edge on rivals for Nigeria ace Samuel Chukwueze

Chelsea have an advantage over their rivals as they look to sign Villarreal winger, Samuel Chukwueze.
Speaker of the House of Representatives, Rep. Femi Gbajabiamila on the floor, moving a bill on the Repeal of Quarantine Act, 2004 at plenary yesterday at National Assembly Abuja. . Photo by Gbemiga Olamikan. 2

House of Reps canvasses reopening of one airport in each zone

The House of Representatives has charged the Presidential Taskforce on COVID-19 to consider reopening of at least one airport in each geopolitical zone of the country.