Finance

It may take 30 years to repay proposed $5.5bn loan – Kemi Adeosun

Kemi Adeosun, minister of finance, says it might take five to 30 years to repay the $5.5billion loan that President Muhammadu Buhari is seeking.

Insured losses from hurricanes, Mexico quakes $95bn – Swiss Re

Total insured market losses from hurricanes Harvey, Irma and Maria and two earthquakes in Mexico this year came to around $95 billion, reinsurance group Swiss Re announced Friday.

Central bank orders banks to keep database of fraudulent customers

The Central Bank of Nigeria (CBN) has directed banks to establish a database of their customers identified through their Bank Verification Numbers (BVNs) to be involved in confirmed fraudulent activities.

Zenith Bank declares N531bn gross earnings in 9 months

Zenith International Bank Plc has declared gross earnings of N531.3 billion for the third quarter ended Sept. 30, 2017.

Central bank sells N98bn treasury securities to keep naira liquidity tight

Nigeria’s central bank sold 98 billion naira of treasury securities on Thursday to keep liquidity tight to support the currency, a day after it auctioned 133.25 billion naira of T-bills, traders said.

AfDB to invest $24 billion in agriculture

The African Development Bank (AfDB) is to invest $24 billion in agriculture over the next 10 years to help unlock its potential and assure food security in Africa.

Ecobank disowns company soliciting for investment in its name via social media

Ecobank Nigeria Limited has disowned Altlantic Global Asset Limited, which has been soliciting for investments using its name.

Forex: Central bank maintains market liquidity with $195m

The Central Bank of Nigeria on Monday continued to maintain liquidity in the Foreign Exchange market by injecting $195 million in the Nigerian inter-bank foreign exchange market.

Insurance critical to fed govt’s agric agenda – Africa Re

Africa Reinsurance Corporation, Africa Re, has disclosed that increased insurance penetration among farmers will help to drive the federal government’s agricultural transformation agenda.

Nigeria must borrow more to deliver infrastructure – Kemi Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Sunday, said the nation must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power.

Central bank urges microfinance institutions to obtain certification

The Central Bank of Nigeria (CBN) has challenged operators of microfinance banks and other financial institutions in the country to persistently pursue certification in the interest of their existence and international best practices.

UBA invests $5 billion in African infrastructure development

United Bank for Africa (UBA) Plc says it has invested more than five billion dollars to support infrastructure development across the African continent in the last seven years.

Central bank vows to stabilise forex rate, invest in youth development

The Central Bank of Nigeria (CBN) has assured the stability of foreign exchange rates which is impacting on the price of goods and services in the country.

NDDC, NEXIM Bank to set up N2.5 billion export development fund

The Niger Delta Development Commission, NDDC, has assured that it will set up a N2.5 billion export development fund in conjunction with the Nigerian Export-Import Bank, NEXIM.

IMF raises concerns over weakness in Nigerian banks

The International Monetary Fund on Tuesday expressed concerns over weaknesses in Nigerian banks and said that the situation might weigh on economic growth in the medium term.

Central bank injects $195m into interbank forex market

The Central Bank of Nigeria injected a total of $195m into the interbank foreign exchange market on Monday, with the naira remaining unchanged at 363 against the United States dollar.

Nigeria’s forex reserves rise to $32.7 billion

Nigeria’s foreign exchange reserves rose 3.12 per cent month-on-month to $32.74 billion by Oct 3, the Central Bank of Nigeria (CBN), had said, indicating a significant growth in the country’s dollar savings.

Expert lauds NAICOM’s partnership with Kaduna govt on compulsory insurance enforcement

An insurance expert, Mr Mufutau Oyegunle, on Saturday lauded the National Insurance Commission (NAICOM) for its partnership with the Kaduna State Government on enforcement of compulsory insurance scheme.

Recent Stories

INEC reconfigures 5,823 cards readers in Delta

Ahead of Saturday’s presidential and National Assembly elections, the Independent National Electoral Commission (INEC) has commenced the re-configuration of 5,823 Smart Card Readers (SCR) in Delta State.

DSS to quiz INEC commissioner over postponement of elections

The Department of State Services (DSS) has invited Okechukwu Ibeanu, the National Commissioner in charge of logistics at the Independent National Electoral Commission (INEC), for questioning.

Adamawa REC: We are not under anyone’s influence

The Resident Electoral Commissioner (REC) in Adamawa State, Barrister Kassim Gaidam, has refuted a news report that he rejected offer of bribe to the tune of $1m and a house in Dubai from the presidential candidate of the People’s Democratic Party (PDP), Alhaji Atiku Abubakar.

Expert: Beware of meningitis

The Kwara State Primary Health Care Development Agency has advised the people to beware of meningitis and watch against symptoms like high body temperature, irritability, headaches, photophobia, convulsion and coma.

Death toll in Kaduna killing rises to 130 as police arrests 11 suspects

Kaduna state governor Nasir El-Rufai on Tuesday said about 130 persons died in Kajuru villages attack and not 60 as he previously announced.