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Central bank: Proposed increase in minimum wage will stimulate growth

The Central Bank of Nigeria (CBN) on Thursday said the proposed increase in minimum wage for Nigerian workers would stimulate output growth in the economy.

N800 billion subsidy debt: Banks take over assets of oil marketers

For their inability to service their huge debts, Deposit Money Banks (DMBs) have taken over the assets of some defaulting oil marketers.

Report: NDIC pays N1.45bn to 34 closed DMBs in 2017

The Nigeria Deposit Insurance Corporation (NDIC), said it paid N1.45 billion to 16, 324 depositors of 34 closed Deposit Money Banks (DMBs) in 2017.
Acting Finance Minister of Finance Zainab Ahmed

Zainab Ahmed wants investigation, prosecution of bank chiefs over non-performing loans

The Supervising Minister of Finance, Zainab Ahmed, on Friday expressed serious concerns over the rising incidence of non-performing loans (NPLs) in deposit money banks (DMBs) in the country.
FILE PHOTO- An MTN starter kit pack on display at a retail stand in Abuja, Nigeria November 17, 2015. REUTERS-Afolabi Sotunde-File Photo

Central bank promises ‘equitable resolution’ over sanctions imposed on MTN, banks

The Central Bank of Nigeria on Wednesday said it has commenced a review of the information provided by telecoms giant, MTN, and four banks sanctioned recently over alleged illegal repatriation of funds.

Centrabk bank orders banks to return failed transfers within 10 minutes

The new regulation covers Instant Electronic Funds Transfer Services in Nigeria on various payment channels and any payment platform that seeks to provide Instant Electronic Funds Transfer Services in Nigeria.

Central bank unveils terms for long-term credit to agric, manufacturing sectors

The Central Bank of Nigeria (CBN) on Thursday unveiled terms for long-term credits to key sectors of the economy to boost real sector growth.

Bank loans to private sector declines by N600 billion in 18 months

The total loans granted by banks to the private sector declined by N600.60 billion, from N16 trillion in the first quarter of 2017 to N15.34 trillion, in the second quarter of 2018.

Central bank may lend directly to companies via commercial papers

The Central Bank of Nigeria might start lending to companies directly by buying their commercial papers.

Central bank orders commercial banks to sell forex to customers, non-customers

As the Central Bank of Nigeria (CBN) at the weekendordered all Deposit Money Banks (DMBs) to sell forex to travellers over the counter, the Association of Bureaux De Change Operators of Nigeria (ABCON) has kicked against the order calling on the regulator to review BDC’s dollar purchase rate to align with rate commercial banks’ buying rate.

Central bank directs commercial banks, bureaux de change to sell forex to eligible travellers...

The Central Bank of Nigeria (CBN) on Sunday directed all commercial banks and Bureau de Changes (BDCs) to sell foreign exchange (Forex) to all eligible travelers over the counter, regardless of their customer status.

CIBN charges Senate on speedy passage of FSS 2020 bills

The Chartered Institute of Bankers of Nigeria (CBN) has called on the Senate to urgently pass the Financial System Strategy (FSS 2020) Bills into law to promote financial inclusion and strengthen electronic payment system in the country.

Money laundering: Banks’ brainstorm over new central bank sanction regime

The new Anti Money Laundering/Counter Financing Terrorism (AML/CFT) sanction regime announced by the Central Bank of Nigeria (CBN) has triggered a series of top management brainstorming sessions amongst banks over implications and implementation.

Central bank chief Godwin Emefiele emerges The Guardian Economic Personality of the Year

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, was on Saturday, April 7, 2018, unveiled as The Guardian Economic Personality of the Year 2017 in recognition of his contribution to stabilizing the Nigerian financial sector amidst recession as well as the Bank’s effort in development financing.

NDIC warns Nigerians to beware of ‘wonder banks’

The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to be wary of “wonder banks” that give extra-ordinary interest rates and profits on investments.

Nigeria’s external reserves hit 5-year high of $46bn

It has also significantly surpassed the $40 billion target for 2018 announced by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, last November, and is expected to inch up to $50 billion in the next few months.

NDIC: Number of fraud cases by bank staff increased in 2017

The Nigeria Deposit Insurance Corporation (NDIC) says the number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017.

NDIC to probe banks for alleged fraud

The Nigeria Deposit Insurance Corporation (NDIC) says it is set to probe some commercial banks in the country for alleged fraud.

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In view of this, the Commissioner of Police Akwa Ibom State, Imohimi Edgal, wishes to reaffirm to the general public that the State government directives will be vigorously enforced.

Police arrest five for rape in Akwa Ibom

Akwa Ibom State Police Public Relations Officer, CSP. Fredrick Nnudam, disclosed this in a statement, Thursday in Uyo, the state capital.
Earlier this month, UEFA indefinitely suspended the Champions League, Europa League and the European Championship playoffs amid the ongoing concerns due to the COVID-19 pandemic.

Champions League and Europa League last-16 venues confirmed by UEFA

UEFA has confirmed that the outstanding Champions League and Europa League last-16 second leg matches will be hosted by the clubs who were scheduled to play at home.

DisCos advocate CBN-funded massive roll-out of meters to address power challenge

Power Distribution Companies (DisCos) have advocated a Central Bank-funded massive meters roll-out project, to ensure that electricity customers were adequately metered.
The Governorship Election Petition Tribunal in Uyo, on Monday, ordered INEC to allow the All Progressive Congress (APC) candidate, Mr Nsima Ekere, to inspect all election materials used during the March 9 Governorship Election.

INEC confirms 17 political parties for Ondo guber poll

The Independent National Electoral Commission (INEC) has confirmed that 17 out of the 18 registered political parties will be contesting the October 10, 2020 Ondo state governorship election.
Gov. Ben Ayade of Cross River has directed applicants for the 8,000 automatic jobs to enlist through their respective village heads.

FIDA, NCWS, others fault Governor Ayade over Justice Ikpeme

International Federation of Women Lawyers, FIDA, Nigeria; Women in Politics and National Council for Women Society, Nigeria, among others civil society organisations, have described the refusal of Governor Ben Ayade of Cross River State and members of the state House of Assembly to confer Justice Akon Ikpeme as the Chief Judge of the state, as gross injustice.