Bankers in Nigeria have faulted the ongoing mergers and acquisition in the banking sector, alleging that people of questionable character are clandestinely taking over the nation’s banks in the name of mergers and acquisition.

The Central Bank of Nigeria (CBN) on Friday ordered banks to lend to all the agricultural value chains and develop sound financial delivery system that would serve the needs of farmers

Worried by the spate of reputation challenges presently confronting the nation, the Nigerian Institute of Public Relations, (NIPR), said it would soon convene a national summit involving key stakeholders, with a view to dissecting the image problem of the country and chart a new way forward.

Mr Lugard Aimiuwu, President of National Institute of Marketing of Nigeria (NIMN), has advised the Central Bank of Nigeria (CBN) against constant increase in lending rates. Aimiuwu told the News Agency of Nigeria (NAN) in Lagos that frequent increase in lending rates would affect the growth of the real sector, particularly agriculture and small scale enterprises.

The Minister of Land, Housing and Urban Development, Chief Nduese Essien, has threatened the use of all available legal means, including the Economic and Financial Crimes Commission (EFCC) to ensure that un-remitted monies deducted from workers’ salaries to the National Housing Fund (NHF) are fully recouped from defaulting agencies.

Consolidated Breweries (CB) Plc may be at the verge of acquiring Benue Breweries Limited and Champion Breweries Plc if the planned acquisition of the majority shares of both brewers gets the approval of its shareholders, as it fetes distributors.

Trade Union Congress of Nigeria, TUC, has issued a month ultimatum to the management of Union Bank of Nigeria, UBN Plc, as they concluded negotiations on perceived unlawful sack and payment of gratuities to 2,710 ex-staff of the bank or risk series of industrial actions.

For the second consecutive week, the nation’s external reserves fell by $458 million to $32.576 billion.
Meanwhile, FGN Bonds on the average lost 60.6 kobo of their value last week as yields rose in response to the increase in Monetary Policy Rate (MPR) on Tuesday.

The National Insurance Commission (NAICOM) has moved to allay the fears of stakeholders over the planned implementation of Sections 64 and 65 of the Insurance Act 2003, which stipulates that all public buildings, including those under construction must be insured.

The Lagos State government earned N57.92 billion from all land transactions conducted in the state within the last four years.

The Lagos State Government generated N3.02 billion through property taxation in 2010 under the Land Use Charge.

With the adoption of risk-based supervision, the National Insurance Commission (NAICOM) aims to beef up regulatory processes even as it targets good corporate governance, Rosemary Onuoha writes.

Insurance regulatory bodies in Africa dread the role of being undertakers and being forced to intervene in the companies they supervise when companies under their control suffer liquidation.

Activities on the Nigerian Stock Exchange NSE last week maintained unstable trend as equities market opened the week on a bearish note to close slightly on a bullish note by N18.07 billion.