Thursday December 18th, 2014
Thursday December 18th, 2014
Latest

CBN begins mop-up of N1.2trn to curb inflation

  /   in Finance 7:30 am   /   Comments

Mr Godwin Emefiele answering questions  during his screening by the Senate for  Central Bank Governorship in Abuja on Wednesday

Beginning from this week, the Central Bank of Nigeria (CBN) will commence the withdrawal of N1.2 trillion from the economy in its bid to maintain single digit inflation and reduce demand for foreign exchange.

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The age of oil is over for nigeria — 1

  /   in Finance   /   Comments

*Oil-impacted Ikeinghenbiri creek

Also, most market watchers and economists now believe that the current situation in the oil market may not be transitory, but, seemingly permanent. Godwin Emefiele, CBN, Governor, at Chartered Institute of Bankers Dinner, in Lagos, December, 2014.

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Nigerian fiscal austerity is a moral armament

  /   in Finance   /   Comments

File Photo: Crude Oil

Of all the policy options at the disposal of the Federal Government in response to the recent slump in the price of crude oil, fiscal austerity is the most morally justified. It is also the least risky option. But as with all economic policies, there are countervailing arguments.

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CBN’s stabilization cash boost for power sector players

  /   in Finance   /   Comments

electricity

Hopes of stable power supply in the country have received another boost with the introduction of the N213 billion Nigeria Electricity Market Stabilization Facility (NEMSF) designed to address obstacles to increasing power generation.

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PSC Solar commences N5b solar panel manufacturing plant

  /   in Finance   /   Comments

Solar powered community water project at Uturu Abia State

As the price of crude oil plummets globally, Nigeria is in for a hard time because most of her revenues come from crude oil sale. Unfortunately, not only is the price decreasing but also sales as many of Nigeria’s customers have now either discovered crude oil in their country or are more dependent on renewable energy.

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2.6m adults have micro finance bank accounts – EFInA survey

  /   in Finance   /   Comments

microfina

A survey carried out by Enhancing Financial Innovation & Access (EFInA) Access to Financial Services in Nigeria in 2014 revealed that 2.6 million Nigerian adults representing 2.8 percent, currently have a microfinance bank account.

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BJAN Conference: Stakeholders call for diversification of economy

  /   in Finance   /   Comments

Nigeria-economy

Following the communiqué after the 2014 annual Brand Journalists Association of Nigeria, BJAN conference,, stakeholders in the Nigerian project have called for diversification of the economy from its mono-product nature to tourism to avoid immediate insolvency.

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Carmudi Nigeria marks one year anniversary with website re-launch

  /   in Finance   /   Comments

Davido cars to prodcuer and manager

To mark its one year anniversary, Carmudi.com, Nigeria’s online car classified, unveiled its redesigned website with a new online user experience on multiple devices.

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Economy exposed to geopolitical, currency risks — Expert

  /   in Finance   /   Comments

naira-Dollar

The recent decline in the trading activities at the Nigerian stock market has been attributed to exposure of the geo-political and currency risks facing the country.

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FG names Forte Oil one of Nigeria’s top 100 companies

  /   in Finance   /   Comments

Odetola appearing before the House of Reps yesterday. Photo: Gbenga Olamikan.

Forte Oil Plc (formerly AP Plc) Nigeria’s foremost indigenous integrated energy solutions provider has been awarded one of Nigeria’s top 100 companies by the Federal Government of Nigeria in a ceremony at the Presidential Villa in Abuja.

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Nigeria requires $113bn to revamp 3 critical sectors of economy – BPE boss

  /   in Finance 12:45 am   /   Comments

economy

The Director General of the Bureau of Public Enterprises, BPE, Mr. Benjamin Dikki says Nigeria requires fresh injection of about $113 billion in six years for the development of three critical sectors of the nation’s economy, namely Oil and Gas, Power and Transport.

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Dangote exhibited extraordinary transformation in Africa- Ogundele

  /   in Finance 8:50 pm   /   Comments

Sijibomi-Ogundele-(CEO-Suji

The Chief Executive Officer, Sujimoto Construcion Ltd, Mr. Sijibomi Ogundele has commended Aliko Dangote on winning the ‘Forbes Africa Person Of The Year 2014′ saying the honour is well-deserved for his relentless contribution to the growth of the Nigerian economy and Africa as a whole. He made the remarks at the the Forbes Africa Person

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Local rice producers get N1.56bn funds from BoI

  /   in Finance 7:03 pm   /   Comments

ricepix-new

The Bank of Industry and other local investors have injected N1.56 billion on two rice mills and farms promoted by the former Minister of Industry/ President Manufacturers Association of Nigeria, Engr. Charles Ugwuh.

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CIS explains why entertainment industry should seek listing

  /   in Finance   /   Comments

Nigerian Stock Exchange

The Chartered Institute of Stockbrokers, CIS has explained that entertainment industry requires huge fund for its operations, hence the need for the sector to seek listing on the Nigerian Stock Exchange, NSE.

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We’ll enforce implementation of all air crash reports— Chidoka

  /   in Finance   /   Comments

From left: Commissioner, Accident and Investigation Bureau, Dr Felix Abali;  Permanent Secretary, Federal Ministry of Aviation, Dr Jumaila Shu’ara and Minister, Chief Osita Chidoka  at  a news conference in lagos on tuesday

The Minister of Aviation, Chief Osita Chidoka last week fielded questions from selected Aviation reporters after meeting with senior management staff of the aviation parastatals under his ministry at the Murtala Muhammed Airport, Lagos. He spoke about his plans for the Aviation Ministry

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German bank earmarks $200m for renewable energy

  /   in Finance   /   Comments

Renewable-energy

By CHRIS OCHAYI The German Development Bank – KFW has earmarked $200 million to support the development of renewable energy in the country. The leader of the German delegation, Renate Von Bodden who disclosed this at a Bi-national Commission’s meeting on energy in Abuja, said the credit facility is in form of Green Credit Line.

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Depositors’ funds in banks are safe — NDIC

  /   in Finance   /   Comments

insurance-pix

The Nigerian Deposit Insurance Corporation (NDIC) has assured that Nigerian depositor’s funds are safe in the nation’s banks and other financial institutions, in spite of the uncertainty in global financial system.

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10 stockbroking firms account for 68.51% of NSE value

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

Top 10 stockbroking firms accounted for 68.51 percent of total value traded in the stock market during the month ended November 28, 2014, data from the Nigerian Stock Exchange, NSE, has shown.

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I’m on crusade to revolutionise the agro-allied sector —Chukwuemeka Nwachinemere

  /   in Finance   /   Comments

Chukwuemeka Nwachinemere

Engr. Emeka Nwachinemere is the Managing Director/Chief Executive Officer of Livingstone Mega Industries (LMI), a processing, manufacturing, supplies, services, and agricultural consultancy company. In this chat with Financial Vanguard, Nwachinemere speaks on why he left the engineering field for agriculture and the challenges. He says his vision is to give the best value to the customers through a combination of aggressive strategic marketing, quality products and service delivery at competitive prices

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Pay-tv market: Targeting consumers’ hearts with yuletide freebies

  /   in Business, Finance   /   Comments

A new TV experience for this Soweto resident!

The battle for consumers’ heart in the pay-tv market has taken a new dimension with major players in the industry, Mulitichioce and StarTimes throwing drag nets to catch prospective and existing subscribers, to retain or and to increase their subscriber level.

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FG approves NMRC’s plan to raise N50bn bond

  /   in Finance   /   Comments

Okonjo-Iweala

The Federal Government has approved plans by the Nigeria Mortgage Refinance Company (NMRC) to raise N50 billion from the capital market through periodic issuance of Federal Government guaranteed bonds to institutional investors.

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Cost of funds hit 30% as scarcity grips interbank

  /   in Finance   /   Comments

BANK

Intense scarcity of funds enveloped the interbank money market last week sending cost of funds a year high of 30 percent.

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Ajaokuta Steel not moribund, says sole administrator

  /   in Finance   /   Comments

steel

The Ajaokuta Steel Company Ltd. (ASCL), in Kogi, is not moribund, the Sole Administrator of the firm, Mr Joseph Isah, has said.

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Business education key to micro, small business – Creative Focus

  /   in Finance   /   Comments

Small-Business222

Creative Focus Africa (CFA) initiative, aimed at promoting business intelligence has identified business education as a key to sustaining micro and small businesses in Nigeria.

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GTBank wins 2014 EFInA award for financial inclusion

  /   in Finance   /   Comments

Guaranty Trust Bank Plc, has continued to consolidate its position as a foremost African brand through outstanding financial performance and product/service innovation.

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Latest

Currencies nosedive in oil economies

  /   in Finance 1:48 am   /   Comments

naira-Dollar

The unrelenting fall in the price of crude oil is taking its toll on the currencies of oil producing countries, leading to either outright devaluation or heavy depreciation of such national currencies.

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PoS transactions rises 191% to N241bn, says NIBSS

  /   in Finance   /   Comments

CENTRAL Bank of Nigeria,  	CBN, has suspended the March 31 deadline for acceptance of old N50, N10 and N5 paper notes as legal tenders.

Nigeria Interbank Settlement System (NIBSS) said that electronic payment through Point of Sale (PoS) terminals has risen by 191 percent to N241 billion in 2014.

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NSE, other stakeholders seek more investment in capital market

  /   in Finance   /   Comments

File photo: The  floor of Stock exchange

Ahead of the 2015 fiscal year, the Nigerian Stock Exchange (NSE) have called for more investment in the Nigerian Capital market as a way of further boosting the fortunes of the country’s economy.

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Terrorism insurance still available —report

  /   in Finance   /   Comments

Suspected terrorists arrested while attempting to escape into Cameroon through Taraba and Gumti, Adamawa State.

A.M. Best, a rating agency has said that terrorism insurance is still available globally in the open market, and that rates have been under pressure, reflecting the relatively low level of loss activity post-Sept. 11 and plentiful capacity in the reinsurance market.

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‘Nigeria needs legislation on e-commerce’

  /   in Finance   /   Comments

senate400

Nigeria needs a legislation that will protect e-commerce businesses and consumers in order to drive growth and boost opportunities in the sector, said Nduka Udeh, the President/CEO of Shoptomydoor.

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Hairdressing made me an employer

  /   in Finance   /   Comments

Hakeem-Hairdresser

Mr Akeem Shobanke is the Managing Director/Chief Executive Officer of Ijesha, Lagos-based Uncle Super Hair Beauty Salon. In nthis chat with Financial Vanguard, he speaks on what led him to become a player in a field mostly regarded as a woman’s field.

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N9.6trn financing gap exists in MSMEs sector — Whensu

  /   in Finance   /   Comments

money1

The President, National Association of Microfinance Banks, NAMB, Mr. Valentine Whensu, said that about N9.6 trillion financing gap exist in the Micro Small and Medium Enterprises (MSMEs) sector.

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