Monday November 24th, 2014
Monday November 24th, 2014
Latest

Naira gains 430k in interbank as CBN adopts new intervention strategy

  /   in Finance 1:32 am   /   Comments

naira-Dollar

The naira recorded its single day appreciation of 430 kobo in the interbank market on Friday following the adoption of a new strategy by the Central Bank of Nigeria (CBN) to intervene in the foreign exchange market.

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Outbound Money Transfer: Sending money from Nigeria with ease

  /   in Finance   /   Comments

Mobile Money

Banks have started deploying Outbound Money Transfer services to ease the stress of sending money from Nigeria to individuals outside the country.

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Lack of investment, greatest threat to agriculture in Nigeria – Pearson

  /   in Finance   /   Comments

The Managing Director of Afrocet Nigeria, Bryan Pearson has identified lack of investment in the agricultural sector as the major threat to its growth and development.

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Nigeria attracts $59.6bn FDI in 3 years — Aganga

  /   in Finance   /   Comments

Olusegun Aganga, Trade & Investment Minister

The Federal Government’s Transformation Agenda for the economy has attracted $59.6 billion foreign direct investments (fdi) into the country from all over the world since 2011-2014.

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E-payment stakeholders seek tougher measures against e-fraud

  /   in Finance   /   Comments

Finger-AtM

Payment processors, financial services providers and other players in the information and communication technology including the judiciary and the law enforcement agencies in Nigeria have called for tougher measures to combat electronic payment related fraud in the country.

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Moribund mortgage banks too toxic for bail-out — NDIC

  /   in Finance   /   Comments

Model of a house in Maccido Royal Estate, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) said it decided against bailing out some of the moribund primary mortgage banks (PMBs) because of their very toxic state, noting that doing so might have done more harm than good.

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Ogun to partner financial institutions on homes mortgage

  /   in Finance   /   Comments

estate pix

Ogun State government has commenced moves to enter into partnership with various financial institutions to ensure that affordable housing is provided for residents of the state irrespective of their social status.

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Foreign airlines earned N231bn from Nigeria in 2013 — NCAA boss

  /   in Finance   /   Comments

People coming down from the Ethiopian Airline on arrival at Akanu Ibiam International Airport Enugu PHOTO BY HILL EZEUGWU

The Director General, Nigerian Civil Aviation Authority, NCAA, Captain Usman Mukhtar has said that foreign airlines are making fortunes in the Nigerian aviation industry while local airlines are still playing from the fringes. According to Capt. Mukhtar, the foreign airlines made N231 billion in tickets sales in 2013, while domestic airlines made N73 billion in tickets sales in the same year.

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EU, UNIDO partner CPC to boost consumer protection in Nigeria

  /   in Finance   /   Comments

electric-consumers

The European Union, EU, through United Nations Industrial Development Organisation (UNIDO) have partnered with the Consumer Protection Council, CPC, with the aim of raising the bar of consumer protection in the country.

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When genius fails, Okonjo-iweala – 3

  /   in Finance, Sobowale On Business   /   Comments

Okonjo-Iweala-budget

This is the third in the series titled WHEN GENIUS FAILS. The first two were written in 2008 about two individuals, Professor Chukwuma Soludo and Dr Ndidi Onyuike, Governor of Central Bank and Director General of the Nigerian Stock Exchange respectively, at a time when most people in Nigeria were not aware that banking “Con-SOLUDO-tion” was failing and leading to banking disaster and that the NSE was heading for a crash. Mine was a lone voice shouting in the wilderness – until banking crisis became a reality and the Stock Market collapsed.

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Sterling Bank holds EGM tomorrow

  /   in Finance   /   Comments

Sterling Bank Plc will tomorrow hold an Extra-Ordinary General Meeting (EGM) to seek shareholders’ approval to raise fresh capital for the Bank.

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Samsung nets N30.48trn in annual sales

  /   in Finance   /   Comments

Samsung Electronics said it raked in N30.048 trillion ($187.8 billion) annually from 79 countries of its operation, while recording a sales volume of N7.280 trillion ($45.5 billion) in the 2014 financial year which is a 15 percent increase against last year’s $39.6 billion.

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Japaul’s 2013 gross profit up by 20 per cent

  /   in Finance 11:38 pm   /   Comments

Japaul Oil & Maritime ServicesPlchas recorded a gross profit of N5.9 billion for the year, 2013 from N4.99 billion recorded in 2012, an increase of 20.4 per cent.

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UBA, MasterCard partner on electronic payments

  /   in Finance   /   Comments

MasterCard and United Bank for Africa (UBA) Plc, have completed a multi-country licensing project that will see the pan-African bank accept and issue MasterCard prepaid, debit and credit cards in 14 countries across sub-Saharan Africa.

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Nigeria’s spirit market soars

  /   in Finance   /   Comments

wine

The Nigeria Spirit market has continued to soar as developed markets keep shrinking, Luxeria Company Nigeria has said, as it unveiled its 2015 new collection of luxury spirits and wines.

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Ecobank’s 9 months profit up by 31%

  /   in Finance   /   Comments

Ecobank Transnational Incorporated (ETI)’s third quarter, Q3 net income has increased by 31 percent on reduced costs as it continues to seek organic growth through business combinations.

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NB, Consolidated Breweries to seek shareholders’ consent on merger

  /   in Finance   /   Comments

sprite

Following the Securities and Exchange Commission, SEC approval of the scheme of merger and subsequent approval of the Federal High Court, Nigerian Breweries, NB Plc and Consolidated Breweries Plc have commenced move for their separate Court Ordered Meetings (COM) to seek shareholders’ consent to the proposed merger.

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Access Bank grants $250m facility to Sea Truck

  /   in Finance   /   Comments

Access Bank Plc has granted a $250 million credit facility to Sea Truck Groups, an international group of companies offering offshore installation, accommodation and support services to the oil and gas industry worldwide.

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FBN forum identifies sustainability as next megatrend to grow economy

  /   in Finance   /   Comments

A forum on sustainability impact assessment organized by First Bank of Nigeria Plc, FBN has identified corporate sustainability as the next megatrend in business that would transform organizations and the economy.

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AB Microfinance Bank opens new branch in Ibadan

  /   in Finance   /   Comments

dead-bank

AB Microfinance Bank, a foreign-owned national Microfinance bank licensed by the Central Bank of Nigeria officially opened its 15th branch in Ibadan, Oyo state capital.

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Fidelity Bank splashes N12.7m on ‘Save 4 Scholarship’ winners

  /   in Finance   /   Comments

Fidelity Bank plc has rewarded another set of winners in its on-going ‘Save 4 Scholarship’ promo with total cash prize of N12.7 million alongside other consolation prizes.

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NIPC boosts capacity to reposition commission

  /   in Finance   /   Comments

The quest to make the Nigerian Investment Promotion Commission, NIPC, one of the best Investment Promotion Agency, IPA, in the world has commenced as the Executive Secretary, Mrs. Saratu Umar has set in motion, various strategies in place to transform and re-engineer the organization in order to deliver on its mandate.

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The Basic Guide to Starting your Business – Part 1

  /   in Finance   /   Comments

The term business denotes a particular trade or profession designed to provide goods and/or services to consumers. And in like vein, any organization which provides these services is also referred to as a ‘Business’. Businesses play a vital role in the life and culture of countries with capitalist and free-market economies. In free-market economies, businesses operate without government control in matters such as pricing and wage levels.

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Banks’ total assets hit N30trn in September, says NDIC

  /   in Finance 12:32 am   /   Comments

QUEUE AT AUTOMATIC TELLER MACHINES (ATM)  AT IKORODU IN LAGOS

Total assets of Nigerian banks topped up N30 trillion as at September 2014,from N28.76 trillion recorded at the same time in 2013. Non-performing loans also rose to N398 billion from N321.66 billion in the preceding year.

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Tech start-ups lament dearth of venture capital

  /   in Finance 1:13 am   /   Comments

The Wired World: A graphic representation of the Internet

Operators in the Nigerian technology ecosystem have decried the dearth of opportunity for early stage investment for tech start-ups planning to break into e-commerce.

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‘Sugar sub-sector needs N51 bn seed money from FG’

  /   in Finance   /   Comments

Interview-2

Dr. Abdul-Latif Demola Busari is the Executive Secretary, National Sugar Development Council, NSDC.

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Nigerians, others spend N158bn on London homes in 3 years

  /   in Finance   /   Comments

naira-Dollar

Wealthy Nigerians led other African nationals have spent more thanN158,979,274,500.00 (about £600 million) on property in London in the past three years. A report released by Beauchamp Estates, which sells some of London’s most expensive homes, also revealed that they spend almost £4million (about N1 billion) every week on London homes.

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Fidelity Bank partners MoneyGram, launches outbound transfers

  /   in Finance   /   Comments

Fidelity Bank Plc in partnership with global money transfer giant, MoneyGram, has launched outbound money transfer services, thereby giving Nigerians the opportunity to transfer the Naira abroad.

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Zamfara farmers benefit from N50b mechanization fund

  /   in Finance   /   Comments

Akinwunmi Adesina

Zamfara State became the first state in the country to benefit from President Goodluck Jonathan’s N50 billion Agricultural Mechanization Fund for the roll out of the Agricultural Equipment Hiring Enterprises across the country.

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SEC tasks stockbrokers on restructuring of entertainment industry

  /   in Finance   /   Comments

Ms Arunma Oteh, DG, SEC

The Securities and Exchange Commission, SEC has tasked stockbrokers to restructure the entertainment industry to enable it access funds from the Nigerian capital market and act as catalyst to the development of the industry.

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Why Palmchat eyes Nigeria’s growing e-commerce business — Boukali

  /   in Finance   /   Comments

Mounir--Boukali

Mr. Mounir Boukali is the Head of Public Relations for TRANSSION Holdings. In this interview, he speaks about the Palmchat brand and the Palmchat car promo that is currently underway in Nigeria. He speaks extensively on why they embark on the promo and how Palmchat users can qualify to win the prize

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Arik flies over 15m passengers in eight years

  /   in Finance   /   Comments

Benin-Airport

Arik Air has revealed that it has carried a total of over 15 million passengers since it started operations in Oct. 30, 2006.

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