Wednesday April 16th, 2014
Wednesday April 16th, 2014
Latest

Sanusi and the missing $20bn

  /   in Finance, Viewpoint 5:59 pm   /   Comments

Mallam Sanusi Lamido Sanusi

The embattled CBN Governor, Mr Lamido Sanusi has never cut a popular figure in the socio-economic/political environment of the nation’s polity. He has in the past pitted himself against unnecessary narcissist indulgences ranging from meddling in issues of national security regarding Boko Haram, to attacks on high profile and respectable Nigerian Christian leaders like Pastor Enoch Adeboye. As enraged as I was with his attack against Adeboye, I must put away sentiments and personal loyalty and my dislike for the CBN governor in considering a burning national issue of great international dimensions to our nation and its citizens. This is not about Sanusi, this is about an alleged missing $20b (twenty billion US dollars) from the nation’s account.

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We need a policy framework that channels public sector deposit to real sector — Heritage Bank CEO

  /   in Finance 1:24 am   /   Comments

Heritage-Sekibo

One year ago, Heritage Bank commenced operations as an offshoot of the defunct Societe Generale Bank, inheriting its liabilities. In this interview, Managing Director/Chief Executive of the Bank, Mr Ifie Sekibo, spoke on the impact the bank has made on the industry, how it has coped with the challenges of intense competition, and the tight monetary policy of the CBN. Excerpts

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CBN: A transition in trial and error

  /   in Finance 12:42 am   /   Comments

CbnLogo

Central banks play critical roles in the society. They control money supply and manage the economy to ensure stable prices, macroeconomic growth and stability of the nation’s currency.

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Union Assurance records 12% growth in GPI

  /   in Finance 12:12 am   /   Comments

Union Assurance Company Limited has posted Gross Premium Income, GPI, of N4.303 billion for the 2012 financial year.

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Mass housing: Lagos adopts alternative building method

  /   in Finance   /   Comments

*Don Jazzy never bought this mansion

Lagos State government has adopted the use of dry construction technology for the building of the proposed 1008 units Ijora Badia housing project. The system is being used as a test-run in a bid to promote efficiency and cost effectiveness in the state’s quest for mass housing delivery.

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CBN moves to address N15 exchange rate difference

  /   in Finance 1:20 am   /   Comments

CENTRAL Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi

The Central Bank of Nigeria (CBN) has removed the limit of $250,000 that banks can sell to each Bureaus De Change per week.

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The inheritors: Why nigerian one-man companies never last (2) Chief MKO Abiola

  /   in Finance   /   Comments

Late Chief MKO Abiola

When he finally died in military detention in 1998, the curtains fell on one of the characters on the Nigerian stage whose life story will remain part of the national legend for as long as there is a nation called Nigeria. M.K.O.

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Access Bank Conference: Stakeholders react on sustainable economic leadership

  /   in Finance   /   Comments

Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala

In a bid to address sustainable leadership issues in the various sectors of the economy, be it in capital market, banking, insurance etc, the Access Bank conference has provided insightful commentaries from investors and other stakeholders from both local and international community.

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Difference in exchange rates caused by restrictions in forex supply—ABCON President

  /   in Finance   /   Comments

The difference (margin) between the official exchange rate and the parallel market exchange rate has always been a challenge in the foreign exchange market. In 2006, and for the first time, the Central Bank of Nigeria, CBN, succeeded in eliminating this gap, by incorporating bureaux de change to access the official foreign exchange, which is sold to end-users with regulated margin.

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NCAT acquires  360 degree Visual Tower Simulator for ATC training

  /   in Finance   /   Comments

The Nigerian College of Aviation Technology, NCAT, Zaria has acquired a 360 degree Visual Tower Simulator for Air Traffic Controllers training. This was disclosed by the Spokesman of Aviation Parastatals, Mr Yakubu Dati, as one of the milestones recorded by the college in the outgoing year.

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UAE overtakes Nigeria as biggest equities investment destination

  /   in Finance 12:16 am   /   Comments

The United Arab Emirates ( UAE), the second-biggest Arab economy has overtaken Nigeria as equities biggest investment destination, according to data compiled by Bloomberg.

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Understanding electricity tariffs paid by consumers

  /   in Finance 12:12 am   /   Comments

electricity-NIGERIA

The Nigerian Electricity Regulatory Commission, NERC, has put into operation a Multi-Year Tariff Order, MYTO, for the determination of the cost of electricity sold by distribution/retail companies for the period June1, 2012 to May 31, 2017.

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Europe is making progress but not all is well- Lagarde

  /   in Finance 1:35 am   /   Comments

Largarde

Europe seems to be turning the corner. Progress in tackling big challenges has been made. Signs of growth have begun to emerge after several years of declining activity, and question marks about the viability of the monetary union have dissipated.

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MFBs asset increases by 25% in 2013

  /   in Finance   /   Comments

Total assets of Microfinance Banks (MfBs) in the country increased by 25.2 per cent, said Central Bank of Nigeria (CBN) in its Stability Report for the financial year ended June 2013.

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Investible funds: We are promoting knowledge of mutual funds — Oyebola

  /   in Finance 1:53 am   /   Comments

michealoyebola

Mr. Michael Oyebola, is the Managing Director and Head of FBN Capital Asset. He is also the President of the Fund Managers’ Association of Nigeria (FMAN).

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Expert faults NIMASA on abandonment of core function …Agency restates commitment to seafarers’ welfare

  /   in Finance   /   Comments

*Maritime

National Secretary of Nigeria Ship-owners Association, (NISA), Captain Niyi Labinjo, has accused the management of the Maritime Administration and Safety Agency, NIMASA, of abandoning its core function .

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Poor services cripple intercity rail line

  /   in Business, Finance 12:17 am   /   Comments

A prototype light rail  ... proposed for Lagos

One year after its re-introduction, poor services have crippled the Lagos-Kano intercity rail line, with travel time worsening by 13 hours.

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Regulation necessary for secure mobile service delivery —Aderinlola

  /   in Finance   /   Comments

File photo: refurbished phones

Chief Executive Officer of Beyondbrances Nigeria Limited, Simon Aderinlola has said that some of the regulatory frameworks put in place by telecommunication companies in Nigeria are necessary measures that would ensure a more secure service delivery in the sector.

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Trading on Unity Bank, Transcorp shares buoy activities on NSE

  /   in Business, Finance   /   Comments

By NKIRUKA NNOROM Heavy transaction recorded on the shares of Unity Bank Plc, Transnational Corporation of Nigeria, Transcorp, and Mass Telecommunication Innovation Nigeria plc last week boosted the transaction on the floor of the Nigerian Stock Exchange, NSE. Specifically, trading on the shares of the three companies accounted for 601.665 million shares worth N775.880 million

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Forex restrictions, hike in CRR, financial inclusion dominate banking in 2013

  /   in Business, Finance   /   Comments

CBN Governor, Sanusi Lamido Sanusi

As usual, 2013 was another eventful year for the banking industry. While many factors influenced activities in the industry during the year, additional restrictions on foreign exchange, increase in Cash Reserve Ratio on public sector deposit, and financial inclusion were the dominant factors of the year.

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NCRIB to lobby states on compulsory insurance

  /   in Business, Finance   /   Comments

Poised to ensure effective implementation of the compulsory insurance in the country, the Nigerian Council of Registered insurance Brokers, NCRIB, said it intends to embark on lobby of states’ Houses of Assembly to promulgate edicts that will drive public compliance with some provisions of the law on compulsory insurance.

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D/I takeover shoots Customs command revenue to N1bn daily

  /   in Business, Finance   /   Comments

Mobile scanner

The takeover of Destination Inspection (D/I) function by the Nigeria Customs Service (NCS) earlier this month, has caused the revenue collected by the Service to rise from about N500 million to N1billion daily.

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PenOp charges employers on group life for their workers

  /   in Business, Finance   /   Comments

Pension Fund Operators of Nigeria, PenOp, has said that many employers have refused to buy group life insurance policy for their employees as mandated by the Pension Reform Act, 2004.
According to PenOp, many families of employees who died in active service have become impoverished because their employers refuse to take up the group life insurance cover.

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Reforms, stiff regulations buoy capital market activities in 2013

  /   in Business, Finance   /   Comments

Arunma Oteh, DG. SEC

The reforms and tighter regulations introduced in the Nigerian capital market continued in the year 2013 leading to improvement in market activities, with the equities and bond markets on the upsurge when compared to the preceding year.

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ALLEGED UNREMITTED $49.8BN: MISCHIEF, IGNORANCE OR DISTRACTION?

  /   in Finance, Rational Perspectives 12:57 am   /   Comments

sanusI lamido

A letter dated September 25, 2013 written by Lamido Sanusi, Governor of Central Bank, to President, Good Luck Jonathan, was last week, leaked to the media from undisclosed sources.

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Boko Haram: Nigeria imports tomatoes from Benin

  /   in Finance 8:40 pm   /   Comments

Tomatoes market

Importation of tomatoes from Benin Republic and other neighbouring countries by Nigerians particularly across the Seme border is on the increase following the Boko Haram insurgence in the North- East of the country famous for tomato farming. As a result, the Nigeria Customs Service (NCS) has collected over N5million baggage fees from such imports in just two months.

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Ogun unveils plan to help homeowners secure properties

  /   in Finance   /   Comments

*Windows made of PVC materials

Ogun State government has unveiled a scheme that will enable homeowners in the state regularise and properly document their properties, known as Ogun State Homeowners’ Charter Programme. A statement from the state Ministry of Urban and Physical Planning, said that apart from forming an integral part of the government’s mission to rebuild the state, the scheme will provide data for the medium-term planning for provision of roads, schools, hospitals and other essential services.

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What e-commerce operators can expect in 2014

  /   in Finance   /   Comments

Commerce

As we wrap up another year, looking back at the retail and technology trends that shaped 2013 can help us gauge what retailers can expect for 2014. Heated competition from online retailers and the lack of traction for mobile wallets show we’re still in the early stages of digital and merchant convergence.

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Experts decry lack of IT patency law in Nigeria

  /   in Finance   /   Comments

The Wired World: A graphic representation of the Internet

Information and Communication Technology, ICT experts in the country have called for a law for patenting ICT-related intellectual properties to drive monetisation in Nigeria.

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The Entrepreneurial Revolution: A New Order for Nigeria PT 2

  /   in Finance   /   Comments

economy

Significant lessons could also be learnt from Margaret Thatcher’s economic policies that propelled Britain to an economic boom in the ‘80s through extensive promotion of entrepreneurial initiative and share-ownership.Thatcherism’s thrust on substituting debt with equity spawned colossal economic development in the UK, which was soon adapted and replicated across Southeast Asia.

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Ban of coy directors, majority shareholders from voting, illegal —Shareholders

  /   in Finance   /   Comments

Shareholders in the Nigerian capital market have said that the planned exclusion of company directors and majority shareholders from exercising voting right in any take-over bid is illegal as the Exchange lacks the power to take such action.

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Financial inclusion: Hopes and challenges of 34 million Nigerians

  /   in Finance   /   Comments

It was a representation of all the major actors in the quest to extend financial services to the 34 million adult Nigerians, who has no access to any form of such service.

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