N2.98bn debt: I no longer owe Intercontinental — Arisekola
By Ola Ajayi IBADAN—Alhaji Azeez Arisekola Alao, Aare Musulumi of Yorubaland, weekend said he had paid the N2.98 billion debt he owed the Intercontinental Bank Plc in form of shares. Recently, the Central Bank of Nigeria, CBN, had linked him with huge debts incurred by the bank which led to the sack of some bank […]
THE PUTRID MESS ALSO IN CBN! (4)
In other words, bank could now keep only 2% of their assets as cash! Serious analysts would consider such accommodation as patently reckless and skating on thin ice, especially in a country with a heavily cash dependent economy; liquidity ratio of banks was similarly inappropriately reduced from 40%… to 25% and government treasury bills holdings were also admitted as a component of liquidity ratio.
Activist tasks FG on amnesty
FOREMOST Ijaw female activist, Ann Kio Briggs, has called on the Federal Government to demonstrate the necessary political will needed for the amnesty project for militants in the Niger Delta region to succeed.
Face power, amnesty, Labour tells Jonathan
THE two labour unions in the country, Nigeria Labour Congress, NLC, and its counterpart, the Trade Union Congress of Nigeria, TUC, weekend set agenda for Acting President, Dr. Goodluck Jonathan, urging him to focus on electoral reform, power generation, healthcare, infrastructure and revival of industries, among others.
Housing: Mortgage banks blast FMBN decisions on NHF
Primary Mortgage Institutions (PMIs) operators under the umbrella of the Mortgage Banking Association of Nigeria (MBAN) have described as illegal the recent decisions of the Federal Mortgage Bank of Nigeria (FMBN) concerning the National Housing Fund (NHF).
Critics of the ‘Cash Sale of Dollars’ to BDCs are misinformed , Suleiman
For eight years, from November 2002 until last Saturday, Alhaji Farouk Suleiman, as President, piloted the affairs of the Association of Bureaux De Change Operators of Nigeria (ABCON), the umbrella body of bureaux de change (BDCs). In this interview with the Editor of Financial Vanguard, Babajide Komolafe he bares his mind on major developments in the sub-sector, which marked twenty years of existence in Nigeria last year. He also addressed criticism of the Cash Sale of Dollars to BDCs scheme and the categorisation of BDCs.
Anxiety over ‘Market Makers’ initiative
There is anxiety over the fate of the ‘market makers’ rescue initiative for the capital market given the focus of the regulatory authorities on the proposed asset management company (AMC).
THE PUTRID MESS ALSO IN CBN! (4)
This week, we will conclude the series of articles on “The Putrid Mess Also in CBN!†with an examination of the misguided application of the Central Bank’s instruments of control, and wonder why these wrongheaded policy measures were not subjected to the simple test of whether or not they were in conformity with commonsense!
CIIN extends partnership, exchange programme to six countries
Chartered Insurance Institute of Nigeria (CIIN) has concluded all arrangements to extend its partnership and exchange programme to six countries.
NAICOM intervention yields N822m claims from 106 complaints
The intervention of National Insurance Commission (NAICOM) compelled insurance companies to pay N821.9 million worth of disputed insurance claims arising from 106 complaints in 2009.
How to safeguard your money in banks (5)
Do not deposit your money with a bank that has not published its audited Annual Report and Statement of Accounts in accordance with statutory provisions. As you know, the CBN must approve a bank’s account before it can be published. If something is wrong, the CBN may not approve the publication. This could be a danger signal.
