Nigeria’s debt creation office

In a recent document titled “Nigeria’s Debt Management Strategy 2016-19", the Debt Management Office (DMO) expressed concern on the high risk collateral of servicing and refinancing the nation’s N8.54tn domestic debt which reportedly excludes over N2.4tn outstanding obligations on CBN’s sales of Treasury Bills. The DMO is clearly worried that refinancing of about 30% (N2.56tn) of the domestic debt, which will fall due, in the next 12 months, poses a threat to the economy because maturing debts will have to be refinanced at market rates which could be oppressively higher than the almost 11% average of existing debt.” Furthermore, the projected N984bn domestic loan in the 2016 budget, would raise this already disturbing domestic debt level by over 10% to propel debt service charges, dangerously beyond the current 35kobo from every one Naira of internally generated revenue by government.
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FG, militants’ ceasefire in N-Delta collapses

THE temporary cessation of hostilities in the Niger Delta region broke down, weekend, as Niger Delta Avengers, NDA, blew up five oil and gas installations following its displeasure with the manner the Federal Government was managing and breaching the peace process.

I won’t abandon physically challenged athletes – Ochei

Former Speaker of the Delta State House of Assembly, Right Honourable Victor Ochei has reiterated his commitment to lifting the physically challenged of the society by empowering them through various programmes, particularly sports.

19-yr-old kidnapped in Ondo

AKURE—A 19 year old secondary school student, Moyinoluwa Abdukareem, was weekend reportedly kidnapped by a commercial motorcycle operator popularly known as Okada rider in Owo, Ondo state.

6 killed, 12 injured in Kogi road crash

LOKOJA—Six persons were reportedly killed on Saturday, while 12 others were injured in a ghastly motor accident that occurred along Anyigba-Ajaokuta Road in Kogi State.

Neff moves to combat internet fraud through deep web

The Nigeria Electronic Fraud Forum (NeFF) has commenced moves to combat the threat of internet fraud through the ‘deep Web’. This started with sensitization of stakeholders in the electronic payment industry during the 2nd Quarterly meeting of the Forum held on Friday. Commenting on the rationale for theme of the meeting, which was, “The Deep Web and its impact on the Global Financial Industry”, NeFF Chairman and Director of Banking and Payment System Department, Central Bank of Nigeria (CBN), Mr. Dipo Fatokun said, “The reality we face today is that the conventional use of the World Wide Web is like dragging a net across the surface of the ocean, capturing less than 1% of Web Content.

Your rented home, office buildings should be insured

All buildings are exposed to disasters like fire, collapse, earthquakes, storm or flood. However, if any of such disasters befall a public building; the loss that will emanate from such incident will definitely be massive compared to if a private building had been affected. Unfortunately, many public buildings have been affected by one or more of such disasters and property worth millions of naira were lost, without any form of compensation to victims to recoup these losses. Unknown to many, the Occupiers Liability Insurance is compulsory for public buildings in the country to minimise losses from such disasters.

Mystery as Delta Poly student is found dead

OGHARA—Delta State Polytechnic, Oghara, community has been thrown into confusion following the discovery of the dead body of a female student of the Department of Statistics of the institution at the staff quarter’s junction.

Nigeria, six others record $756m premium on micro-insurance

Micro-insurance across Africa is beginning to take its rightful place in insurance market as the premiums written from the class stands at $756million in 2014. This was disclosed to Vanguard in Abuja by Microinsurance network and Munich Re Foundation when the duo released the 2015 landscape of micro insurance Africa in Königstein. A breakdown of the $756m microinsurance written premiums in the region showed a 1.1precent total premium of $69bn generated on insurance premium in the Africa insurance market with South Africa and six other countries including Nigeria.

Northern governors urged to adopt systematic land titling

The Surveyor-General of the Federation, Surv. Ebisintei Awudu, last week called on the governors of northern states to adopt the systematic titling of land tenure services to boost their states’ revenue generation. Awudu who made the call while on familiarisation visit to the Nasarawa State Geographic Information System NAGIS, located in Karu Local Government Area, noted that the GIS employed by the Nasarawa State Government was already yielding fruitful results for the state.

‘Technology, access to raw materials, panacea to economic growth’

Industrialists under the aegis of Ikeja branch of manufacturers Association of Nigeria, MAN, have said that the problem of scarcity of raw materials and foreign exchange, confronting manufacturers in the country could be solved through technological development and local sourcing of raw materials. The association’s chairman,Prince Oba Okojie, made the remarks at the 2016 CEOs Business Luncheon, in Lagos, saying that the problem of corruption, power, forex and technological advancement was due to failure of successive governments to tackle the problems some years back.

N5bn Maryland Mall to boost retail, agro sectors – Investors

Purple Capital Partners Limited, developers and promoters of N5 billion Maryland Mall, a new addition to proliferation of modern malls in Lagos, have said the big black box as it is known, will boost retail and agro-allied sectors of the nation’s economy. Expressing this optimism at the formal commissioning of the strategically located mall, last week, Mr. Omotola Mobolurin, Chairman, Purple Capital Partners, noted that Lagos is fast becoming Africa’s real estate and retail capital despite the plethora of markets, street side shops and grocery stores across the state.

FCMB restates commitment to enhancing stakeholders’ value

The First City Monument Bank, FCMB Plc has said that it is committed to customer-focussed products so as to enhance stakeholders’ value. Over the years, banking in Nigeria has progressed from the traditional financial service activities to become a core part of the lifestyle of individuals, businesses and societies. These days, the assessment and success of corporate organisations, including banks, are largely measured by their level of connection with the people and the customer-centric solutions they offer. This fact was succinctly captured by Roy Spence, co-founder of GSD&M, a leading advertising firm in the United States, who declared that, ‘’every business needs to be in the business of improving customers’ lives”.

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