Skye Bank: Banking challenge in stormy times
These are challenging and stormy times for the Nigerian economy. For the first time in a decade, an economy that used to record growth rate of 7.0 per cent is now in recession. It recorded negative growth rates in the first and second quarters of this year, courtesy decline in crude oil price as well as fiscal and monetary policy that aggravated the severe impact of the decline from oil revenue on businesses and individuals.
How amendment of CAMA will improve investment climate
RECENTLY, the World Bank in its Doing Business Reports 2016, ranked Nigeria 124th on the global ‘Ease of Doing Business.’ This was a slight improvement from the 127th position the country occupied on the competitiveness index last year. The slight improvement recorded by the country, came about as a result of the relentless efforts of the Corporate Affairs Commission, CAC, to improve investment climate across the country.
Global context: Economic crisis, widening inequality and civil unrest
In 2008 economists had predicted a temporary economic crisis. Today we know that there is nothing short-term about the economic slowdown. Our socio-economic system based on unlimited wealth accumulation has worked, and continue to do so, fantastically well for just a few, while hurting the large majority of citizens with poverty, widening inequality and little to no effective democratic participation.
Have bandit bankers struck again?
“Banka’ toxic assets may hit N3.0 trillion”. Emeka Anaeto, Economy Editor, VAGUARD, July 17, 2016. When George Santayana, 1863-1952, warned that “Those who do not remember the past [mistakes] are condemned to repeat it” (VANGUARD BOOK p 93), he did not have Nigeria’s banking sector in mind. In fact, that sector had recorded more high profile crooks than any other since the first authentic Nigerian banks were established in the 1950s by individuals whose names would not be mentioned now.
Crowded lives
THE basic criterion for working in Nigeria is to either be a miracle worker or magician. The monthly Minimum Wage is N18,000; that is $45 or $1.5 daily. From this monthly salary – the equivalent of a bag of rice – the worker is expected to feed and transport himself to work, feed his family, pay rent and school fees.
Ondo PDP disowns Jimoh Ibrahim
Akure—THE Peoples Democratic Party, PDP in Ondo State weekend disowned the business mogul, Jimoh Ibrahim, who collected governorship nomination form from the Ali Modu Sheriff faction of the Party last week in Abuja.
NNPC slumps back to negative, posts N27bn deficit
ABUJA — After a brief respite in the month of May, the Nigerian National Petroleum Corporation’s, NNPC, financials, weekend, returned to negative, as it announced a deficit of N26.51 billion in its operations for June 2016.
FG launches workers’ housing scheme
The Federal Government has formally launched a comprehensive housing scheme for federal civil servants under the Federal Integrated Staff Housing (FISH) programme. FISH is an initiative of the Office of the Head of the Civil Service of the Federation (HOS) in partnership with the American Building System International (ABSI).
Red Star Express set to pay dividend, notifies shareholders of AGM
Red Star Express Plc has disclosed its readiness to pay dividend for the financial year 2015 if approved at the forth coming Annual General Meeting, AGM.
Inspector, lover found dead in Awka
Awka—MANY residents of Awka, Anambra State capital, abandoned what they were doing, weekend, to catch a glimpse of a man, identified as a police officer, and his lover, a member of the Nigerian Security and Civil Defense Corps, NSCDC, allegedly killed by fumes from a power generating set.
NSE: UBA, GTB, drive volume, as investors lose N144bn
Shares of companies in the financial services sector, including United Bank for Africa, UBA, Guaranty Trust Bank, GTB, and Fidelity Bank Plc, last week drove volume traded on the Nigerian Stock Exchange, NSE, even as investors lose N144 billion in the five day period.
