THE Board of Directors of the African Development Bank has approved a $124.2 million loan to finance the Urban Water Sector Reform and Akure Water Supply and Sanitation Project in Nigeria.

FIDELITY Bank Plc has rewarded thirteen customers with N19 million for being faithful and committed to servicing their accounts. The lucky winners emerged from the second monthly/ first bi-monthly draw of the Get Alert in Millions Savings Promo Season 4, which held at the bank’s regional office in Abuja.

Analysts at the FBNQuest Research, an arm of the FBN Merchant Bank, have given a comparative view of Nigeria’s pension assets under management indicating under performance of peers. According to their report, ‘‘The Assets Under Management (AUM) of the regulated pension industry increased by 16.1% y/y in October to N9.81trn (US$32.0bn), and by 2.4% m/m. They represent just 7.7% of 2018 GDP.  This coverage lags peer emerging markets because the Nigerian industry, dating from 2004, is one of the newest. 

Nigeria’s inflation figure is still on the upswing with Financial Derivative Company, FDC, hinting of 127 bases point uptick.

The Managing Director, Imowo Microfinance Bank, MfB, Ijebu Ode, Ogun State, Mr. Ajayi Abiodun, in this interview, said that the survival of a bank is largely determined by its financial performance which requires good management and corporate governance, rather than capital base. He also highlighted other issues affecting the sub sector and its operations.

MANAGING Director/ Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has said that the proposed amendments to the Corporation’s enabling act will help to solve the various challenges to deposit insurance in the country.

TRAGICALLY, our country is headed back to the odious days of General Sani Abacha when dissent was regarded as criminal, protest as a coup and reason as treason. In the last few days, patriotic Nigerians including people in this government who disagreed with the invasion of our courts by hooded armed men, and resort to self-help by the President Muhammadu Buhari government, have been ordered to shut up. Countries like the United States and United Kingdom and organisations like the European Union and Amnesty International who have raised concern about the violation of basic freedom and refusal by the government to respect the rule of law, have also been asked to shut their mouths. All these are a rehearse of the antics of the Abacha regime.

Meanwhile cost of funds is expected to remain low this week  in the interbank money market due to expected inflow of N500 billion from matured secondary market (Open Market Operations, OMO) TBs.

The downward trend in the fortune of the naira against the dollar is expected to persist this week even as the nation’s external reserve falls to the lowest level in two years.

The management and staff of Newcross Petroleum Limited and Newcross Exploration and Production Limited have celebrated the birthday of their Chairman, Dr. Festus Fadeyi with children at five different orphanage homes in Lagos and Ogun State.