The International Finance Corporation has advised Commercial Banks in Nigeria to see it as a duty to assist in funding Microfinance Banks (MfBs) in the country. Country Manager for IFC Nigeria, Eme Essien-Lore, gave the advice at a function in Lagos, where she said that there are lots of potential for commercial banks to be lending to microfinance banks in the country than looking for external capital.

Insurance companies and other financial institutions are indebted to commercial banks to the tune of N790billion as at September 2015, according to the Central Bank of Nigeria (CBN)’s 2015 Quarterly Statistical Bulletin. The indebtedness of insurance companies, capital market operators and other financial organisations to banks in the country was N763, 392.26 in December 2014 and rose to N849, 595.55 in August 2015 before it went down to N790, 241.68 as at September 2015.

Olam Nigeria said its Singapore-based holding company, Olam International Limited has acquired Amber Foods Limited for $275 million. If the amount is converted with the current official exchange rate this amounts to N8.4150billion.

Executive Secretary, Electricity Consumers Association of Nigeria (ECAN), MR. Goodluck Enyinna, has tasked Distribution Companies (DISCO) to pay more attention to ministries, departments and agencies (MDAs) in its debts recovery.

DIFFICULTY to accessing foreign exchange to bring in Completely Knocked Down (CKD)parts have started crippling tricycle and motorcycle assembling plants in the country with spillover effects on outsourcing companies that supply labour to the industry.