4.85m customers still unmetered
•As DISCOs meter 308,106 Nigerians in 2 months By Ediri Ejoh The Nigerian Electricity Regulatory Commission, NERC, yesterday said the Electricity Distribution Companies, DisCos, in Nigeria delivered about 308,106 meters to their customers between May and June 2026. In its latest Metering Status of Distribution Companies Factsheet for May and June 2026, NERC said total […]
Manufacturers call on Agric Minister to rescind ban on raw material
Investors and members of the Manufacturers Association of Nigeria (MAN) in the agricultural sector have called on the new honourable Minister of Agriculture, Chief Audu Ogbe, to help in the reversal of the Central Bank of Nigeria (CBN) forex policy that included one of their most important raw materials; Crude Palm Oil (CPO) on the ‘not valid for forex’ list.
2015: Capital market driven by reforms, innovative technology, others
The regulators in the Nigerian capital market in the year 2015 focused on reforming the sector to rekindle investor confidence, which was eroded during the financial global meltdown in 2008/2009. The Securities and Exchange Commission, SEC and Nigerian Stock Exchange, NSE have been the major driver of this reform through regulations and enforcement , strengthening market institutions, promoting corporate governance, supporting innovative technology and prioritising cooperation both domestically and internationally
States may get broke again – Masari
At the backdrop of expected significant drop in revenue accruable to the three tires of government from the monthly Federation Account Allocation Committee, FAAC, state governments may need fresh bailout arrangements as none of them have indicated plans to rejig budgets in line with the merging fiscal realities.
Union Bank faces likely drops in revenue, profit at full year
Union Bank faces the challenges of inability to grow revenue and that could lead to a drop in gross earnings for the bank at full year. Rising interest cost is hurting profit capacity and the bank isn’t likely to achieve up to one-half of its preceding year’s profit based on the third quarter growth rate. Revenue is constrained by non-interest income, which declined by 13% year-on-year at the end of the third quarter while interest income has slowed down due to a continuing drop in the investment portfolio.
Banking in 2015: Forex restrictions, BVN hiccups
The second notable restriction was the Exclusion of 41items from the official foreign exchange market. Then in August the CBN banned acceptance of foreign currency deposit into domiciliary accounts. In addition to the above was the reduction in the limit on usage of naira debit cards abroad. From $150,000 per annum the limit was reduced to $50,000 per annum per naira debit card. The daily cash withdrawal limit was pegged at $300.
