We’ve started paying depositors of 46 microfinance banks — NDIC
•Over 700,000 Heritage Bank depositors paid By Cynthia Alo The Nigeria Deposit Insurance Corporation, NDIC, has said that it has commenced payment of depositors of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, CBN, in July 2026. The Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Sunday, […]
Removal of bank chiefs have no legal backing — Aribisala
By Chinelo Enemuo Chief Ajibola Aribisala  has described CBN’s removal of bank chiefs as an illegal act.In his interview with Vanguard, he noted that the Economic and Financial Crimes Comission (EFCC) should be more concerned with bringing the debtors to book as well as recovering the money. According to him, “I see no reason why […]
Customs set to dismiss officers for releasing contraband
By Godwin Oritse THE management of the Nigeria Cus-toms Service (NCS)is to dismiss officers involved in aiding the release of contraband brought into the country by importers. The decision to dismiss this category of officers was as a result of increased influx of prohibited cargoes through the ports in Lagos. Disclosing this to newsmen in […]
Removal of bank chiefs have no legal backing — Aribisala
By Chinelo Enemuo Chief Ajibola Aribisala has described CBN’s removal of bank chiefs as an illegal act.In his interview with Vanguard, he noted that the Economic and Financial Crimes Comission (EFCC) should be more concerned with bringing the debtors to book as well as recovering the money. According to him, “I see no reason why […]
Central Banks should move beyond price stability — IMF
Monetary policymakers should consider doing more to counter credit market cycles to reduce risks of damaging asset price busts, according to a new IMF study after the worst financial market slump since the Great Depression. The study—based on house and stock price busts over the past 40 years—shows that previous asset price busts were often […]
CBN assures investors of no major shocks from banks’ audit
CENTRAL Bank of Nigeria (CBN) has assured investors that there would be no more major shocks from the ongoing banks audit as available reports from twelve out of the fourteen banks currently undergoing examination was fair than the last 10 audit which led to the sacking of five banks†boss and their executive directors.
AP’s plan for modern refinery on course — Falasinnu
African Petroleum Plc has said that despite the changes at the NNPC it intends to establish a modern refinery in the country soon. The Chief Operating Officer, AP Plc, Mr Tunde Falasinnu, told news men in Lagos on Monday that AP had done a lot of feasibility studies about the project with the NNPC.Falasinnu said that although the recent changes at the corporation slowed down the programme, the project would soon be on course.
UNTL posts N730 mn loss ….Hints on possible shutdown of operations
Following the persistent delay in the take off of the N100 billion stimulus package for the textile industry, a major textile firm in the country – United Nigeria Textile Plc (UNTL) has hinted of the posibility of shutting down its operations, going by difficulties faced in its operations in the country as evident by its dismal financial performances over the years.
West African Insurance Institute in financial crisis
Sub-regional insurance training school, West African Insurance Institute (WAII) based in the Gambia may be forced to wind up if urgent financial assistance is not extended to it by member countries.
Stakeholders call for early \release of intervention funds
Commissioners of Commerce and In dustry in the 36 states of the federation have called on the Federal Government to ensure the early release of all intervention funds to resuscitate ailing industries.
Nigerian oil militants surrender rockets, guns
YENAGOA, Nigeria — A top militant leader and 1,000 fighters surrendered to the Nigerian government Saturday, turning in their weapons in the biggest hand_over since an amnesty began two weeks ago, but other fighters said attacks in the oil_rich Delta region will resume next month regardless.
5 troubled banks say debt recovery is ongoing
Five troubled banks whose managing directors and executive directors were sacked barely five weeks ago by the Central Bak of Nigeria (CBN) for alleged misuse of shareholders’ funds, have assured depositors and investors that their money was safe and protected and the debt recovery exercisewas ongoing.
NAPIMS parleys joint venture operators
THE National Petroleum Investment Management Services (NAPIMS) has organised a highly interactive forum in order to provide an avenue for the multinationals to fashion ways of addressing issues that impede on the optimal operations of the upstream sector of the oil and gas industry.
GtBank introduces naira denominated mastercard
Guaranty Trust Bank has introduced the first MasterCard branded, Naira denominated debit cards in Nigeria.The Bank in a statement said, “This innovation, which is also an ATM card, is fortified with the Chip and Pin technology and linked directly to the customer’s account. It allows the cardholder withdraw cash from all Automated Teller Machines (ATMs) which bear the MasterCard logo or stickers and pay for goods and services at MasterCard Point of Sale (POS) terminals.
PTDF set to adopt FUPRE, UniPort for scholarship programme
ABUJA THE Petroleum Technology Development Fund, has said it plans to adopt the Federal University of Petroleum Resources, Effurun (FUPRE), Delta State , and the College of Petroleum Studies in the University of Port Harcourt , for training of beneficiaries of its Overseas Scholarship Scheme.
Power: NERC to invoke sanctions over electrocution, disobedience to order
THE Nigerian Electricity Regulatory Commission (NERC) has announced that it might be compelled to invoke certain provisions of its enabling Act following its observations that most of the power distribution companies operate in flagrant disobedience of its orders, rules and regulations.
