The MasterCard Foundation and the SEEP Network has signed a $7.6 million, four-year partnership, with a view to further strengthen and develop the capacity of microfinance industry associations in sub-Saharan Africa.

The cost of borrowing from Nigerian banks will witness further increase by at least five per cent following the recent increase of Cash Reserve Ratio (CRR) by 400 basis points by the Central Bank of Nigeria (CBN) in its last Monetary Policy Committee (MPC) meeting, the Managing Director, Financial Derivatives Company, FDC, Mr. Bismark Rewane, has said.

The Abuja division of the Tax Appeal Tribunal (TAT) Thursday ordered TSKJN to pay N5.14 billion ($35,938,087 dollars) as tax liabilities to the Federal Inland Revenue Service (FIRS). Hon. Nnamdi Ibegbu (SAN), the Acting Chairman of the Tribunal made the order following an appeal by TSKJN, challenging the FIRS Tax assessments in a contract for the construction of Nigeria Liquefied Natural Gas (NLNG).

…Rewane highlights interest rate outlook for H2
The amount of funds in the inter-bank money market fell sharply by 89 per cent last week, prompting a sharp increase in cost of funds.

Once again, Lagos State, host state to the National Sports Festival (NSF) scheduled for November/December 2012, has created a new tagline; ‘Go Lagos, Ignite The Spirit of Friendship to drive the festival.

Mali, Niger and Ivory Coast have slashed or removed taxes on a range of imported basic foods as they try to contain rising food prices, which led to protests in a number of countries when they last spiked five years ago.

The Financial Reporting Council, FRC, has directed the National Insurance Commission, NAICOM, to suspend the management of Alliance & General Insurance Ltd and Alliance & General Life Assurance Plc respectively.

The way microfinance banks (MFBs) operate in the country does not promotes banking culture, says Ausbeth Ajagu of Entrepreneurial Studies (AES) Excellence Club. “Until we go back to the drawing board to get the rules and principles right, we may not succeed”, he said.

Inadequate Educational Opportunities and Resources:
Quality education has a direct bearing on national prestige, greatness and cohesion. The knowledge and skill that young people acquire help determine their degree of patriotism and contribution to national integration and progress.

OSUN State Head of Service, HOS, Elder Segun Akinwusi, has retired as the Head of Service of the Osun State Government after attaining the mandatory retirement age.