The World Bank has approved a 500-million dollar Development Policy Credit to support Nigeria’s economic reforms in the financial sector and public financial management.

An International Monetary Fund, IMF mission led by Mr. David Nellor visited Abuja and Lagos between July 16 and 29, 2009 to conduct the 2009 Article IV Consultation, which involves analysis and discussion of economic policies that the IMF, regularly conducts with each member country.

Globally, the importance of banks in an economy cannot be over-emphasised. Apart from playing the intermediation role of moving funds from the surplus to the deficit sectors of the economy, they act as the barometer that measures the “financial pressure” of an economy. The banking industry is the largest provider of funds to both the private and public sectors of the economy; it also provides developmental support to the key sectors of the economy. Stakeholders are thus sensitive to whatever positively or negatively affects the banking industry.

Recently the Central Bank of Nigeria suspended the treatment of Commercial Papers and Bankers Acceptances by banks as off balance sheet items. This measure according to money market operators would trigger a fresh liquidity crisis in the industry as well as occasion increase in deposit rates, Babajide Komolafe writes.

By Lucky Fiakpa Battle-tested African Petroleum and its chairman, Mr. Femi Otedola, are in for another major legal tussle with Access Bank and this could take several years to decide given the Nigerian legal system, Lucky Fiakpa writes What could be the problem with African Petroleum Plc? The company has always been in the media […]

By Patience Saghana With less than six months to the 2010 deadline when insurance companies will be underwriting at least 70 per cent of risks in the oil and gas sector, not much ground has been covered in spite of efforts put in place by the sector to meet up with the target. The government […]

Nigerian Breweries Plc has announced support for Farafina Trust creative writing workshop with N7 million.
The ten day workshop which has been scheduled to hold in Lagos September 17 – 26, is expected to groom 25 participants in the art of creative writing so that they can become future Nobel laureates in literature.

Dr. Simon Okolo is the President, Nigerian Association of  Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and in this interview with Franklin Alli, he says political will is needed to diversify the economy from total dependence on oil to agriculture and industrial goods production.  Excerpt As a medical doctor and an industrialists, what do […]

Substantive Managing Director of Nigeria Reinsurance Corporation, Mrs. Isioma Chukwuma, has said that she planned to reposition the company in order to be a strong reinsurance company that it used to be.

The on-going mass awareness campaign in the Nigerian insurance industry has received yet another boost with the recent enlistment of Intercontinental Wapic Insurance and Crystal Life Insurance.