Business

IMF’s Lagarde Says Nigeria Needs Flexibility in Monetary Policy

Nigeria needs more flexibility in setting monetary policy so it can use its foreign currency reserves to support the poor population if low oil prices persist, said International Monetary Fund Managing Director Christine Lagarde. “With a very clear ambition to support the poor people of Nigeria, there could be added flexibility in the monetary policy, […]

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heritage Bank

Heritage Bank Calls For Increased Awareness On Financial Inclusion

The Managing Director/Chief Executive Officer of Heritage Bank Limited, Mr. Ifie Sekibo has called for an increased awareness on financial inclusion so as to bring more Nigerians into the financial system. Sekibo, said this during the presentation of the Gold Sponsorship award for 2015 to Heritage Bank by the Finance Correspondents Association of Nigeria (FICAN) […]

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heritage Bank

Heritage MD Urges Nigerians To Buy Made-in-Nigeria Goods

The Managing Director/Chief Executive Officer of foremost Nigeria’s growing financial institution, Heritage Bank Limited, Mr. Ifie Sekibo, has advised Nigerians to always patronise locally made goods and services as a way of helping to stimulate growth of the nation’s economy and preserve the foreign exchange. Sekibo, said this during the presentation of the Gold Sponsorship […]

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NIMASA Collected Revenue In Dollars, Remitted Naira – FG

The Minister of Finance, Mrs. Kemi Adeosun, on Wednesday, said the Nigerian Maritime Administration and Safety Agency had not been remitting the revenues generated to the government’s coffers. The immediate past Director-General of NIMASA, Patrick Akpobolkemi, is currently facing 40 counts of fraud and money laundering to the tune of N34.5bn. Adeosun specifically stated that […]

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Buhari, Others To Examine US-Africa Business Relations

President Muhammadu Buhari and other heads of state are expected at the US-Africa 10th Biennial Business Summit to be held next month, the organiser, Corporate Council on Africa, has said. According to a statement on Wednesday, Buhari will lead some top members of his cabinet and top Nigerian business leaders to the summit. The summit, […]

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MTN’s Acquires Visafone, Dismissed 2,000 Workers

Feelers emerged on Wednesday that Visafone was winding down operations and had sacked more than 83 per cent of its workers as part of its acquisition by the MTN Nigeria. Correspondent gathered that over 2,000 employees were disengaged with effect from January 5, 2016, and were paid three months’ salaries as severance package. The only […]

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Shipowner Petitions Amaechi Against NIMASA

A shipowner, Twinstomp Energy Limited, has through its lawyer, Andrias & Co, petitioned the Minister of Transportation, Mr. Rotimi Amaechi, against the investigation into a ship collision handled by the Nigeria Maritime Administration and Safety Agency. The petition, signed by Mr. Olumide Oyewole, was said to be brought against the Director-General of NIMASA, Mr. Haruna […]

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IMF Wants Flexible Exchange Rate, Higher VAT For Nigeria

The International Monetary Fund on Wednesday advised the Federal Government to consider a flexible exchange rate policy rather than outright devaluation of the naira and the current forex restrictions. It also called for an increase in the Value Added Tax rate from the current five per cent. The Managing Director, IMF, Christine Lagarde, on the […]

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NERC Insists, New Electricity Tariffs To Commence February 1

The Nigerian Electricity Regulatory Commission has ignored the advice of the House of Representatives by insisting that the new electricity tariffs will come into effect from February 1, 2016. It also announced that the power distribution companies had one year from now to provide meters for all their customers and stop issuing estimated bills. On […]

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MoneyGram Key Into $21BN Remittance Market

MoneyGram says it has provided a platform for its customers in key European countries to send money in minutes directly to most bank accounts in Nigeria. It said in a statement that it was the first firm to offer customers in France, Germany, Ireland, Italy and Spain a way to send money to naira bank […]

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External Reserves Lose $112m In Five Days

The nation’s foreign reserves have fallen by $112m in five days to $28.960bn; the latest figures obtained from the Central Bank of Nigeria have shown. The loss, recorded between December 31 and January 6, was the biggest in Nigeria’s reserves since the CBN implemented the use of Bank Verification Number in the forex trading. In […]

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Refineries Producing 6.76 Million Litres Of Petrol – NNPC

The Nigerian National Petroleum Corporation on Tuesday announced that the nation’s three refineries in Kaduna, Port Harcourt and Warri had attained a combined daily production capacity of over 6.76 million litres of petrol. The corporation said in a statement by its Group General Manager, Group Public Affairs Division, Ohi Alegbe, that petrol production was projected […]

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