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Naicom

Foreign investors Taking-Over Insurance Firms Over Recapitalisation

It has been revealed that many indigenous underwriting firms have been taken over by foreign investors since the last recapitalisation that took place in the insurance sector. The Punch reports that the National Insurance Commission (NAICOM), apex regulator of the Insurance sector, confirmed that a number of local players in the insurance sector preferred being […]

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Cbn

Nigeria Loses $482 million From External Reserves In One Month

Nigeria’s external reserves dipped by $482.18m from N45.14bn as of July 8 to $44.65bn as of August 8, latest statistics from the Central Bank of Nigeria have shown. The reserves which had maintained a steady rise in recent months has started suffering decline. A research by FSDH according to The Punch, noted in its monthly […]

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CBN Gets Buhari’s Directive to Stop Forex for Food Imports

The Central Bank of Nigeria (CBN) has been directed byPresident Muhammadu Buhari to stop providing foreign exchange for importation of food into the country in a bid to ensure Nigeria attains food security. A statement yesterday by a presidential spokesman, Mallam Garba Shehu, quoted Buhari as telling All Progressives Congress (APC) governors, who came to […]

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Elzaky

El Zakzaky protest from India, Says ‘We’re Practically in Another Detention Facility’

Detained leader of the Islamic Movement of Nigeria (IMN) , Sheikh Ibrahim El- Zakzaky, has protested what he described as another detention from New Delhi, India where he and his wife, Zeenat, were taken to for medical treatment, saying the hospital where they are receiving treatment as another “detention facility which is even stricter than […]

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Zenith500

Zenith Bank, Cross River Collaborate on Agricultural Revolution

A partnership has been established between Zenith Bank and the Cross River State government and towards the industrialisation of the state through its agricultural value chain policy, which is aimed at complimenting efforts by Governor Ben Ayade. This followed a visit by the management of the bank led by its Group Managing Director and Chief […]

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Cbn

CBN auctions N34bn T-bills after public holiday

The Central Bank of Nigeria announced on Wednesday august 14th, that it’s auctioning N34bn worth of Treasury bills, 14, roll over existing Federal Government T-bill maturities. Analysts at Zedcrest Capital Limited said upon resumption from the Salah break, despite the small volume of T-bills on offer, they expected stop rates to clear above their previous […]

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Aisha Umar

Workers total pension assets hit N9.32tn

Total assets under the Contributory Pension Scheme for workers in Nigeria, rose to N9.32tn as of the end of June 2019. The Punch, reported that the funds, which had continued to record a steady rise, hit N8.33tn as of the end of August 2018. Figures obtained from the National Pension Commission on Thursday revealed 69.5 […]

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World Bank Investments portfolio in Nigeria now $11bn

The World Bank has disclosed that its net portfolio commitment into Nigeria currently stands at over $11 billion, with 30 operational projects in all the states of the federation. The disclosure by the bank’s Country Director for Nigeria, Mr. Rachid Benmessaoud, coincided with the call by Governor of Kaduna State, Mallam Nasir El- Rufai, on […]

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Dmo

DMO thtreaten to Deregister Over 50 Non-Performing Agents in Bonds Trading

The Debt Management Office has threatened to deregister several non-performing registered Distribution Agents for its retail Bonds on Nigerian Stock Exchange (NSE). This was disclosed by Mrs. Bose Olafisoye, who represented the head of the market department at the DMO, who, lamented that “a lot of (135 registered) Distribution Agents have not brought (pooled) in […]

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Ndic

MfBs’ Bad Loans Decline By 5.3% To N25bn — NDIC

The Nigerian Deposit Insurance Corporation, NDIC Bad or nonperforming loans (bad loans) in the portfolios of microfinance is said to have declined by 5.2 percent in 2018 to N25 billion against N26.18 billion in 2017. NDIC disclosed this in its 2018 annual report, which also revealed 14.7 percent increase in total deposits of the industry […]

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Court Orders Freezing of Three Lagos Accounts Over Allged ‘N9.9bn Fraud’

A Federal High Court in Lagos, presided by Justice Chuka Obiozor has ordered the freezing of three bank accounts belonging to the state government over an alleged N9.9 billion fraud. Obiozor, ordered the suspension of the bank accounts following an ex parte application by the Economic and Financial Crimes Commission (EFCC). The accounts are domiciled […]

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Rv. Martins

Catholic Cleric Tells Buhari To Restructure Nigeria

A Catholic cleric, Archbishop of Lagos Metropolitan See, Most Rev Alfred Adewale Martins, has told President Muhammadu Buhari to urgently commence the process of restructuring the country as this remains the surest way to move the nation forward. Vanguard newspaper quoted Martins, who was reacting to the recent killing of Mrs Funke Olakunrin, daughter of […]

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