Of recent, the debate has been about the Central Bank of Nigeria’s (CBN) intention to redesign Nigeria’ s National currency, the Naira, and reprint the three largest denominations and calling in the old notes for cancellation. The debate, essentially, has been about whether this is a good or bad policy. Like anything else, every good…
Delta Government to Introduce Property Tax to Enhance Revenue
Property owners in Delta State would soon start paying taxes on their choice properties as the government moves to introduce property tax in urban areas. This is part of measures by the state government to boost its revenue base. Charles Aniagwu, the state commissioner for information who announced this on Tuesday, said this was part…
Remarks by The Secretary to the Govt of the Federation/Chairman of the PTF on COVID-19 at the National Brief of Monday 18th May, 2020
I welcome you to the National Briefing by the Presidential Task Force (PTF) on COVID-19 for Monday, 18th May, 2020.2.Today’s briefing is significant as it provides us an opportunity to assess progress made in the first phase of our three-pronged strategy and communicate Mr. President’s directive on the next step of our National Response to…
Conditions for IMF’s $3.4 billion loan to Nigeria
Nigeria’s $3.4billion IMF loan comes with many charges, fees, surcharges and interest of between two to three percent per annum, and further devalues the Naira to N389.976/USD as against CBN’s N360/USD. As expected the International Monetary Fund, IMF, yesterday approved Nigeria’s application for $3.471.83 billion to bridge shortfalls in the 2020 budget and respond to…
Court Orders Payment Of $793.2m Hidden In Seven Banks
The Federal High Court in Lagos has granted an interim order for seven commercial banks in Nigeria to remit a total of $793,200,000, allegedly hidden with them in violation of the Constitution and the Treasury Single Account (TSA) policy of the Federal Government. Presiding Justice Chuka Obiozor on Thursday directed the banks to remit to…
Nigeria: Still Investors’ Haven
Despite the lull in economic activities due to lack of clear policy direction and the delisting of Nigerian bonds by JP Morgan, the Central Bank and financial experts insist that the economy remains attractive to foreign investors To many Nigerians, the nation’s economy is in dire straits owing to lack of clear economic policies and…
Unity Bank Repositions for Growth
The management of Unity Bank says it is set to reposition the financial institution to underpin Nigeria’s growth even as Henry Semenitari, its managing director, MD, resigned last week. This is after a successful recapitalisation and re-branding exercise that evolved the bank into a profitable and customer-focused financial services company. In compliance with the requirements…
Diamond Bank Declares Profit in Half-year Report
Diamond Bank plc, has posted an impressive performance scorecard. Assuring its stakeholders of its ability to sustain growth in all parameters, the financial institution increased its gross revenue from N96.8 billion in the half year of 2014 to N103.0 billion as at end of June 2015. Uzoma Dozie, group-managing director of the bank, attributes the…
Senate Directs CBN to Recover Illegal N30 billion Import Waivers
The Senate has directed the Central Bank of Nigeria, CBN, to ensure urgent recovery of the N30 billion waivers illegally granted to some importers. Bukola Saraki, senate president, gave the directive on Wednesday while receiving Godwin Emefiele, CBN governor, and other members of the management team of the apex bank who came to brief the…
Power: CBN Pays Another N7bn for Gas
The Central Bank of Nigeria, CBN, on Friday, disbursed additional N6.9bn to five gas suppliers, one power generation company and one power distribution company. The money, which is the third in the series of disbursements made under the N213 billion Nigerian Electricity Market Stabilisation Facility, brings the total amount given by the CBN, under the…
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