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Banking/Investments

Retired CBN official unveils why cashless policy in 30 states was suspended after takeoff

Buhari CBN

It would have amounted to double tragedy in the face of the excruciating economic pains caused by recession and height of insensitivity on the side of the Central Bank of Nigeria (CBN) if it had gone ahead with the Cashless Nigeria Policy in remaining 30 states of the federation. This was the position of experts who barred their minds on ...

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Blame Democrats if govt is shut down due to Mexico wall funds Friday—US Attorney General

Trump

Whereas President Donald trump is hopeful that “Mexico will pay for the border wall; ‘eventually’ and ‘in some form,’” explaining issues on ABC’s “This Week With George Stephanopoulos,” U.S. Attorney General Jeff Sessions suggested Democrats would be to blame if the government is shut down over the wall. US budget is by law supposed to be passed by the lawmakers ...

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LADOL has all it takes to facilitate any car manufacturing plant— Amy Jadesimi

Ladol Amy

The Managing Director of the Lagos Deep Offshore Logistics (LADOL), Dr. Amy Jadesimi, has opened up on the quality and standard of facility already in place at the company facilities on the Free Zone. Giving insights on the preparedness of the company in providing logistics for mega companies to operate seamlessly, she said all basic things a company needs to ...

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Why CBN approved Roosevelt Ogbonna as Access Bank Deputy Managing Director

Access Bank

Following the resignation of former Deputy Managing Director of Access Bank Plc, Mr. Obinna Nwosu who left to pursue his personal endevours and the approval of Mr. Roosevelt Ogbonna as the new Group Deputy Managing Director by the board of the bank, the Central Bank of Nigeria (CBN) has given nod for the appointment. A statement by the bank revealed ...

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Nigeria, only country where human population in grassland exceeds wetlands– Ozekhome

Chief Mike Ozekhome

Vociferous Senior Advocate of Nigeria (SAN) and human rights activist, Chief Mike Ozekhome, has observed that because of manipulation of previous census results, Nigeria has remained the only country in the world where human population in grassland and desert areas exceeds those of wetlands. Addressing newsmen in his office on the heels of the recent statement made by the Speaker ...

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Again, Adeosun begs international community to halt illicit capital flows from Nigeria

Kemi Adeosun

In what looks like a more passionate appeal to the international community, the Minister of Finance, Mrs. Kemi Adeosun has urged developed countries to stop providing safe havens for corrupt individuals and their illegal funds. Speaking at the ongoing International Monetary Fund (IMF)/World Bank Group Spring meetings in Washington DC, United States, the minister said “To improve non-oil revenues, we ...

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Erisco Foods returns to Nigeria, seeks audit of CBN forex allocation to manufacturers

erisco-foods

After about two to three months of production outside the country, Erisco Foods Limited which exited the country sometime last year on ground of hostile forex regime is back. The company is known for Tomato paste manufacturing. Giving more details on his return to the economy, the President of the company, Chief Eric Umeofia said he has resumed his Nigerian ...

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Access Bank crosses risky limit as Capital Adequacy Ratio hits 21 per cent

access-wigwe

With liquidity ratio at 43 per cent after the implementation of risk management framework, Access Bank Capital Adequacy Ratio (CAR) currently stands at 21 per cent. The CAR for banks in Nigeria stands at 10 percent and 15 percent for national or regional banks with international banking licence respectively. According to the stress test conducted by the Central Bank of ...

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Nigeria, S/Africa on gradual recovery, weak in per capita terms—W/bank

World-Bank-

Barely two day after the International Monetary Fund (IMF) saw light at the end of Nigeria’s recession exit tunnel, the World Bank, on Wednesday released new report, saying sub-Saharan Africa is projected to recover to 2.6 per cent in 2017 after suffering sharp down turn in 2016. The bank saw upturn in economic activity which is expected to continue in ...

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Another Lagos Court orders forfeiture of N449m found in Island BDC shop

EFCC Legico

Barely one week after a Federal High Court in Lagos ordered interim forfeiture of all the $43m recovered by the Economic and Financial Crimes Commission (EFCC) from Osborne Towers in Ikoyi, another court on Wednesday gave similar order on the sum of N449,750,000 found in an abandoned Bureau de Change shop in Victoria Island. Justice Rilawan Aikawa gave the order ...

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