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FCMB plans customer forum for exporters in Kano next week

FCMB

Leading commercial bank, FCMB has concluded arrangements to drill business owners and other stakeholders involved in export trade in Kano next week Wednesday during the customer forum. The training programme is coming in partnership with the Nigerian Export Promotion Council (NEPC), with the heme, “Financial Inclusion for Non-oil Exports Growth.” The bank said the interactive forum, which is fourth in ...

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How MMM collapsed in Russia, S/Africa, Zimbabwe trapping peoples fund

mmm-2

More facts have emerged on how the trending money spinning donations-facilitated business of MMM collapsed in other countries before coming to Nigeria. MMM has collapsed severally first in Russia, South Africa and recently Zimbabwe. Research shows the Russian government in 1994 saw MMM as a threat and seized millions of participants monies in the MMM head office thereby leading to ...

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Experts upbeat on CBN rates retention as Bank of Ghana eases rate to 25.5%

CBN emefiele 2

It was coincidental Tuesday as both the central banks’ of Nigeria and Ghana decided the monetary futures of their economies. But whereas the Central Bank of Nigerian (CBN) ended its two-day MPC meeting retaining all existing monetary policies introduced in the September meeting, the Monetary Policy Committee of Ghana eased its policy rate by 50 basis points to 25.5 per ...

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FG, Dangote seal N11.5bn concrete road deal on 42.5KM Obajana-Kabba Road

Aliko Dangote

In what may be seem as large heart Corporate Social Responsibility (CSR), Dangote Group Tuesday signed a contract with the Federal Government for the construction of a 42.5KM Obajana-Kabba Road in Kogi. Key aspect of the new is that it will be delivered with concrete, away from the traditional asphalt technology. Experts say roads built with concrete lasts longer that ...

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Naira loses more against dollar as CBN retains monetary rates

Naira exchange

Contrary to earlier speculations Tuesday that naira may record some gains at the end of MPC meeting, the Naira weakened against the dollar few hours after the CBN maintained its benchmark interest rate and endorsed the crackdown on parallel market traders by security operatives. Naira lost N5 to exchange at N470 to the dollar at the parallel market from N465 ...

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Just in: CBN retains all variables at MPC meeting

CBN emefiele 2

The Central Bank of Nigerian (CBN) this afternoon ended its two-day Monetary Policy Committee (MPC) meeting retaining all existing monetary policies introduced during the in the September meeting. Meaning that the MPR by 200 basis points to 14.0 percent is intact; the CRR remains at 22.5 percent, the asymmetric corridor stays at +200/–500 basis points; and, liquidity ratio remains at ...

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Zenith, GTB, 4 others rated strong as forex crisis cause downgrades of 10 banks

Zenith MD

Global financial services rating agency, Fitch Ratings has affirmed long-term Issuer Default Ratings (IDRs) of Zenith Bank Plc, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc, Wema Bank Plc and Bank of Industry in its latest review of Nigerian banks. However, it revised down the Support Rating Floors of 10 banks to ‘No Floor’ and downgraded ...

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Forex, recession, inflation squeeze Nigeria’s economy by 2.2% in Q3

NBS

A fresh data from the National Bureau of Statistics (NBS) has revealed that the ailing economy contracted further in the third quarter as businesses struggled to access foreign exchange in the face of galloping inflationary trend and endless militancy in the oil production region of Niger Delta. NBS said “The nation’s gross domestic product (GDP) contracted by -2.24% year-on-year,” the ...

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Completed cement backward integration now saving $2bn annually – Dangote

Aliko Dangote

Leading cement merchants and manufacturers, Dangote Cement has disclosed that since the successful completion of backward integration in cement production by the former administration of Dr. Goodluck Jonathan, the country is now saving bout $2bn annually. Currently, Nigerian is producing all the cement used in the country and importation had stopped about two year ago when manufacturers surpassed the average ...

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Core investor set to celebrate Eko Atlantic City’s first high-rise building

Arrangements are nearing completion by the developer of Eko Atlantic City, South Energyx Nigeria Limited, to celebrate another milestone in the city following the recent unveiling of the first completed residential building known as the ‘Eko Pearl Towers’. The unveiling, according to the promoters of the city, follows the inauguration last year of the Eko Boulevard, reputed as the country’s ...

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