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Banking/Investments

Senate, NPA fault $1.6bn Lekki Deep Seaport scheme

Nigerian Senate

Just as the Senate has raised concerns on the approvals granted for the construction of the Lekki Deep Seaport without due consideration for intermodal railways services, the managing director of Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman yesterday expressed worry on why approval was given for the scheme in the first instance. Addressing maritime stakeholders at the rescheduled 2016 ...

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NASS rejects Ghana’s racist business policy targeting Nigerians

Almost three years after the former Nigerian Ambassador to Ghana, the embattled Senator Musiliu Obanikoro had mediated on the matter and stopped the harsh tax of $300,000 on Nigerian businesses; Ghana has reintroduced the same tax again. Already, the House of Representatives has waded into the matter, expressing total displeasure at a policy which is designed to compel Nigerians willing ...

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Heritage Bank currently anchored on PPP—Chairman

Chairman of Heritage Bank Plc, Mr. Akinsola Akinfemiwa has revealed that the driving force of the lender is anchored on People, Partnership and Process (PPP). He explained that the bank had relied on the PPP over the period of its existence to raise commitment on sustainable growth to build the bank as an emerging systemic important bank in Nigeria. The ...

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Wema Bank boosts students’ financial literacy

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Wema Bank Plc has stressed the need for students to embrace the principles of savings and investment. The Regional Manager of the bank, Tolu Adegbie, who took the students of Olomu Community Junior Secondary School, Ajah on a financial literacy programme to mark this year’s World Savings Day, explained that introducing students to the rudiments of finance in the early ...

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Reps mull financial autonomy for LGs

nass complex

A bill to grant financial autonomy to local government councils in the country, scaled through the second reading in the House of Representatives on Wednesday in Abuja. The bill sponsored by Hon. Nkeiruka Onyejeocha (PDP-Abia) seeks to alter section 162 of the 1999 constitution which provides for the State Joint Local Government Account, into which all revenues accruing to the ...

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Wi-PAY gets CBN’s nod to operate Int’l money transfer transactions

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Emerging innovative electronic payment solutions providers, Wi-Pay has been granted an approval-in-principle by the Central Bank of Nigeria (CBN) for international money transfer operations (IMTO). A statement issued by the group quoted a letter received from the CBN and signed by Mr. W.D. Gotring, Ag director of Trade & Exchange, saying “Wi-Pay, upon review of its application, an approval was ...

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Pension assets rise to N5.9tn as agency mulls investments in power, others

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The total assets under the Contributory Pension Scheme (CPS) has risen to N5.9tn as of the end of September this year. The Director-General, National Pension Commission, Mrs. Chinelo Anohu-Amazu, disclosed this during a seminar in Abuja on Wednesday. She said “Some of the major success indicators include the consistent growth in a large pool of pension assets of over N5.9tn, ...

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Moves to resend $30bn loan request to Senate begin

All is set for the Presidency to resubmit the request for his administration to borrow $29.96bn from external sources to the Senate. This is coming three days after the first submission was bungled by what the lawmakers described as untidy presentation. The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, ...

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Relief as AfDB disburses $600m from $1bn loan approved for Nigeria

afdb

The African Development Bank’s Board of Directors on Wednesday approved a $600m loan for Nigeria. This is coming almost few weeks after the managing Director of the bank and Nigeria’s former minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina visited Nigerian and made the assurance. The loan is meant to help Nigeria plug its budget deficit as the nation ...

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Fidelity Bank appoints Ebi, others as Ezeh bows out

Fidelity Bank Plc has announced the appointment of Mr. Ernest Ebi as a non-executive director and chairman-designate of the Board of Directors. A statement issued by the bank in Lagos said the development followed the retirement of the erstwhile chairman of the bank, Chief (Dr) Christopher Ezeh, who, after over 11 years of meritorious service to the bank has retired, ...

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