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Banking/Investments

CBN yet to reveal banks audit report

Considering high speculation on the would-be content of the ongoing stress test on commercial banks by the Central Bank of Nigeria (CBN), the apex bank has warned some segments of the press over misleading reports purporting to reveal decisions taken as a result of the ongoing audit of Nigerian banks. In a statement, CBN confirmed that examiners have concluded their ...

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Merger of Customs, FIRS imminent–Report

Firs

If the recommendations of the National Tax Policy Review Committee are anything to go by, indications are rife that the Federal Government will merge the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS). This, according to the Committee, is to sustain accountability and improve revenue generation. Presenting draft of the policy at the Committee’s second stakeholders engagement in ...

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We don’t get 60% forex, MAN tells CBN, seeks sale of assets

The Manufacturers Association of Nigeria (MAN) has disclosed that barley two weeks after the Central Bank of Nigeria (CBN) said foreign exchange allocation to the real sector would be increased to 60 per cent, banking are not complying with the directive. The group has equally joined the league of campaigners for the sale of national assets to raise fund to ...

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Budget Padding: Twist as Reps Suspend Jibrin For 180 Days

The House of Representatives on Wednesday suspended the immediate former Chairman, Committee on Appropriation, Abdulmumin Jibrin, for 180 legislative days following the adoption of the recommendations of the Nicholas Ossai-led Ethics and Privileges Committee. The Committee laid the report earlier in the day and it was considered and adopted in the afternoon. All four recommendations were adopted at the Committee ...

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Developing Africa Our Collective Responsibility—Elumelu

elumelu

Chairman of United Bank for Africa (UBA) and Founder of The Tony Elumelu Foundation, Mr. Tony Elumelu, has urged governments across Africa to unite on the implementation of policies designed for developments. In his remarks at the World Pension Summit ‘Africa Special’ and Africa Pension Awards in Abuja, he said such collaboration will help the continent overcome its current economic ...

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CCB begins verification of declared assets by Amaechi, Fashola, Usman, others

  The Code of Conduct Bureau (CCB) yesterday begun verification of assets declared by top serving and former public officers at the federal, state and local government levels. A statement by the Chairman of the CCB, Sam Saba, released by the Press and Protocol Unit of the bureau on Thursday, stated that the exercise involved physical appearance of the concerned ...

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Present clear, consistent economic policies, Dangote tells Buhari

It was electric yesterday as Africa’s leading industrialist, Aliko Dangote told President Muhammadu Buhari in concrete terms to provide clear and consist policies in order to diversify the economy. He spoke during the 44th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) in Abuja, complained about policy inconsistency, saying it destabilises industrial production plans and erodes investor confidence. ...

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Crossfire as Minister Denies Involvement In MTN’s Money Transfers Allegation

Barley three days after Senator Dino Melaye stood on the floor of the Nigerian Senate to open up issues on an alleged illicit tranfar deal involving a serving minister, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, MTN Nigeria and other firms, the Minister yesterday distanced himself from the allegation by the Senate that he was involved in ...

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BOI Warns Internal Auditors On Global Best Practices, Business Support

The Bank of Industry (BOI) has charged internal auditors to adhere to global best practices to remain relevant and attractive to business organizations. The bank also wants the sector experts to work towards encouraging business development in their duties, noting that internal auditors must support businesses to achieve set organisational goals especially at a time like this when the economy ...

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