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Banking/Investments

ABCON boss leaks key cause of persistent naira fall to dollar

ABCON Aminu-Gwadabe

Illicit dollar (cash) traffic to Dubai is the key factor that has been frustrating the efforts of the government in firming naira. This was the revelation of the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, who added that the steady traffic by enemies of the economy which had been elusive to security ...

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Buhari, ministers lure investors with new policies at 72nd UNGA

buhari-speaks

President Muhammadu Buhari and three ministers on Tuesday addressed the world on new business and investment windows in Nigeria at the ongoing 72nd United Nations General Assembly (UNGA), New York. In his emotion-laden speech, Buhari touched several global challenging issues in need of collective attention of the world and called on international investors to see Nigeria as the destination. President ...

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Disquiet again at Tincan Ports over fresh seizure of 475 Pump Action guns

Customs Tincan Yusuf-Bashar

Though the Public relations officer of Tincan Customs Command, Mr. Uche Ejesieme, insisted in a telephone interview on Tuesday that it remains a rumour, other top officials of the command who pleaded anonymity confided in Business Hilights that on Monday, September 18, 2017, the Command swooped on yet another set of 475 Pump Action Rifles smartly concealed with connecting pipes ...

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Ecobank upgrades mobile app to boost Xpress Cash, others

Ecobank Boss

As part of back up to deepen its new product, Xpress Cash and others, the Ecobank Group has upgraded its mobile app. Ecobank said Xpress Cash service allows customers access to cash from Ecobank Automated Teller Machines using e-tokens generated from their mobile app. The bank in a statement, noted that “The Xpress Cash e-token gives the customer total control ...

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North building world class agro economy capable of changing its narrative—BH Analysis

Northern Govs

Clinical assessment of inflow in governments, foreign and indigenous investments in Nigeria in the last one year has shown that Northern Nigeria gained far more than other regions since the economic diversification regime of the present administration took off. The key factor driving the entire massive investment is far from favouritism but tied to availability of land and willingness of ...

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Fidelity Bank leads 35 others in Capital Adequacy Ratio in Ghana

BoG Yedu Addison

Even though the Ghana central bank has recently set new recapitalization hurdle for the entire 36 commercial banks operating in the country, latest statistics released by the Bank of Ghana (BoG) has shown that Fidelity Bank Ghana is leading other banks in Capital Adequacy Ratio (CAR) with 30 per cent. However, Fidelity Bank Ghana is independent and has no link ...

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Why Dangote yielded to FG’s 10-year tax free deal to deliver Apapa-Oshodi on concrete

Apapa port access

More details have emerged on why leading African industrialist and President of Dangote Group, Alhaji Aliko Dangote agreed with the federal government to reconstruct the Apapa to Oworonshoki Expressway in Lagos using concrete and not asphalt. A top official of the company who spoke on phone with our correspondent on Sunday revealed that “I think it is the same spirit ...

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Factors that drove Nigerian out of recession in Q2 unveiled

Udoma, Buhari, Adeosun

Since the release of data showing that the Nigerian economy exited recession in second quarter of 2017, the Business Hilights Economic Research Team (BHERT) started enquiry into what actually happened within the period that spurred a positive .055 per cent growth in Gross Domestic Products (GDP). The Statistician General of the nation and chief executive of National Bureau of Statistics ...

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CRL flags off construction work on $300m Lekki smart city scheme

Babatunde Fashola

Construction activities have commenced on the first eco-friendly smart business city in Africa, on 200- hectare land reclamation aimed at, expanding the Ikate kingdom. The $300 million Imperial International Business City (IIBC) scheme is being promoted by the Elegushi Royal Family and a private developer, Channeldrill Resources Limited (CRL). Business Hilights gathered weekend that the elite housing scheme is funded ...

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‘Customs connivance with importers’ reduced compliance to import regulations to 5 %’

Customs Ali 33

The claims by the Comptroller General of Customs, Hameed Ali, last week that less than 5 per cent of importers comply with laws guiding importation of goods into the country have been sustained by stakeholders. However, they agreed that the reduction in compliance is made possible by the robust tripartite connivance between importers, clearing agents and Customs officers working at ...

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