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Banking/Investments

Fayose, others raise questions for FG on oversubscribed $1bn Eurobond

fayose

Though the recent Nigeria’s $1bn Eurobond was oversubscribed up to 800 per cent, sector analysts saw the issue as a two-way traffic. Whereas many see the issue as a sure way to mortgage the future of Nigerians who may not even experience the true impacts of the bond, others including the issuing government believe the use of the fund will ...

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Seat up in delivery of Cabotage regime in Nigeria, experts tell NIMASA boss

Nimasa boss, Dakuku Peterside

Cabotage Act was designed and introduced to primarily grow participation of Nigerian maritime practitioners in the international maritime business and deepen indigenous involvement in local maritime industry, but the regime since takeoff had failed to meet target productivity after all. The Cabotage law, as enacted ought to have changed for the better, the totality of the existing costal shipping opportunities ...

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Only restructuring, smart funding’ll stabilize power in Nigeria—Dangote

dangote-cement

Leading energy expert, and Honorary Adviser to the President of Dangote Group, Engr. Joe Makoju has advocated adequate funding and restructuring of the Power sector so as to achieve relative stability in electricity generation and distribution. His advice is coming at a time Nigerians and businesses decry rising spate of darkness, upon excruciating estimated metering regime which government has failed ...

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Banks 25% interest rate good for producing ‘cocaine’, but not for farmers—Ogbeh

Audu Ogbeh

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh Thursday decried that the high interest rate charged on loans by commercial banks remains major setback for both old and new farmers in the country. Delivering a keynote address at the maiden edition of the Nigeria Food and Safety Investment Forum held at the Eko Hotels and Suites, the Minister ...

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Finally AMCON takes over distressed Arik Air

Rising debt profile capable of translating to compromise of safety standards has compelled the Asset Management Corporation of Nigeria (AMCON) to takeover hitherto leading indigenous airline, Arik Air on Thursday. It would be recalled that Arik was set up in 2006, and it boots of about 60 percent share of domestic flights in Nigeria. Explaining more on the takeover, AMCON ...

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Nigeria heating up as NLC, TUC protest economic hardship, new minimum wage

NLC Protest

Analysts have started placing the spate of protests since Monday this week to Thursday; side-by-side with Arab uprising that swept across African Arab nations few years ago which led to the ouster or imprisonment of some presidents. On Monday, youths took to the streets in some major cities clamouring for better deals from the government due to dwindling fortunes. Only ...

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Change investment concept, develop S/East, Ohaneze tells Igbo traders in Lagos

Ohaneze ASPMDA

The new President General of Ohaneze Ndigbo, Chief John Nnia Nwodo has called on leading Igbo market leaders and their members to change their investment concept by way of investing in the seven Igbo speaking states to grow the region’s economy and create jobs. The states include Enugu, Anambra, Imo, Ebonyi, Abia, Delta and Rivers States. Addressing a mammoth crowd ...

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Skye Bank violates Labour Minister’s order, sacks 55 but promotes 300

Contrary to a prevailing order and understanding reached between Nigerian banks and the Minister of labour and productivity, Dr. Chris Ngige before the end of last year, the management of Skye Bank Plc has disengaged about 55 staff. This was however, diluted with the promotion of over 300 of its employees under the 2016 annual staff performance review exercise. The ...

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Confusion as leading airlines denounce re-routing during NAIA shut down

NCAA

Indications have emerged that major international airlines may shun Nigeria within the period of the closure of Nnamdi Azikiwe International Airport (NAIA) for repairs of the runway. This is due to their rejection of re-routes via Kaduna Airport or any other one other than the Abuja Airport. The repair works according to the Minister will take about six weeks. There ...

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Zenith, 4 others may acquire banks whose MCR is squeezed by failing naira

According to the Central Bank of Nigeria (CBN) standard, Minimum Capital Rate (MCR) of 15% remains the pivot on which customers and regulators confidence of any commercial bank rests. However, when MCR drops beyond certain level, say 10; vide erosion by sustained depreciation of naira, and pressure from non-performing loans (NPLs), plus lull in the economy, the scenario may send ...

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