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FG approves release of N2.7tn debts owed contractors, pensioners to enliven economy

Acting president, Prof Yemi

One of the most cheerful news for the economy from Wednesday’s Federal Executive Council (FEC) can be said to be the rare approval handed down to proposal presented by the Ministry of Finance to offset accumulated Federal Government’s N2.7tn debts. Before now, both contractors and pensioners had been gnashing their teeth due to massive debts incurred by the federal government ...

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Can 2017 budget survive if OPEC compels Nigeria to cut output on falling oil price?

Udoma, Buhari, Adeosun

Indication has emerged that the Nigerian economy as planned to be driven by the 2017 national budget may be under serious threat, if the speculation making the rounds on the possibility of oil cartel, OPEC, compelling Nigeria to join production cut at a time oil price is on a steady fall. Nigeria’s oil production is currently on a daily average ...

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Wema Bank’s IT head lists 4 new risks coming with latest technology in banking


Head of Information Technology Department in Wema Bank Plc, Mr. Adewale Saka has revealed four critical types of risks stemming from use of technology for banking services. In an interview, he averred that “These risks could be due to human error, systems failure, fraud and cybercrimes”. According to him, “Banks in Nigeria have lost a lot of money to various ...

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CBN 2010 Directive: WEMA, Sterling banks now shopping for CEOs

CBn Emefiele

Relying on the extant directive issued vide a circular to all banks by the Central Bank of Nigeria (CBN) in January 2010, there is no doubt that the managements of Wema Bank Plc. and Sterling Bank Plc. are on search for a replacement for their group managing directors (GMDs) whose tenures expired in June and December respectively. Findings by Business ...

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Jaiz Bank: Clear tactics by Customs to deny Nigerians access to ongoing e-Auction?

Ali Must go 2

The continued access to the Nigerian Customs Service (NCS) e-auction portal only from the not well known and poor branch networked Jaiz Bank for one week running has been viewed by many Nigerians as a deliberate strategy by the leadership of the Service to eliminate Nigerians from across the nation to be part of the deal. Jaiz Bank has its ...

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How CBN rubbished Muoghalu’s ‘prophesy of doom’, now seeks single digit inflation

CBN MPC meeting

In far away December last year, Kingsley Moghalu, former deputy governor of Central Bank of Nigeria (CBN), described the flexible foreign exchange policy of the Godwin Emefiele led CBN as damaging and questionable. Whereas he immediately called on President Muhammadu Buhari to respond to the country’s negative economic growth with decisive action and a clear vision that will restore confidence ...

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3 bank officials, 3 telecoms staff, 4 others nabbed on N150m fraud

Yahoo Boys

Convincing indications have emerged that in every electronic fraud effectively carried out in a bank, there is always an insider accomplice and telecom company officials. On Monday, the Police Special Fraud Unit (PSFU) in Lagos announced the arrest of 11 suspected fraudsters that included three bank officials with a new generation bank over N150m fraud. ASP Lawal Audu, the Unit ...

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DFID Report on impacts of CBN’s monetary policy show mixed feelings in farming


Though the report was tailored to how the import ban on agricultural value chain specifically in Niger Delta affected different farming activities, the soul of the document shows that farmers in the region met varying degrees of hiccups. The survey was carried out by the United Kingdom (UK) Department for International Development (DFID)’s Market Development (MD) Programme and a nongovernmental ...

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FIRS causing service providers to pay double VAT by hoarding receipts


Whereas the federal government through the Federal Inland Revenue Service (FIRS) is working to raise tax compliance in the country, indication has emerged showing high incidence of double payment of Value Added Tax (VAT) by companies. A number of tax consultants who spoke to our correspondents said FIRS officials are reluctant in releasing VAT withholding receipts booklets to companies so ...

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W’Bank’s GE Prospects report links Nigeria’s debt servicing costs to 3 problems

DMO Oniha

Contrary to the claims by the federal government through the Debt Management Office (DMO) that rising debt profile is within sustainable limits, newly released Global Economic Prospects (GEP) report has identified three negative factors capable of making Nigeria’s debt unmanageable. The report averred that the rise in government’s debt, exchange rate depreciation, and increased recourse to non-concessional borrowing for infrastructure ...

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