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Banking/Investments

How NIMASA dodged addressing CVFF, most critical issue in maritime industry @ WPC

The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside Tuesday failed to give any meaningful reason causing the delay in the disbursement of the Cabotage Vessel Financing Fund (CVFF), at his World Press Conference (WPC) held in Lagos. Since last year, stakeholders had been looking onto the agency for the disbursement of the fund in ...

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MPC ends meeting, keeps rates unchanged, says tightening policies not good for economy

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained all rates as they are, meaning that the Monetary Policy Rate still stands at 14 per cent. Other monetary policy parameters retained include the Cash Reserves Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent and the Asymmetric Corridor at 200 basis points. ...

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Financial stress, insecurity may force banks to fail CBN’s deadline on data centre

CBn Emefiele

Disquiet can be said to be the state of affairs at several banks in Nigeria considering the closeness of Central Bank of Nigeria’s (CBN) deadline for them to adopt tier 3 data centre standard before the end of third quarter. Analysts say data centre is an information technology infrastructure that houses servers and other storage facilities which are used by ...

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ANLCA seeks end to dollar fees at NPA, gives 21 Days ultimatum to Customs, Police others

ANLCA boss

In view of endless resolution of issues bordering on arbitrary charges being collected by Nigeria Customs Service (NCS), Police and other agencies of government at the ports, the Association of Nigerian Licensed Customs Agents (ANLCA) has issued a 21-day ultimatum to halt services of members if the infractions are not resolved. Part of the ultimatum centered on the call on ...

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NSE working with Access Bank to mark Global Money Week across Nigeria

Wigwe Oscar

In line with its commitment to promote financial literacy and inclusion in Nigeria, the Nigerian Stock Exchange (NSE or Exchange) in collaboration with Access Bank Plc will commemorate the 2017 Global Money Week themed: ‘Learn. Save. Earn’ with a series of educational programs to raise awareness and improve the capabilities of young people to make sound decisions when it comes ...

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Bank of Industry working on raising loan facilities to MSMEs to drive sector on recession

As a way of deepening the activities of Micro, Small and Medium Enterprises (MSMEs) who analysts say remain the best bet in early exit of recession, the Acting Managing Director of Bank of Industry, Mr. Waheed Olagunju, has given an assurance that the bank will raise the volume of loan portfolio to the sector. Olagunju who bagged the award of ...

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MPC meets today as experts expect lowering of lending rate, CBN thinks otherwise

CBN MPC meeting

The Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) will today, Monday begin its second meeting on review of monetary policy activities in Abuja. The meeting is expected to end Tuesday with a communiqué which will roll out new rates including lending rate and others. Some economists who spoke to Business Hilights correspondent said considering the recent inflation ...

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Grimaldi boss, reveals how Customs is driving corruption in vehicles clearance at ports

Grimaldi shipping

The Managing Director of Grimaldi Agency Nigeria Limited, Mr. Ascanio Russo has opened up on how the Nigerian Customs Service (NCS) is encouraging diversion of vehicles imports to neighbouring ports, thereby causing the economy to lose money even though a ban had been placed on car imports via land borders. It would be understood that the main reason behind importing ...

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FG ends silence on Ntia Thompson’s case, assures to protect, reward whistle-blowers

whistle blower

Not until several Human Rights bodies took up the case of sacked Ntia Thompson who was eased out of office because he blew whistle leading to the immediate recovery of starched $229,000, about N45mn, that the Minister of Information, Alhaji Lai Mohammed issued a statement Sunday, saying the Federal Government will protect and reward whistle-blowers. Even before the hurried weekend ...

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Anyim, 3 others for trial over $18.3bn Abuja Centenary City dirty deals

centenary city

After the pumps and pageantries that trialed the takeoff of the $18.3bn Centenary City project introduced in 2014 to commemorate Nigeria’s 100 years anniversary, the story seemed to be changing following the discovery of irregularities perpetuated by the promoters in land grabbing and round-tripping. Relying on the House Committee on FCT report presented by its chairman, Hon. Herman Hembe which ...

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