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Banking/Investments

Olagunju excited over Moody’s rating on BoI

International rating group for financial institutions, Moody’s recently assigned Aa1.ng/NG-1 national scale local and foreign currency issuer ratings to the Bank of Industry (BoI). It would be recalled that last year, Moody’s assigned BoI Ba3, which was in consonance with Nigeria’s sovereign rating. These latest ratings are underpinned by a standalone credit assessment of b2 and one notch of government ...

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Fears as Apapa Customs revenue drops by N5.2bn in October

NCS logo

Contrary to the rising trend in revenue generation at the Apapa Area Command of the Nigeria Customs Service (NCS), for the first time, the Command has recorded a revenue shortfall of N5.2billion in the month of October 2016. It would be recalled that the command had in the month of September generated N32.9billion but statistics made available by the Public ...

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Banks now give hard conditions to evade new loan requests— Adesanya

Emefiele CBN

Key stakeholder in savings and loan schemes and the Managing Director of XDS Credit Bureau, Mrs. Mobolanle Adesanya has opened up on why many banks are no more granting credit facilities. In an interview, she said “Most of the banks, for instance, are not even granting facilities, as they should because they know the economy is in recession”. She said ...

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Nigeria, others lose over $1.7 trillion to illicit financial flows in 50 years

Africa as a continent has lost well over $1.7trillion to illegal remittances and illicit financial outflows in the last 50 years. The Minister of Finance and Economic Planning of Rwanda, Claver Gatete, said illicit financial flows is a source of concern to the continent, especially as access to finance and capital was a key constraint to growth and economic development. ...

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Liquidity risks dashing hopes of investing N6tn Pension fund in infrastructure

pencom-logo

The Head of Investment Supervision Department, PenCom, Mr. Ehimeme Ohioma explained the major obstacles hindering the direct investment of pension fund into mega schemes like infrastructure. Speaking at the closing ceremony of the seminar organized for Pension, Insurance and Labour Correspondents and Business Editor, by PenCom, Ohioma said “The scarcity of alternative assets products and liquidity squeeze hobbling the economy ...

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Adeosun under fire over alleged diversion of N119b railway loan

Worried by hazy explanations so far received, the presidency may have queried the Ministry of Finance over alleged diversion of N119billion foreign loans secured to expand and develop rails in Nigeria by last administration. The loans were secured by the former administration of President Goodluck Jonathan. Details from the presidency indicate that President Muhammadu Buhari was not satisfied on the ...

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Oteh lists 3 strategies to grow liquidity in Nigeria, other Exchanges

Former chief of the Securities & Exchange Commission (SEC) and current Treasurer, Vice President of the World Bank, Mrs. Aruma Oteh has given three key roadmaps to grow emerging market exchanges. The World Federation of Exchanges (WFE), which represents more than 200 market infrastructure providers  gathered recently in Cartagena, Colombia for a roundtable to discuss how best to grow liquidity ...

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Banks see Discos’ loan requests as leprous—ANED boss

Emefiele CBN

The Chairman, Association National of Electricity Distributors (ANED), Sunday Oduntan, has revealed why a lot of companies in power sector are in serious liquidity coma. In a document made available to Business Hilights, ANED said even though government has given both distribution and generation companies clean balance sheets to borrow funds to invest in the power sector during privatisation, no ...

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Challenges facing manufacturers hobbling economic diversification—LCCI

N Akande

As the 30th Lagos International Trade Fair goes into day 3, the Lagos Chamber of Commerce and Industry (LCCI) has argued that for the economy to get the real feeling of economic diversification as canvassed by the government, all the impediments frustrating the production sector must be addressed ahead of time for early recovery. This was the key position of ...

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FG, Singapore sign deal for fair, equitable treatment of investors’

okechukwu-enelamah

As part of new efforts of the government to raise trade and investment protection for investors, the Federal Government has signed an Investment Promotion and Protection Agreement with the government of Singapore. The agreement provides for fair and equitable treatment of investors, compensation for losses arising from strife and expropriation, and settlement of investment disputes under internationally accepted rules, among ...

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