Businessday

Emefiele bags Forbes ‘Best of Africa’ award

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been conferred with the 2017 Forbes Best of Africa Innovative Banking Award by the Forbes Magazine. The award was presented to Mr. Emefiele at a dinner held at the Willard Intercontinental, Washington, on the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund (IMF). The President of Forbes Customs Emerging Markets, Mark Furlong, said the award was in recognition of Emefiele’s courage and determination in using monetary policy to ensure financial stability in Nigeria. According to him, the CBN under Emefiele had also shown transparency, which had helped to stabilise the economy and had made huge interventions in the real sector of the economy. He particularly cited the Anchor Borrowers’...

Youths in Nigeria can now access loans using their certificates, jewelleries, others – CBN

According to the Central Bank of Nigeria (CBN), young entrepreneurs who want to venture into various Small and Medium Enterprise(SME), can now access micro finance loans from banks in the country using their academic certificates as collateral. This was disclosed by Dr. Mudashiru Olaitan, Director of Development Finances of the apex bank yesterday at the Coalition of Civil Society Groups’ third All Civil Society National Economic Summit, held in Abuja According to Olaitan, based on the National Collateral Registry policy of the CBN, young people can now access bank loans of up to N3million from banks using their jeweleries, certificates and other moveable assets as collateral. In his words, “The CBN has introduced a number of initiatives aimed at encouraging the youths to engage in e...

Buhari nominates Aishah Ahmad as new CBN Deputy Governor

President Muhammadu Buhari has nominated Mrs Aishah Ahmad for confirmation as the Deputy Governor of the Central Bank of Nigeria, CBN. Mrs Ahmad is expected to replace former CBN Deputy Governor, who retired early in the year. According to statement by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, the president presented Mrs Ahmad’s name to the senate in accordance with the provisions of “Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.” The statement quoted the President as urging the Senate President, Dr Bukola Saraki, “To consider the expeditious confirmation of Mrs Ahmad, who would then resume work immediately.” Also Buhari has written to the Senate, seeking the confirmation of the appointment of members of the Monetary Policy Committee of the ...

Naira appreciates against dollar as CBN injects $195m into Forex market

The naira has continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday. The Acting Director, Corporate Communications Department at the Bank, Isaac Okorafor, disclosed the figures to newsmen, stating that the CBN was pleased with the state of the Forex market. He added that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira. This is coming after the Central Bank of Nigeria intervened in the inter-bank Foreign Exchange Market to the tune of $195 million. The apex Bank has injected a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50 million. The invisibles se...

CBN to sell N917.1bn treasury bills in 3 months

The Central Bank of Nigeria (CBN) has revealed plans to sell N917.1 billion worth of treasury bills in the next three months ending November 30. The apex bank disclosed this through its fourth quarterly Treasury Bills Issuance programme released yesterday. CBN issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation. The programme revealed that CBN will issue treasury bills worth N917.1 billion from Thursday, September 14 to Thursday, November 30. The three months bills to be issued which represent the amount of bills that will mature during the period consist of N209.9 billion worth of 91 days bills; N197.8 billion worth of 182 days bills; and N509.4 billion 364 days bills,while bills to be offe...

Nigeria’s economic growth rate may not likely to its previous high- UBS International

Following the improvement of the macro economic prospects in Africa, a wealth management investment company, UBS International, has said that Nigeria’s economic growth rate may not likely to return to its previous high, after recovering from recession this year. According to the company; the Head of Emerging Market Asset Allocation, Michael Bolliger said: “As Nigeria , the largest economy in Africa, recovers from recession this year, it is unlikely that growth rates will return to previous rate. A determining factor for the country’s growth outlook will be a successful continuation of the Naira’s exchange rate liberalisation.” In the same vein, the Head, central Africa UBS report, Ali Janoudi, explained, “The modest energy price recovery over the past 18 months has supported the growth pot...

Kenyan Stock Exchange falls as Investors react to the Supreme Court Ruling

The Kenyan stock market fell sharply, on Friday, following the Supreme Court decision to annul the presidential election won by the incumbent, Uhuru Kenyatta. The Nairobi all-share index finished a whopping 3.69 per cent in the red, starting the new month on a negative note. The Nairobi Securities Exchange Broad index has lost 21.15 per cent since 2017 started. At the currencies market, the Kenya shilling was priced lower 0.44 per cent in morning trade, around 103.20 on the U.S. dollar. Exotix Capital Analyst based in the Kenyan capital, Faith Mwangi said in a short statement, that his investment bank sees ”markets weakening” as political tension resumes over the next two months. Meanwhile, the Kenyan Supreme Court has fixed November 1, 2017 as the new date for another election.

UK’s National Crime Agency Freezes Alison-Madueke’s London Properties

The UK’s National Crime Agency (NCA) has frozen London properties valued at £10 million allegedly bought for the former Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, as investigations into the case against her unravel by the day. The two properties located at Regents Park in London, along with one in Buckinghamshire, have now been frozen based on the request of Nigerian authorities. According to online news medium, Premium Times, a London court gave the freeze order in September 2016 but details of the rulings have only recently become public. But the agency was too late in preventing a further two properties, worth £8 million, from being sold. In July, the U.S. Department of Justice (DoJ) had revealed four properties it alleged were bought for the former petroleum minister ...

US invests $50m in Nigeria’s clean energy projects

The United States said, on Thursday, it has invested over $50 million in clean energy projects across 18 states in Nigeria. Head of U.S Commercial Service Unit, United States Trade and Development Agency (USTDA), Mr. Brent E. Omdahl, stated this in Lagos, at the second Interactive Forum organised by Power Sector Group of Lagos Chamber of Commerce and Industry (LCCI), with the theme: ‘Investment Opportunities in the Power Sector’. He said: “The Agency’s program in Nigeria includes a portfolio of over 60 projects and over $50 million in investments that could result in leveraging over $3 billion in public and private financing. In Kaduna state, USTDA is supporting Quaint Global Energy Solutions for a feasibility study undertaken by Tetra Tech ES (Pasadena, CA) for the Abiba 50 MW Solar IPP P...

Shell remits $31bn to federation account, NDDC — Mr. Weli

Shell Petroleum Development Company, SPDC, remitted $29.8 billion to the Federation Account and $1.2 billion to Niger Delta Development Commission, NDDC, between 2002 and 2016. General Manager, External Relations, of SPDC, Mr Igo Weli, disclosed this, yesterday, in Port Harcourt, Rivers State while reacting to the shut-down of SPDC flow station and gas plant in Belema community by youths. The youths accused the company of neglecting them and marginalizing their community. Addressing newsmen, Weli said the seizure of the company’s facilities by the youths will not only send wrong signal to the international community, but was capable of discouraging further investment in the Niger Delta. He said, “People are having high expectations from SPDC, they forget the company is not government and d...

The Estate Agent who became a multi-millionaire from Office Space

Today, a 52-year-old multi-millionaire, co-founder and boss of UK serviced office business Office Space in Town (OSIT), Mr Fuchs says that the three years he spent working for that estate agency in the East Midlands gave him an invaluable grounding. “It taught me how to interact with people – and how to sell,” he says. Ambitious to be his own boss, at the age of 21, Mr Fuchs opened his own firm of estate agents with a friend in 1987. The business was a success, and numerous other profitable ventures followed, including a disaster recovery company, until in 2010 he decided to join forces with his sister Niki and launch OSIT. Just seven years later OSIT enjoys annual revenues of more than £20m. Now valued at £200m, it has six buildings in London, and a further four in other...

Naira appreciates to N366.5/$ in NAFEX

The Naira appreciated to N366.5 per dollar, yesterday,  in the Investors & Exporters (I&E) window with $157.87 million traded. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, also known as, Nigeria Autonomous Foreign Exchange, NAFEX, dropped to N366.5 per dollar at the close of business yesterday from N367.5 per dollar on Wednesday. This translated to appreciation of N1 for the naira as well as N1.67 appreciation in two consecutive days. The naira however depreciated by N1 at the parallel market yesterday as the exchange rate for the market rose to N367 per dollar at the close of business to N366 per dollar on Wednesday.  

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