CBN’s N200bn fund to fast track 300,000 homes across 36 states, FCT
Charles Abuede
September 15, 2020
Charles Abuede To fund mass housing construction Targets 900,000 children, adults in 36 states, FCT 5m direct construction, 1m supply chain jobs A N200 billion family homes financing fund is being created by the Central Bank of Nigeria (CBN) to fast track the deployment of 300,000 homes across the 36 states of the federation and […]
Nigeria bans access to foreign exchange for foods, fertilizer importers
Charles AbuedeSeptember 11, 2020
Charles Abuede President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to restrict foreign exchange from the nation’s reserves on food items and fertilizer importation citing that the federal government, through its proactive policies, has been able to avert the looming food crisis in the wake of the coronavirus crisis, which disrupted the agriculture value […]
Nigeria now owes N31.01trn in total public debt, N2.38trn accretion in 3 months
Aderemi OjekunleSeptember 10, 2020
Charles Abuede FG: N25.28trn; 36 States + FCT: N5.73trn Lagos, Rivers, Akwa Ibom, highest debts Yobe, Jigawa and Ebonyi, lowest debtors Nigeria’s total public debt rose by N2.38 trillion to reach N31.01 trillion as at the end of June 2020, according to the country’s Debt Management Office (DMO). The current debt profile includes the […]
FAO, Cross River in partnership to boost agrotech capacity in MDAs
Businessam StaffSeptember 10, 2020
The United Nations Food and Agricultural Organisation (FAO) and the Cross River State government have agreed to a partnership that would result in some agricultural and ICT training for staff based in major ministries, departments and agencies in the state. The agreement was finalised after a meeting by representatives of both parties, which included Asibong […]
Performing within the one percent space
Ekerete Ola Gam-IkonSeptember 10, 2020
Many business analysts have continued to see the dim light of the insurance industry in Nigeria and often wonder why it is underperforming when compared to other sectors or climes, especially looking at the contribution to our Gross Domestic Product (GDP). While it may be easy to allude to the negative impact of the COVID-19 […]
KAM Steel buys SMC’s plant, to create 10,000 jobs in months
David Onome AmugeSeptember 2, 2020
By Onome Amuge KAM Steel Integrated Company Limited, the Nigerian indigenous steel and allied manufacturing company has purchased a steel plant along with other of its assets in Sagamu, Ogun State. Before the recent acquisition, the steel plant and assets formerly belonged to Standard Metallurgical Company Limited (SMC), a locally owned company based in Igbafa […]
Shobo, former Agusto CEO, gets special recognition at African Banker Awards
Businessam StaffAugust 28, 2020
Vivien Shobo, the former Augusto & Co chief executive, came up for special recognition at the 2020 Africa Banker Awards as winner of the magazine’s Icon Award for the year at a virtual ceremony held recently. She joins notable past winners, including Ngozi Okonjo-Iweala, Nigeria’s former finance minister and contender for the director-generalship of the […]
Nigeria’s forex illiquidity: CBN’s Emefiele shifts strategy to export, meets CEOs of multinational firms
Phillip Isakpa & Charles AbuedeAugust 26, 2020
By Phillip Isakpa & Charles Abuede Godwin Emefiele, Nigeria’s development-focused central bank governor, appears to want to spread that agenda further to driving the country’s exports as he unveiled plans to meet chief executives officers of multinational companies in Nigeria. Emefiele wants to discuss with them and get a buy-in on his plans to […]
CBN directs trade dealers to open form M for LCs
Aderemi OjekunleAugust 25, 2020
Charles Abuede To introduce product pricing mechanism The Central Bank of Nigeria (CBN) has directed all authorised dealers in the international trade market to open Forms M for Letters of Credit (LC), Bills for Collection and other forms of payment in favour of the ultimate supplier of the product or service with immediate effect. Aim of […]
eTransact posts N118.25m loss in three months
Aderemi OjekunleAugust 23, 2020
By Omobayo Azeez Even as some listed companies churn out positive numbers that beat expectations, operations of eTransact between April and June, this year could not rescue it to break free of negative performance. According to its unaudited account for the second quarter of the year filed with the Nigerian Stock Exchange (NSE), the […]