PenCom plans pension bonds to clear N400bn arrears
Businessam StaffJanuary 6, 2020
The National Pension Commission plans to raise pension bonds through the Debt Management Office to offset the pension arrears of federal retirees. The arrears accumulated through accrued rights. Ibrahim Shekarau, the chairman, senate committee on the establishment and public service, disclosed that the federal government currently owed its retirees over N400bn accrued pension rights. A […]
Banks reconfigure ATMs to beat CBN’s reduction of charges
Businessam StaffJanuary 6, 2020
Some commercial banks have designed means to avoid the recent slash in charges on withdrawal from automated teller machines (ATM) by the Central Bank of Nigeria (CBN), investigations have shown. The central bank recently reduced the N65 charged on remote-on-us ATM after the third withdrawal in a month, to N35. Remote-on-us are transactions done by […]
Customers lament banks’ non-compliance with CBN’s guidelines on ATM charges
Businessam StaffJanuary 2, 2020
Some bank customers have frowned at their banks for not complying with the new guidelines for charges on automated teller machine, released by the Central Bank of Nigeria. Some of the customers who spoke in Abuja, regretted that banks had now devised a means of deducting ATM charges without sending the alert to their customers. CBN […]
Africa’s free trade area worth $3.3trn, says AFDB
Businessam StaffJanuary 2, 2020
Akinwumi Adesina, president of the African Development Bank, Akinwumi Adesina, has said that the biggest thing to happen to Africa is the African Continental Free Trade Area (AfCFTA), saying the free trade area itself is worth over 3.3 trillion dollars. Adesina, who stated this when he addressed State House correspondents in Abuja on Tuesday, expressed […]
Cashless: CBN introduces measures to promote e-payment
Businessam StaffDecember 31, 2019
By Omobayo Azeez As part of its efforts to realize gains of cashless policy in the country, the Central Bank of Nigeria (CBN) has introduced measures on pre-authorisation of card usage in the Nigerian electronic payment system. The apex bank stated in a circular on Monday that it had identified the predominant use of single […]
2020: Money market instruments to account for chunk of FPI – FSDH Research
Businessam StaffDecember 30, 2019
Money market instruments will continue to account for large chunk of Foreign Portfolio Investment (FPI) inflow into the Nigerian capital market going into 2020, FSDH Merchant Bank, has said. In its macro-economic review for 2019 and outlook for 2020, titled “Navigating through the Era of Slow Growth”, the company said that FPI would continue to […]
TSA: Senate halts move to break SystemSpecs monopoly
Businessam StaffDecember 27, 2019
The senate committee on banking, insurance, and other financial institutions may have dropped the idea of breaking the monopoly of SystemSpecs Limited, which manages the Treasury Single Account of the Federal Government. The Senate panel had in November commenced a probe of the firm with a view to ensuring the involvement of more firms in […]
What AFDB is doing to impact the African continent
Businessam StaffDecember 26, 2019
The African Development Bank (AfDB) has, through its High 5s programme, supported the growth and impacted the development of the African continent, its President, Akinwumi Adesina, has said. Mr Adesina, who spoke at the Economic Community of West African States (ECOWAS) Summit in Abuja on Saturday, said through the programme, the AfDB has been able […]
CBN explains the reasons behind transaction charges reduction
Businessam StaffDecember 26, 2019
The Central Bank of Nigeria has reduced charges on current account and some other services. It stated that card maintenance fee on current account had been removed as the accounts already attracted account maintenance fee. The CBN clarified charges that depositors should know about their accounts with their lenders in its revised guide to charges […]
FirstBank promotes small businesses in fashion industry
Businessam StaffDecember 24, 2019
By Omobayo Azeez First Bank of Nigeria Limited has stimulated growth of small businesses through partnership and sponsorship of the recently held sixth edition of the Africa Fashion Week, Nigeria. The programmed, held in Lagos on Friday 20 and Saturday 21 of this month and themed ‘Africa Unites’, was a convergence of fashion entrepreneurs and the general […]