NECA to FG: Remove oil subsidy, manage debt profile
Businessam StaffApril 16, 2019
The Nigeria Employers’ Consultative Association (NECA) has called for the deregulation of the downstream sector of the oil and gas industry to boost the economy. Timothy Olawale, the director general of NECA,at a stakeholders’ meeting of manufacturers in Lagos, said except fuel subsidy was removed, Nigerians would continue to suffer intermittent scarcity. He said the […]
Plateau budgets N29bn for works, education in 2019
Hope IkweApril 11, 2019
By Hope Ikwe, in Jos. The Plateau State government has budgeted a total of 29.1 billion for works, transport and education in the 2019 fiscal year. Sylvester Wallangko, the commissioner for the budget and economic planning, during the breakdown of the 2019 budget tagged ” Budget of Rescue and Infrastructural Growth” said emphasis would be […]
Commerzbank chairman dismisses reports of dissatisfaction with CEO
Businessam StaffApril 11, 2019
Commerzbank’s supervisory board chairman on Thursday dismissed reports of board dissatisfaction with its chief executive as irresponsible and unfounded. Chairman Stefan Schmittmann was reacting to reports in recent days that some board members were pushing Commerzbank to end merger talks with rival Deutsche Bank and push the CEO, Martin Zielke from office. “Rumours and speculation […]
Stop stamp duty charges now, NECA urges FG
Businessam StaffApril 11, 2019
The Nigeria Employers’ Consultative Association (NECA) Wednesday appealed to the federal government to stop deducting stamp duty charges from bank customers in the country. Timothy Olawale, director general of NECA, made this request while fielding questions from reporters in Lagos. According to Olawale, the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NIPOST) […]
2018: Lagos has highest foreign debt profile, Yobe lowest —NBS
Businessam StaffApril 10, 2019
The National Bureau of Statistics said Nigeria’s foreign debt stood at 25.27 billion US dollars as at 31st December, 2018. The NBS said this in “Nigerian Domestic and Foreign Debt data” for 2018 fourth quarter posted on its website. The bureau said further disaggregation of Nigeria’s foreign debt showed that 11.01 billion dollars of the […]
ECB keeps policy unchanged as Euro-area economy faces new risks
Businessam StaffApril 10, 2019
European Central Bank officials reiterated their pledge to keep interest rates at record lows, giving themselves time to assess prospects for the euro area’s weakened economy as it confronts new risks. Five weeks after presenting a new long-term lending program, the ECB held off announcing more details in its policy statement on Wednesday. Uncertainties from […]
Turkey to inject $4.9 billion into state banks in economy reform package
Businessam StaffApril 10, 2019
Turkey pledged on Wednesday to boost the capital level of banks and relieve bad debts in a sector left reeling by last year’s currency crisis, as the country moved to revive an economy plagued by inflation and recession. Relief for banks is the first step in the government’s long-awaited reform package, which also included promises […]
NDIC generated N91bn premium from banks in 2018
Chris IkosaApril 10, 2019
The Nigerian Deposit Insurance Corporation (NDIC) generated about N91 billion premium from deposit money banks (DMBs) in the 2018 fiscal year. Umaru Ibrahim, managing director of NDIC, stated this when the management of the organisation appeared before the House Committee on Insurance for the 2019 Budget Defence at the National Assembly, Abuja. He said though […]
LCCI tasks FG on timely cargo clearance, reduction in business cost
Businessam StaffApril 10, 2019
The Lagos Chamber of Commerce and Industry (LCCI) on Wednesday decried alleged involvement of several units of the Nigeria Customs Service in cargo interception and clearance processes at Lagos ports, urging Federal Government’s urgent intervention. In a communiqué it issued in Lagos, LCCI said that the trend was creating problems for importers and investors. “The […]
Bankers, stakeholders to evolve methods of increasing financial inclusion in Africa
Businessam StaffApril 9, 2019
Stakeholders and leaders in the banking industry across the West African sub-region are set to gather in Lagos at the “Future Banking Technology Summit” to discuss efforts aimed at increasing financial inclusion in the sub-region by 2020. The two-day summit which holds from April 24-25, will involve panel discussions and case studies showcasing the full […]