Banks jostle to unlock N1.5trn for real sector lending

Businessam Staff14 min

Commercial banks are positioning themselves to attract more customers in the small business segment of the market as the deadline given by the Central Bank of Nigeria (CBN) for the financial institutions to maintain a minimum Loan to Deposit Ratio (LDR) of 60 percent effective from September 30, 2019, draws closer. The new LDR is […]

60% of Nigeria’s 2019 budget to be rolled into 2020 – Minister

Businessam Staff1hr

Chris Ngige, the minister of labour and employment, Thursday said less than half of the 2019 budget will be implemented this year. He said the lack of “aggressive implementation of the 2019 budget meant that 60 percent of the other (2019) budget will be rolled into the 2020 budget.” The newly inaugurated minister said this […]

Labour, FG meet again over minimum wage adjustment

Businessam Staff1hr

The federal government and the joint public service negotiating council are scheduled to meet on Friday to try and finalise negotiations on the consequential adjustment on the new minimum wage which has been stalled due to disagreement between the two parties. According to sources close to the team, a lot of progress has been made […]

3,891 debtors owe banks above N1bn each

Businessam Staff3 hrs

About 3,891 firms and other debtors have taken individual loans above N1bn, totalling N13.19tn of loans in the banking sector. Latest figure by the National Bureau of Statistics revealed that the total loans in the banking sector stood at N15.35tn as of the end of March. In its latest breakdown of loan figures in the […]

Equities market sustains positive performance, ASI records 1.01% growth

Adesola Afolabi15 hrs

…as banking stocks emerge investors delight Nigeria’s equities market continued its bullish recovery as the All Share Index gained by 1.01 percent Thursday to close at 27,629.66 basis points. The market capitalisation likewise inched N135 billion or 1.01 percent to close at N13.441 trillion against N13.306 trillion recorded on Wednesday. The positive trend is linked […]

FAAC shares N769.523bn July 2019 revenue to FG, states and LGAs

Businessam Staff16 hrs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N769.523 billion to the three tiers of government for the month of July 2019. The N769.523 billion comprised revenue from value added tax (VAT), exchange gain and gross statutory revenue. The committee announced that as at 22nd August 2019, the balance in the Excess […]

NNPC claims Nigeria owes it N797bn — NEITI

Businessam Staff17 hrs

The Nigeria Extractive Industries Transparency Initiative, NEITI, today, stated that the Nigerian National Petroleum Corporation, NNPC, is claiming that it is owed N797 billion by Nigeria, comprising the Federal, State and Local Governments. NEITI disclosed that the NNPC made this claim when it was confronted with the fact that it failed to remit N77.92 billion, […]

FG sets up panel to recover N614bn from 35 states

Businessam Staff17 hrs

The federal government on Thursday said that a committee has been put in place to facilitate recovery of N614 billion given to 35 states on budget support. This is as Zainab Ahmed, the minister of finance, budget and national planning, has reiterated that the 2020 budget will be laid before the National Assembly in September. […]

Consumers to resist planned 2020 hike in Nigeria electricity tariff

Businessam Staff17 hrs

Consumers of electricity product and other stakeholders have vowed to resist implementation of the new power tariff increase announced by the Nigerian Electricity Regulatory Commission, NERC, expected to become effective from July 2020. Describing the proposed tariff hike not justifiable, they, however, promised to mobilise all electricity consumers across the country to apply any measure […]

FG to prosecute those linked with $9bn UK judgment

Businessam Staff17 hrs

The federal government will prosecute everyone linked with the contract that resulted in the judgment of the United Kingdom, Business & Property Courts (the Commercial Court) which awarded a cumulative sum of $9bn award against Nigeria and in favour of a private firm, Process & Industrial Developments Limited, Abubakar Malami, minister of justice and attorney […]