FG recovers N605bn through whistleblower policy
Businessam StaffMay 16, 2019
The Federal Government on Thursday said that it had recovered about N605bn through the implementation of the whistle blower policy. Zainab Ahmed,the minister of finance, gave the figure during a media briefing on the activities of the ministry. The whistle blower policy which was inaugurated in December 2016, was aimed at addressing the issues of […]
Nigeria’s Rivers State governor anchors second term economic development on agriculture
Ben EguzozieMay 16, 2019
Nigeria’s southern subregional governor of Rivers State, Nyesom Wike, says he would use agriculture as plank to develop the oil-rich state in his second term which begins on May 29 when he is expected to be inaugurated. The state has an estimated gross state product (GSP) of over $23 billion. Wike is, however, yet to enumerate […]
Renaissance Capital restates commitment to Africa’s economic growth at opening of 10th Pan Africa investor conference
Tola AkinmutimiMay 15, 2019
By Tola Akinmutimi Renaissance Capital, one of the leading emerging and frontier markets investment bank globally, on Wednesday restated its commitment to sustaining value-addition investment initiatives critical to the development of Africa and by implication, sustainable growth of the economies. Christophe Charlier, chairman of the board, along with other top management of the […]
Oil falls on U.S. inventories rise, Middle East tensions cap losses
Businessam StaffMay 15, 2019
Oil fell on Wednesday after data showed a surprise rise in U.S. crude inventories and the U.S.-Chinese trade dispute threatened demand, although Middle East tensions capped losses. Brent crude futures were at $70.96 a barrel at 1324 GMT, down 28 cents. U.S. West Texas Intermediate (WTI) crude futures were at $61.26 per barrel, down 52 […]
N500bn: NECA, experts demand independent CBN audit
Businessam StaffMay 15, 2019
Financial and economic experts have demanded an independent audit of the Central Bank of Nigeria following the alleged missing of N500bn. Timothy Olawale, the director-general, Nigeria Employers’ Consultative Association, said despite the denial of the CBN that no N500bn was missing, there was still a need for due diligence to be followed, in unravelling the […]
Nigeria sees inflation inch up to 11.37 percent in April
Tola AkinmutimiMay 15, 2019
By Tola Akinmutimi The National Bureau of Statistics (NBS), Nigeria’s official statistical data producing and reporting agency, reported on Wednesday that the nation’s Consumer Price Index (CPI), which measures inflation, rose to 11.37 percent (year-on-year) in April 2019. The agency, in its latest ‘CPI and Inflation Report for April’, indicated that the latest rate […]
NSE okays MTN listing at N90 per share
Businessam StaffMay 15, 2019
The Nigerian Stock Exchange on Tuesday approved the listing of MTN Nigeria shares on the nation’s bourse. A senior management at the NSE, who pleaded anonymity, told the News Agency of Nigeria that MTN Nigeria’s application for listing was approved on Tuesday. The source said the company, barring unforeseen circumstances, would be listing a total […]
Nigerians should expect petrol price increase, says Rewane
Businessam StaffMay 15, 2019
Bismarck Rewane, the managing director and chief executive officer, Financial Derivatives Company Limited, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his recent presentation at the Lagos Business School Breakfast Session. He noted that the World Bank put Nigeria’s total subsidy bill in 2018 at N731bn, saying, “A […]
Senate begins screening of Emefiele for second term as CBN gov
Businessam StaffMay 15, 2019
The Senate has concluded the screening of Godwin Emefiele as governor of the Central Bank of Nigeria for a second term. Emefiele appeared before the senate committee on banking, insurance and other financial institutions, where was grilled on issues affecting Nigeria’s economy. The screening exercise came after the mandate given by president of the senate, […]
Stanbic IBTC Bank fined N2 billion for violating CBN guidelines, other offences
Businessam StaffMay 14, 2019
The management of Stanbic IBTC was fined about N2 billion for violating the guidelines of the Central Bank of Nigeria, CBN, and committing other sundry offences in 2018. Details of the fines are contained in the bank’s financial statement for the year ended December 2018. The group said it was penalised by the CBN and […]