Nigerian senate passes bill granting financial intelligence unit autonomy

Bukola Saraki, Nigerian senate president

The Nigerian senate Thursday passed the Nigeria Financial Intelligence Agency (NFIA) bill, which grants the agency autonomy and removes it from the control of the Economic and Financial Crimes Commission (EFCC). The bill, which was introduced last Thursday by Chukwuka Utazi, chairman committee on anti-corruption, followed the suspension of Nigeria by the Egmont Group, an […]

Kuwait joins Saudis, U.A.E. assuring more OPEC oil cuts

Suhail Al Mazrouei, U.A.E. Minister of Energy

Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut, Bloomberg reports. Kuwait Petroleum Corp. has agreed with customers in the U.S. to reduce contractual sales volumes of oil for 2017, state-run KPC said. The […]

Nigeria’s equities surge to 31-month high on H1 earnings expectations

Nigerian stocks Wednesday sustained a two-week long uptrend as all-share index surged 3.4 percent to a 31-month high of 36,740.77 points, nearing the 37,000 points recorded in late 2014. Year-to-date gains settled at 36.7 percent, making the Nigerian bourse one of the best in terms of gains According to traders, improving sentiments in the market […]

Nigeria policy rate retention may worsen capacity underutilization, as businesses avoid borrowing due to high interest

Nestle factory production line

Financial and economic analysts in Nigeria, offering a postmortem of the central bank’s Tuesday monetary policy decision to retain benchmark monetary policy rate at 14 percent, say they fear a possible adverse effect on capacity utilisation, with its attendant consequence of fueling unemployment. Many businesses they further said have become averse to borrowing following what […]

Nigeria 9Mobile seeks concessional foreign exchange access, others to meet financial obligations

Boye Olusanya, 9mobile's Chief Executive

9Mobile, the rebranded Etisalat and Nigeria’s number four mobile phone company, has tabled a list of regulatory concession demands, including foreign exchange access, before industry regulator, the Nigerian Communications Commission (NCC), according to a report by Technology Times. The phone company is said to have made the request when the chief executive officer, Boye Olusanya, […]