THE Federal Government has promised to persecute all those found to be responsible for the failure of the erstwhile Skye Bank. Minister of Finance, Zainab Ahmed who disclosed this on Friday directed Managing Director of Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim to ensure a thorough investigation into how the bank was run aground. […]
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The fight against trading in mint currency and abuse of the naira at events has gained prominence, as the Central Bank of Nigeria’s (CBN) Bankers Committee has mulled a mobile court to try offenders. The advanced move, in collaboration with the Nigeria Police Force and the Federal Ministry of Justice, is aimed at reducing the […]
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Agriculture and Rural Development minister, Chief Audu Ogbeh has warned that if appropriate measures were not taken to replant after the recent flood mayhem in some States, Nigeria may experience shortage of rice. He gave this warning at the Commissioning of the National Agricultural Seed Council (NASC) Molecular Facility and the 2018 seed fair and […]
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The ongoing volatility in the nation’s stock market, occasioned by continued selloffs and assessed political risks, has spurred an unprecedented lull in the market, as investors count losses worth N756 billion in September. The figure is derived from the N12.718 trillion market capitalisation and 34,837.50 points recorded in the All-Share Index, at the opening of […]
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In view of challenges facing the banking sector due to unfavourable economic situations, the Central Bank of Nigeria (CBN) said it is considering prescribing a higher level of minimum capital ratio for each bank under the Pillar 2 banking framework on the basis of their respective risk profiles and their risk management systems. This is […]
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Oil prices reached a four-year high on Monday with global Benchmark Brent crude jumping more than 3 percent above $80 a barrel. An oil trader Trafigura even predicts that the price could hit $90 by December and $100 in 2019. The increases occurred after Saudi Arabia and Russia ruled out any immediate increase in production […]
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The executive chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, said that 6,772 corporate bank accounts will be frozen for defaulting on tax payments. He told Zainab Ahmed, minister of finance, that the agency has collected N12.66 billion from billionaire tax defaulters in less than a month. Saying the law empowers FIRS to […]
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– explains ‘why we changed Skye bank’s name’ – Apex bank reviewing MTN documents for amicable settlement – pegs interest rate at 14% The Central Bank of Nigeria (CBN) has raised the alarm that Nigeria risks sliding back to recession. Addressing journalists at the end of the September, 2018 Monetary Policy Meeting in Abuja on […]
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The Central Bank of Nigeria, CBN, has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos. The lower denominations approved by the management of CBN for […]
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The high cost of baking ingredients may push bread prices up, bakers have warned. Premium Bread Makers Association of Nigeria gave this warning on Monday at a press briefing in Lagos. “The challenges we face as a result of the incessant increase in the prices of baking ingredients have rendered most premium bakeries comatose making […]
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