The Central Bank of Nigeria (CBN) has re-admitted United Bank for Africa (UBA) into the Foreign Exchange Market. A statement issued by UBA dated August 24, 2016 said: “Further to our press statement of yesterday (Tuesday), we are pleased to…
FG approves 2017-2019 Fiscal Strategy Framework
The Federal Executive Council (FEC) on Wednesday approved a three-year Fiscal Strategy Framework from 2017 to 2019. Identified as the Medium Term Expenditure Framework (MTEF), the process starts the process for the preparation of the 2017 budget. The Minister of…
Non-Performing loans in Banks hit N649.63b
Non-Performing Loans (NPL) in Banks is now N649 Billion, an increase of 78 per year-on-year from May, 2015. In his presentation at the third National Credit Reporting Conference organised by the Credit Bureau Association of Nigeria (CBAN) in Lagos, the…
Ajayi assures Apapa community of NPA’s support
The Nigerian Ports Authority (NPA) General Manager in charge of Western Ports, Chief Michael Kayode Ajayi has reiterated the commitment of the Authority to partner and support Apapa Community “as the host of the two busiest Ports in West Africa”….
Lagos seals Protea Hotel
(NAN) The Lagos State Internal Revenue Service (LIRS) has sealed Protea Hotel, close to Kuramo Waters, over alleged failure to remit N11.07 million personal income taxes deducted from workers’ salaries. Ajibike Oshodi-Sholola, Head, Distrain Unit of LIRS, disclosed this to…
FG pledges support for Artists
The Minister of Information and Culture, Alhaji Lai Mohammed, has reassured the Artists’ Village community at the National Theatre, Lagos, that the government has not abandoned them. The Minister, who stated this in Lagos at a meeting with the representatives…
CBN suspends First Bank, Diamond, others from forex transactions
Citing non-remittance of all outstanding Nigerian National Petroleum Corporation (NNPC) funds in their vaults into the Treasury Single Account (TSA), the Central Bank of Nigeria (CBN) has suspended nine banks from further dealing in foreign exchange transactions (forex). The banks…
‘UBA has remitted all NNPC/NLNG Dollar deposits into TSA’
The United Bank for Africa (UBA) has remitted into the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN) all dollar deposits belonging to the Nigerian national Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas Company (NLNG). Reacting…
Workers fault proposed airport concession
The National Union of Air Transport Employees (NUATE) and Air Transport Services Senior Staff Association (ATSSSAN) on Tuesday in Lagos and Abuja, staged a protest against the proposed concession of four international airport terminals by the Federal Government. According to…
COSCO Shipping places order for four Asphalt Carriers
COSCO Shipping’s subsidiary Cosco Southern Asphalt Shipping has ordered four 7,500 dwt asphalt carriers from Chinese shipbuilder CSSC Chengxi Shipyard. The company explained that the new ships would serve both short-range routes as well as the company’s long-range international routes. With these…
All set for NSE, Bloomberg 2nd CEO Roundtable
The Nigerian Stock Exchange (NSE) in collaboration with Bloomberg is set to host the 2nd NSE Bloomberg Chief Executive Officer (CEO) Roundtable Event on Wednesday, 31st August 2016 at the Stock Exchange House, Marina, Lagos. According to a statement, the…
Boko Haram:Kerry lauds Nigeria’s success
The United State Secretary of State, John Kerry has commended Nigeria on its military successes against Boko Haram. However, he advised the Federal Government to include other measures in its crack down on the group. Speaking in Sokoto,…
Ford partners Jose Cuervo on car parts from Agave
Ford Motor Company is teaming up with Jose Cuervo to explore the use of the tequila producer’s agave plant byproduct to develop more sustainable bioplastics to employ in Ford vehicles. Ford and Jose Cuervo are testing the bioplastic for use…
Manufacturers to get 60% forex
Still in search of a healing balm for the economy, the Central Bank of Nigeria (CBN) has directed Authorised Dealers (banks) to allocate 60 per cent of their Foreign Exchange, (forex) purchases from all sources (interbank inclusive) to manufacturers and…