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NCC, CBN wade into Etisalat debt crisis

In Order to find a resolution to the debt crisis troubling Etisalat Nigeria, a meeting between the officials of the company, Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and a consortium of banks has reportedly been scheduled for today. According to NCC, the consortium of banks seeking to take over Etisalat Nigeria over the protracted $1.72 billion ... Read More »

FG constitutes panel for $3tn infrastructure masterplan

The Federal Government on Tuesday inaugurated a technical working group for the development of the first operational plan for the National Integrated Infrastructure Masterplan. The TWG, with membership drawn from the relevant agencies of government, academia and private sector, is to work on the first operational plan, which is expected to cover the 2017 to 2020 fiscal periods. The committee ... Read More »

High interest rates: Senate panel plans talks with FG

The Senate Committee on Banking, Insurance and Other Financial Institutions may meet with the Federal Government in the ongoing efforts by the legislature to seek a reduction of the current high interest rates being charged by financial institutions in the country. The panel, after meeting with stakeholders in the financial sector of the economy last week, had hinted that it ... Read More »

Nigeria loses N140bn weekly to Apapa gridlock – Dangote

The President, Dangote Group, Aliko Dangote, has lauded the decision of the Federal Government to reconstruct the failed Apapa Wharf Road as its grim state serves as both an embarrassment to the country and a huge loss of close to N140bn on a weekly basis. Dangote, who spoke to journalists on Tuesday, said, “The economy loses more than N20bn daily. ... Read More »

World Bank approves $961m support for Nigeria

The World Bank has approved two Programme-for-Results operations totalling $961m to support Nigeria’s federal and state governments in their effort to foster inclusion and revive growth, in alignment with the Economic Recovery and Growth Plan of the Federal Government of Nigeria for 2017–2020. The Better Education Service Delivery for All Programme-for-Results is a $611m credit aiming to bring out-of-school children ... Read More »

UBA Wins Again! Emerges Financial Brand of the Decade

Pan African banking and financial services group, United Bank for Africa (UBA) Plc has added yet another laurel to its cap as it emerged the Financial Brand of the Decade at the Marketing Edge Awards which was held over the weekend. The award in recognition of UBA’s innovative and pacesetting role, is a product of painstaking review and assessment of ... Read More »

N541bn Debt: Access Bank, others take over Etisalat Nigeria

A consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15. The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring ... Read More »

CBN injects $195m into FOREX Market 

  …announces retail option Following its intervention in the inter-bank Foreign Exchange Market, last week, to the tune of over $800 million, the Central Bank of Nigeria (CBN) on Monday, June 19, 2017, injected a total sum of $195m into the inter-bank forex market to meet the requests of customers in the various segments of the market. A breakdown of ... Read More »

Ondo Assembly passes 2017 budget

After two weeks of presentation of the 2017 appropriation bill to the Ondo State House of Assembly by Governor Rotimi Akeredolu, the lawmakers on Monday passed the bill of N170bn into law. However, the budget proposal was increased by N1.126bn from the initial N169.721bn. In the new budget, N95,159, 200.00 was earmarked for recurrent expenditure, N59,186,684.00 was proposed for capital ... Read More »

FG to release N350bn for 2017 capital projects – Adeosun

kemi The Federal Government is set to release the first tranche of capital release of N350bn to its Ministries, Departments and Agencies for implementation of the 2017 budget. The Minister of Finance, Mrs. Kemi Adeosun, disclosed this on Monday in Abuja during the public presentation of the 2017 Federal Government budget. The event was attended by top officials in government, ... Read More »