Okechukwu Nnodim, Abuja Power generation companies on Monday petitioned the Nigerian Electricity Regulatory Commission, the Presidency and other relevant  agencies of government over a recent administrative charge imposed on Gencos. In a letter dated September 30, 2019, addressed to the chairman of the NERC, the Gencos resisted the 0.75 per cent administrative charge imposed on […]

Samuel Awoyinfa The Manufacturers Association of Nigeria has said the implementation of the cashless policy may have negative impact on the Micro, Small and Medium Enterprises. The association gave the position in a statement released in Lagos on Monday by its Director-General, Segun Ajayi-Kadir. He described the MSMEs as the engine room of the economy, […]

Nike Popoola The Central Bank of Nigeria and the Deposit Money Banks have disclosed their plans to transform the National Theatre at Iganmu in Lagos and make it a vibrant tourist centre. The CBN Governor, Godwin Emefiele, who disclosed this on Monday during the Creative Nigeria Summit in Lagos, also said that the apex bank […]

Okechukwu Nnodim, Abuja  The closure of Nigeria’s borders by the Federal Government is currently reducing the smuggling of chicken into the country and will further cut this down by one million tonnes annually if sustained, the Poultry Association of Nigeria has said. PAN and Rice Farmers Association of Nigeria also urged the Federal Government not […]

Feyisayo Popoola  Despite persistent sell-offs and losses witnessed in the equities market recently, a total of N245bn net gain was recorded in the third quarter of the year. The market capitalisation of equities, which opened the third quarter at N13.250tn, closed the quarter at a value of N13.450tn. At the end of the last trading […]

Godwin Isenyo, Kaduna Over 8,000 retired federal workers have completed their verification at the ongoing Parastatal Pensioner Verification for pensioners and next of kin under the Defined Benefit Scheme in the North-West zone of the country. The North-West centre comprises seven states, which are Kaduna, Kano, Katsina, Kebbi, Jigawa, Sokoto and Zamfara. The Executive Secretary, […]

Okechukwu Nnodim, Abuja  Brent crude dropped again in price on Monday, shedding $1.09 to close at $60.82 per barrel. Also, the oil output of the Organisation of Petroleum Exporting Countries fell to an eight-year low in September after attacks on Saudi Arabia oil plants cut production. It was further learnt that crude oil in OPEC […]

Okechukwu Nnodim, Abuja The Federal Government on Monday issued a Business Case Certificate to Cross River State for the state to go ahead with plans to construct its deep seaport. Cross River State Governor, Ben Ayade, who came for the OBC at the Federal Ministry of Transportation in Abuja, said the certificate would enable the […]

Ifeanyi Onuba, Abuja There are strong indications that a huge chunk of the $7bn reserves which the Central Bank of Nigeria under a former Governor Charles Soludo gave to 14 banks had yet to be repaid 13 years after it was collected. The CBN had in 2006 apportioned $7bn out of the nation’s external reserves, […]

 Nike Popoola The total non-performing loans in the banking sector stood at N1.44tn at the end of the second quarter of 2019. This is about 9.3 per cent of the total loans in the sector. Latest statistics revealed that the gross loans in the banking sector stood at N15.48tn in the period under review. The […]

Nike Popoola The Association of Registered Insurance Agents of Nigeria has urged the agents in the industry to embrace insurance in order to boost the industry. The President, ARIAN, Ademola Ifagbayi, said this during the 2019 Insurance Awareness Fitness Walk tagged, ‘Secure child education, secure the future, save Nigeria’, in Lagos. Agents and some other […]

Nike Popoola The record of attempted fraud cases in the electronic payment system declined by 47.28 per cent in the second quarter of 2019. The Director, Payment System Management Department, Central Bank of Nigeria, Mr Sam Okojere, disclosed this during the second general meeting of the Nigeria electronic fraud forum for 2019 in Lagos. “As […]

Nike Popoola The Managing Director and Chief Executive Officer, Sigma Pensions, Mr Dave Uduanu, has urged investment officers and financial analysts to ensure continuous training and certifications to enhance their careers. He made this call at the Chartered Financial Analysts’ Society of Nigeria career fair in Lagos. It was an event where financial institutions, Pension […]