Business

CBN cautions MFBs against sales of naira notes

All micro finance banks, MFBs, operating in the country have been warned against selling and hoarding of lower denomination currencies.

The warning is part of the latest intervention of the Central Bank of Nigeria of monitoring the industry and ensures sustained circulation of lower denominatio [...]

FG to review revenue sharing formula

The federal government is considering plans to review the current revenue sharing formula among the three tiers of government.

The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, will this week constitute a standing committee for this purpose.

Under the present sharing arra [...]

Nigeria gets bulk of W’bank portfolio in Africa

Nigeria is said to have so far obtained a net commitment of about $11billion from the World Bank Group, making it one of the largest beneficiaries in Africa.

According to the Country Director of the bank, Mr. Rachid Benmessaoud, the bank’s portfolio in Nigeria was among the largest in the [...]

AfDB to drive more agricbusiness to Nigeria

The African Development Bank, AfDB, is taking steps to attract investment into Nigeria through partnerships in the development of Special Agro-Industrial Processing Zones, SAPZs, across Africa.

Already the continental bank has met a private sector consortium from China to develop agribusiness i [...]

More states to experience flooding in Sept – NHISA boss

The recent flooding being experienced in Abuja and some other parts of the country are early signs of the severe flood to be expected in the coming weeks, the Nigeria Hydrological Services Agency, NIHSA, has warned.

The agency warned that more states across Nigeria are likely to be hit by flood [...]

Federal allocation up by N83bn in June

Federal allocation to the three tiers of government for the month of June 2019 recorded a significant increase of N82.99billion over the N679.6billionn shared in the previous month

The Federation Accounts Allocation Committee, FAAC, distributed a total of N762.597 billion to the three tiers of [...]

NEMSA condemns influx of substandard transformers

Management of the Nigerian Electricity Management Services Agency, NEMSA, has decried the influx of substandard transformers into the country, stating that the trend has worsened the power crises in Nigeria.

According to the agency the importation of fake transformers by dealers has is creating [...]

NDIC warns against crypto-currencies

The Nigeria Deposit Insurance Corporation, NDIC, has asked Nigerians to exercise caution in the adoption of crypto-currencies as their preferred mode of financial transactions, owing to the risks involved in the mode of transaction.

The Managing Director and Chief Executive Office [...]