Collapse of Fortis MFB collapse expected-NDIC

Nigeria Deposit Insurance Corporation, NDIC, said the liquidation of Fortis Micro-Finance Bank, MFB, was done after every attempt to save the bank from going under failed.

NDIC denied media reports that it the liquidation process was hurriedly done without prior attempt to salvage the ailing ba [...]

Sun, 17 February 2019

DMBs approve loan for ICT, entertainment industries

The Central Bank of Nigeria, CBN, has agreed to provide new credit facility at single-digit interest for the creative sector so as to drive job creation in the sector.

The Bankers Committee of the CBN said the decision to support the creative industry was born out of the conviction that the sec [...]

Sun, 17 February 2019

2019 will be the year for farmers- NCX

The Nigeria Commodity Exchange, NCX, says it is hoping to generate at least N4.3billion from trading on farm produce in 2019. In this interview, the MD of the agency, Zaheera Baba-Ari, talks about the new trading system to be deployed in achieving this feat. Sarah NEGEDU was there. Excerpts:

Sun, 17 February 2019

FG unveils portal to check fraud in procurement processes

As part of efforts to ensure transparency in the procurement process across government agencies, the Federal Government recently developed a new portal to harmonize prices of items to be acquired by MDAs.


The portal known as the price checker is part of the financial management re [...]

Sat, 09 February 2019

Mining sector attracts huge investment in 2018– NIPC

Mining and quarrying sectors were said to have accounted for a large chunk of proposed investment in the Nigerian economy in 2018.

According to the Nigerian Investment Promotion Commission, NIPC, total investment commitment into various sectors of the economy stood at $90.9billion in 2018, with [...]

Sat, 09 February 2019

CBN slam banks N2.5m fine for reoccurring e-payment infractions

The Central Bank of Nigeria, CBN, has introduced a penalty of N2.5million on Deposit Money Banks on every repeated occurrence of specific infractions and termination of the use of the unapproved end-to-end e-payment solution.

Under the new regulation, other financial institutions that fail to e [...]

Sat, 09 February 2019

RMAFC calls for slimmer cabinet

The acting Chairman, Revenue Mobilization, Allocation and Fiscal Commission, RMAFC, Shettima Abba-Gana, has called for a more compacted governance structure as one way of reducing administrative cost in Nigeria.

Abba-Gana while speaking at a National Policy and Development Summit, said the cost [...]

Sat, 09 February 2019

Tax evasion: 40,000 millionaires on FIRS watch-list

The Federal Inland Revenue Service, FIRS, has sought the support of the Nigerian Police Force to go after at least 40, 000 millionaire tax defaulters.

Executive chairman of the service, Mr. Tunde Fowler, while expressing commitment of the FIRS to go after wealthy tax defaulters this year, said [...]

Sat, 09 February 2019


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23 March 2019