Microfinance banks capital base now N5bn

The Central Bank of Nigeria has increased the minimum capital requirement for microfinance banks in the country, with national microfinance banks required to have a minimum capital base of N5billion.

The apex bank announced the upward review of the minimum capital requirement in a circular to a [...]

Sun, 28 October 2018

Nigeria’s debt profile not the issue – Budget Office

In spite the general concern over the huge debt profile of Nigeria, the Director General of the Budget Office, Dr. Ben Akabueze, believes the country should rather concentrate in growing its revenue.

Akabueze, who believes Nigeria is currently facing a serious revenue problem, said the focus sh [...]

Sun, 28 October 2018

CBN promotes policies defending domestic economy

The Central Bank of Nigeria, CBN, has made a case in support of trade protectionism, stressing that Nigeria should take a cue from the ongoing global trade war by adopting policies to protect the local economy.

Citing example of the foreign exchange restriction placed on 41 items by the CBN, th [...]

Sun, 28 October 2018

NAICOM suspends recapitalisation policy

The National Insurance Commission has announced the suspension of the implementation of its Tier-based Minimum Solvency Capital policy, following a suit filed against it by some stakeholders in the industry.

NAICOM ask insurance companies to maintain status quo pending the regulatory directive [...]

Sun, 21 October 2018

354 pensioners paid N354mn pension arrear in Q3

At least 354 paratatals pensioners under the defined benefit scheme received a total payment of N138.35million as pension arrears in the third quarter of the year.

This figure is from the total pension payment of N23.45billion paid to federal pensioners by the Pension Transitional Arrangement D [...]

Sun, 21 October 2018

FG propose budget cut in 2019

The Federal Government has said it will drastically cut down on its borrowing in 2019, even as it proposes a cut in its budget size from the current N9.1trillion to N8.6trillion next year.

The Minister of Budget and Planning, Senator Udo Udoma, made this known during the unveiling of the 2019-2 [...]

Sun, 21 October 2018

Banks to begin investigating security, IT staff

In its quest to check fraudulent activities among bank staff, the Central Bank of Nigeria, CBN, has directed Deposit Money Banks, DMBs, and Payment Service Providers, PSPs, to conduct background checks on their security and IT staff

In a letter signed by the Director Banking Supervision, CBN, A [...]

Sun, 21 October 2018

Abuja easiest place to start business – World Bank

The World Bank Office in Nigeria has identified the federal capital territory Abuja, as the easiest place to start a business in the country.

Though not listed among states with the biggest strides in improving their business environments, the recent World Bank Doing Business in Nigeria report [...]

Sun, 21 October 2018


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