Business

Bank depositors’ fund hits N17trn in 2015

Depositors funds with all commercial banks in the country has hit N17.3 trillion as at December 2015, the Nigeria Deposit Insurance Corporation, NDIC, has said.
Managing Director/CEO of the NDIC, Umaru Ibrahim, said about 67 million depositors tied to this sum have been provided with over 90 per [...]

Tue, 26 April 2016


NERC rates DISCOs low on metering

All eleven distribution companies in the country have been rated poorly for their inability to meter over 2.9million customers since the privatization of the power sector close to three years ago.
The Nigerian Electricity Regulatory Commission, NERC, at a meeting with the power firms to evaluate [...]

Tue, 26 April 2016


Federation allocation drops by N300bn in March

Allocation into governments’ purse for March has dropped significantly to N299.747 billion, due to the drop in revenue generated in the period.
The over N300billion drop from the N338.765 billion shared the previous month, government officials said, reflects a seasonally low collection per [...]

Tue, 26 April 2016


CPC to sanction telecoms for consumer right abuses

The Consumer Protection Council, CPC, has said Nigeria can no longer tolerate the flagrant disregard for consumers’ right laws by telecommunication operators, as the council will henceforth evoke appropriate laws to sanction offenders.
Deriding the torrent of complaints received from telec [...]

Mon, 18 April 2016


Financial stability rocky in emerging markets – IMF

Emerging economies have been warned of higher financial instabilities owing to market uncertainty, low investors’ confidence and poor economic growth witnessed in most recent times.
The International Monetary Fund, IMF, in its Global Financial Stability Report, released last week in Washin [...]

Mon, 18 April 2016


Power companies move to ease electricity shortfall

Power distribution companies in the country have secured federal government’s approval to supply the stranded electricity in their locations to other companies to reduce the impact of the drop in power generation currently being experienced in some parts of the country.
The approval came d [...]

Fri, 15 April 2016


CBN laments low credit flow in agric sector

The Central Bank of Nigeria, CBN, has decried the declining investment in the agriculture and limited flow of credit to the sector in Nigeria, saying this has affected the food self-sufficiency and economic diversification drive of the federal government.

According to the apex bank, flow of cre [...]

Fri, 15 April 2016


Abuja tops 2015 bank borrowers - NBS

Abuja alone assessed a total of N402.11 million of the N12.90 billion bank loan advanced to the 36 states of the federation including the Federal Capital Territory in the 2015 fiscal year, the National Bureau of Statistics, NBS, has said.

The figure contained in the bureau’s’ &lsquo [...]

Fri, 15 April 2016


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