Business

Nigeria’s milk import estimated at $1.3bn annually

Nigeria’s annual import of milk and other dairy products is currently estimated at US $1.3Billion, as the country’s cattle only contribute a conservation estimate of 50,000 liters of milk daily.

According to the Federal Ministry of Agriculture and Rural Development, Nigeria’s [...]

Sat, 06 July 2019


NASENI hopes to increase IGR via presidential order

The National Agency for Science and Engineering Infrastructure is optimistic that the Executive Order Five, when finally implemented, will revolutionize activities of the agency and steer more revenue to it.

Executive Vice Chairman and Chief Executive of NASENI, Prof Mohammed Haruna, while lame [...]

Sat, 06 July 2019


Financial inclusion: CBN sets monthly target for MFBs

In a bid to meet its financial inclusion target of 80percent by the year 2020, the Central Bank of Nigeria has directed Microfinance Banks, MfBs, to get at least 64 new customers every month in each of their branch.

The target followed a series of meeting between the CBN and MfB operators on th [...]

Sat, 06 July 2019


AMCON set to recover N5trn debts

The Asset Management Corporation of Nigeria, AMCON, has approached the Independent Corrupt Practices and Other Related Offences Commission to seek ways of recovering the N5trillion it’s being owed.

According to the corporation, 350 individuals accounted for 80 percent of the entire debt c [...]

Sat, 06 July 2019


Banks need no approval for mobile wallet services-CBN

Deposit Money Banks operating in the country no longer require prior approval to offer mobile money wallet services, as the Central Bank of Nigeria now allows banks free operation of the package.

CBN in a circular to DMBs with the title, ‘Operation of mobile money wallets by DMBs,’ [...]

Fri, 05 July 2019


SEC to fine registrars N1m for illegal charges

Beneficiaries of deceased investors can now access shares left behind by their loved ones without delay, as the Securities and Exchange Commission, SEC, recently reduced the timeline for the transmission of deceased’s shares from three weeks to one week.

SEC, in an amended draft on the op [...]

Fri, 05 July 2019


Emefiele to reposition banks in second tenure

Deposit Money Banks will be repositioned in the next five years to make them contribute significantly to economic growth.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said he will in his next tenure, work with banks to boost credit to the real sector as well as the creative and [...]

Mon, 01 July 2019


Senate pledges swift passage of NDIC Act

Senate President, Ahmed Lawan, has assured the Nigeria Deposit Insurance Corporation, NDIC, of the speedy passage of the NDIC Act, 2006 (as amended) currently before the National Assembly.

He said the 9th senate would immediately commence work on the Bill to Amend the NDIC Act 2006 afresh, as t [...]

Mon, 01 July 2019


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