Business

Forced subscription: culpable telecoms to face sanctions

Telecommunication companies found guilty of making illegal deductions from their subscribers’ accounts will soon face the full weight of the law, as the Nigerian Communications Commission, NCC, said it will soon be imposing sanctions on such companies.

The Abuja Inquirer had recently repo [...]

Sat, 22 December 2018


Revenue allocation increases by N24.6bn

The Federation Account Allocation Committee, FAAC, distributed a total of N812.762 billion November 2018 revenues to the federal government, all states and local government councils in the country.

The amount which is higher than the N788.13bn shared in October was made up of distributable stat [...]

Sat, 22 December 2018


Unemployment figure increase by 3.3million

An additional 3.3million people were said to have joined Nigeria’s labour force in the past nine months alone.

The latest Labour Statistics Report for the third quarter released by the National Bureau of Statistics, NBS, reports that the country’s unemployment figure rose from 17.6m [...]

Sat, 22 December 2018


2018 budget: FG to release N1.1trn for capital project Dec. 31

The federal government is pushing to release about N1.1trillion for the implementation of 2018 capital projects of its Ministries, Departments and Agencies by the end of December this year.

Minister of Finance, Mrs. Zainab Ahmed, stated this at the public presentation of the 2019 budget highlig [...]

Sat, 22 December 2018


FG regrets 3 yrs cotton policy - Minister

Three years after the introduction of a national cotton policy to revamp and fast-track the development of the sector, the federal government said the policy is yet to yield its desired result.

The federal government had in 2015 launched a policy on Cotton, Textile and Garment, CTG, with the ai [...]

Sat, 15 December 2018


NDIC joins Islamic Financial Services board

The Nigeria Deposit Insurance Corporation, NDIC, has been admitted as a full member on the board of the Council of the Islamic Financial Services Board, IFSB.

With the latest induction, the NDIC joins the Central Bank of Nigeria as the other Nigerian institution on the Board of the Council.

[...]

Sat, 15 December 2018


Non-performing loans hits N2.24tn in Q3, investment drops by $2.66bn

Non-performing loans in the Nigerian banking industry rose to N2.245trillion at the end of the third quarter of 2018, reports from the National Bureau of Statistics, NBS, has shown.

Also in the period under review, the country’s gross loans stood at N15.861trillion, while loans (after spe [...]

Sat, 15 December 2018


FG expresses concerns on anti-corruption policies

The federal government is worried over the criticisms that trailed some of its anti-corruption and asset recoveries, insisting most of the backlash are driven by selfish interest.

Speaking particularly on attacks that followed the issuance of the Presidential Executive Order No. 6 of 2018 on th [...]

Sat, 15 December 2018


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