Business

Inflation rate drops by 0.02% in October – NBS

The consumer price index, CPI, which measures inflation dropped to 11.26percent in October 2018, being 0.02percent points lower than the 11.28percent recorded in September 2018.

The National Bureau of Statistics, NBS, in its latest “CPI and Inflation Report” for October, reports tha [...]

Mon, 26 November 2018


2019: CBN caution banks against excessive lending for campaigns

As the 2019 elections draws closer, the Central Bank of Nigeria, CBN, has warned banks against involving themselves in money laundering activities in their financial transactions with politicians.

The Governor of Nigeria’s central bank, Godwin Emefiele, gave the warning while briefing jou [...]

Mon, 26 November 2018


Minister task DisCos on innovative metering

Electricity Distribution Companies operating in the country have been asked to embrace innovative ways of metering so as to significantly reduce the number of unmetered customers in the system.

The Minister of Power, Works and Housing, Babatunde Fashola, gave the charge at the seco [...]

Fri, 16 November 2018


SEC extends deadline for consolidation of shareholders’ multiple accounts

The Securities and Exchange Commission, SEC, has extended the deadline for consolidation of multiple accounts into one account, to December 31, 2019 from the December 31, 2018 initial deadline.

This, the Commission said is to allow more investors to embrace the initiative aimed at reducing uncl [...]

Fri, 16 November 2018


10 banks lose N10.53bn in fraudulent transactions in 2017 - NDIC

At least N10.53billion out of a total of N12.01billion fraud recorded in the banking sector in 2017 were reportedly carried-out in ten banks.

The latest annual report of the banking sector prepared by the Nigeria Deposit Insurance Corporation, NDIC, shows that, ten banks accounted for about 87. [...]

Fri, 16 November 2018


“Fraud, poor management, crippled Skye Bank”

Poor corporate governance, insider abuse and banking malpractices, were identified as some of the reasons that led to the collapse of Skye Bank Plc.

A risk assessment and forensic investigation reports by the Nigeria Deposit Insurance Corporation, NDIC, identified some of the malpractices that [...]

Fri, 16 November 2018


Investment: FCT accounts for 26% of $73.08bn in 3 quarters

Nigeria’s capital city, Abuja, is said to be the biggest beneficiary of the $73.08billion worth of proposed investment in 18 states and the FCT during the first 3 quarters of 2018.

The Abuja Inquirer, last week, reported that investors have announced to spend $73.08 billion to execute 65 [...]

Fri, 16 November 2018


Killer beans: SON to sensitise Nigerians on preservation codes

Following the shocking discovery of the use of pesticide for the preservation of beans by some vendors in parts of the country, the Standards Organisation of Nigeria, SON, said it will be embarking on massive sensitisation on codes of practice for preservation of the crop.

The Director General [...]

Wed, 14 November 2018


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