Business

17 states fail to contribute to workers’ pension

Almost five years since passage of the 2014 Pension Reformed Act in the country, most states are yet to fully implement the Contributory Pension Scheme in their domains.

According to the National Pension Commission, PenCom, 15 states are still making no pension contribution for their employees [...]

Sat, 26 January 2019


Banks to pay N1m per branch for counterfeit, mutilated notes

In order to sustain public confidence in the national currency, the Central Bank of Nigeria, CBN, has imposed a monetary sanction on banks that fail to adhere to its Banknote Fitness Guideline and Clean Note Policy documents for the industry.

When fully implemented, Deposit Money Banks will be [...]

Sat, 26 January 2019


NDIC remits N7bn in 2018 – MD

The Nigerian Deposit Insurance Corporation, NDIC, said it has remitted N7billion into the federal government’s coffers as its operating surplus for 2018.

Managing Director and Chief Executive of the corporation, Umar Ibrahim, gave the figure at the inauguration of newly appointed boards b [...]

Sat, 26 January 2019


2019 budget: NASS, Budget Office disagree figure errors

The perennial controversies usually surrounding budget passage in Nigeria may have already began, as the House of Representatives alleged some errors and discrepancies in the 2019 Appropriations Bill.

The House of Representatives had during its debate on the 2019 Budget Proposals, raised concer [...]

Sat, 26 January 2019


Nigerian economy: 2018 in retrospect

The year 2018 was a mix bag of events for the Nigerian economy, as the country recorded some major successes as well as depressing plunge in economic indices.

Despite recording successive growths since its recovery from recession in the second quarter of 2017, the GDP fluctuated during the year [...]

Sun, 13 January 2019


NEXIM, SMEDAN sign MoU to boost SME export

The Nigerian Export-Import Bank has signed an agreement with the Small and Medium Enterprises Development Agency of Nigeria to enable small businesses benefit from the African Growth and Opportunity Act.

The MOU, according to NEXIM, is aimed at promoting synergy between the two institutions tow [...]

Sun, 13 January 2019


NERC frustrating electricity transmission- GenCos

Electricity generation companies in the country, GenCos, say they have had to bear huge burden as distribution companies are taking less power due to an “obnoxious new capacity definition” introduced by the Nigerian Electricity Regulatory Commission.

They said they have sustain huge [...]

Sun, 13 January 2019


FG releases N465m for Abuja-Lokoja road projects

The federal government has approved the sum of NGN464.8million to fast track the ongoing dualisation of the Abuja/Lokoja express road.

The amount allocated to the first session of the road, is part of the N100billion Sukuk bond raised in December 2018 for 28 road projects spread across the six [...]

Sun, 13 January 2019


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