Business and financial news round-up for the week ended 8/03/2019
CBN, EFCC tighten noose on economic crimes
Officials of the Central Bank of Nigeria (CBN) and their counterparts from the Economic and Financial Crimes Commission (EFCC) thursday met with the aim of strengthening the fight against economic crimes.
The CBN Governor, Mr. Godwin Emefiele, had few weeks ago revealed that both institutions would be collaborating to expose banks, importers or organisations that collude with corrupt individuals to flout its policy on the restriction of foreign exchange (forex) to 43 items. Continue reading…
Use your second term to reverse negative economic trends, NECA charges Buhari
Nigeria Employers’ Consultative Association, NECA, yesterday, charged President Muhammadu Buhari to use his second term in office to reverse the negative economic trends in the country as well as focus on completion of major infrastructural projects. Continue reading…
EFCC charges Banks with fraudulent conversion
The Economic and Financial Crimes Commission on Thursday arraigned Ecobank Plc for “negligently failing to exercise due diligence in relation to the conduct of financial transactions with Major General Umaru Mohammed.”
The bank, alongside one of its employees, Anieka Udoh, was arraigned before Justice Saliu Saidu on five counts.
The EFCC alleged in the charges that the defendants “fraudulently opened and operated an Ecobank account no: 0015052989 in the name of Muhammed Umaru without the knowledge and authority of the customer, Mohammed Umaru.” Continue reading…
CBN backed MFB will provide funds at 5% interest
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that the NIRSAL Micro Finance Bank (NMFB) will provide loans to Small and Medium Enterprises (SMEs) at five per cent interest rate for about seven years tenor, as well as a two-year moratorium. Continue reading…
NPA seeks 30% charges reduction at eastern ports
The Nigerian Ports Authority (NPA) has canvassed a downward review of government agencies’ charges by 30 per cent to improve traffic to the eastern ports. This plea was made by the managing director of the Authority, Hadiza Bala-Usman, at a one- day strategy group meeting organised by Nigerian Chamber of Shipping (NCS) on how to increase patronage to the eastern ports tagged: “The Economies Of The Eastern Ports,” held in Lagos. Continue reading…
E-payment – POS deals hit N416bn in two months
Nigerians spent N416 billion through Point of Sales (PoS) terminals in the last two months, New Telegraph has learnt. The transactions were carried out in 53.9 million deals across the country. Continue reading…
CBN ban sale of forex to importers of textiles
Citing the whopping $4 billion spent annually on importation of textile materials into the country, the Central Bank of Nigeria (CBN) yesterday added all forms of textile materials to the list of items that are not eligible for foreign exchange from the official windows with immediate effect. Continue reading…
South Africa’s $368bn economy overtakes Nigeria’s $357bn
South Africa released its Gross Domestic Product (GDP) for the fourth quarter of 2018 on Tuesday, March 5, 2019, with figures showing it has overtaken Nigeria as Africa’s biggest economy in actual dollar terms. Continue reading…
Banking sector gains N151bn in February
Despite growing political tension, the Nigerian Stock Exchange (NSE) in the month of February remained resilience, as investors recorded gain of N151 billion in banking stocks.
This is despite bleak predictions by some market analysts following growing political tension. Continue reading…
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.