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CBN Fixes April 3 and 4 for MPC Meeting


Following the concession made by the Senate to screen and confirm the nominees of President Muhammadu Buhari to fill the posts of deputy governors of the Central Bank of Nigeria (CBN) and the four members-designate of the Monetary Policy Committee (MPC), the CBN has said it will hold its first meeting of the MPC this year on April 3 and 4. This is just as Standard ... Read More »

Labour plans nationwide strike over N30bn NSITF fraud


Nigerians should brace for a nationwide strike as workers have bemoaned the Federal Government’s attitude over the N30bn fraud allegedly perpetuated by the last Board of the Nigerian Social Insurance Trust Fund and have threatened to down tools soon. According to labour unions in the country, the NSITF, set up to bring succour to the working class, has been looted over the years and it ... Read More »

I Was The Best CBN Governor – Emir Sanusi


  The Emir of Kano, Alhaji Muhammad Sanusi II, has stated that he was the best governor of the Central Bank of Nigeria, CBN. Speaking in an interview with Financial Times, the monarch said he has earned his stars in every competitive environment. Sanusi, who was appointed CBN governor in June 2009 for a five-year term, said “I spent my life as a successful banker. ... Read More »

Discos Get N44.85bn Electricity Invoices, Remit N2.7bn


Power distribution companies received a total invoice of N44.85bn for the quantum of electricity they received in January this year but the firms remitted only N2.7bn. Documents obtained from the Nigerian Bulk Electricity Trading Company on the latest remittances by the Discos for power received in January 2018 showed that the firms had a combined remittance of 6.04 per cent in the month under review. ... Read More »

NSE Index Falls Further as Bellwether Stocks Depress Market


The equities market depreciated further yesterday as decline by bellwether stocks dragged the Nigerian Stock Exchange (NSE) All-Share Index to shed 1.53 per cent to close at 42,185.38. Despite the release of improved 2017 results by three banks and some companies, investors’ sentiments remained negative. The depreciation recorded in the share prices of Transcorp, Dangote Cement, Zenith Bank, UBA, and Access Bank were mainly responsible ... Read More »

Reps order probe into N20trn unremitted stamp duties


The House of Representatives has ordered an investigation into the N20tn said to have been collected as stamp duty between April 2013 and March 2017, but which was not remitted to the Consolidated Revenue Fund of the Federation. The House said the money was held by the receiving banks, which had failed to remit it through the Nigeria Inter-Bank Settlement System. Lawmakers said with N20tn, ... Read More »

AfDB gives Nigeria $300m to tackle youth unemployment


The Federal Government on Thursday said the African Development Bank has approved a $300m loan to contribute to job creation, food security and nutrition, rural income generation and improved livelihood for youths in both urban and rural areas in the country. The Secretary to the Government of the Federation, Boss Mustapha said this in Abuja at a round-table on tackling youth unemployment in Nigeria. The ... Read More »

CBN Reschedules MPC Meeting as Senate Begins Confirmation of D’Govs, Others


In order to give the Senate time to conclude the process of screening and confirming President Muhammadu Buhari’s nominees for the post of deputy governors of the Central Bank of Nigeria (CBN) and members of the Monetary Policy Committee (MPC), the central bank has decided to postpone by a few days the meeting of the MPC originally slated for Monday and Tuesday next week. The ... Read More »

Nigeria’s oil reserves drop by 961 million barrels


Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies. The oil reserves fell from a high of 32.23 billion barrels in 2012 to 31.27 billion barrels in 2016 while the condensate reserves stood at 5.47 billion barrels from 4.91 billion ... Read More »

NERC to enforce new metering rule from April


The Nigerian Electricity Regulatory Commission will on April 3, 2018 commence the enforcement of its recently unveiled Meter Asset Provider Regulations, 2018, a policy that seeks to bridge the widening metering gap in the electricity supply industry. It was gathered that the country’s metering gap had increased to about 4.74 million, as power consumers welcomed the new policy, describing it as a panacea for meter ... Read More »

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