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Tag Archives: business news

CBN Test Reveals Loopholes In Banks’ Anti-Money Laundering System


Majority of the Deposit Money Banks in the country failed an anti-money laundering system examination conducted by the Central Bank of Nigeria, a report by the CBN has revealed. According to the 2017 CBN Half-year Economic Report, the anti-money laundering systems in place in majority of the commercial banks fail to meet a number of compliance requirements specified by the apex bank. It was learnt ... Read More »

Oil Price Rises Above $75 Per Barrel


International oil benchmark, Brent crude, on Monday hit $75 per barrel and rose further amid growing geopolitical tensions in the world. Brent, against which Nigeria’s crude oil is priced, stood at $75.16 per barrel as of 8:15pm Nigerian time, while the United States’ marker, West Texas Intermediate, traded around $68.36 per barrel. The rise in oil prices means further accretion to the nation’s Excess Crude ... Read More »

FIRS, States Generate N9.76bn, Deploy Web Solution For VAT Payment


Between July 2016 and April this year, the Federal Inland Revenue Service generated a total revenue of N9.76bn through the State Offices of the Accountant-General Platform. The Executive Chairman, FIRS, Mr. Tunde Fowler, gave the figure during a presentation made to members of the Federation Account Allocation Committee at their meeting held to approve statutory allocation to the three tiers of government. The SAG is ... Read More »

National Assembly May Pass 2018 Budget On Thursday

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Barring last minute changes, the National Assembly would receive the report on the 2018 budget from its joint Committee on Appropriation tomorrow (Wednesday), The PUNCHlearnt on Monday. Investigations indicated that the laying of the N8.612tn budget would be preparatory to its possible passage on Thursday. A parliamentary source informed our correspondent in Abuja on Monday, “We will be in May on Tuesday; that means the country ... Read More »

Switzerland Returned $322.5m Abacha Loot With Interest — Envoy


New York—Switzerland said it has returned all the money kept in the country by late Head of State, Gen. Sani Abacha, with $1.5 million interest. Late Sani Abacha Amb. Pio Wennubst, Assistant Director-General and Head, Global Cooperation Department, Swiss Agency for Development and Cooperation, told the Correspondent of the News Agency of Nigeria in New York. Wennubst said Switzerland returned about $322.5 million(N116.11 billion) to ... Read More »

Banks Refund N654.49m Excess Charges To Federation Account


Customers seek sanctions against erring banks.  Nigeria Bureau of Statistics (NBS)  said that banks have refunded N654.49 million  excess charges deducted from government bank accounts related to  the federation account. The Bureau disclosed this in its Federation Account Allocation Committee (FAAC) disbursement report for March 2018. The bureau said that N654.49 million excess bank charge refund was part of the N647.39 billion disbursed by FAAC ... Read More »

Natural Oil, Gas Suppliers Reorganises, To Boost Downstream Operations


The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) says it has put machinery in motion to commence operation across the country. Gas The Secretary to the Board of Trustee of NOGASA, Chief Eddy Nwosu told journalists in Abuja shortly after the board met that the association would now work to support its members especially those operating in the downstream sector of the petroleum ... Read More »

IMF Warns Of Another Melt Down, As Global Debt Rises To $164trn


At the backdrop of increasing impressive performance of the global economy, the Managing Director of the International Monetary Fund, IMF, Mrs Christine Lagarde, has warned of some dangers in the horizon, as world debt rises to $164 trillion. IMF Addressing the media on the sidelines of the on-going Spring Meetings of the World Bank Group in Washington DC, United States of America, yesterday, Lagarde warned ... Read More »

AfDB, EIB Inject $70m Into DBN To Boost Credit Access

The African Development Bank, AFDB, and European  Investment Bank (EIB) yesterday announced the injection of $70 million equity investment into the    newly created    Development Bank of Nigeria (DBN) in other to boost access to credit in Nigeria. AfDB NIGERIA COUNTRY COMPLEX IN ABUJA Meanwhile, the DBN has estimated that only five percent of the 37 million entrepreneurs and small businesses in Nigeria that ... Read More »

Naira Depreciates To N360.31/$ In I&E


The naira yesterday depreciated by 15 kobo to N360.31 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window also known as   Nigerian Autonomous Foreign Exchange,  NAFEX, rose  to N360.31 per dollar, yesterday, from N360.16 per dollar on Wednesday, translating to 15 ... Read More »

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