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Tag Archives: businessnews

Govt Counts Gains As TSA Hits N7tr


The impact of the Treasury Single Account (TSA) depends on who is telling the story. For the government, the TSA has remained a masterstroke against corruption and misapplication of public funds. But for commercial banks, which hitherto relied on public funds to post huge profits, the policy has been a nightmare. The nearly two years’ gains of full implementation of the TSA became feasible after ... Read More »

Rep Seeks 20-Year Jail Term For Financial Crimes


The House of Representatives wants persons convicted of economic and financial crimes to be jailed for 20 years. This is part of the details of the new amendments to the Economic and Financial Crimes Commission Act, 2004, which The PUNCH obtained on Sunday. The Act currently prescribes a penalty of “not less than two years” for economic and financial crimes. Lawmakers consider this to be ... Read More »

CBN Sells Forex To BDCs At N360/$


The Central Bank of Nigeria (CBN) yesterday reduced rate at which it sells foreign exchange (forex) to bureau de change (BDCs) from N381 to dollar to N360 to dollar. The BDCs are to sell to end users at N362 to dollar. The rate reduction comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell forex obtained from it ... Read More »

NSE: Foreign Investments Inflow Down To N16.10bn In February … As Equities Market Halt Rally


INVESTORS’ apathy for investment in the stock market has continued to rise as both foreign and domestic investors’ participation on the Nigerian Stock Exchange, NSE, took a downward turn during the month ended February 28, 2017. Data polled by the NSE showed that total foreign investors’ transaction on the NSE slowed by 21.52 per cent to N34.54 billion from N44.01 billion to during the same ... Read More »

Senate Begins Work On New PIB


• To probe NNPC JV cash calls The Senate yesterday began legislative work on the controversial Petroleum Industry Bill (PIB). Rechristened Petroleum Industry and Governance Bill (PIGB), it passed first reading in the upper chamber yesterday. The PIB had been in the National Assembly since 2007 with several versions of the bill making the rounds. Senator Donald Tayo Alasoadura (APC, Ondo Central) introduced the Bill ... Read More »

‘Forex Scarcity May Cause Massive Unemployment’


The Federal Government has been advised to urgently address the lingering foreign exchange scarcity problem in the country to forestall massive job losses. While a long-term plan of developing alternative forex sources is required, a short to medium-term plan targeted at tackling the existing dollar shortage is inevitable. The immediate past Anglican Bishop of the Diocese of Ife, Rt. Rev. Oluranti Odubogun, stated this at ... Read More »

FG May Order Telcos To Settle N30bn Interconnectivity Debt


The Federal Government is set to resolve interconnectivity debt, estimated at N30bn, among telecommunications companies in the country, it has been learnt. It was learnt that the Federal Government had been addressing issues bordering on interconnection rate settlement among telecommunications operators in the country. The unresolved issues on the rates had resulted in increasing interconnect debts among the operators. This was made known to our ... Read More »

Village Headmaster: Another Cast Dies Two Days After JAB Adu


Death has continued to ravage the fictional village of Oja as another cast of the popular but now rested Village Headmaster series, Sam Agbebi, succumbed to the cold hands of death on Tuesday, March 1. Agbebi, the palace servant who later became Lawyer Iyanda in the series died on Tuesday, expanding the death list of cast and crew members, coming after the passing of GAB ... Read More »

Nigerian Stock Market Closes 2015 With Decline of 17.4%

The Nigerian stock market ended 2015 with its second consecutive decline as the Nigerian Stock Exchange (NSE) All-Share Index fell by 17.36 per cent to close at 28,642.25. Similarly, the market capitalisation shed N1.6 trillion to  the year at N9.9 trillion, down from  N11.5trillion in 2014. Comparatively, the 2015 decline is higher than the 16.1 per cent recorded in 2014. Although the market had an ... Read More »

Nigeria’s External Reserves Now $29.1bn

Nigeria’s foreign exchange reserves declined by 15.61 per cent year-on-year to $29.101 billion as at December 30 from $34.52 billion a year ago, data from the Central Bank of Nigeria (CBN) revealed on Thursday. The drop in the forex reserves value has been largely attributed to the significant reduction in forex inflow into the country occasioned by the sustained low crude oil prices. Oil prices ... Read More »

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