Thursday, July 18, 2019

Oluseyi Awojulugbe

    CBN mandates banks to give 60% of deposits as loans

CBN mandates banks to give 60% of deposits as loans

The Central Bank of Nigeria (CBN) has mandated deposit money banks in the country to give out 60% of deposits as loans.In a letter to banks, the apex bank said banks that did not comply with the directive would have their cash reserve ratios increased.Cash reserve ratio is the share of customers deposit that is kept with the central bank.According [...]

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    CBN mandates every microfinance bank branch to get 64 new customers monthly

CBN mandates every microfinance bank branch to get 64 new customers monthly

The Central Bank of Nigeria (CBN) has made it mandatory for every microfinance bank branch to acquire 64 new customers monthly.This was contained in a circular issued to microfinance banks on the revised financial inclusion target.Going by the BVN registration data, each microfinance bank branch is expected to have 774 new bank branches every year.The directive was said to have [...]

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    Toyin Odutola sells artwork for N215m — third highest by a Nigerian

Toyin Odutola sells artwork for N215m — third highest by a Nigerian

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    Netflix acquires Kunle Afolayan’s ‘Mokalik’

Netflix acquires Kunle Afolayan’s ‘Mokalik’

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    Bob Collymore, Kenya’s mobile money champion, loses battle with cancer

Bob Collymore, Kenya’s mobile money champion, loses battle with cancer

Bob Collymore, chief executive officer of Safaricom, Kenya's mobile network operator, died on Monday after battling cancer for two years.The 61-year-old took over the helms of Safaricom in 2010 and grew the company to become the largest telecom operator in Kenya, controlling a 62% share of the market.He achieved this through M-Pesa, the company's mobile money service.According to the company's [...]

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    Lagos fire service gets first female acting director after 37 years of existence

Lagos fire service gets first female acting director after 37 years of existence

The Lagos state government (LASG) has appointed Margret Adeseye as the acting director of the Lagos State Fire Service.Adeseye becomes the first female fire officer to be appointed into the position of acting director of the organisation, which was established 37 years ago.The appointment followed the retirement of the director, Rasaki Musibau and 30 other senior officers who were officially [...]

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    Wale Tinubu: Politicians want fuel subsidy to continue at all cost

Wale Tinubu: Politicians want fuel subsidy to continue at all cost

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    NSE suspends trading on Conoil shares over late filing of accounts

NSE suspends trading on Conoil shares over late filing of accounts

The Nigerian Stock Exchange (NSE) has suspended trading on the shares of Conoil Plc for failing to file its accounts by the expiration of the grace period.In a statement released on Tuesday, Godstime Iwenekhai, NSE's head of listings regulation department said a total of 11 companies were affected.They are Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance, R.T. [...]

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    Sahara Power targets 5000MW generation capacity

Sahara Power targets 5000MW generation capacity

Kola Adesina, the managing director of Sahara Power Group, says the company is hoping to increase its power generation to 5000MW from the present 2040MW.Adesina who spoke at the Oil and Gas Council’s Africa Assembly in Paris said the sub-Saharan Africa region needs to build robust capacity to respond to disruptions in the energy sector by way of economic growth, [...]

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    Father-in-law of Buhari’s ADC regains freedom after 60 days in captivity

Father-in-law of Buhari’s ADC regains freedom after 60 days in captivity

Musa Umar, father-in-law of President Muhammadu Buhari’s aide de camp (ADC), has been rescued from kidnappers.Umar, who was kidnapped on May 1, was rescued in Kano, according to NAN.He is the district head of Daura, Buhari's hometown in Katsina state.Tukur Umar, younger brother to the victim,  was quoted as saying the traditional ruler was rescued around 7:25 am on Tuesday.He [...]

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    FG settles 14-year PAYE debts owed by MDAs

FG settles 14-year PAYE debts owed by MDAs

The federal government says it has paid N135 billion of all outstanding Pay As Your Earn tax liabilities owed by federal ministries, departments and agencies (MDAs) for 14 years to various states governments.Babatunde Fowler, the chairman of Joint Tax Board, made this known at a programme tagged; “Go-Live’’ for the new national tax identification number (TIN) registration system in Abuja [...]

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    ECOWAS’ proposed single currency to be launched in 2020

ECOWAS’ proposed single currency to be launched in 2020

Members of the Economic Community of West African States (ECOWAS) have agreed to launch ECO, its proposed single currency, in 2020.The heads of the 15-member countries reached this decision on Saturday at its 55th ordinary session in Abuja to review progress on integration.The community also agreed that a flexible currency regime will be adopted.In a communique read by Mustapha Suleiman, [...]

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    Fatoyinbo, COZA pastor, steps down after rape allegations

Fatoyinbo, COZA pastor, steps down after rape allegations

Biodun Fatoyinbo, the senior pastor of the Commonwealth of Zion Assembly (COZA), says he has decided to step aside from the pulpit of the church.In a statement released on Monday, he said the move was the advice of his mentors.Fatoyinbo had been in the news since Friday when Busola Dakolo, a celebrity photographer and wife of Timi Dakolo, Nigerian musician, [...]

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    Claim your Skye Bank dividends, SEC advises shareholders

Claim your Skye Bank dividends, SEC advises shareholders

The Securities and Exchange Commission (SEC) has advised shareholders of the defunct Skye Bank to claim their dividends.Mary Uduk, SEC's acting director general, made the call in a statement in Abuja on Sunday.According to Uduk, SEC recently released a circular to shareholders of the bank to claim all outstanding dividends."We have informed shareholders of the defunct Skye bank that unclaimed [...]

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    Henry Nkemadu is NCC’s new director of public affairs

Henry Nkemadu is NCC’s new director of public affairs

Henry Chukwudumeme Nkemadu has been appointed as the new director of public affairs at the Nigerian Communications Commission (NCC).Nkemadu replaces Nnamdi Nwokike who took over after Tony Ojobo's retirement in 2018.Umar Danbatta, NCC's executive vice chairman, said the appointment is in line with the commission’s policy of putting round pegs in round holes for optimum performance.“Dr Henry has had [...]

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    Nigeria’s current infrastructure does not support luxury retail, says Onajide

Nigeria’s current infrastructure does not support luxury retail, says Onajide

Funmilayo Onajide, the founder of Regalo African Luxury and former general manager, corporate affairs at MTN, says the current infrastructure in Nigeria does not support luxury infrastructure.Speaking at the fifth-anniversary celebration of The Luxury Reporter Magazine, Onajide said there is a need for proper shopping malls that will support luxury retail.“You can’t have a 5-star hotel without a 5-Star infrastructure. [...]

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Exchange Rates

July 12, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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