Monday, September 24, 2018

Oluseyi Awojulugbe

    UBA appoints new non-executive board members

UBA appoints new non-executive board members

The United Bank for Africa has appointed four new non-executive board members, subject to the approval of the Central Bank of Nigeria (CBN).The new board members are Erelu Angela Adebayo, Angela Aneke, Abdulqadir Jeli Bello and Isaac Olukayode Fasola.According to a statement released on Friday by the bank, the new board members were appointed to replace Rose Okwechime, Adekunle Olumide, [...]

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    WATCH: Seyi Shay plays ‘Delilah’ in Adekunle Gold’s new video

WATCH: Seyi Shay plays ‘Delilah’ in Adekunle Gold’s new video

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    MTN shares plunge to nine-year low after CBN sanction

MTN shares plunge to nine-year low after CBN sanction

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]

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    Lagos reduces debt by $20m but retains highest foreign debt portfolio

Lagos reduces debt by $20m but retains highest foreign debt portfolio

Lagos has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at $1.45 billion as at June 30.This is according to a report by the Debt Management Office (DMO), on Wednesday in Abuja, titled: States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018.According [...]

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    CBN fines four banks N5.8bn, asks MTN to refund $8bn

CBN fines four banks N5.8bn, asks MTN to refund $8bn

The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]

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    We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

President Muhammadu Buhari says the country is 'nervously monitoring' the proceedings of Brexit.The president made this statement on Wednesday when Theresa May, British prime minister, paid him a visit in the Presidential Villa in Aso Rock, Abuja.Both countries also signed two agreements on defence and security partnership as well as Economic Development Forum.In his remarks, Buhari said Nigeria and [...]

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    Udoma: Nigeria must urgently curb population growth to abolish extreme poverty

Udoma: Nigeria must urgently curb population growth to abolish extreme poverty

Udoma Udo Udoma, minister of budget and national planning, says there is an urgent need to pay attention to Nigeria's uncontrolled population growth.Udoma said current estimates suggest that more than four million people are being added to the country’s population every year.Speaking on Tuesday at the 58th annual general meeting of the Nigeria Bar Association (NBA) in Abuja, the minister [...]

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    Femi Adesina: Only God knows when Leah Sharibu will be rescued

Femi Adesina: Only God knows when Leah Sharibu will be rescued

Femi Adesina, special adviser to the president on media and publicity, says only God knows when Leah Sharibu, the kidnapped Dapchi girl, will be rescued.TheCable had on Monday published a picture and audio of the teenager, who was kidnapped in February, begging the government for help.Despite the release of the other Dapchi schoolgirls, Sharibu was held back by her captors [...]

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    ‘NNPC selling products at a discount’ — Wale Tinubu on why refineries under-perform

‘NNPC selling products at a discount’ — Wale Tinubu on why refineries under-perform

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    Nigeria’s GDP growth falls in Q2

Nigeria’s GDP growth falls in Q2

The rate at which Nigeria's gross domestic product grew in the second quarter of 2018 slowed to 1.50% from 1.95% recorded in the first quarter of the year.According to the Gross Domestic Product report released on Monday by the National Bureau of Statistics (NBS), oil GDP contracted by -3.95% in the second quarter."Q2 2018 real GDP growth at 1.50% year [...]

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    MultiChoice appeals court judgement against increased tariff

MultiChoice appeals court judgement against increased tariff

MultiChoice, the parent company of DSTV and GoTV, has appealed an interim court from the federal high court sitting in Abuja.On August 23, Nnamdi Dimgba, justice of the court, had ruled that the South African company halt the increment of subscription rates to its cable television services till further notice.The company had announced new rates for DSTV and GoTV effective [...]

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    PHOTOS: Tiwa Savage takes on London at sold out IndigO2 concert

PHOTOS: Tiwa Savage takes on London at sold out IndigO2 concert

Tiwa Savage held the London leg of her Savage Tour at IndigO2 on Friday.The Mavin artiste sold out the 2,350 capacity live music venue. [...]

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    NTIC Foundation spends Sallah with 100,000 Nigerians

NTIC Foundation spends Sallah with 100,000 Nigerians

The Nigerian Tulip International Colleges Foundation (NTICF) in the spirit of the Eid-el-Kabir celebrations distributed Sallah items to 100,000 people in twenty states in Nigeria.Behlul Fatih Basaran, the coordinator of NTICF, made this known in a statement released in Abuja.He said the gesture is a part of the corporate social responsibility (CSR) objective of the Nigerian Tulip International Colleges and [...]

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    Banks suspend BDCs’ accounts over tax remittance

Banks suspend BDCs’ accounts over tax remittance

Banks have placed a 'Post no Debit' notice on the accounts of some Bureaux de Change operators, demanding that they remit taxes on their transaction turnover.TheCable had earlier reported that the Federal Inland Revenue Service had ordered banks to freeze the accounts of tax defaulters.Commenting on the development, Aminu Gwadabe, president of the Association of Bureau De Change Operators of [...]

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    Here’s how to get a single-digit interest loan from your bank

Here’s how to get a single-digit interest loan from your bank

The Central Bank of Nigeria, on Monday, released the guidelines for its new credit policy, which is aimed at providing funds to the agriculture and manufacturing sector at a single digit interest rate.According to the guidelines, the maximum amount accessible by a party is N10 billion.The loans can be received from any bank which has contributory cash reserve ratio with [...]

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    Bank loans to private sector declines by N600bn in 18 months

Bank loans to private sector declines by N600bn in 18 months

The total loans granted by banks to the private sector declined by N600.60 billion, from N16 trillion in the first quarter of 2017 to N15.34 trillion, in the second quarter of 2018.A report by the National Bureau of Statistics (NBS) on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018), showed that credit to [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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