The monetary policy committee of the Central Bank of Nigeria says the economy's exit from recession may be under threat.While reading out the outcome of the two-day meeting of the committee to reporters on Tuesday, Godwin Emefiele, CBN governor, said: "The Committee was concerned that the exit from recession may be under threat as the economy slowed to 1.95 and [...]
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has kept the monetary policy rate at 14 percent.Godwin Emefiele, CBN governor, announced the committee’s decision at the end of its 263rd meeting held at the bank’s headquarters in Abuja on Tuesday.The MPR has been set at a record high 14 percent since July 2016 to combat rising [...]
Hadi Sirika, minister of state for aviation, says it is untrue that the Nigeria Air project was suspended over lack of investors.In a statement issued on his behalf d by James Odaudu, deputy director, media and public affairs, ministry of transportation, Sirika said a number of “well-grounded” investors were ready to key into the project.The minister's comment contradicts that of [...]
Ikeja Electric, one of the major electricity distribution companies (DisCos) in Nigeria, says it is deploying 85,000 new prepaid meters to bridge the metering gap in its business area. In a statement seen by TheCable, the DisCo said this was done as part of its renewed commitment to deliver the yearnings of customers, and further close the metering gap within its network. It [...]
The federal government says it suspended the national carrier project due to investor apathy.Addressing journalists on Monday at the Murtala Mohammed International Airport in Lagos, Lai Mohammed, minister of information and culture, explained that investors who were supposed to partner with the government on the project were no longer forthcoming.It was recently announced that Nigeria Air, which was supposed to [...]
Joe Anichebe, a director at the Bureau of Public Entreprises (BPE), says the federal government might put up 10 state-owned companies for sale in the fourth quarter of 2018.According to the director, the sales will raise N289 billion for the funding of the 2018 budget.Anichebe said preparations are in the final stages for the sales of the companies, which range [...]
Ngozi Okonjo-Iweala, former minister of finance, says the assistance China is rendering to African countries in building infrastructure is important.In an opinion published in Financial Times, Okonjo-Iweala, who is now the co-chair of the Global Commission on the Economy & Climate, said the concern about Africa's rising debt profile is real."The concern about Africa’s rising debt profile is real. According [...]
Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says 6,772 corporate bank accounts will be frozen for defaulting on tax payments.In a statement released on Sunday, Fowler told Zainab Ahmed, minister of finance, that the agency has collected N12.66 billion from billionaire tax defaulters in less than a month.Saying the law empowers FIRS to appoint banks as [...]
The Nigerian National Petroleum Corporation (NNPC) says it did not hide funds meant for the treasury single account (TSA) in any commercial bank.In a statement on Friday, the corporation described as “misplaced and misleading,” reports that it did not remit N8 billion and $470.5 million to the TSA.The Nigeria Police Force had on Thursday said it recovered N8 billion and [...]
The Central Bank of Nigeria has withdrawn the operating licence of Skye Bank.Umaru Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists on Friday.Umaru said the NDIC in collaboration with the Central Bank of Nigeria (CBN) has approved that a bridge bank will be established.Addressing journalists, Godwin Emefiele, CBN governor, said the bridge bank, Polaris Bank, [...]
