Thursday, May 24, 2018
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    DMO: Nigeria must take loans to fund 2018 budget

DMO: Nigeria must take loans to fund 2018 budget

Patience Oniha, director general of Debt Management Office (DMO), says the federal government must take loans to fund the 2018 budget and the capital projects.Speaking on Monday at the public presentation of the Spring 2018 issue of the International Monetary Fund Regional Economic Outlook for Sub-Saharan Africa, Oniha said Nigeria can not claim to be an oil-producing nation like Saudi [...]

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    NBET: Three DisCos ignored N8.68bn bill in February

NBET: Three DisCos ignored N8.68bn bill in February

Data from the Nigerian Bulk Electricity Trading Plc (NBET) have shown that three electricity distribution companies (DisCos) made zero remittance to generation companies (GenCos) from the N8.68 billion invoice of February 2018.The three DisCos are Kaduna DisCo with N3.30 billion invoice; Port Harcourt DisCo, N3.75 billion; and Yola DisCo, N1.63 billion.Meanwhile, eight of the eleven DisCos remitted N11.38 billion from [...]

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    SEC: Milost, Unity Bank $1bn investment case still under investigation

SEC: Milost, Unity Bank $1bn investment case still under investigation

The Securities and Exchange Commission (SEC) says it is still investigating the $1 billion investment case between Unity Bank and Milost Global Incorporated.Efe Ebelo, SEC's acting head, corporate communications, told NAN on Monday that anyone found wanting in the case would be sanctioned appropriately in line with laid down regulations.On March 26, the New York-based firm announced that it would not [...]

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    Court orders CBN officials to steer clear of microfinance bank audit

Court orders CBN officials to steer clear of microfinance bank audit

The federal high court in Abuja has ordered two officials of the Central Bank of Nigeria (CBN) to forfeit their supervisory role in a forensic audit involving Hasal Microfinance Bank.The court said both officials frustrated the implementation of a forensic audit declared by the CBN governor after a petition by the owners of the bank.The officials named are Okwu Nnanna, [...]

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    Lagos: We’ve achieved N34bn out of our N50bn IGR target

Lagos: We’ve achieved N34bn out of our N50bn IGR target

The average monthly internally generated revenue (IGR) of Lagos state has risen to N34 billion from N22 billion recorded in 2015, the state government has said.Akinyemi Ashade, commissioner for finance, Lagos state made the disclosure on Monday at the state’s  annual ministerial press briefing in Alausa.Ashade said though the state set a target of N50 billion, some challenges made it [...]

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    Nigeria’s GDP growth dips in 2018, after 2017 exit from recession

Nigeria’s GDP growth dips in 2018, after 2017 exit from recession

The rate at which gross domestic product grew in the first quarter of 2018 slowed from 2.1 percent points in the fourth quarter of 2017 to 1.95 percent points in 2018.According to the Gross Domestic Product report released by the National Bureau of Statistics on Monday, this decline is despite an increase in oil production."Nigeria’s gross domestic product (GDP) grew by [...]

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    HURRAY! Foreigners can now get 100% business ownership in UAE

HURRAY! Foreigners can now get 100% business ownership in UAE

Mohammed bin Rashid Al Maktoum, prime minister of the United Arab Emirates, says foreign investors can now get 100 percent ownership of businesses in the country.In a tweet on Sunday, Al Maktoum said the UAE cabinet also reached a decision to loosen its visa rules for investors and innovators.“At today's cabinet meeting, we decided to allow 100% foreign ownership of [...]

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    I want to be Africa’s biggest philanthropist, says Dangote

I want to be Africa’s biggest philanthropist, says Dangote

Aliko Dangote, billionaire businessman, says he wants to be known as the biggest philanthropist in Africa.Dangote said this at the weekend during the inauguration of the foundation’s “one-off and unconditional micro-grants” programme in Niger state.The scheme, according to the statement, targets 25,000 disadvantaged and vulnerable women in Niger state, who will each be given N10,000 cash “to boost their household [...]

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    CBN: 41 items still banned under Nigeria-China currency swap deal

CBN: 41 items still banned under Nigeria-China currency swap deal

The Central Bank of Nigeria (CBN) says the Nigeria-China currency swap deal will not cover the importation of the 41 items already blacklisted from the official foreign exchange.Isaac Okorafor, acting director, corporate communications, at the bank, made this known in an interview with NAN on Sunday.He said this will ensure the currency deal does not stifle local companies and make [...]

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    Kogi: N500m monthly loan servicing makes it hard to pay salaries regularly

Kogi: N500m monthly loan servicing makes it hard to pay salaries regularly

The Kogi state government says it is unable to pay salaries regularly because of the N500 million loan servicing bill it has to settle monthly.In an interview with NAN on Sunday, Kingsley Fanwo, the state director general, media and publicity, said the loans were taken by the two previous administration for projects that did not add value to the state.“Sometimes, [...]

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Exchange Rates

May 24, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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