CBN vows to impose stiffer sanctions on banks that fail to meet Loan-to-Deposit Ratio

19 October 2019
CBN vows to impose stiffer sanctions on banks that fail to meet Loan-to-Deposit Ratio

Central Bank of Nigeria (CBN) has vowed to impose stiffer sanctions on any commercial bank and blacklist customers that flout its minimum loan-to-deposit ratio (LDR) policy focused on increasing lending...

Nigerians to pay taxes on coke, pepsi, malt drinks, others

18 October 2019
Nigerians to pay taxes on coke, pepsi, malt drinks, others

Nigerians should brace for new taxes on soft drinks, Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, said on Thursday. Responding to reporters’ inquisitions on the sidelines of the...

James Hope College acquires American International School Lagos property, offers full scholarship to 40% of students

18 October 2019
James Hope College acquires American International School Lagos property, offers full scholarship to 40% of students

James Hope College (JHC) has announced acquisition of American International School Lagos (AISL) Lekki Campus facility to establish James Hope College in Lagos. This was disclosed at the signing ceremony...

Allow our goods to enter Nigeria, Ghana begs FG

17 October 2019
Allow our goods to enter Nigeria, Ghana begs FG

Ghanaian Foreign and Regional Integration Minister, Mrs Shirley Ayorkor Botchwey, has appealed to the federal government to allow goods from her country into Nigeria. Federal government had closed its borders...

Oil prices extend losses as weak China data compounds U.S.-China trade deal doubts

15 October 2019
Oil prices extend losses as weak China data compounds U.S.-China trade deal doubts

Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-China...

6 ways to gracefully handle the most difficult people in your life

14 October 2019
6 ways to gracefully handle the most difficult people in your life

Co-workers or any difficult people in your life don't have to cause you so much angst. The only certainties in life may be death, taxes, and the presence of difficult...

Nigeria set to recover $62bn from oil majors – FG

12 October 2019
Nigeria set to recover $62bn from oil majors – FG

Federal government says it is determined to recover over $62 billion from multi-national oil companies for ‘under-payment’ to the country since 1998. Under the country’s joint operating agreement, Nigeria is...

After decades of search, oil found in northern Nigeria

12 October 2019
After decades of search, oil found in northern Nigeria

Nigerian National Petroleum Corporation (NNPC) says it has discovered hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North Eastern part of...

Uber launches boat service in Lagos

12 October 2019
Uber launches boat service in Lagos

Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria’s commercial capital Lagos to attract commuters seeking to avoid the megacity’s notoriously...

Here's when you should (and shouldn't) apologise at the office

11 October 2019
Here's when you should (and shouldn't) apologise at the office

Express your remorse because you've genuinely grown, not to manipulate and pacify. Done properly, saying "I'm sorry" is a beautiful thing. It does, after all, take courage to admit that...

Four banks make N281bn in 6 months from lending to FG via T-Bills, Bonds

10 October 2019
Four banks make N281bn in 6 months from lending to FG via T-Bills, Bonds

Despite low-yield environment, four leading banks generated N281bn from investing in Treasury Bills and Federal Government bonds in a half year ended June 30, 2019 audited result and accounts. This...

Foreign investment: FG plans visa on arrival policy

10 October 2019
Foreign investment: FG plans visa on arrival policy

Federal Government has disclosed its planned visa on arrival policy to encourage foreign investment in the country. Minister of Foreign Affairs, Mr Geoffrey Onyeama made the disclosure in Namibia after...

Beggars device new means of making money with their wheel-chairs

09 October 2019
Beggars device new means of making money with their wheel-chairs

Some physically-challenged persons in Bauchi have resorted to using their wheelchairs to hawk petty items as against begging for alms as part of efforts to become self-reliant. Our correspondent in...

Nigeria missed the mobile money revolution - Bloomberg

04 October 2019
Nigeria missed the mobile money revolution - Bloomberg

When it comes to banking by phone, Nigeria is way behind its neighbors. Photographer: Bernard Kalu for Bloomberg Markets Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in...

Why grit is more important than IQ when you're trying to become successful

04 October 2019
Why grit is more important than IQ when you're trying to become successful

Lisa Quast You attended the party of a long-time friend and ran into a lot of people from high school that you hadn’t seen in years. During chit-chat over appetizers...

We’ve been collecting unprecedented revenues since border closure - Customs chief

03 October 2019
We’ve been collecting unprecedented revenues since border closure - Customs chief

Comptroller General of Nigeria Customs Service, Mr Hameed Ali, has declared the agency collected N9.2 billion in one day as a result of the ongoing partial border closure exercise by...

In major crackdown, Customs shuts down car dealers’ shops in Lagos, Kaduna, Sokoto

02 October 2019
In major crackdown, Customs shuts down car dealers’ shops in Lagos, Kaduna, Sokoto

In continuation of its war on smuggling in line with the closure of land borders across the country, Nigeria Customs Service (NCS) in a major crackdown shutdown some car marts...

Air Peace gets approval to operate daily flights to South Africa

01 October 2019
Air Peace gets approval to operate daily flights to South Africa

South African government has granted Air Peace permit to commence commercial flights to Johannesburg, Nigerian Ministry of Foreign Affairs has said. A spokesperson for the ministry, Mr Ferdinand Nwonye, said...

14 foreign banks paired with local banks took $7bn from Nigeria’s Reserves. They never paid back. Here are details of the deal

30 September 2019
14 foreign banks paired with local banks took $7bn from Nigeria’s Reserves. They never paid back. Here are details of the deal

There are strong indications that a huge chunk of the $7bn reserves which Central Bank of Nigeria under a former Governor, Mr Charles Soludo, gave to 14 banks had yet...

Nigeria’s revenue threatened as India buys oil elsewhere

30 September 2019
Nigeria’s revenue threatened as India buys oil elsewhere

Nigeria is about losing one of its major oil customers, India, as the world’s third-largest oil importer has found a new market in cheap crude oil supplies from Iraq, according...

Banks posted N1.44tn non-performing loans Q2

30 September 2019
Banks posted N1.44tn non-performing loans Q2

Total non-performing loans in the banking sector stood at N1.44tn at the end of the second quarter of 2019. This is about 9.3 per cent of the total loans in...

7 money mistakes Bezos, Gates, Buffett, other billionaires never, ever make - that average people do all the time

30 September 2019
7 money mistakes Bezos, Gates, Buffett, other billionaires never, ever make - that average people do all the time

Ellen Kaplan There are two things we know for certain about millionaires: They know exactly where their money is going, and they know exactly what not to do with it....

FG sacks Investment and Securities Tribunal chair

28 September 2019
FG sacks Investment and Securities Tribunal chair

Chairman of Investment and Securities Tribunal (IST), Mr Isiaka Idoko, was on Thursday removed from office by the federal government. No reason was immediately given for his removal. Idoko, a...

Dangote is considering giving away half of his wealth. Here’s where the billions will go

27 September 2019
Dangote is considering giving away half of his wealth. Here’s where the billions will go

Africa’s richest man, Mr Aliko Dangote, has said he is looking forward to when he would be giving out half of his wealth to humanitarian work especially in the health...

NDIC commences payment to depositors of failed Micro Finance Banks

27 September 2019
NDIC commences payment to depositors of failed Micro Finance Banks

Nigeria Deposit Insurance Corporation (NDIC) said it had commenced payment to depositors of 154 Micro Finance Banks (MFBs) that Central Bank of Nigeria (CBN) revoked their licences in 2018 due...

Top Nigerian artistes thrill fans at Zenith Bank Aspire Music Festival

26 September 2019
Top Nigerian artistes thrill fans at Zenith Bank Aspire Music Festival  

It was a night filled with magnificence and splendor as music lovers and fun seekers were treated to topnotch entertainment at the Zenith Bank Aspire Music Festival which held on...

CBN sanctions four banks for money laundering, others

24 September 2019
CBN sanctions four banks for money laundering, others

Central Bank of Nigeria and Financial Reporting Council of Nigeria sanctioned four commercial banks between January and June for various infractions, our correspondent has learnt. It was learnt that the...

Production growth slows in September - CBN

24 September 2019
Production growth slows in September - CBN

Production and employment levels and raw materials inventories grew at a slower rate, while new orders and supplier delivery time grew at a faster rate in September 2019. Central Bank...

Access Bank, Barclays, others launch Global Principles for Responsible Banking

24 September 2019
Access Bank, Barclays, others launch Global Principles for Responsible Banking

Nigeria’s sustainability champion, Access Bank Plc., yesterday launched the Global Principles for Responsible Banking as one of the Founding Signatories alongside other global banks. This is a further commitment to...

Competition is getting more intense among Nigerian banks. Here’s how they rank in the fierce battle

23 September 2019
Competition is getting more intense among Nigerian banks. Here’s how they rank in the fierce battle

Banking was re-defined some 29 years ago in Nigeria when some young Nigerian bankers, Mr. Jim Ovia, and the duo of Mr. Fola Adeola and Mr. Tayo Aderinokun, and much...

GenCos threaten to shut down operations over FG’s new admin charge

23 September 2019
GenCos threaten to shut down operations over FG’s new admin charge

Power Generation Companies of Nigeria (GenCos), at the weekend, vowed to declare force majeure on their operations if the Federal Government’s 0.75 per cent administrative charge is implemented. Nigeria Bulk...

Tour company Thomas Cook collapses, global bookings cancelled

23 September 2019
Tour company Thomas Cook collapses, global bookings cancelled

Veteran British tour operator Thomas Cook collapsed after failing to secure rescue funding, and travel bookings for its more than 600,000 global vacationers were canceled early Monday. The British government...

Daily petrol consumption reduces by 11m litres after border closure - FG

22 September 2019
Daily petrol consumption reduces by 11m litres after border closure - FG

Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed yesterday that the country’s daily petrol consumption dropped from about 61 million litres to 50.22 million litres following the partial closure of Nigeria’s...

Euphoria as Access Bank opens new branch in Osun

22 September 2019
Euphoria as Access Bank opens new branch in Osun

There was profound jubilation among the people of Ipetu-Ijesha, in Oriade Local Government of Osun State, as Access Bank opened its new branch in the sleepy community. Speaking at the...

FG to reduce shares in oil JVCs - Minister

21 September 2019
FG to reduce shares in oil JVCs  - Minister

Minister of State for Petroleum Resources, Mr Timipre Sylva, on Friday outlined the deliverables of his ministry on which Nigerian National Petroleum Corporation and other departments and agencies under his...

Nigeria loses 150,000 barrels per day oil export due to pipeline shut down

18 September 2019
Nigeria loses 150,000 barrels per day oil export due to pipeline shut down

The 150,000 barrels of oil per day Nembe Creek Trunk Line (NCTL), which exports Nigeria’s Bonny Light crude oil, has been shut down and placed under force majeure since last...

CBN begins charges on deposits, withdrawals above N500,000

18 September 2019
CBN begins charges on deposits, withdrawals above N500,000

Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said this in a circular to all...

Andela restructures as it lays off 250 software engineers

18 September 2019
Andela restructures as it lays off 250 software engineers

Tech firm and talent accelerator, Andela, has announced that it will lay off over 250 junior engineers across Kenya, Uganda, and Nigeria. Mr Jeremy Johnson, Chief Executive Officer and Co-Founder...

All set as Lagos awaits Zenith Bank’s Aspire Music Festival

18 September 2019
All set as Lagos awaits Zenith Bank’s Aspire Music Festival   

All is now set for the “Zenith Bank Aspire Music Festival” holding on Saturday, September 21, 2019 at Harbour Point Event Centre, Victoria Island, Lagos by 5pm. Dubbed as the...

Gov insists Fulani herdsmen from Niger, Chad, other countries will benefit from FG’s livestock scheme

17 September 2019
Gov insists Fulani herdsmen from Niger, Chad, other countries will benefit from FG’s livestock scheme

Fulani herdsmen from Chad, Niger and other neighbouring countries will benefit from National Livestock Transformation Plan, Bauchi State Governor, Mr Bala Mohammed, has said. Mohammed, who was a guest on...