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ASSETS & FINANCIALS

Assets and Financial is MMS Plus featured news items on the capital and money market. It takes you into the financial and stock world, with company performance measurement

House probes TCN’s $1.5bn, $500m foreign loans

House probes TCN’s $1.5bn, $500m foreign loans

The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria. This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank. ...

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We’re on the same page with FG on borrowing – W’Bank

We’re on the same page with FG on borrowing – W’Bank

The World Bank says it is not in disagreement with the Federal Government on the need to borrow to finance infrastructure. In a letter to the Minister of Finance, Mrs. Kemi Adeosun, in Abuja on Wednesday, the World Bank Country ...

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Poverty biting harder, Reps tell FG

Poverty biting harder, Reps tell FG

Members of the House of Representatives on Tuesday at a plenary session complained that poverty was biting harder in the country and urged the Federal Government to tackle the problem headlong. They spoke as President Muhammadu Buhari wrote the House ...

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Inflation drops marginally to 15.98%

Inflation drops marginally to 15.98%

The National Bureau of Statistics has released the Consumer Price Index report, which measures inflation, with the rate dropping year-on-year from 16.01 per cent in August to 15.98 per cent in September. In the report released on Tuesday in Abuja, ...

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Tax: FIRS Goes After Owners Of Undeveloped Commercial Plots

Tax: FIRS Goes After Owners Of Undeveloped Commercial Plots

The Federal Inland Revenue Service (FIRS) has commenced the process of forfeiture of undeveloped commercial plots in the Federal Capital Territory, Abuja, Daily Trust has leant. In a notice recently pasted on undeveloped plots in the capital city, the revenue ...

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Interbank lending rate drops to 20% amid cash squeeze

Interbank lending rate drops to 20% amid cash squeeze

The nation’s overnight lending rate dropped to 20 per cent on Thursday on expectation that a cash squeeze will ease after money market rates more than doubled previous session. The Central Bank of Nigeria has kept liquidity tight to support ...

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Fidelity Bank sells $400m bonds with 10.75% yield

Fidelity Bank sells $400m bonds with 10.75% yield

Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher United States interest rates push up borrowing costs. The lender issued $400m of five-year securities with a 10.75 per cent yield ...

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IMF warns Nigeria, others over rising foreign debts

IMF warns Nigeria, others over rising foreign debts

The International Monetary Fund has warned Nigeria and other oil-exporting countries over rising foreign debts, saying there is a need to make external borrowings sustainable. The Fund, however, commended Nigeria for the recent reforms aimed at reducing infrastructure gap in ...

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President asks N’Assembly to approve $5.5bn foreign loans

President asks N’Assembly to approve $5.5bn foreign loans

President Muhammadu Buhari has written to both chambers of the National Assembly, seeking approval for $5.5bn external borrowing to be used to finance the 2017 Appropriation Act. In the letter dated October 4, 2017, which President of the Senate, Bukola ...

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FG may ask MDAs to buy local products at higher prices

FG may ask MDAs to buy local products at higher prices

The Federal Government may direct its Ministries, Departments and Agencies to purchase locally made products even at prices up to 35 per cent higher than foreign products. This followed a proposal sent to the Federal Government by the Manufacturers Association ...

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We’re using recovered looted funds to finance 2017 budget – Buhari

We’re using recovered looted funds to finance 2017 budget – Buhari

The Federal Government is using part of the funds recovered from those who looted the treasury to finance the 2017 budget, President Muhammadu Buhari has said. Buhari, who spoke at the 22nd Annual Conference of the Association of National Accountants ...

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IMF raises concerns over weakness in Nigerian banks

IMF raises concerns over weakness in Nigerian banks

The International Monetary Fund on Tuesday expressed concerns over weaknesses in Nigerian banks and said that the situation might weigh on economic growth in the medium term. The IMF stated this in its World Economic Outlook report, which was released ...

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Ensure best practices by companies, ICSAN tells SEC

Ensure best practices by companies, ICSAN tells SEC

The Institute of Chartered Secretaries and Administrators of Nigeria has asked the Securities and Exchange Commission and the Nigerian Stock Exchange to map out measures that will ensure best practices by listed companies. The ICSAN stated this at its 2017 ...

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Again, CBN Injects $195m into Forex Market

Again, CBN Injects $195m into Forex Market

The Central Bank of Nigeria (CBN) on Monday continued its intervention in the interbank foreign exchange (forex) market with the injection of $195 million. Figures released by the central bank showed that it offered the total sum of $100 million ...

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EU Restates Commitment to Improving Trade with Nigeria

EU Restates Commitment to Improving Trade with Nigeria

The new European Union Ambassador to Nigeria and ECOWAS, Mr. Ketil Karlsen, has stated that the mutual trade partnership between Nigeria and the EU would be sustained for the benefit of both countries. Karlsen said this in Lagos at the ...

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We’ll not burden Nigerians with unserviceable debts – Adeosun

We’ll not burden Nigerians with unserviceable debts – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, has said the thought of saddling future generations with unserviceable debts is not part of the President Muhammadu Buhari-led administration’s agenda. Adeosun stated this in an article entitled, ‘The debt debate: Deconstructing the ...

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Senate sets conditions for FG on 2018 budget

Senate sets conditions for FG on 2018 budget

The Senate on Thursday considered and adopted the report of its Joint Committee on Appropriation and Finance over its meeting on Tuesday with the Minister of Finance, Mrs. Kemi Adeosun; and Minister of Budget and National Planning, Senator Udo Udoma, ...

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Buhari names Aisha Ahmad new CBN deputy governor

Buhari names Aisha Ahmad new CBN deputy governor

President Muhammadu Buhari has appointed Mrs. Aishah Ahmad, as Deputy Governor of the Central Bank of Nigeria. According to a statement on Thursday by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President had presented Ahmad to ...

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Naira closes at 363/dollar

Naira closes at 363/dollar

The naira recorded a marginal gain on Wednesday, closing at 363 per United States dollar. The local currency had closed at 364/dollar on Tuesday, up from 365/dollar recorded on Friday. The Federal Government declared Monday public day for the celebration ...

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CBN recovers N50bn excess charges from banks

Interbank lending rate drops to 20% amid cash squeeze

The Central Bank of Nigeria has recovered over N50bn excess charges imposed by banks on their customers. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, disclosed this at the ongoing Abuja International Trade Fair on Wednesday. Okorafor said that ...

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