ASSETS & FINANCIALS

Nigeria’s foreign reserves dropped below $30 billion for the first time in more than four months, putting more pressure on the central bank’s bid to defend the naira and avoid a devaluation. Gross reserves slipped to $29.92 billion on Nov. …

The Tony Elumelu Foundation says it has earmarked $100 million (about N20 billion) facility for entrepreneurs in 54 African countries under its entrepreneurship programme (TEEP) for 2016. The Foundation also invested a total of $4,860,000, including $1,405,000 in agriculture; $410,000 …

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, called on banking institutions, security agencies and other relevant stakeholders in the financial system to redouble their efforts towards combating Money Laundering and Terrorist Financing (ML/TF). Emefiele stated …

Nigeria will assist South Sudan in managing its huge debt profile and develop its bonds market, Dr Abraham Nwankwo, Director-General, Debt Management Officer (DMO), has said. Nwankwo, speaking on Tuesday when he received a South Sudan delegation on a study tour, …

Periodic checks on revenue-generating organisations have led to the recovery of over N704.2bn into the Federation Account, the Revenue Mobilisation, Allocation and Fiscal Commission has disclosed. The Chairman, RMAFC, Mr. Elias Mbam, gave this information at a valedictory press briefing …

The CADP project funded by World Bank is aimed at strengthening Nigeria’s agricultural production systems and facilitating access to the market for targeted value chains among small and medium-scale commercial farmers in Lagos, Kano, Kaduna, Enugu, and Cross River states. …

The Vice-President, Prof. Yemi Osinbajo, will set the ball rolling at the second annual Micro, Small and Medium Enterprises (MSMEs) summit and awards ceremony on Tuesday in Abuja. A statement by Alhaji Bature Masari, the Director-General, Small and Medium Scale …

Basking in the euphoria of the recent launch of its online trading platform, Trade Smart, the Nigerian Stock Exchange (NSE) says the new initiative will bring investments worth N1.5trillion into the capital market in one year. According to its Executive Director, …

Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of its Board of Directors, following the resignation of Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu …

The House of Representatives on Thursday decried what it called high interest rates being charged on loans by banks in the country. Leading the debate on a motion entitled: ‘Call for regulation of lending interest rate charged by commercial banks’, …

Federal Government yesterday set up a $25 billion infrastructure investment  fund with a view to closing the nation’s huge infrastructure gap. Speaking at the inauguration of the Capital Market Master Plan Implementation Council (CAMMIC), National Investor Protection Fund (NIPF) and the …

The Central Bank of Nigeria is planning to borrow N129.17bn ($649.10m) worth of local currency denominated treasury bills with maturities range of three-month and one year on December 2. The CBN said it would issue N17.85bn worth in the three-month …

The Federal Ministry of Finance said on Wednesday that N194bn had been spent on capital projects between January and September this year. It also put the amount spent on overheads in the same nine-month period at N272bn. These were disclosed …

The Regional Chief Executive Officer of Dangote Cement Plc, Arvin Pathak has disclosed that Nigeria is losing$1.5 billion (about N296 trillion) annually, due to poor condition of roads. Pathak, an engineer, presented his paper during a session on ‘Transport System …

The Minister of Communications, Adebayo Shittu, said on Tuesday that President Muhammadu Buhari would decide MTN Nigeria’s fate regarding the N1.04tn fine imposed on it by the Nigerian Communications Commission. He stated that the President would take the final decision …

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate (benchmark interest rate) from 13 per cent to 11 per cent. The decision was announced by the CBN Governor, Mr. Godwin Emefiele, while …

The naira fell to 242 against the United States dollar at the parallel market on Monday after the Central Bank of Nigeria cut dollar supply to Bureaux de Change operators in a bid to conserve the external reserves. The naira, …

The Nigerian Institute of Social and Economic Research has called on the Central Bank of Nigeria to regulate the interest rates charged on loans given to operators of Micro, Small and Medium Enterprises in order to sustain the growth of …

Sterling Bank has secured a $40 million facility from the Turkey Export-Import Bank, as part of efforts to strengthen foothold on international trade financing and investments among individuals and institutions across the world. The facility was granted following the conclusion …

Indigenous courier firm, ABX World Limited, has an­nounced it is entering into a partnership deal with Arik Air and Skyway Aviation Ground Handling Company (SAH­COL) for the commencement of export of agro-allied prod­ucts from Nigeria. The deal, if strictly implemented, holds …