Nigeria Frozen Bank Accounts Of 'looters' Facing EFCC Trial

The Nigerian government has frozen the bank accounts of suspects being tried in court over allegations of corruption by the Economic and Financial Crimes Commission (EFCC), TheCable can report.This, TheCable understands, is part of the implementation of the Executive Order No. 6 on the “preservation of suspicious assets connected with corruption and other relevant offences” signed by President Muhammadu Buhari in October 2018.The federal government...

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Nigerian Naira Falls On Anxiety Over Global price of crude Oil

Nigeria's local currency naira on Thursday fell against the dollar by one percent on the parallel market, weakened to 370 per dollar, its weakest since August 2017.Traders said some black market outlets were hoarding dollars, fearing a recent sharp fall in oil prices could lead to a shortage of the U.S. currency. The local currency opened the week at 365 to the dollar on the black market and closed at 366 a dollar on Wednesday.Global prices...

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World Bank Expects Nigerian 2018 GDP Growth At Below 2 Pct

The World Bank expects Nigeria’s economy to grow slightly less than two percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign investors away, it said on Wednesday. Nigeria emerged from a recession last year but growth remains fragile, with the government borrowing both at home and abroad to help fund its budget. It has raised almost $9 billion from the eurobond market since 2017 to boost growth. “Nigeria’s emergence from recession remains sluggish, and sectoral growth patterns...

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What Oil At $50 A Barrel Means For The World Economy

Just a couple of months ago, major oil trading houses were predicting the return of $100 crude. Now, with oil prices at half that level, here’s a look at what the slump means for the world economy.Energy importers like India and South Africa will benefit; oil producers such as Russia and Saudi Arabia will hurt. Central banks under pressure to raise interest rates will get a reprieve; those looking to revive prices, such as the Bank of Japan, face...

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Ethiopian Airlines Moves To Create Pan-African Hub, Expands Operations

In its bid to sustain its position as the dominant operator in the African continent Ethiopian Airlines has been snapping up stakes in some smaller carriers to lock out potential rivals in the continent. The airline is currently fast-tracking its strategy create new African routes to soak up traffic on the continent and fly customers towards its more lucrative flights to rapidly expanding Asian markets.With a long-delayed African “open skies”...

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Why Savanah Bank, Fortis, Aso Savings Depositors Are Yet Get Refunds _NDIC

Nigeria Deposit Insurance Corporation (NDIC), Africa's largest economy's deposit insurer has attributed the non-payment of depositors of failed banks to the delay in amending the enabling act establishing the corporation. Umaru Ibrahim, chief executive of the corporation depositors of one commercial lender, a micro-finance and a mortgage firm are yet to get their deposits refunded due to certain clauses in the Act enabling law of the deposit insurer. He...

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Nigeria's 9mobile Starts Repayment Of Loans To Banks After Teleology Takeover

New owners of Nigeria’s fourth-biggest wireless carrier 9mobile, has commenced repayment of part of a loan taken from a consortium of banks few weeks after Teleology Holdings Ltd assumed ownership of the telecoms firm.“The money has been distributed to the banks,” Abiola Rasaq, head of investor relations at Lagos-based United Bank for Africa Plc, one of the institutions that received a payment, said by phone. The reimbursement is expected to improve...

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Nigeria Inflation Rate Falls In Oct, it's First In Three

Nigeria’s inflation rate declined for the first time in three months in October even as food-price growth accelerated. The consumer-price index rose 11.26 percent from a year earlier compared with 11.28 percent in September, the National Bureau of Statistics (NBS) said Wednesday. The median estimate in a Bloomberg survey was for 11.4 percent. Prices increased 0.7 percent in the month. Key Insights: Food prices climbed 13.3 percent from a year earlier, a third month of acceleration. Price growth in the West African nation has been above the central...

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Buhari’s govt worsened corruption, chased away investors – Jonathan

Nigeria's immediate past president, Goodluck Jonathan has blamed his successor, Muhammadu Buhari for the worsening corruption perception of the country by the global community and exit of offshore investors from the economy due to his utterances and action to rubish his achievement in office. The ex-president also said corruption is worse now than ever before in the history of the country. Jonathan in his latest book, "My Transition Hour"...

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Pound Sterling Falls Most Since 2017 On Brexit Crisis

The pound slumped and gilts rallied as several U.K. ministers resigned less than 24 hours after Prime Minister Theresa May said she had won cabinet approval for a deal with the European Union.Sterling slid the most in more than 17 months after ministers including Brexit Secretary Dominic Raab and Work and Pensions Secretary Esther McVey quit May’s top team. Investors priced out the prospect of a rate increase by the Bank of England next year, with...

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Nigeria Rice Import To Rise 13 Pct in 2019, Despite...

Nigeria’s rice imports will jump 13 percent next year to 3.4 million metric tons, making Africa’s most populous country the world’s biggest rice importer after China, according to the U.S. Department of Agriculture.“China and Nigeria are projected to remain the largest rice importing countries in 2019, followed by the EU, Cote d’Ivoire, and Iran,” the USDA said in its latest Rice Outlook released Tuesday.  “Nigeria and Egypt are projected...

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Global Investors Demand $9.5 bln At Nigeria's Eurobond Issue

Nigeria raised $2.86 billion in Eurobonds on Wednesday across three maturities, to help fund its budget deficit, in a sale that was three times oversubscribed, the government said.It priced the bonds with maturities of seven, 12 and 30 years at 7.625 percent, 8.75 percent and 9.25 percent, respectively.Nigerian officials have been meeting investors at a roadshow organised by Citi and Standard Chartered in London this week prior to issuing the Eurobond.The...

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Should Banks Worry Over Rising Telecoms Firm's Interest in financial Services Business?

By United Capital In a bid to leverage technology to promote financial inclusion and enhance access to financial services for the rural poor, low-income earners and financially excluded of the society, the Central Bank of Nigeria (CBN) recently issued guidelines for licensing and regulation of Payment Service Banks (PSBs) in Nigeria.According to the guideline, telecommunications companies (Telcos) are permitted to serve as a promoter of PSBs via...

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ICPC To Probe Corruption Allegation Against APC Chairman, Oshiomhole

Chairman of the ruling All Progressive Congress (APC), Adams Oshiomhole, may face investigation from the operatives of one of the anti-graft agency the Independent Corrupt Practices and Other-Related Offences Commission (ICPC) over allegations that he collected bride during the just concluded Primaries of the party. This is coming few weeks after the APC leader was grill by the operatives of the State Security Service over same allegations. According...

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Nigeria Vice President Osinbajo Says Support Fiscal Federalism, State Police

Nigeria Vice President, Yemi Osinbajo, has restated that he is an advocate of fiscal federalism, stronger state governments and state police. Osinbajo made this submission while delivering the 40th Anniversary Lecture of the Association of Friends on Monday in Lagos. He reiterated his stance that good governance was what Nigeria needed rather than geographical restructuring. “I have been an advocate, both in court and outside, of fiscal federalism and stronger state governments. “I have argued in favour of state police, for the simple reason...

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NDIC Says Skye Bank Management Responsible For Lender's Collapse

The Nigeria Deposit Insurance Corporation (NDIC) has accused the management of failed Skye Bank of being responsible for the collapse of the mid-tier bank. According to the deposit insurer, it was monitoring investigations of law enforcement agencies into Skye Bank with the Central Bank of Nigeria (CBN) to determine the culpability of management in the bank failure.The CBN had in September revoked Skye Bank’s operating licence and created...

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Teleology, New Owner of 9Mobile Appoints Board, Takes Over Telecoms Firm

The new owner of Nigeria's telecoms firm, 9Mobile, Teleology has appointed a new board to take over the running of the mobile company, signalling the final take over following approval from the industry regulator.The new board of directors is headed by 54-year-old Nasiru Ado Bayero, while Stephane Beuvelet will serve as the acting managing director, according to a statement by Mohammed Edewor, a new non-executive director of the new 9Mobile.Investment...

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40m Nigerians Suffering From Mental Disorders

An estimated 40 million Nigerians are believed to be suffering from mental disorder, according to the federal ministry of health. Abdulaziz Mashi Abdullahi, permanent secretary, Federal Ministry of Health attributed the high rate of mental disorder among Nigerians to the inadequate attention paid to mental illness in the country. Abdullahi, who spoke at a workshop in Abuja noted that there are misconceptions and lack of awareness on the part...

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Why EFCC Wants Ex-Petroleum Minister, Diezani Back in Nigeria

Nigeria's anti-graft agency, the Economic and Financial Crimes Commission (EFCC) is seeking the extradition of former Minister of Petroleum Resources, Diezani Alison-Madueke because the United Kingdom authorities have failed to take legal action against her despite being there since 2015.Ibrahim Magu, acting Chairman of the anti-graft commission said the commission was equipped to successfully prosecute the former minister who has been accused...

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Set-Back For President Trump As Democrats Take Back Control Of U.S. House

Donald Trump, who spent the past two years wielding the powers of the presidency unbound by party or political convention, is now constrained. The Democratic takeover of the House of Representatives cripples his conservative agenda and opens the way for unfettered investigations into his scandal-plagued administration, his presidential campaign and his family’s business empire. His personal tax returns may fall into the hands of his opponents....

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Africa's Richest Man, Dangote Sees Cement Firm London Listing in Sept 2019

Africa’s richest man, Aliko Dangote, said he is waiting for Nigeria's forthcoming election in February 2019 and for a sell-off in emerging markets to pass before kick-starting an Initial Public Offering (IPO) of his cement company and subsequent listing on the London Stock Exchange (LSE). Dangote said in an interview with Bloomberg that he expects the much-looking-forward to IPO of Dangote Cement Plc in London around September next year after...

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Nigerians In Diaspora Remittance Among Global Top Five

Nigerians in diaspora sent more money home last year than any other Africans did and are among the top five globally, according to the latest report from the Central Bank of Nigeria (CBN).   Although, the CBN did not provide details of how much was remitted to the country by Nigerians living abroad, but the bank put the total remittance to the continent by Africans in diaspora at $72 billion.Godwin Emefiele, governor of the CBN who disclosed...

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Bill Gates Unveils New Tech Toilet, To Save 1/2 Mln Lives

C0-founder of Mircosoft Inc., Bill Gates has unveiled a probable future toilet that doesn’t need water or sewers and uses chemicals to turn human waste into fertiliser. The billionaire philanthropist, whose Bill & Melinda Gates Foundation spent $200 million over seven years funding sanitation research, in Beijing showcased some 20 novel toilet and sludge-processing designs that eliminate harmful pathogens and convert bodily waste into clean...

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Finally President Buhari To Announce New Minimum Wage, Labour Calls Off Strike

Nigerian trade unions and the government agreed to a new minimum wage proposal early Tuesday, in an attempt to avert a planned nationwide strike following threats to shut down Africa’s biggest economy, a union official said.Unions, which have been discussing with the government a new minimum wage proposal, had planned to commence a strike on Tuesday.Nigerian Labour Congress (NLC) General Secretary Peter Ozo-Eson said a committee set up with the...

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How Buhari’s Govt Illegally Diverted $1.05 Bln NLNG dividend To Fund Subsidy

The Government of President Muhammadu Buhari has been alleged to have illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products, a PREMIUM TIMES report on Monday has shown.The diversion details are coming amidst revelations from accusations the Nigerian National Petroleum Corporation (NNPC) has a $3.5 billion...

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Nigeria's main Opposition PDP Says Buhari WASC Is A Political Certificate

Nigeria's main opposition the Peoples Democratic Party (PDP) has described the presentation of attestation certificate and confirmation of school certificate result to President Muhammadu Buhari as a tragicomedy.Buhari had on Friday received his West Africa Examination Council certificate from Dr Iyi Uwadiae, the Registrar of West African Examination Council (WAEC).National Publicity Secretary of the party, Kola Ologbodiyan, told journalists in...

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Global Banking Giants HSBC, UBS Close Down Nigeria Offices

HSBC and UBS have closed their representative offices in Nigeria, the Central Bank of Nigeria (CBN) said in a report on Friday without giving reasons for the closures.The central bank said foreign direct investment in Nigeria slowed to 379.84 billion naira in the first half of the year from 532.63 billion naira a year earlier.It said the outlook for the Nigerian economy in the second half was “optimistic” given higher oil prices and production...

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Nigeria's NNPC signs crude-for-product swap deal with BP

Nigeria’s state oil firm NNPC said it had signed a crude-for-product swap deal with oil major BP. In its brief statement on Twitter late on Wednesday, NNPC said more details would be provided later. BP and NNPC did not immediately respond to requests for comment on Thursday. NNPC imports about 70 percent of Nigeria’s fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that...

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