The Committee, has observed that the economy was steadily pulling out of recession and that indices on non-oil sector growth in the second quarter of the year showed the economy could recover earlier than expected. The CBN’s Director of Banking Supervision, Mr. Ahmed Abdullahi, had earlier said that the CBN realised about $4 billion in May from the export and investors’ window it created in the foreign exchange market. Mr. Abdullahi, who was accompanied to the Committees meeting by the Managing Director of Union Bank, Mr. Emeka Emuwa, said the fund was part of efforts by the banks to…
Author: Orientalnews Staff
The advisory partner and mining leader at PwC, Cyril Azobu has said that the firm is optimistic that if the right steps are taken and the current momentum sustained, the solid minerals sector in Nigeria can contribute up to 3 per cent of GDP by 2025 as predicted in the current roadmap, up from a current contribution of just about 0.5 per. He adds: “my vision for the sector is one that is profitable to all stakeholders and in which the Nigerian people are able to enjoy the maximum benefits possible for these natural endowments. “ The upcoming Nigeria Mining Week, which is taking…
South Energyx Nigeria Limited, the developers and planners of Eko Atlantic City, Nigeria’s premium smart city, has partnered with Fine and Country West Africa for the Refined Investors Series 2017, scheduled to take place in London, United Kingdom this October. The event, which is the leading premium real estate forum, is themed “Taking Nigeria to the World” is targeted at Nigerians in the Diaspora and other international investors. The Refined Investor Series UK is a premier event focusing on unique real estate opportunities in Nigeria that are safe, secure and highly sustainable. The event also targets affluent and high…
The Central Bank of Nigeria (CBN) on Tuesday, August 15, 2017, intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a bid to sustain liquidity in the market. A breakdown of Tuesday’s forex intervention indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also offered the sum of $100,000,000 to authorised dealers in the wholesale window. Confirming the figures yesterday, sources at the Bank said the CBN also received requests from authorized forex dealers on behalf of their customers, for which results will be released. According to the sources, the…
Yemisi Izuora About 65 Nigerian contractor and subcontractor companies were involved in the Turn Around Maintenance, TAM, of the Shell Nigeria Exploration and Production Company, SNEPCo’s, Bonga deep water oil field completed in April this year. According to the company, over 1,000 people were also involved, spread across worksites and vessels, in the exercise described as the biggest in scope in the 12-year history of the asset. Managing Director of SNEPCo, Mr. Bayo Ojulari, revealed last week in Lagos that the engagement of Nigerian contractor and sub-contractor companies was one of the high-points of the Bonga TAM, so also the…
Yemisi Izuora The House of Representatives has demanded a compulsory review of the National Minimum Wage every five years. The proposal was contained in a bill to amend the National Minimum Wage Act, 2004, which passed second reading on the floor of the House in Abuja, during a session presided over by the Speaker, Hon. Yakubu Dogara. The legal framework, when passed, sets in motion a process for government and organised labour to commence discussions on review of wages every five years. The bill was sponsored by the Majority Leader of the House, Hon. Femi Gbajabiamila. The All Progressives Congress…
Source: Sweetcrude The Nigerian banking sector’s outstanding loans to the energy industry rose by 1.25 percent to N5.65 trillion as at end of the first quarter of 2017, according to latest data released by the National Bureau of Statistics (NBS). The NBS, in its First Quarter 2017 Selected Banking Sector Data, disclosed that the total loans appreciated by N68 billion from N5.582 trillion recorded at the end of the fourth quarter of 2016. The loans were given to oil & gas firms and power & energy firms. According to the NBS, in the industrial sector, the banking sector credit to…
Yemisi Izuora President of the African Development Bank, AfDB, Akinwumi Adesina has charged African countries to be to be innovative so as to positively drive the continents economy. Akinwumi while speaking at the just concluded G7 Summit in Italy emphasised that innovation is crucial for access to energy, as he disclosed that 645 million Africans do not have access to electricity. “Africa cannot develop in the dark. Africa needs an energy revolution,” he said. Adesina said in his address: “That is why the Bank is investing $12 billion over the next five years in the energy sector as well as…
Yemisi Izuora/Ijeoma Agudosi The Senate has raised an ad hoc committee to look into the planned concession of the Port Harcourt Refinery to Agip and Oando Plc, just as it directs the Federal Government to suspend the concession. The investigative committee is expected to probe the criteria used selecting Agip and Oando for the maintenance and operation of the refinery.
Yemisi Izuora The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to building capacity and bridging skills gaps in the banking industry in general and the Deposit Insurance Scheme (DIS) in particular in Africa. The NDIC’s Managing Director/Chief Executive, Alhaji Umaru Ibrahim, who gave the assurance in a forum in Lagos, said with the NDIC Academy’s new status, it was positioned to fulfil the corporation’s goal of serving as a centre of academic excellence for capacity building on the DIS for countries in the sub-Saharan Africa. The Nigeria Deposit Insurance Corporation (NDIC) has stated its resolve to lead in…