Yemisi Izuora The Nigeria Deposit Insurance Corporation has granted the sum of N192.6bn as rebate on insurance premium to Deposit Money Banks in the last three years. The corporation explained that the reduction of the insurance premium paid by the DMBs from 0.5 per cent to 0.40 per cent was responsible for the figure. A breakdown of the N192.6bn showed that a rebate of N53bn was granted in 2012, while N63.6bn and N75.98bn were given as rebates in 2013 and 2014, respectively. It said, “The corporation began the insurance premium rebate since the commencement of the Differential Premium Assessment System…
Author: orientalnewsng
Yemisi Izuora Aviation minister, Osita Chidoka has said that Nigeria holds better opportunities for her citizens pointing to the possibility of the economy maintaining a growth rate of over 6 per cent for the next 20 years. Chidoka who spoke at the 44th Convocation Lecture of the University of Nigeria, Nsukka titled, “Rebuilding the Nigerian Dream: Mapping the Building Blocks’, said Nigeria possessed exceedingly skilled, hardworking people with huge natural resources and large population making the country a gigantic market for goods and services, which are key areas that would serve as stimulant to her economic growth. He said Nigerians…
Yemisi Izuora The Central Bank of Nigeria (CBN) has announced increase in the weekly supply of dollars to bureau de change (BDC) operators from $15,000 per BDC, to $30,000 per BDC. The decision according to the bank aims at soothing the strong volatility observed in the forex market in the past few weeks as well as save the naira from further depreciation. The apex bank further explained that shift was also part of measures to deepen the BDCs segment. The latest policy takes effect from the Wednesday, January 28th, 2015 auction, it said. While the CBN would sell the greenback…
Source-Sweet Crude Following a third break of the Trans-Forcados petroleum pipeline over a stretch of 17 days within January 2015, the federal government has expressed fears that such acts could be orchestrated attempts to keep Nigeria’s electricity generation at the 4500 megawatts (MW) level it attained in 2013. Minister of Power, Prof. Chinedu Nebo, stated at a recent town hall meeting that but for such incessant attacks on petroleum pipelines, notably Trans Forcados, the country’s electricity generation ought to have grown above its current level and perhaps averaging about 7000MW. In addition to a recent break on Trans Forcados…
Yemisi Izuora The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to implement anti-fraud solution on their cards management system and also ensure that from February 2015, only customers that expressly indicate their intention of travelling to non-EMV jurisdictions would have their cards default to the magnetic stripe and for the period indicated by the cardholder only. The bank which explained that the move was part of efforts to tackle fraud on electronic banking platforms therefore charged banks to ensure that their customers are adequately educated. The Director, Banking and Payments System Department, CBN, ‘Dipo Fatokun, via…
Yemisi Izuora/Ijeoma Agudosi Trade size between Nigeria and Australia now stands at about $2 billion, according to the Australian high commissioner, Jonathan Richardson. Richardson said that Australia currently imports about $2 billion worth of oil from Nigeria adding that though Nigeria’s export to Australia had reduced recently, Australia’s export to Nigeria had increased extensively. “The total volume of trade between Australia and Nigeria now is around 2 billion dollars; I think the level of petroleum export from Nigeria has dropped a bit. “Our exports to Nigeria are very high; we want to make Australia exports to Nigeria higher because we…
Source-Business Day There are indications that the Central Bank of Nigeria (CBN) will likely cut rates at which Participating Financial Institutions (PFIs) can access the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) to two percent, as it tries to remove those impediments frustrating proposed beneficiaries from accessing the money. Part of the present guidelines which are also being reviewed by the CBN is that the fund will be administered to the PFIs at three percent per annum, for on lending to beneficiaries at not more than nine percent per annum and maximum tenor of one year and…
Yemisi Izuora The federal government has permitted the release of N26 billion for 2015 annual dry season farming programme to sustain efforts aimed at producing more food. President Goodluck Jonathan who stated this explained that as crude oil prices decline government would create new wealth from the richness from the soils, the vastness of the rivers and the abundance of Nigeria’s cheap labour, adding that Nigeria e will produce more, and will industrialise the agricultural sector. Announcing the injection of funds for the 2015 dry season, the president declared all those owing the country on rice import duties must pay…
Yemisi Izuora/Ijeoma Agudosi As political rallies by political parties across the country witnesses various forms of violence inspite of Non-Violence Accord by all presidential candidates in the coming general elections in February, the Civil Liberties Organisation (CLO) in concert with other Civil Society Organisation today staged a rally in Lagos to sensitise the people on the need to eschew violence during and after the elections. The rally sponsored by the ‘Open Society Initiativ For West Africa’ (OSIWA) was aimed at educating voters to stand up against impunity, corruption, poverty, violence, rape and election rigging by duly exercising their voting…
Yemisi Iizuora United Capital Plc. has released its authoritative and eagerly anticipated Nigerian Economy and Financial Markets 2015 report. The report provides a detailed review of the Nigerian market in 2014 with projections for 2015, commencing with a Global perspective and review of key African markets. It discusses the outlook for different sectors, inherent opportunities as well as strategies for navigating the financial market. The very comprehensive report is an invaluable tool for investors covering Global economic review and outlook, Africa update and outlook, oil price dynamics and Nigeria 2015 outlook, domestic macro-economic trends and outlook, capital market review and…