Showing posts with label Business and Economy. Show all posts
Showing posts with label Business and Economy. Show all posts

Monday, 8 September 2014

ATM: Bank customers cautious over N65 charge

 As the N65 charge on the use of other banks’ Automated Teller Machines, ATMs commenced last week, as announced by the Central Bank of Nigeria, CBN, customers have been cautious on its usage as most customers used their banks’ATMs.

Monday, 11 August 2014

Zenith, Access, Wema, Fidelity raise pay as FirstBank, GTBank cut salaries

Three of the nation’s 23 banks effected cuts in staff pay last year while four others increased the average pay package of its staff, according to a report compiled by Thaddeus Investment Advisors & Research Ltd.

According to the investment firm, “We recently completed a proprietary analysis that reveals banks that are getting it right in terms of managing their workforce and those that are not.
It said that First Bank decreased its average salary per   head in 2013 by 12 per cent and improved its employee value added ranking by 5 spots relative to 2012, moving  from 9th place to 4th place. In addition, its employees scored four more points than the 2012 fiscal year when it came to value-added. Its employees also increased their productivity by three per cent despite the decreasein average salary.

Thursday, 7 August 2014

Product faking adds to Nigeria’s bloated labour market — SON

Director-General of Standard Organisation of Nigeria, SON, Dr.  Joseph Odumodu, yesterday, said that activities of counterfeiters in the country have helped increase Nigeria’s already bloated labour market.

Monday, 21 July 2014

Pension Fund May Hit N6.9tn by 2015

A report has predicted that the contributory pension fund will rise to N6.9 trillion before the end of 2015. It also said that the number of savers on the contributory pension scheme would increase by 9.8 per cent to about 6.5 million by the end of 2014.

In addition, the report projected a growth of 9.9 per cent to 7.14 million pension savers by the end of 2015.

FirstBank Issues $450 Million Eurobond

FirstBank of Nigeria Limited has successful issued a $450 million tier-2 Eurobond, THISDAY learnt at the weekend. The debt instrument with a seven-year tenor has a call option after five years.

According to a reliable industry source, the Eurobond also has a coupon of eight per cent and 8.25 per cent yield to maturity.

The debt instrument is expected to continue to extend the tenor of the bank’s dollar funding profile and support its continued lending to the corporate sector. It is also expected to raise the bank’s capital base.

FirstBank had in 2013, issued a $300 million Eurobond.

Thursday, 3 July 2014

Subsidy Payment: N45bn to oil marketers underway – Okonjo-Iweala

The Coordinating Minister of Economy and Minister of Finance, Dr. Okonjo-Iweala says payment of N45 billion to oil marketers is underway, after the verification of claims currently ongoing.

In a statement from the Special Adviser to the Minister, Paul Nwabuikwu, the Minister said the information was necessary to satisfy all the enquiries coming in with regards to the status of payment to the oil marketers.
According to her, the verification was deemed necessary to ensure that the federal government is not held liable in the event of any litigation between the banks and their marketer-customers, following the institution of the new procedure by Office of the Attorney General, OAGF.

Tuesday, 17 June 2014

Nigeria's Foriegn debt hits $9.16bn and N8.7 trillion says Budget Office

A RISING debt profile of $9.16 billion (foreign) and N8.7 trillion (local) has is hanging on Nigeria, placing on the nation’s financial and economic managers a more herculean task of convincing citizens of their country’s transformed and improving economic status.

   Briefing the Confab Committee on Public Finance Monday in Abuja, the Director-General, Debt Management Office (DMO), Mr. Bright Okogwu, disclosed that as at March 2014, Nigeria’s external debt stood at $9.16 billion.

   Of this sum, according to him, the Federal Capital Territory (FCT) is responsible for $2.8 billion (32 percent) while Federal Government has $6.3 billion (68 percent), just as local is N8.7 trillion for the same period.


Monday, 2 June 2014

Godwin Emefiele takes over leadership of CBN today

Godwin Emefiele assumes office today as the Central Bank of Nigeria, CBN, Governor after the expiration of the tenure of Lamido Sanusi on May 31. Mr. Emefiele was still on duty at Zenith as at last Friday.
A visit to Zenith last Friday showed that some of his personal staff were being mobilised on Friday to leave for Abuja in preparation for his assumption of office today.

Wednesday, 28 May 2014

Financial Intelligence Centre bill,Senate divided

Senator, Ike
Senators were, on Tuesday, divided over the bill seeking the establishment of the Nigeria Financial Intelligence Centre, distinct from the Economic and  Financial Crimes Commission(EFCC).

Though senators had unanimously voted in support of the proposal for the bill last year, there was a twist on Tuesday,

Tuesday, 20 May 2014

stop internal recruitment by CEOs into federal Government jobs, Federal Character Commission warns

Abuja – The Federal Character Commission (FCC) has warned that it would not permit internal recruitment of staff into Federal Government parastatal agencies by their chief executives officers.
The FCC Commissioner for Ekiti State, Mr Ojo Christopher, stated this in an interview  on Tuesday in Abuja.

What made Aliko Dangote African Richest Man and Entrepreneur extraordinaire

Aliko Dangote

Alot is reported about Nigeria in the news every day.  However, much of this is bad.  Nigerians are people the world seems to love to hate.  When you read about Nigeria, corruption is often the preferred topic.  Then there are the kidnappings and the Boko Haram terrorism.

But alongside all the bad press, there is a quiet revolution going on in Nigeria.  Indeed, it could be argued that all the turmoil currently going on represent the birth-pangs of a nascent Nigeria.  A new Nigeria that is vibrant, progressive and industrious.  A new Nigeria that President Barack Obama of the United States proclaimed is a strategic centre of gravity in Africa and perhaps the world’s next economic giant.
Indeed, within the last three years, Nigeria has emerged as the preferred destination for foreign investments in Africa, driven by successful government policies to attract foreign investors. For the second year running, the United Nations Conference on Trade and Development, UNCTAD, has ranked Nigeria as the number one destination for investments in Africa, and as having the fourth highest returns in the world.

Aliko Dangote

Chief Beck Hitler commend Jonathan, Tompolo over Maritime varsity Okerenkoko, Gbaramatu Kingdom, Delta State

President Goodluck Jonathan and Chief Government Ekpemupolo alias Tompolo,  have been commended for the successful flag-off of Nigeria’s first Maritime University in Okerenkoko, Gbaramatu Kingdom, Delta State.

Friday, 16 May 2014

Nigeria: Inflation rate rise to 7.9 per cent in April

Abuja – A release by National Bureau of Statistics, NBS yesterday showed that the Consumer Price Index, CPI which measures inflation rose by 7.9 percent in April as against 7.8 per cent recorded in March.
The 0.1 per cent increase according to NBS was traceable to the higher food prices as well as divisions which contribute to the Core sub-index.

Agriculture: Nigeria woos foreign investors

The Minister of Agriculture, Dr. Adesina Akinwumi, has called on foreign and local investors to  consider the current scientific best practices, availability of land, and good climatic conditions as reasons to support and invest in agriculture in Nigeria.
Minister of Agriculture, Dr. Adesina Akinwumi

Akinwumi made the call at

Thursday, 24 April 2014

Imo Govt. to revive 3 Hailing industries

The Imo Government has announced plans to revive three moribund industries established by the first civilian administration of the late Chief Sam Mbakwe about thirty-three years ago.

The News Agency of Nigeria (NAN) recalls that Mbakwe who ruled Imo from 1979 to 1983, established more than 10 industries across the old Imo which included the present  Imo, Abia and part of Ebonyi.

In a statement, Mrs Ugochi Nnanna-Okoro, the state Commissioner for Industry and Non-Formal Sector, identified the  industries to be revived as Resin Paint Industry, Aboh Mbaise; Avutu Poultry, Obowo, and Paper Packaging Industry, Owere Ebiri Orlu.

The statement signed by Mr Kennedy Amanze, the Public Relations Officer of the ministry and made available to NAN in Owerri, said that the ministry was already in contact with the Nigeria Deposit Insurance Corporation on the matter.

It said that successive administrations in Imo were unable to manage the industries established by the Mbakwe administration.

“Gov. Rochas Okorocha’s aim in reviving these industries is to enhance the economic development of Imo.’’

The statement quoted the commissioner as saying that the motive of the state in reviving the moribund industries was to create employment in the state as well as to check the involvement of youths in social vices.

According to the statement, Imo government under Okorocha is attracting foreign industrialists as a way to expand the state’s  economy and create more employment opportunities.

It urged the people of the state and members of staff of the ministry to key into the vision of Okorocha’s administration to turn around the economy of the state.

He advised members of staff of the ministry to make dedication and honesty their watchwords, adding that hard working members of staff would be rewarded. (NAN)

Wednesday, 19 March 2014

Senate begins Emefiele’s screening as CBN gov

ABUJA—THE Senate will Thursday, commence the screening of Mr. Godwin Emefiele for appointment as Governor of Central Bank of Nigeria,CBN.
If confirmed by the Red Chamber as requested by President  Goodluck Jonathan, Mr.  Emefiele will succeed Mallam Sanusi Lamido Sanusi, who was placed on suspension by the President over sundry allegations.
The Senate disclosed this in its Notice Paper yesterday.
Senate Leader, Victor Ndoma-Egba, according to the Notice Paper, is to formally move the motion for the screening and confirmation of the nominee.
The Senate will also, during the exercise, screen Mr. Adelabu Adebayo Adekola as Deputy Governor of the CBN, as nominated by the President.
It is expected to also treat a bill seeking amendment of the CBN Act to remove a sitting CBN governor from being chairman of the CBN governing board.
The CBN Amendment Bill which is being sponsored by Senator, Ita Enang, PDP, Akwa Ibom North-East, has already gone through the First Reading in the Senate.
It seeks to reduce the powers of a sitting CBN governor by amending section 7(1) of the existing Act which states that “The CBN governor shall be in charge of the day to day management of the bank.”
But the proposed amendment states that the governor shall be in charge of the general administration of the affairs and business of the bank and shall be answerable to the Board for his acts and decisions.
The amendment Bill also specifically states that
”The board shall consist of the Chairman, who shall be appointed by the President subject to confirmation by the Senate and shall be a person of proven integrity credited with expertise in financial regulation.”

Saturday, 8 March 2014

IPPIS:46861 names removed from FG payroll

Lagos – Mrs Nana Mede, Director, Integrated Payroll and Personnel Information System (IPPIS), on Friday said that the Ministry of Finance had removed 46, 861 names from the Federal Government’s payroll, through its centralised data. Mede said at a federal universities sensitisation workshop on incorporation of all Ministries, Departments and Agencies (MDAs) into the IPPIS platform, that about N139 billion was saved through the exercise. The event, which held at the University of Lagos, Akoka, was attended by the representatives of all federal universities in the South-West zone. The team will also be visiting all the federal universities in the six geo-political zones. A similar sensitisation by the IPPIS team from the Office of the Accountant-General of the Federation had been carried out at the federal universities in the South-South and the South-East zones. Mede said the removal of the names came against the backdrop of indications of non-application of such names in corresponding data, in the payroll of the government’s IPPIS. She said that the IPPIS platform was dealing with the actual and not estimates. “We work with active and physical persons. “Contrary to some reports, the application of this platform is not meant to take people’s jobs nor go after ghost workers alone. “Rather, it is designed to ensure that the records of all employees of government are brought under a central data base. “Before now, government had expressed worries about the high personnel costs of its workforce, as the system in place, as at that time, made it difficult to plan, manage and make effective budgeting. “Through this medium, wastages are cut down, as well as promote effective planning and decision-making. “It has also facilitated automation and storage of personnel records, to support monitoring of staff emolument payment against budget,” she said. Mede said that the World Bank-financed platform, introduced in 2006 with seven MDAs in its pilot, currently had 292 MDAs on its platform. She said that the platform moved into the university system to assist government in facilitating training and improved welfare packages. The official also said that the platform would help in keeping accurate records that would facilitate planning for purposes of pension. “The university system is unique and has its peculiarities. They already have their payment structure the way it suits their operations. “That is why we are taking out time to sensitise them on the operations of the IPPIS, show them what we have put in place for them, and in turn get their contributions on how to straighten out grey areas. Earlier, the Vice-Chancellor of UNILAG, Prof. Rahamon Bello, lauded the IPPIS team for its contribution to sanitising the civil service. Bello, who was represented on the occasion by the Deputy Vice-Chancellor, (Academics and Research), Prof. Babajide Alo, urged government to be mindful of the payment structure in place, to avoid disruption. (NAN)

IMF predict 7.3% economic growth,in Nigeria

TheInternational Monetary Fund, IMF, has predicted a 7.3 percent economic growth for Nigeria in 2014, up from 6.4 percent in 2013, with inflation to continue on downward trend. IMF said the accelerated economic growth, which reflects , a more optimistic outlook than the 6.75 growth projected by Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, would be driven by sectors outside its dominant energy industry. The forecast puts inflation ending the year at 7 percent, down from 7.9 percent at the end of 2013, continuing a two-year downward trend supported by tight monetary policy. “Economic growth is expected to improve further in 2014, driven by agriculture, trade, and services. Inflation should continue to decline, with lower food prices from higher rice and wheat production and supported by a tight monetary policy and a budget execution that maintains medium-term consolidation objectives,” the IMF said in a report following consultations with government officials. The IMF said there were risks to its projections, including the uncertain pace of the global recovery, lower oil prices and production, slow implementation of reforms and the continuation of a bloody Islamist insurgency in the north. It also cautioned against draining fiscal buffers. “Policies should focus on rebuilding external and fiscal buffers, avoiding spending pressures from the political cycle, strengthening the transparency and governance of the oil sector,” the report stated. Forex reserves have also fallen, to a 19-month low of $40 billion, and the naira, which had been stable, is under pressure from the emerging market asset sell-off and since Central Bank of Nigeria Governor Lamido Sanusi was suspended last month, hitting investor confidence. Reserves remain at a relatively comfortable 5.6 months of imports, the IMF noted. “Despite significant job creation, unemployment and poverty are high and social indicators lag those of peers. Continued weaknesses in labour markets, access to electricity, cost of doing business, and small and medium enterprises’ access to finance have prevented a transition to a more robust and inclusive growth path,” the IMF said.