Nigeria needs to reduce fuel subsidy now –IMF

The International Monetary Fund has said Nigeria needs to reduce fuel subsidy at a time when oil prices are low in order to bring about more productive government spending. The IMF, in its new Regional Economic Outlook for sub-Saharan Africa, said growth in the region was projected to remain at 3.2 per cent in 2019 and rise to 3.6 per cent in 2020. Click here for more.

Nigerians Spend N2.4tn Annually On Vehicle Imports

Minister of Justice and Attorney General of the Federation, Abubakar Malami, made the disclosure on Monday in Abuja while unveiling a competition on “automotive design initiative” organised by the National Automotive Design and Development Council. Click here for more.

As FG struggles to fund budget, here are 4 things sucking up its revenue

The Federal Government has struggled to earn its budgeted revenues, over the past 3 years to effectively carry on with its fiscal obligations. But despite admitting that the country is in a precarious state, the reality is yet to dawn on the government that its age-long socially inclined policies in which it spends frivolously on. Click here for more.

Nigerian anti-graft office charges two Britons in connection with failed gas deal

Nigeria’s anti-fraud office on Monday charged two Britons in the capital, Abuja, for alleged money laundering in connection with an ill-fated gas deal that has left the government facing a disputed bill of more than $9 billion. Click here for more.

Investors Lose N28.49bn As NSEASI Dips By -0.22% To Open The Week Negative

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.22% to close at 26,390.08 points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.04%. Click here for more.

Sell pressure in 15 stocks drag NSE’s indices by N28 billion

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened on a negative note yesterday, as sell pressure in 15 stocks dragged the market capitalisation by N28 billion. At the close of transactions, the All Share Index (ASI), was down by 58.54 absolute points, representing an increase of 0.22 per cent to close at 26,390.08 points. Click here for more.

SEC To Introduce Crowdfunding Regulation

The acting Director-General, SEC, Ms. Mary Uduk, while speaking during an interview with journalists on the sidelines of the ongoing annual meetings of the World Bank and International Monetary Fund in Washington DC. Click here for more.

Bank CEOs Disclaim MTN over USSD Transactions Charges

Chief Executive Officers (CEOs) of commercial banks have distanced themselves from the moves by MTN Nigeria to impose charges on Unstructured Supplementary Service Data (USSD) transactions. Click here for more.

Nigerian banks are stronger than ever – CBN

The Central Bank of Nigeria (CBN) has declared all Nigerian banks strong and healthy even though some of them failed their routine stress tests. The CBN Governor, Godwin Emefiele, explained in a press conference at the International Monetary Fund World bank annual meetings. Click here for more.

Seven banks account for 64 per cent of industry assets

The nation’s Deposit Money Banks (DMBs) is currently dominated by seven operators, with a cumulative asset base of 63.8 per cent, valued at N35.1 trillion, the latest Financial Stability Report of the Central Bank of Nigeria (CBN) has said. The report, covering the second half of 2018, categorised the seven lenders as Domestic Systemically Important Banks (D-SIBs). Click here for more.

Nigeria Orders Banks to Fund Bids at Auction or Face Penalties

Nigeria’s central bank ordered lenders to ensure they have secured funding before bidding for short-term government securities. The directive, which took effect Monday, requires that all demand at auctions be “fully backed by appropriate funding,” the Abuja-based Central Bank of Nigeria said in circular to banks dated Oct. 18. Click here for more.

Disrupting Nigerian banks

Whenever I see Nigerian bank ratings, the same question goes through my mind — “How did First Bank allow ‘upstarts’ like Zenith Bank and Access Bank get near her?” First Bank started operations in 1894, Zenith Bank in 1990. If we consider that banks are in the business of deposit generation and deployment, how does a bank like Zenith Bank accumulate more capital to be deployed than First Bank? Was First Bank asleep? Click here for more.