archiveApril 5, 2017

The Federal Executive Council has approved a $1.3bn loan credit facility for the commencement of the Development Bank of Nigeria. The approval came on the heels of a memo submitted by the Finance Minister, Kemi Adeosun, seeking the council’s ratification on the loan’s request. Adeosun, who briefed State House correspondents...

The International Monetary Fund (IMF) on Wednesday said that the naira is overvalued by 10 to 20 per cent. This was according to the IMF mission chief for Nigeria, Gene Leon, who said the overvaluation of the naira is “somewhere to the tune of 10 to 20 per cent” and...

The Capital Adequacy Ratios (CARs) of three big banks have fallen below regulatory capital requirement; the result of stress test conducted by the Central Bank of Nigeria (CBN) on the status of the banking system has shown. Overall, the result of the solvency stress test indicated the potential for high...

The Federal Government said it has cleared the inherited arrears of accrued pension benefit for pensioners who retired under the Contributory Pension Scheme for the year 2014, 2015 and 2016 by releasing N41.5 billion to the National Pension Commission (PENCOM) for onward paymen to the retirees. Minister of Finance, Mrs....

The Central Bank of Nigeria (CBN) has said that eight of Domestic Systemically Important Banks (D-SIBs) accounted for N11.76 trillion (72.2per cent) of the aggregate industry loans of N16.29 trillion in 2016. CBN in its financial stability report that was released on Wednesday revealed that eight banks earlier designated as...

The equities segment of the Nigerian Stock Exchange closed bullish on Wednesday when major market indicators, the All Share Index and market capitalization appreciated by 0.81 per cent respectively. The All-Share Index closed at 25,471.69 points after it appreciated by 205.54 basis points or 0.81 percent from 25,266.15 it closed...

The Joint Admissions and Matriculation Board (JAMB) on Wednesday confirmed the registration of 871,576 candidates so far for the 2017 Unified Tertiary Matriculation Examination (UTME). The Registrar and Chief Executive of JAMB, Prof. Is-haq Oloyede, said this in an interview with journalists on Wednesday evening after inspecting some registration centres...

Some financial experts have expressed optimism that there would be increased liquidity in the capital market in the second quarter of this year. They told the News Agency of Nigeria (NAN) in Lagos on Wednesday that the sustained economic recovery measures of the Federal Government would impact positively on the...

Nigeria plans to raise 135 billion naira ($429.25 million) in naira-denominated bonds at its April 12 debt auction, the fourth this year, the Debt Management Office said on Wednesday. The debt office said it would raise 35 billion naira in bonds due to mature in 2021, 50 billion naira maturing...

Being the address given by the President Muhammadu Buhari (GCFR) of the Federal Republic of Nigeria, at the launch of Nigeria’s Economic Recovery and Growth Plan (ERGP, 2017 – 2020) at the Council Chambers, State House, Abuja, Wednesday, April 5, 2017. As we all know, this Administration inherited numerous challenges....