Business articles

Currency swap deal: CBN begins sale of Chinese yuan

Currency swap deal: CBN begins sale of Chinese yuan

The Central Bank of Nigeria on Friday, commenced its intervention in the sale of foreign exchange in Chinese Yuan. The implementation signalled the consummation of the Bilateral Currency Swap Agreement signed with the People’s Bank of China on April 27, 2018. The apex bank in a statement issued on Friday explained that the sale of

FAAC overpaid governors N10bn in bailout funds

The federation accounts allocation committee (FAAC) paid states an excess of N10 billion while sharing bailout funds in 2016, TheCable can report. This is contained in the recently released annual report of the auditor general of the federation obtained by TheCable. In 2015, President Muhammadu Buhari approved funds to help governors pay salaries in their

Metering: You’re wrong, power distributors reply Fashola

Most of the statements made last week Monday by the Minister of Power, Works and Housing, Babatunde Fashola, about the power sector are false, according to the electricity distribution companies. They said on Tuesday that comments made by the minister on metering, power generation and transmission capacities and stranded electricity, among others, were significantly distorted.

Buhari shouldn’t have signed 2018 budget — BudgIT CEO, Onigbinde

The co-founder and Chief Executive Officer, BudgIT, Seun Onigbinde, in this interview with TOBI AWORINDE, says Nigerians expect harmony between the National Assembly and the executive to deliver exceptional results in the execution of the 2018 budget What are your thoughts on the 2018 budget? A budget that precedes an election period will definitely be

Indian billionaire flees to Britain, seeks asylum

Indian billionaire jeweller Nirav Modi, wanted over an alleged massive bank fraud, has fled to Britain where he is seeking asylum, according to a report Monday. Modi, whose celebrity clients have included actress Naomi Watts and Kate Winslet, is accused of involvement in a $1.8 billion scam against Punjab National Bank (PNB), India’s second-largest state-run

SPECIAL REPORT: Fraud allegations, unremitted loans, crop failure, other anomalies dog Nigerian govt’s “rice revolution”

Speaking to a packed audience at the 10th Bola Tinubu Colloquium, an annual conference held to mark the birthday of Mr Tinubu, the national leader of the ruling All Progressives Congress (APC), in Lagos in March, Vice President Yemi Osinbajo said agriculture was at the core of the government’s economic policy. He said his boss,

SEC charges business owners to embrace corporate governance

The Securities and Exchange Commission (SEC) Nigeria has restated the need for business owners in the country to embrace corporate governance as a desirable option to grow their enterprises, improve shareholders’ funds and profitability on a sustainable basis. The commission’s Acting Director General, Ms. Mary Uduk, gave the advice during her comments as one of

TSA, IPPIS, BVN save Nigeria N20 billion monthly-NITDA boss

By Emmanuel Odihi The Director-General/CEO of the National Information Technology Development Agency, Dr. Isa Pantami has stated that Single Treasury Account (TSA), the Integrated Payroll and Personnel Information System (IPPIS) and the Bank Verification Number (BVN) has saved Nigeria N4 billion and that it saves Nigeria N20billion monthly. He stated this Yesterday May, 22, at

NBA Seeks Collaboration with SEC

The Nigeria Bar Association (NBA) is seeking collaboration with the Securities and Exchange Commission (SEC) in the Commission’s efforts to deepen the capital market. Chair NBA Section on Business Law (SBL) Mr. Olumide Akpata, made the call when members of the NBA-SBL visited the SEC office in Abuja While assuring the Ag. DG of the