CBN slashes special interest rate to 5%, directs banks to restructure loan terms

The Central Bank of Nigeria (CBN) has disclosed that the interest rates on all applicable apex bank’s intervention facilities have been reduced from 9% to 5% per annum for 1 year effective March 1, 2020. This was disclosed by the CBN Governor Godwin Emefiele during a press briefing on Monday. The apex regulator at the event presented some policy measures to help reduce the effect of COVID-19 popularly referred to as coronavirus on businesses and families as the effect of virus poses a serious challenge on the global economy. What it means: Interest rates on all…

Sustainable Consumption and Production, Nigeria on The Brink By Aliyu Ilias

Little did we know in Nigeria that we are responsible for what we produce and consume, the chain involves all of us, the producer, the consumer and the policymakers. We have overstretched the carrying capacity of our environment through different environmental degradation and consumption patterns, the earlier we key into the sustainable consumption and production patterns the better for us and the future of upcoming Nigerians, our waterways are blocked with satchel and plastic waste, we don’t have the culture to trash our can for recycling, we don’t have the…

Senate to boost Nigeria’s business sector, economy with CAMA Amendment

The Senate has commenced moves to strengthen the country’s economy by giving a boost to the business sector in Nigeria. The upper chamber, in a bid to realise this target, will on Tuesday, March 10, 2020, consider a critical bill which specifically seeks to amend the Companies and Allied Matters Act (CAMA). The piece of legislation, sponsored by the Senate Leader, Senator Yahaya Abdullahi (APC – Kebbi North), proposed to amend the Companies and Allied Matters Act (Chapter C20) Laws of the Federation of Nigeria 2004 (CAMA). The law, which…

IMPROVING NIGERIA’S ECONOMY – CHALLENGES AND OPPORTUNITIES …THE OYO STATE JOURNEY BY GOVERNOR SEYI MAKINDE

I feel privileged to be here today to speak with you on the opportunities that are opening up in Oyo State, and how you can overcome some of the challenges that will present themselves as you access these opportunities. Let me mention that I am here alongside the Oyo State Commissioner for Energy and Mineral Resources, Temilolu Seun Ashamu; the Executive Adviser on Agribusiness in Oyo State, Dr Debo Akande; the Director General Oyo State Investment Agency, Hon Segun Ogunwuyi, the Director General, Oyo State Solid Minerals Development Agency, Biodun…

AU endorses Adesina for second term as AfDB President

The Executive Council of the African Union has supported Dr. Akinwumi Adesina’s candidacy for a second term as President of the African Development Bank. The decision was taken during the 36th Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia from February 6 to 7, 2020. Adesina was elected to his first term as President by the Bank’s Board of Governors at its Annual Meetings in Abidjan on May 28, 2015. He is the eighth President of the African Development Bank Group and…

Buhari nominates IMF Chief, Kingsley Obiora as CBN Deputy Governor

President Muhammadu Buhari has forwarded the name of Dr Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria. In a letter to President of the Senate, Ahmad Ibrahim Lawan, President Buhari said the nomination was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007. Dr Obiora, upon confirmation by the Senate, would replace Dr Joseph Nnanna, who retires on February 2, 2020. Dr Obiora holds a Bachelor’s degree in Economics and Statistics from…

Late Night Sackings: The Inside Story of an Unfolding Staff Nightmare at UBA By David Hundeyin

Last November, thousands of Lagosians including hundreds of UBA Bank employees attended what was billed as the ‘party of the year’ at the Lekki Special Events Centre on Admiralty Way. The UBA RedTV Rave had everyone from Wizkid to Olamide to Jidenna to Burna Boy thrilling the festive crowd as UBA chairman Tony Elumelu and CEO Kennedy Uzoka mingled with the artists and guests On the surface, this was the best of times, as a bank that was clearly in rude health celebrated a successful year with thousands of employees,…

BREAKING: CBN slashes electronic transfer, ATM withdrawal charges

The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees. The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge. Previously, bank customers pay N50 charge for electronic transfers below N500,000. Further, the CBN in…

The Agenda For New FIRS Chairman By Danladi Ndayebo

When the news broke that President Muhammadu Buhari has reconstituted the Board of Federal Inland Revenue Service (FIRS) with Mr. Mohammed Nami as chairman-designate via an executive communication to the Senate plenary on 9 December 2019, Nigerians hailed the decision as well deserving. Any keen observer of the torrents of conversations on the appointment on various media platforms will see that aggregate public response indicate high expectations for the new board; citizens’ readiness to engage and collaborate with FIRS as it discharges the onerous task of growing the economy; strengthening…

Buhari Removes Fowler, Appoints Muhammad Nami as new FIRS boss

President Muhammadu Buhari has named  Muhammad M. Nami as the new chairman of the Federal Inland Revenue Service. He replaced Babatunde Fowler, whose tenure expired on Monday. He is a tax consultant and graduate of the Ahmadu Bello University, Zaria, Kaduna State. “Mr. Muhammad, a well-trained tax, accounting and management professional with highly rated qualifications and professional practice and licenses from relevant professional bodies, has almost three decades of practical work experience in Auditing, Tax Management and Advisory and Management services to clients in the banking, manufacturing, services and public…