Category Archives: Finance
Abuja – The Senate on Wednesday passed a resolution summoning Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, to appear before the lawmakers and brief them on the status of the Naira.
In the resolution which followed a two-prayer motion by Sen. Nazif Suleiman (APC Bauchi North), the senate also charged the Federal Government to step up efforts at diversifying the economy.
President of the Senate, Bukola Saraki, while presiding, urged the government to focus on other revenue sources like taxes, agriculture, manufacturing, tourism, and solid minerals.
Edo State Governor Adams Oshiomhole has explained what he plans to use the $75 million World Bank loan he recently secured for.
In an interview with Vanguard, Oshiomole highlighted the state’s plans for the money but reminded Nigerians that $75 million was not “a big money”.
Nigeria Banks Reduce withdrawal Limits on ATMs.
LAGOS — The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).
Three former employees of a Nigerian top bank: Amina Magaji, Haruna Bulama Namadi and Muhammed Abdullahi (at large) were today arraigned before Justice Faruk Lawan of the Kano State High Court Kano, charged with defrauding the Late Emir of Kano, Alhaji Ado Bayero, of over N17 million naira.
The principal accused, Magaji was appointed account officer to the late Monarch to oversee his account domiciled in one of the old generation banks in 2011.
Abuja – Finance minister, Ngozi Okonjo-Iweala on Monday again forcefully denied granting import duty waivers to cover the two armoured cars purchased by the Nigeria Civil Aviation Authority, NCAA, for the aviation minister, Stella Oduah, distancing herself from blame in a scandal that has smeared many government officials.
Speaking before the House of Representatives aviation committee investigating the car purchase, Mrs Okonjo-Iweala repeated her earlier claim — made in a statement last week — that the approval for a waiver granted by her office was for 300 cars required by the Lagos state government for the National Sports Festival, and that it did not cover “any” armoured cars.
She said she never knew Ibori before she was made the EFCC chair.
WASHINGTON (AFP) – US President Barack Obama on Wednesday lauded his next national security advisor Susan Rice as an “exemplary public servant,” implicitly shrugging off Republican criticism of her qualifications.
Obama formally announced that Rice, currently ambassador to the UN, would take over from Tom Donilon in July, in an appointment which defies Republican claims that she misled Americans over the attack on the US mission in Benghazi.
He said that Rice, an “exemplary public servant,” was a trusted advisor who understands that “there is no substitute for American leadership.”
Switzerland – Politicians and military dictators who before now found a safe haven in Switzerland for their stolen funds may start looking elsewhere for such loots as the Swiss Government yesterday proposed a law to block such transactions and return the looted fund to its country of origin.
Described as the first of its kind by the Swiss Foreign Ministry, the new law will “make it easier to freeze assets stolen and salted away by foreign leaders and return them to their countries of origin” Reuters reported.
The report explained that the draft law would allow Switzerland to freeze the assets of so-called politically exposed persons, or PEPs, as a preventative measure and would set up a framework to confiscate and return assets to the countries from which they were taken.
“The focus is on making the restitution of stolen assets more efficient,” the Swiss Foreign Ministry was quoted as saying, adding “The draft Act – the first of its kind in the world – contains a set of clear provisions that will be helpful in this effort.”
MADRID (Reuters) – Spain paid higher rates on medium-term debt for the first time since early February, at an auction on Thursday, a sign that a global liquidity flows into countries on the periphery of the euro zone could be drying up.
Spain sold 4 billion euros ($5.15 billion) at a triple-bond sale, meeting its issuance target, and yields rose on bonds maturing in three, five and 13 years.
Spanish yields had fallen steadily for months as investors hunted for higher returns amid loose monetary policy, encouraging them to ignore the nation’s sickly economy and focus on the European Central Bank’s promise to protect the euro.
The pressure on Spain’s liquidity situation has eased since it peaked last summer, said Raj Badiani of IHS Global Insight but economic problems showed no signs of abating. The economy is slumping for a second year and joblessness continues to rise.
Business News – The gross earnings of Guaranty Trust Bank (GTB), Zenith Bank, Access Bank, Skye Bank and Enterprise Bank rose to N388.9 billion last year, according to data compiled by The Nation.
GTB’s gross earnings were N221.9 billion and profit after tax was N87.3 billion, indicating 68.7 per cent leap from N51.7 billion in 2011. Further review shows that the bank recorded a slight growth in risk assets, with its loan book expanding by 11 per cent year on year – almost flat at 0.3 per cent quarter-on-quarter.
The bank grew deposits by 11.9 per cent last year despite what is believed to be the restrictive monetary policy of the Central Bank of Nigeria (CBN).