Category Archives: Finance

CBN Issues New Directives On Domiciliary Accounts Usage as Naira Crashes to N465/ USD

As Naira came under fresh pressures in the parallel market Wednesday, the Central Bank of Nigeria, CBN, issued more directives restricting usage of domiciliary accounts by bank customers, apparently to stem the pressures and improve official supply of foreign exchange

150, 000 Nigerians To Benefit from Interswitch Empowerment Initiative

The economic and social development of a country is largely dependent on the productive employment of its working age population. Empowering our working age population will improve their lives as well as allow them to contribute meaningfully to Nigeria’s national

Lidya Set To Start Online-only Unsecured Lending in Nigeria

Two entrepreneurs are set to unveil Nigeria’s first online lender. Marketed as a digital bank that will have no branches, Lidya will be based in Lagos and offer small and medium-sized businesses unsecured loans of between $500 and $15,000. While

MTN Set To Float Bond To Pay N330 Billion Fine

MTN Group Limited, yesterday, disclosed plans to raise dollar denominated bond that would help it to pay for dividends, capital expenditure and the N330 billion ($1 billion) fine levy imposed to it by the Nigeria Communication, NCC. The MTN has

NDIC Raises Maximum Deposit Insurance Coverage for Mortgage Banks to N500,000

The Nigeria Deposit Insurance Corporation (NDIC) on Friday reviewed its maximum deposit insurance coverage (MDIC) for primary mortgage banks (PMBs) from N200,000 to N500,000 per depositor. The NDIC said the Minister of Finance, Kemi Adeosun, had also approved the extension

Diamond Bank Supports FG’s Entrepreneurship Programme

Diamond Bank has thrown its weight behind the federal government’s entrepreneurship development programme aimed at empowering the youth. The programme tagged the Aso Villa Demo Day is intended to encourage economic diversification, celebrate creativity and innovation by young Nigerians. In

How African Banks Are Losing their Hold On the Payment Space

Traditional banks are poised to lose as much as 50% of their ownership of the payment space by the end of 2016. Their hold on the space began plummeting in 2014 from 100% to 75%, and will continue to fall

Nigeria Appoints New Managing Director For Reconstruction Fund, NERFUND

The Nigerian government has appointed a new managing director for the National Economic Reconstruction Fund (NERFUND). He is Ezekiel Oseni, a former general manager and chief risk officer at the Bank of Industry. Mr. Oseni’s appointment was announced Wednesday by

Lagos tax agency seals Protea Hotel over failure to remit N11m tax proceeds

The Lagos State Internal Revenue Service (LIRS) has sealed Protea Hotel, close to Kuramo Waters, over alleged failure to remit N11.07 million personal income taxes deducted from workers’ salaries. Ajibike Oshodi-Sholola, Head, Distrain Unit of LIRS, disclosed this to the

This Devaluation Of The Naira ‘Be Like’ 419!

“The IMF and other respectable International financial agencies and local economic experts, have commended the recent devaluation via a floating Naira exchange rate, as an ‘investment’ that would ultimately yield great dividends. We are encouraged to believe that the new

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