Category Archives: Finance

Nigeria, Global agencies agree to Fight illicit Financial Flows in Africa

With current estimated loss by Africa through illicit financial flows put at over $80 billion annually, Nigeria on Thursday agreed to collaborate with some global anti-graft groups to combat the menace in the continent.

Minister of Finance, Kemi, Adeosun, who said Nigeria accounted for a significant percentage of the loss, identified some groups the country agreed a high-level collaboration to include Organisation for Economic Cooperation and Development (OECD) and the World Bank Group.

On February 1, 2015, the high level panel on illicit financial flows from Africa chaired by former South African President, Thabo Mbeki, launched its final report at the United Nations Conference Center in Addis Ababa, Ethiopia.

World Bank approves $486 million to Boost Nigeria’s Electricity Supply

The World Bank on Friday announced a $486 million International Development Association credit to support the rehabilitation and upgrade of Nigeria’s electricity transmission substations and lines.

Although the Nigerian government has always said the country’s power generation capacity has increased to more than 7,000 megawatts, the challenge remained in the area of weak transmission infrastructure to evacuate available electricity to consumers.

In a statement sent to PREMIUM TIMES on Friday, the spokesperson of the World Bank in Nigeria, Olufunke Olufon, said the approved credit would facilitate investments under the Nigeria Electricity Transmission Project.

Nigeria Announces $2.5bn dual medium Term Bond Issue

The Federal Government on Thursday announced the issuance of a $2.5 billion bond to help reduce the cost of government borrowing.

The bond under the government global medium term note programme is also to help maintain Nigeria’s net debt levels.

The notes for the issue announced late last night by the Finance Ministry comprise a $1.25 billion 12-year series and a $1.25 billion 20-year series.

The Finance Ministry statement said the 12-year series would bear interest at a rate of 7.143 per cent, against the 20-year series interest rate of 7.696 per cent.

In each case, the bond aimed at maintaining Nigeria’s net debt levels would be repayable with a bullet repayment of the principal on maturity.

Global Accelerex Introduces First Certified Android PoS terminal in Nigeria

Global Accelerex, Central Bank of Nigeria licensed payment terminal service provider has launched NEXGO N5, the first single unit android point of sale terminal to be certified for payment acceptance in Nigeria.

The newest revolutionary device in the nation’s payment system runs on Lollipop 5.0 operating system and performs four times faster than any other payment terminal around. It has efficient battery conservation and high performance. It is loaded with better protection against vulnerabilities and malware, giving users’ peace of mind that allows them to focus on running their businesses effectively.

African Reinsurance Corporation joins AFC

African Reinsurance Corporation (AfricaRe) has announced its membership of Africa Finance Corporation (AFC), and becomes the first multi-lateral financial institution to invest in AFC.

AfricaRe, owned by 41 African states, approximately 107 insurance/reinsurance companies and non-African strategic investors, is the continents premier reinsurance corporation, operating across 41 African countries.

AfricaRe membership of AFC advances AFCs growth strategy for its country membership and greater diversification of its shareholding. In recent months, AFC has grown its country membership in Francophone, East and Southern Africa, with the accession in 2017 of Benin, Kenya and Zambia, respectively. AFC now seeks to consolidate this success by further expanding its shareholder base.

NDIC Raises Banks’ Risk Management, Partners ICPC

The Nigeria Deposit Insurance Corporation (NDIC) has taken up its risk management in banks a notch up, as it has entered into partnership with the Independent Corrupt Practices and other related Offences Commission (ICPC).

The move is also to tighten the regime of zero tolerance for all forms of malpractices within the corporation and in all the initiatives it has taken to fully implement its mandate.

The Managing Director/Chief Executive Officer of the corporation, Umaru Ibrahim, at the inauguration of the re-constituted Anti-Corruption and Transparency Unit (ACTU) of the corporation said the institution would remain at the forefront of the fight against corporate misbehaviours.

The inauguration was presided over by the Acting Chairman of ICPC, Alhaji Abdullahi Bako, who was represented by the Head of Anti-Corruption and Transparency Unit, Justin Kuatsea.

Senate Set To Investigate Alleged NNPC Secret Bank Account

The Senate yesterday approved that an alleged clandestine bank account said to be operated by the Nigerian National Petroleum Corporation (NNPC), be brought as motion for consideration.

Senator Dino Melaye, representing Kogi West who brought this report under order 43, which confers the right to personal explanation on senators, mentioned the account’s name is NNPC Nigeria Agip Security account.

Petra Diamonds Seeks Debt Deal To avoid Loan Default

African miner Petra Diamonds is likely to strike a deal with its lenders that could include a waiver or a reset of its debt covenants within the next month, its chief executive Johan Dippenaar said.

The London-listed mining company said last week it had started negotiations with its lenders for debt agreements relating to its EBITDA for December 2017 and June 2018.