Category Archives: Finance

Nigeria Spends $1.2 Billion To Import Fish Annually – Emefiele

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele says about 1.2 billion dollars worth of fish is imported into this country annually.

Emefiele disclosed this in a meeting while briefing some state Governors and the media on the feat recorded so far in agriculture for economic growth, in Abuja on Thursday.

FG constitutes task force to recover N5trn AMCON debt

The Federal Government has inaugurated an Inter-Agency Task Force in its bid to recover over N5 Trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

The task force, chaired by the Chairman, Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, was constituted to resolve the challenges in recovering the debts.

‘Stanbic IBTC facilitated $589 million capital inflow in Q2’

The Management of Stanbic IBTC has said the bank facilitated $589.84 million capital inflow into the country during the second quarter of this year in what it described as a  clear demonstration of its confidence in Nigeria.
Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, in a release to the Nigerian Stock Exchange (NSE) assured Nigerians that the Bank remains strong, stable and sustainable in its operations as well as commitment to delivering long term value to its stakeholders

Kanye West tops Jay-Z and Drake to become ‘Forbes” highest-paid hip-hop act of the Year

American music star, Jay-Z has and always will be one of the top earners in hip-hop, but for the first time ever he’s lost out to his former protege Kanye West. In the 2019 edition of Forbes’ highest-paid acts in hip-hop, Kanye West has come out on top with $150 million pretax income. Jay, meanwhile, sits at No. 2 with $81 million.

Ye’s astronomical rise in earnings can be attributed to the success of Yeezy, his signature footwear collaboration with Adidas.

Bank of England forecasts low interest rates for longer

The Bank of England has signalled that prolonged Brexit uncertainty will keep interest rates lower for longer.

Policymakers said the UK would avoid falling into recession this year, but warned that Brexit and trade worries were weighing on the economy.

The Bank kept interest rates on hold at 0.75%.

The Monetary Policy Committee (MPC) that sets interest rates also warned that a no-deal Brexit would hit the economy.

Why is the Fed pumping money into the banking system?

The US central bank has pumped more than $200bn (£160bn) into the financial system this week – the first time there’s been such an intervention since 2008.

The Federal Reserve’s aim was to stabilise what is usually a calm part of the market.

Interest rates in the so-called “repo market” had shot up to 10% in some cases – although the cost of borrowing in that market more typically hovers around the benchmark rate set by the Fed – around 2%.

Bank of America Joins Marco Polo Blockchain Trade Network

Bank of America has joined Marco Polo, a consortium working to bring efficiencies to international trade using blockchain technology.

Founded by startups R3 and TradeIX, Marco Polo is built on R3’s Corda blockchain platform. The network aims to deliver real-time connectivity, greater visibility for trading relationships and lower barriers to accessing capital.

FCMB rewards 644 customers in millionaire promo

First City Monument Bank Plc has rewarded another set of 644 customers with cash and gifts at the third draw of its ongoing reward scheme tagged, ‘FCMB Millionaire Promo Season 6’.

The bank said in a statement that the electronic selection of the winners took place at the regional and zonal levels of the bank across Nigeria and was witnessed by officials of the Federal Competition and Consumer Protection Commission, National Lottery Regulatory Commission and other customers.

FAAC allocates N720.8bn to FG, states, LGs

The Federation Accounts Allocation Committee on Thursday allocated the sum of N720.88bn to the three tiers of government.

The N720.880bn comprised revenue from Value Added Tax, exchange gain and gross statutory revenue.

CBN restricts forex for importation of cassava products

The Central Bank of Nigeria has said it will no longer provide foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria.

The CBN Governor, Mr Godwin Emefiele, said this during a meeting with some state governors held at the headquarters of the CBN.