Bond

The combined net disbursements from the Federation Allocation Account Committee (FAAC) to the 36 states and the Federal Capital Territory, Abuja, in 2017 and 2018, can hardly fund the 2019 budgets of 35 states, the latest report by the Nigerian Extractive Industries Transparency Initiative (NEITI) has shown. Also, NEITI said total FAAC disbursement to the […]

 The senate on Wednesday,  threw its weight behind financial guidelines for local governments recently introduced by the Nigerian Financial Intelligence Unit (NFIU).  The Senate has also resolved that relevant stakeholders like state houses of assembly and the presidency should expedite action on the nagging issue of granting financial autonomy to local government councils across the […]

The Securities and Exchange Commission (SEC) on Thursday expressed commitment to ensuring that the capital market was not used for money laundering and terrorism financing.  Mary Uduk, SEC acting director-general, stated this in her opening remarks at the anti money laundering (AML) training for compliance officers of capital market operators (CMOs) in Lagos. Uduk, represented […]

The dollar edged up against a basket of key rivals on Tuesday, while the Canadian dollar was supported by rising crude oil prices due to U.S. plans to tighten a clampdown on Iranian oil exports from next month. Financial markets in Australia and New Zealand reopened after the long Easter holiday and were set to […]

The federal government on Monday said plans are afoot to charge Value Added Tax (VAT) on lottery and gaming activities and automate collection from operators. The federal government disclosed this in Lagos at a stakeholders’ engagement session with lottery and gaming operators. The session, organized by the Federal Inland Revenue Service (FIRS) in conjunction with […]

The Nigerian Deposit Insurance Corporation (NDIC) has commenced the process of verification and payment of depositors of 154 microfinance banks (MFBs) and six primary mortgage banks (PMBS) whose licences were recently revoked by the Central Bank of Nigeria (CBN) in the last quarter of 2018. Umaru Ibrahim, managing director and chief executive of NDIC, disclosed […]

Worried by the resurgent huge toxic loans in the banking sector, Ahmed Kuru, managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), has called on the Nigerian authorities to revisit the Failed Bank Act so that operatives in the banking sector would be made to account for their actions, just as he urged banks […]

 U.S. stocks eked out gains on Thursday as declines in financial stocks after the Federal Reserve’s move to not raise interest rates this year were countered by gains in technology companies. Having downgraded their U.S. growth, unemployment and inflation forecasts, policymakers said the Fed’s benchmark overnight interest rate, or fed funds rate, was likely to […]