Nigeria’s central bank directs banks to resolve USSD disputes in three days
Adesola Afolabi
July 2, 2018
The Central Bank of Nigeria (CBN) has directed all commercial banks to resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) channel within three days. Speaking at the ‘Meet The Executive’ forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos, Dipo Fatokun, CBN director, banking & payment systems department, said […]
Nigeria’s central bank releases draft guidelines on cyber security risk for banks, payment providers
Adesola AfolabiJune 27, 2018
Nigeria’s central bank has released a draft risk-based framework and guidelines on cyber security for deposit money banks and payment service providers (PSPs). A publication signed by K O Balogun for the Central Bank’s director of banking supervision released via the twitter page of the apex bank on Wednesday, noted that the requirements were in […]
Nigeria debt office warns banks not to grant credit to regional governments without federal minister’s clearance
Adesola AfolabiJune 27, 2018
Nigeria’s debt management office (DMO) has taken a step to curb the high level of indebtedness of state governments by issuing a directive to deposit money banks stating that credit facilities by banks or the bond market must not be honoured without the express approval of Nigeria’s minister of finance. Nigeria’s domestic debt was recently […]
BudgIT decries lack of transparency in Nigerian states’ budgets
Adesola AfolabiJune 26, 2018
*Says only 15 of 36 states publish their budgets BudgIT, a civic tech transparency organisation working on holding government accountable and creating an active citizenry to improve governance, has decried the non-availability of states fiscal plan, thereby urging Nigerians to demand their states’ budgets collectively. In its current campaign tagged #StateofStates, which examines the level […]
Nigeria’s debt office nears debt target ratio as analysts advise caution over high external debt servicing, FX risk
BusinessamJune 26, 2018
Nigeria’s Debt Management Office (DMO) is inching closer to its target of sourcing 60 percent of funds from external sources and 40 percent from internal sources. A perusal of the country’s debt composition following the release of Q1 2018 debt profile released by DMO recently, showed that the ratio of domestic to external debt composition […]
Cordros launches Nigeria’s first target-date mutual funds
Adesola AfolabiJune 25, 2018
Cordros Asset Management Limited (CAML) has launched Nigeria’s first set of target-date mutual funds, according to Emeka Ndu, chairman of the company. A target dated fund (TDF), also known as a lifecycle, dynamic-risk or age-based fund, is a collective investment scheme, designed to provide a simple investment solution through a portfolio whose asset allocation mix […]
IFC grants Indorama Eleme Fertilizer plant $1bn loan
Adesola AfolabiJune 25, 2018
The International Finance Corporation (IFC), a member of the World Bank Group, Friday announced a new $1 billion debt financing for Indorama Eleme Fertilizer & Chemicals Limited, Nigeria, a subsidiary of Indorama Corporation. The funding will be used for, for the construction of a new fertilizer line that will expand its capacity of urea fertilizer […]
2018 budget, weak, ineffective to stimulate economic growth – Rewane
BusinessamJune 25, 2018
Nigeria’s Budget of consolidation considered as consistent with the medium-term expenditure framework and the economy’s recovery and growth plan has been termed as a weak and ineffective tool to stimulate desired growth plan has been termed as a weak and ineffective tool to stimulate desired growth. Bismarck Rewane CEO, Financial Derivatives Company Ltd who made […]
Nigeria overnight rates crash to 3.75% on inflow of N377bn OMO bills maturities
Adesola AfolabiJune 21, 2018
Nigeria overnight lending rates crashed to 3.75 percent Thursday, representing a 1,050 bps contraction, following inflows of open market operation (OMO) bills maturities worth N377.62 billion. At the currency market, the Nigerian naira remained stable at N362 in the parallel market against the American dollar. However at the investor and exporter window (IEW), the exchange […]
Lasaco Assurance grows underwriting profit by 433% to N1.2bn in 2017
Adesola AfolabiJune 21, 2018
Lasaco Assurance Plc, one of Nigeria’s leading insurance companies, said its underwriting profit grew by 433 percent in the 2017 financial year. The company’s board told shareholders at its 38th annual general meeting in Lagos, Nigeria, that the underwriting profit grew from N235.2 million in 2016 to N1.2 billion in 2017. Other major 2017 financial […]