Business

We’re law abiding, not engaged in illegal recruitment process, says CAC

We’re law abiding, not engaged in illegal recruitment process, says CAC

Kunle Sanni The Corporate Affairs Commission (CAC) has denied allegations that its agency engaged in a recruitment process that violated the Federal Character Principle. In a statement released on Saturday, Registrar-General/CEO, CAC, Mr. Hussaini Ishaq, stated that the Commission is confronted with a series of issues regarding a backlog of promotions and other welfare-related issues. However, the Commission said it…
2024 Cricket W’C: Afreximbank supports rehabilitation of sporting facility in Barbados

2024 Cricket W’C: Afreximbank supports rehabilitation of sporting facility in Barbados

African Export-Import Bank (Afreximbank) announced on Friday that it has extended a USD 25 Million term loan facility to Kensington Oval Management Inc. (KOMI), a major sports facility in Bridgetown, Barbados, ahead of the 2024 Cricket World Cup which is set to take place from June 4th to 30th in Bridgetown.  The term loan facility is backed by a guarantee…
FBN Holdings cancels EGM amid MD’s resignation

FBN Holdings cancels EGM amid MD’s resignation

FBN Holdings Plc has cancelled its extraordinary general meeting amidst the resignation of its Managing Director, Adesola Adeduntan, from his role eight months before the expiration of his position in the company. The bank had scheduled an Extraordinary meeting aimed at raising N300bn capital. FBN said, “the Extraordinary General Meeting of the members of FBN Holdings Plc, earlier scheduled to…
Tinubu appoints new board members for SEC

Tinubu appoints new board members for SEC

Kunle Sanni President Bola Tinubu has approved the appointment of the following Nigerian professionals to the Board of the Securities and Exchange Commission (SEC). This was contained in a statement issued by Ajuri Ngalale, a spokesperson to the president on Friday. (1) Mr. Mairiga Aliyu Katuka — Chairman (2) Mr. Emomotimi Agama — Director-General (3) Frana Chukwuogor — Executive Commissioner…
Dwindling external reserves position due to debt obligations, says Cardoso

Dwindling external reserves position due to debt obligations, says Cardoso

The Governor Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has attributed the shift in Nigeria’s external reserves position to debt obligations, saying it is not the intention of the bank to defend the Naira but rather to encourage the practice of willing buyer, willing seller and price discovery. He also said the bank is not strengthening the Naira with…
Wema Bank blacklists seven fintech partners from platform over fraud

Wema Bank blacklists seven fintech partners from platform over fraud

Wema Bank has revealed that  seven fintech partners have been blacklisted from its payment gateway platform over fraudulent activities. This is as the bank unveiled an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners. A statement from the bank on Wednesday revealed that there had been a recent…
 CBN reduces banks’ LDR to 50%

 CBN reduces banks’ LDR to 50%

In a renewed effort at improving lending to the real sector of the Nigerian economy, the Central Bank of Nigeria (CBN) has announced a scale down of the Loans to Deposit Ratio, (LDR) by 15.0 points to 50per cent, reversing previous threshold set by the past CBN administration in January 2020. This significant policy adjustment, effective immediately, is a strategic…
FG threatens clampdown on traders inflating prices of commodities

FG threatens clampdown on traders inflating prices of commodities

The Federal Government has threatened to take stringent regulatory measures against traders “unfairly inflating prices” of goods and commodities. The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and…
BREAKING: NCAA suspends 3 private jet operators

BREAKING: NCAA suspends 3 private jet operators

The Nigerian Civil Aviation Authority (NCAA) has suspended the permit of three private jet operators for engaging in commercial flights. The Acting Director General of the NCAA, Chris Najomo, announced the suspension of the three private operators in a riot act read to all airlines on Tuesday. Najomo said the Minister Aviation and Aerospace Development, Festus Keyamo, gave marching orders for…
ABCON backs CBN’s ban on non export domiciliary account collateral for naira loans

ABCON backs CBN’s ban on non export domiciliary account collateral for naira loans

The Central Bank of Nigeria (CBN’s) directive stopping the use of Non Export Domiciliary Account Collateral for naira loans will boost dollar liquidity, support reserves accretion and strengthen the financial services sector, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said. According to the CBN directive to banks, the use of foreign currency-denominated…
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