NASS Approves Buhari’s $500 Million Eurobond

The two arms of the National Assembly, NASS, have approved President Muhammadu Buhari’s request to raise additional $500 million eurobond from the international capital market to fund the 2016 Budget deficit. In the Senate, the approval was given, following an executive communication from the President that the lawmakers considered his request for $500 million Eurobond. Earlier, deputy Senate leader, Senator Bala Ibn Na’allah, asked that Senate dissolved to the Committee of the whole to approve the request because of the urgency of the matter. In supporting the motion, Senate Minority…

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HOW FIDELITY BANK COLLABORATE WITH 419NERS TO DUPE CUSTOMERS

BY SHEDRACK IFURUEZE `Facts have emerged on how Fidelity Bank, a new generation bank in Nigeria has encouraged its customers to engage in what some customers call monkey business. In one of its slogans in order to entice customers, Fidelity bank plc told stakeholders of the bank who care to know that the bank keep its word in the world of business. Recession or no recession.To economy watchers and the innocent customers of the bank, the slogan has been a major source of attraction in doing business. Beyond the deceptive…

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Governor’s Deny Alleged Diversion of Paris-London Club Refunds

By Oji Odu The Nigeria Governors’ Forum (NGF) has refuted allegations that monies accruing to states from the Paris and London Club refunds have ended in private pockets. The 36 state Governors contended that nothing illegal had been committed in the entire process leading to the final disbursement of the first tranche of Paris-London Clubs’ repayment of the excess deductions from states’ coffers and the refund to states. In a statement by the Head, Media and Public Affairs, NGF, Abdulrazaque Bello-Barkindo, the governors regretted that the Paris-London Club refunds have…

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AMCON sells Keystone Bank to Northern interests

In line with the current Northernisation policy, the Asset Management Company of Nigeria, AMCON, has sold Keystone Bank to the Sigma Golf-Riverbank consortium, comprising of Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited. Keystone Bank, formally BankPHB, is the last of the three banks to be sold.Already, Mainstreet Bank and Enterprise Bank has been sold. The consortium is being financed by the Modibos-Umar Hamidu Modibbo and Adamu Mu’azu Modibo. Over a year ago, AMCON asked for expression of interest in the sale of the Bank, resulting in 18 firms…

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David Rockefeller’s exit leaves a vacuum in the New World Order, marks end of an era

One of the pillars of the New World Order and an elite member of international manipulators of political and Financial turf, David Rockefeller, dies of congestive heart failure in his sleep. He was 101 years old. A statement from The Rockefeller Foundation confirmed his death, describing him as “one of the most influential figures in the history of American philanthropy and finance, considered by many to be ‘America’s last great international business statesman’.” Rockefeller, who would have been 102 in August, had his seventh successful heart transplant last year in…

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FG discloses why Ekiti’s State N1.1Bn loan was withheld

The Federal Government yesterday disclosed why the N1.1Billion Budget Support Facility for Ekiti State, for the month of January was suspended. The FG revealed that the state failed to meet some of the criteria specified for the release of the funds. The magazine confirmed this through a statement issued by the Director of Information, federal Ministry of Finance, Mr. Salisu Dambatta. The statement came into being following the allegations by the Ekiti State Governor, Ayodele Peter Fayose, that the Federal Ministry of Finance deliberately withdrew the state allocation. The Source…

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Bank Customers Query BVN Effectiveness

The bank verification number of the Central Bank of Nigeria, CBN is in comatose as customers continue to decry its effective operations By Shadrach Ifurueze Banking late last year and much of this year is getting marred with the crisis that bedeviled the enrolment of customers of the BVN. To douse this crisis, many customers had conveyed on some bank branches across the country resulting to overcrowding in banking halls. This disrupted services in the banks among others. The situation is further aggravated by the slow pace at which the…

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Report any bank that charged above 9 per cent interest on loans -CBN

By Racheal Ishaya The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest rate on intervention funds guaranteed by the CBN. According to a statement by the CBN acting Director, Corporate Communications, Mr Isaac Okorafor on Wednesday, Emefiele gave the warning in Abeokuta, Ogun. He did so during an interaction between the Presidential Task Force on Agricultural Commodities and Production and young farmers at the Owowo Model Farm Estate. The governor assured the young farmers of…

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Circle of Smile

Cheers  as a Multilevel Marketing Company spreads smiles By Chidiebere Onyemaizu The expansive Event Centre at Yard 158,Kudirat AbiolaWay Oregun, Lagos was filled to capacity on Saturday, November 19,2016 as enthusiatic members of a multi-level online marketing outfit,Growing Circle International, as well as members of the public gathered there to witness the second award presentation of the company. Various awards  were presented to winners in the company’s various compensation schemes. In the cars category,three Sport Utility Vehicles,SUV,and seven cars were won by members of the company who had in the…

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Sinking boat

The gale of sack of workers by oil exploration companies and the decision by some to exit their operations from Nigeria signals trouble times for the industry amid current economic recession By Emmanuel Uffot Just like the banking and manufacturing sectors that have been going through trouble times in the past one year because of the downturn of the Nigeria economic situation which has snowballed into full blown recession, the oil sector which still remains the mainstay of Nigeria economy  has also been affected by the recession cancer. Like a…

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On Track

Seme Command of the NCS sustains  billions of naira monthly revenue generation despite  break-down of its  scanner machines By Stephen Ubanna More facts  have emerged why Seme Command has maintained the billion naira monthly revenue generation despite the break-down of its Scanner machines. This is as pressure mounts on agents  who use dutiable  goods  to conceal banned commodities  and recycling genuinely issued Risk Assessment Report, RAR. This attitude would not be tolerated by Victor Dimka, the Area Comptroller. This is in addition to ensuring that Customs Payment receipts   for clearance…

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DataPro Reaffirms sterling Bank BBB+ Rating

DataPro Limited, one of Nigeria’s leading credit Rating Agencies (CRA), has reaffirmed Sterling Bank BBB rating for the year 2016/2017. The BBB rating indicates that the bank has a fair financial strength, operating performance and business profile when compared to the established standards. It further indicates that the bank has the ability to meet its on-going obligations subject to adverse changes in economic conditions. The DataPro rating committee approved the rating after a review of the bank’s Capitalization, Earnings profile, Liquidity, Quality of assets and Sustainability of its current healthy…

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Scandalous MTN?

More troubles plague MTN as the telecommunications company loses its crown as Africa’s biggest mobile phone company By Oji Odu Months after MTN was supposed to put its problems in Nigeria behind by agreeing to pay a N330 billion ( $1.1 billion) fine for failure to deactivate about five million unregistered subscribers in its network, the once biggest mobile telecommunications provider in Africa is, again, facing more  problems. Nigerian legislators have strengthened their accusations that the company illegally shipped about $14 billion out of Nigeria. The money which was moved…

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Probe Hammer

Senate Committee on Customs begins a probe of  Nigeria Customs tagged by officials as a haven of Corruption By  Stephen Ubanna Bashar Yusuf, a World Customs   Organisation, WCO, trained Customs  officer of the Nigeria Customs  Service, NCS, appears to have won the ear of Hameed Ali, a retired Colonel and Comptroller General of the  NCS, over his diligence  at Tin Can Island Command  nipping in the bud,  unwholesome activities of fraudulent   importers. Given Yusuf’s technical background from  both World Customs Organisation, WCO and the NCS  Headquarters where  he spent close…

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New Deal

Popular dating and social networking, app, enters into a marriage of convenience with Newseveryhour, an online medium By Akinwale Kasali Over the years, Palmchat, a popular dating and social networking app has been able to carve a niche for itself. The platform has given room for thousands of Nigerians, both adults and youths alike, to network and build  relationships either on a business, platonic or intimate level. In a bid to further spread its tentacles, the networking platform has entered an agreement with viral entertainment cum human interest online tabloid,…

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Paradigm Shift

President Muhammadu Buhari calls for patronage of made in Nigeria goods as solution to the nation’s economic woes By Oji Odu Amidst overdependence by the country on foreign goods and harsh economic conditions, President Mohammadu Buhari, on Monday, October 11, 2016, said that in line with his desire to guide Nigeria into becoming an export oriented economy, his administration is working towards the improvement of patronage of locally made goods as well as enhance access to finance for Small and Medium Scale Enterprises. The President who made this known at…

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Set back

Federal Government’s drive to revive the agricultural sector as alternative revenue earner  to crude oil suffers major setback with the banning of Nigeria cocoa from the US and EU By Emmanuel Uffot The federal government diversification agenda which hangs on the need to revive the agricultural sector to make it profitable again as in the past before it was relegated to the background for crude oil, is already suffering a heavy blow with suspension placed on Nigeria’s cocoa export into the United State’s market and other European Union, EU nations….

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Emefiele’s Big Task

Godwin Emefiele, Governor of Central Bank of Nigeria  comes under pressure Service to ensure that revenue remitted into the   Federation Account by the Customs tally with the actual revenue generated By Stephen Ubanna For years, there have been speculations that the revenue remitted into the Federation Account by the Nigeria Customs Service, NCS,  on a yearly basis does not tally with what  the Service generated. Investigation by the Magazine   shows that Central Bank officials are attached to the NCS revenue department at the ports and land borders to keep record…

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Diversification Blues

The federal government’s  diversification agenda takes off with the planned revitilisation of 12 River Basin authorities amid pessimisms that it may turn out to be another of such policies that did not yield desired objective By Emmanuel Uffot A public commentator once stated that the biggest mistake past leadership of the country made over the years was to dump agriculture  hitherto the main stay of Nigeria economy to crude oil which was discovered in the small community of Oloiburi in present day Bayelsa state in 1946. He had also pointed…

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Survival Strategies

Nigerian banks adopt cost cutting measures to stay afloat amidst harsh economic situation and cash crunch By Emmanuel Uffot In the past five months, it has been a common sight to see smartly dressed young men and ladies with bank T- Shirts and suits at Ikeja bus stop in Lagos wooing passersby to come and open accounts with them. The magazine gathered that the banks have also enlisted casual workers canvass for deposits. The latest strategy adopted by banks for deposit is a clear departure from the past when staffs…

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