Buhari Pleads At UNGA Meeting

President Muhammadu Buhari has told a gathering of over 150 world leaders that recovery of stolen wealth from Nigeria will only be possible through their cooperation. Buhari said this while delivering his speech at the 72nd United Nations General Assembly in New York on Tuesday. The President further stated that ISIS fighters who were under fierce attacks were fleeing to the Lake Chad Basin and the Sahel where armies had weaker capacities to defeat them. He, therefore, urged world leaders to cooperate better in the fight against terrorism. Buhari said,…

Read More

N7.51 Trillion Borrowed Under Buhari

The Federal Government under President Muhammadu Buhari and the 36 states of the federation as well as the Federal Capital Territory have borrowed N7.51tn in the last two years, statistics have revealed. As of June 30, 2015, just a month after the present crop of leaders took over the leadership of the country, Nigeria’s total debt stood at N12.12tn. However, as of June 2017, the nation’s total debt had climbed to N19.63tn, according to the latest debt statistics obtained from the Debt Management Office. The debt stock data released by…

Read More

NSE: Redeeming The Market

The recent decisions reached on resolving capital market challenges will go a long way in protecting and restoring confidence in the market By Shedrack Ifurueze The low patronage of the Nigerian stock market, the magazine’s investigation has been attributed to many reasons. Prominent among the factors is the ugly experience by many investors in the hands of fraudulent operators. Some investors, who invested most of their savings in the market in the past, lost their money to stockbrokers. These investors are scared to return to the market. In some cases,…

Read More

Ugly Sack

The National Bureau of statistics NBS had revealed that 8,663 workers lost their jobs in the first half of 2017, an average of 360 staff per month By Shedrack Ifurueze “Date made available by the NBS to the magazine showed that an average f 360 staff were sacked every week from January to June, 2017.” The figures, according to the source were higher in the first quarter and lower in the second. According to a report title: “Selected banking sector Data: sectoral breakdown of credit, repayment channels and staff straight,”…

Read More

Tightening the Noose

By Shedrack Ifurueze In order to proffer a lasting solution as well as make efforts at combating swindlers within the banking industry, the Central Bank of Nigeria, CBN has directed all DMBs, mobile money operators, MMOs Switches and all payment service providers to establish and maintain a dedicated fraud desk in their respective organizations. The CBN which is the top regulatory agency advised the banks that the fraud desk shall be appropriately staffed with personnel that have requisite training on emerging fraud trends on various electronic payment channels, adding that…

Read More

Stamp Duty Again: CBN’s Unwavering Action

By Shedrack Ifurueze Following the implementation of the Stamp Duty Act by the CBN and commercial banks operating in Nigeria, the Nigerian Postal Service is to be classified as a revenue-generating agency. Investigation by the magazine has shown that the CBN told commercial banks to start enforcing the country’s stamp duties law on financial transactions with “immediate effect.” In a circular to the banks, the CBN asked the banks to charge N50 on every N1000 deposit or electronic transfer made by customers. The circular read in part: Deposits or transfer…

Read More

Dormant Accounts: Why Banks Stand Vetoed?

By Shedrack Ifurueze Emmanuel Usoro, not real name was an account holder with Union Bank Plc, one of the first generation banks. He however stopped servicing the account about 10 years ago when banks were still using the 14-digit savings and current account numbers. To Usoro’s utmost surprise when he went to the bank to reactivate his account, he was simply told in plain terms that he cannot do that because his account has been declared dormant over the years, except that he has another opportunity to open a new…

Read More

Still On Delinquent Debtors

By Shedrack Ifurueze Though the tension brewing in the nation’s financial sector seems to be fading, The denials by Idika Kalu, former Minister of Finance and Transport; Olatunde Ayeni, the promoter and director of Globe Energy Resources and the management of another major oil firm, MRS; among others, in separate statements vehemently denied owing or having any business dealings with First City Monument Bank, FCMB. But, according to Ayeni, who also doubles as the Chairman of Skye Bank Plc the magazine observes was listed in error as the sole director…

Read More

MPR, CRR Retention: Stakeholders React

By Shedrack Ifurueze Eager to stimulate economic growth and discourage inflation in the economy, commercial banks, the Monetary Policy Committee, MPC of the CBN for the upteenth time retained the benchmark of the Monetary Policy Rate, MPR by a record 200 basis points of 14 per cent. The Monetary Policy Committee of the CBN during its two-day meeting last week also announced that the Cash Reserve Requirement, CRR has been reduced from 25 percent to 20 per cent. It went farther to change symmetric corridor of 200 basis points around…

Read More

Stagnated Market

By Shedrack Ifurueze The unrelenting downturn in the market has left the stock market benchmark index more than eight percent below where it started at the beginning of this year. The equities market has remained unstable since the beginning of the present President Muhammadu Buhari’s administration as a result of the government’s failure to outline its policy direction for the nation’s economy. The magazine’s investigation shows that some jittery investors have continued to refuse to increase their naira votes until the economic direction of the Federal Government becomes clearer. But…

Read More

CBN: Fighting Recession Through Real Sector Interventions

By Shedrack Ifurueze In a recent seminar organized  by the Central Bank of Nigeria, CBN, experts took time to examine developments the economy and how different intervention funds by the apex bank is helping to boost food production in the country through investment in agriculture. What the financial and economic experts saw differently was recession. They however, agreed that it is a pain that could turn to gain within a shortest period if the government takes the right approach. Despite prevailing hardship in the economy, they believe that Nigeria will…

Read More

Aftermath of Burnt Banks: Lagos Police Command Says Trigger Happy Police Officer Arrested

The Lagos State Police Command said on Wednesday that it has arrested the policeman, who allegedly shot a tanker driver dead along Burma Road, Apapa. The command said 18 suspected hoodlums who allegedly caused mayhem in the area following the killing have also been apprehended. According to the command’s spokesperson, ASP Olarinde Famous-Cole, police received a distress call from the Chief Security Officer of a new generation bank located in the area which they responded to. “The caller said hoodlums were trying to take laws into their hands by setting…

Read More

Dreadful Loans: A cause For Concern In DMBs

By Shedrack Ifurueze Deposit Money Banks are very germane to the growth and development of any economy as they serve as the coordinator of all financial transaction. Despite the fact that banks keep people’s money, and in the developing economy such as Nigeria, where virtually every sector is clamoring for financial intervention, the DMBs are always coming to the rescue by giving out both commercial and consumer loans to corporate organizations and individuals. The delight in granting loans is to see the loans perform, but when a loan is regarded…

Read More

Internal Debt: When Internal Debt Servicing Swallowed Over N1trn

Figures from Debt Management Office, DMO have shown that the cost of servicing the country’s rising internal debt has hit more than N1trillion mark for the first time from 2015 By Shedrack Ifurueze Debt Management Office, DMO recently said that the federal government had spent over N1.02 trillion to service its domestic debt since the past two years. This comprises of N25 billion spent on the repayment of the principal and N993.13 billion on interest payment within the years under review. Since the end of December 2015, Nigeria’s total public…

Read More

Economy: Not Yet Uhuru

As the expectations and promises of May 29, 2015; when President Mohammadu Buhari was sworn in as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria have significantly slowed down with most Nigerians now ghosts of themselves. No thanks to what concerned Nigerians consider as the many failed promises of the ruling All Progressive Congress, APC By Shedrack Ifurueze An air of obvious expectations for a better Nigeria of our vision was infectious with the APC as opposition then promising Nigerians illusive better life after 16…

Read More

Global Bank’s rating:Zenith drops position

The Bankers Magazine, a subsidiary of Financial Times of London, just released the list of top 1000 banks in the world, and Zenith Bank made the list with five other Nigerian banks.But it has at the same time dropped from being the 7th largest Bank in Africa to being the tenth, while the National Bank of Egypt moved to the the fifth place. Zenith Bank was the biggest in Nigeria and 10th in Africa and the 430th bank in the world. FirstBank as the second largest bank in Nigeria, currently…

Read More

Etisalat: Joseph Nnanna takes over

A new team has been put in place in the embattled Telecom provider, Etisalat Nigeria, which sailed into troubled waters due to a $1.2 billion debt overhang. The debt was due to loan from a consortium of 13 Nigerian Banks, which necessitated the withdrawal of Emirates Telecommunications Group Company, the major shareholder last June. They are a Deputy governor of Central Bank, Joseph Nnanna as chairman, Boye Olusanya is the new Chief Executive Officer, while Funke Ighodaro is the Chief Financial Officer.All positions were approved by the CBN. Nnanna takes…

Read More

CBN Grants DMBs Free Agency Licences

By Shedrack  Ifurueze Nigeria’s  apex bank the Central Bank of Nigeria, CBN said that banks do not need licences to operate agency banking. The apex bank made this known by Temitope Akin-Fadeyi, CBN head, Financial Inclusion at the second edition of the Ciuci Consulting’s Nigeria Retail Banking workshop, which had discussions on Catalyzing Small and Medium, Enterprises, SME funding and retail lending to Nigeria’s economic development. Akin-Fadeyi clarified that retail banks only needed approval from CBN to perform agency banking, adding that super agents on the other hand go through…

Read More

EFCC Arraigns Three Ghost Workers Over N9.7 Million Fraud

The Economic and Financial Crimes Commission, EFCC, on Tuesday, June 6, 2017 arraigned the trio of Onukaogu Onyinyechi Esther, Ebenuwa Chinazo Jennifer and Onukaogu Joshua before Justice A. S. Adepoju of the FCT High court sitting in Wuse, Abuja, on a 13-count charge of conspiracy and obtaining by false pretence. Esther allegedly abused her office while being a staff of Soft Alliance, consultants to the office of the Auditor General of the Federation on IPPIS between 2012 and 2013, to input her name and two of her siblings (Jennifer and…

Read More

FG Probes N700Billion Niger/Delta Projects Under Yar’adua-Jonathan Administration

The Federal Government is to probe N700 billion worth of projects in the Niger Delta, which were awarded by the late President Umaru Yar’Adua/Goodluck Jonathan administrations. Minister of Niger Delta Affairs, Usani N. Usani, who disclosed this while briefing State House correspondents after yesterday’s Federal Executive Council, FEC, meeting chaired by acting President Yemi Osinbajo, said those found culpable would either be made to return the money or face the anti-graft agencies. He said that 60 percent of the contract sum, about N423 billion, had been released for the 427…

Read More