Category Archives: BUSINESS

Cashless policy takes off with N284 trillion e-payment deals

Bank customers face more than 10 charges, taxes • Payment service firms, banks’ earnings to increase • Nigeria, others need $152b investment in 10 years Transactions through electronic payment (e-payment) channels that would facilitate the country’s planned cashless policy hit a cumulative value of N284 trillion in the first half of this year, data from the Central Bank of Nigeria

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Buhari appoints Soludo, others as advisers, disbands Osinbajo’s team

President Muhammadu Buhari yesterday replaced the Economic Management Team (EMT) headed by Vice President Yemi Osinbajo with an Economic Advisory Council (EAC). The new EAC, which reports directly to the president, will be chaired by an economist, Prof. Doyin Salami. Buhari’s Special Adviser on Media and Publicity Femi Adesina in a statement said the EAC would advise the president on

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Market indices slump by 1.4% amid loss of investor confidence

• How pension fund operators invested N940b assets in banks, securities • FG targets 36.6m Nigerians on micro financial strategy It was another period of pullback at the end of last week’s trading on the equities sector of the Nigerian Stock Exchange (NSE), which resulted in the depreciation of the bourse’s All-Share Index (ASI) and market capitalisation by 1.38 per

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NFIU Targets Chinese, India Companies Engaging in Illegal Mining

Nigerian Financial Intelligence Unit (NFIU) has vowed to go after Chinese and India companies engaging in illegal mining in the country. The anti-graft agency also said it has decided to go after foreign non-governmental organisations involved in the proliferation of weapons by ensuring that they are also deregistered. NFIU Director, Mr. Modibbo Hamman-Tukur, disclosed this yesterday in Abuja during the

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Poor Delivery Infrastructure Stalls Power Supply at 3,876MW

Electricity supply to Nigeria’s national grid has remained abysmally low at an average of 3,876MW in 2019 due largely to poor distribution infrastructure, a report from the Advisory Power Team in the Office of the Vice President, Prof. Yemi Osinbajo, yesterday showed. The report, which was obtained by THISDAY, indicated that power supply from the national grid to homes and

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Stakeholders Rally Behind CBN’s Push to Tighten Noose on Bank Loan Defaulters

•New credit risk clause to facilitate recovery from borrowers’ verifiable assets •Lender to recover loans from defaulters’ account domiciled in any bank •Apex bank warns against fraudulent loan offers Tougher days await habitual defaulters of bank loans as stakeholders in the banking industry have backed the moves by the Central Bank of Nigeria (CBN) and the Bankers’ Committee to tighten

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