The Central Bank of Nigeria has rolled out penalties to be meted out to recalcitrant operators who have ignored its regulations in a bid to protect Automated Teller Machines (ATM) users. In a circular last Monday, the CBN expressed displeasure at the impunity with which some operators have disregarded previous circulars and guidelines. “The bank has observed, with great concern,…
High international commodities prices and a weakening shilling against the dollar are expected to cushion Kenyan listed agricultural stocks from inflationary pressures and the effects of a biting drought, analysts said. Kenya’s metrological department indicated in a forecast report in January that drought conditions are expected to plague the nation for the next three months, reducing agricultural output in the…
Investors at the Nigerian Stock Exchange (NSE) recorded additional losses at the close of trading session on Tuesday, as market measuring parameters plunged, making it the fourth day of downward trend. The Exchange market capitalisation of the 201 First-Tier equities closed yesterday at N8.442 trillion after opening the day at N8.525 trillion, reflecting 0.97 per cent decline or over N83…
The implementation of the Integrated Personnel Payroll Information System (IPPIS) by the federal government during the pilot stage helped it saved N12 billion, the finance minister has said. Segun Aganga added that the integrated system will boost the capacity for saving and enhance efficiency in the public funds management. He stated this yesterday in Abuja at the opening of the…
South Africa's rand traded firmer against the dollar on Monday, taking a breather from recent multi-month lows, while stocks retreated after recent gains as investors took profits. The JSE Top-40 index of blue chips was down 0.33 per cent to 29.621.70 and technical levels show the index has limited upside. Its 14-day relative strength index is around 60. At 1544…
The fate of the Excess Crude Account (ECA) speaks to the need for clarity on the reasons why we held funds in the account in the first instance; and why we should look forward to keeping it (or anything that looks like it, including through a Sovereign Wealth Fund - SWF). Two things matter in considering these dimensions of the…
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The federal government will integrate all activities in the country’s mining and steel sectors into the mainstream of the national economic framework, as part of efforts to diversify the country’s revenue base from oil. Musa Sada, the minister of mines and steel development, said in Abuja during a meeting with the World Bank Task Team Leader, Ekaterina Mikhaylova, that the…
The Federal Inland Revenue Service (FIRS) yesterday said it exceeded its projected 2010 tax collection targets by about 13 per cent, and almost 30 percent above the figure for the previous year. The Executive Chairman, Ifueko Omoigui-Okauru, said the agency recorded over N2.83 trillion in tax revenue receipts, against a target of N2.5 trillion projected for the year and a…
I am a regular face at a Quick Service Restaurant with a foreign affiliation on a weekly basis. I am not a fast food freak but my children have made it compelling for me, as they know the major ones off hand. One major thing that I found in all the outlets I have visited is the inability of the…
The Ondo State House of Assembly has passed a bill establishing the state’s Agricultural Inputs Supply Agency to enable the company to operate as a legal entity. Speaker Samuel Adesina said at the plenary session of the House on Wednesday in Akure that the law setting up the agency was long overdue for review. Mr Adesina expressed optimism that the…
Work on the N8.3 billion leather and garment cluster in Obingwa in Abia State will resume in March, Chidibere Ukaegbu, the managing director of the layout, has said. Mr. Ukaegbu, who is the chairman and chief executive of Futuristic Development Ltd., on Thursday, said that the contractors abandoned the project in the heat of the kidnapping in the state. “The…
Nigeria plans to auction a total of N109.27 billion ($716 million) in 91-day,182-day and 364-day debt next week, the Central bank said on Thursday. The regulator said it will issue N39.27 billion in 91-day bills, 40 billion in 182-day bills and 30 billion in 364-day bonds next Thursday, using the Dutch Auction System.The result will be released the following day.…