The federal government at the weekend expressed disgust over the attitude of some financial operators to consumers, which include failure to provide useful information on their new products. Ify Umenyi, director general, Consumer Protection Council (CPC), gave the charge during a financial services stakeholders’ meeting marking the 2011 World Consumers’ Day in Abuja. The DG, described the recent Central Bank…
The two parameters for measuring performance at the Nigerian Stock Exchange (NSE), the market capitalisation and the All-Share Index, fell to three month figures at the close of trading last week. The NSE market capitalisation of the 194 First-Tier equities closed the week at N7.789 trillion from the N8.174 trillion it opened with on the first trading day of the…
Tanzania’s year-on-year inflation rate rose for a fourth consecutive month in February on the back of higher food and fuel prices, staying in step with trends at east African neighbours Kenya and Uganda. Tanzania’s National Bureau of Statistics said on Saturday that consumer prices rose 2.2 percent in February, helping push the country’s inflation rate to 7.5 percent from 6.4…
On March 8, 2011, several events took place all over the world to mark the centenary of International Women’s Day. Nigeria was no different and several workshops, seminars and conferences celebrated the economic, political and social achievements of women. Traditional gender roles historically presented household income from a perspective where women were expected to stay at home and look after…
Roberts Orya, Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), says no other agency is better placed to facilitate cross border trades in the Economic Community of West African States (ECOWAS) than the bank. Overview Nigerian Export-Import Bank (NEXIM) was set up in 1991 by the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance. Incorporated for the purpose…
Over the years, the value of trade between Nigeria has been lopsided. Due to the weak manufacturing base of Nigeria and the inability to develop competitive advantage in non oil exports, the lopsidedness has become pronounced. According to the Japan External Trade Organisation (JETRO), as at January, while Nigeria imported goods worth over $40.8 million from Japan, the value of…
The Securities and Exchange Commission (SEC) has thrown its weight behind the proposed extension of trading hours by the management of the Nigerian Stock Exchange (NSE) despite criticism by some market operators that aftermath of such action will not favour the nation’s bourse. The interim administration of the NSE, led by Emmanuel Ikazoboh, had announced that it will increase trading…
Since he was removed as National Chairman of the Peoples Democratic Party in January, Okwesilieze Nwodo has not been seen regularly at public functions. But, surprisingly, he attended the Northern Economic Summit held in Kaduna on Thursday, where he spoke about his relationship with President Goodluck Jonathan, the crisis in Enugu PDP and other issues. You are rarely seen at…
Traditional rulers in Nigeria have been known to play a significant role in the socio political development of the country. Being custodians of the traditional values of the people, they have become opinion leaders in the society. Any politician who shows disrespect to traditional rulers is not likely to succeed in the domain of such rulers. It is not therefore…
The odds were stacked against any child with an educated mother in those days, and it took a few days of primary school in 1951 to come to terms with that perspective. The teacher had inquired why I did not have a “Christian name.” “My young idiot, don’t you have an English name?” I was sent to get a parent,…
18 March 2011 Al-Ahly of Egypt bounced back after 54 days without a competitive match to defeat SuperSport United of South Africa 2-0 Friday in an African Champions League second round qualifier. Long-serving Osama Hosny gave the 'Red Devils' a third-minute lead at the 75,000-seat Cairo Stadium and fellow striker Dominique da Silva struck the second goal six minutes before…
18 March 2011 After being dumped out of three competitions in 13 days, deflated Arsenal will turn their attention to their last remaining route to a trophy on Saturday as the Premier League title chase resumes. The Gunners travel to West Brom on Saturday with manager Arsene Wenger putting a brave face on what has been a grim fortnight for…
I was pleasantly surprised, in a conversation last week, to learn that of the many concerns over the Central Bank of Nigeria's (CBN) repairs to and reforms of the banking sector, the nationality of the would-be buyers of the banks rescued by the apex bank is the more troubling. Transparency of the accounting treatments of the intervention funds did not…
Yabawa Wabi, minister of state for finance, has advised the West African Insurance Companies Association (WAICA) to ensure adequate capitalisation of the WAICA Reinsurance Corporation. Mr. Wabi, who was represented by Fola Daniel, commissioner for insurance, at the National Insurance Commission (NAICOM), gave the advice at the 2011 WAICA Educational Conference in Lagos on Monday. The theme of the conference…
17 March 2011 Big-spending English giants Manchester City crashed out of the last 16 of the Europa League to Dynamo Kiev on Thursday, while there was also heartbreak for Paris Saint Germain at the hands of Benfica. Roberto Mancini's City side, bank-rolled from Abu Dhabi by Sheikh Mansour's 500 million investment, beat the Ukrainian club 1-0 at home but bowed…