The Minister of Finance, Zainab Ahmed, has directed the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation to fully investigate and prosecute all the directors and executive management members, who contributed to the collapse of the defunct Skye Bank Plc as well as other Deposit Money Banks in liquidation. The minister gave the directive during her familiarisation visit to the NDIC in Abuja on Friday, according to a statement by the Head, Communication and Public Affairs of the corporation, Mohammed Ibrahim. The Managing Director and Chief Executive, NDIC, Umaru Ibrahim, and the Executive Director, Corporate Services, Omolola Abiola-Edewor, led the executive management of the corporation to receive the minister. Ahmed expressed serious concern about the spate of...
Nigeria may be in for a fresh financing of its infrastructure projects, courtesy of the African Development Bank (AfDB), as the lender signed into a $1 billion Multi-Lateral Development Bank and private sector investors’ facility, tagged Room2Run. The initiative, which includes the European Commission, Mariner Investment Group, Africa50, and Mizuho International Plc, is aimed at pioneering the use of securitization for new and previously unexplored segment of the financial markets. Structured as an impact investment, Room2Run is designed to enable AfDB increase lending in support of its mission to spur sustainable economic development and social progress. Already, the bank, in connection with Room2Run, has committed to redeploying the freed-up capital into renewable energy project
Any failed Nigerian Instant Payment transaction not reversed into the customer’s account within 24 hours, based on complaint of the sender and/or beneficiary will attract a fine of N10,000, the Central Bank of Nigeria has said. The CBN stated this in a ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’, issued to all Deposit Money Banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders. It also stated that delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item. The CBN stated, “The sanctions above and any other prescribed in the Nigeria Bankers’ Clearing S
The Supervising Minister of Finance, Mrs Zainab Ahmed, on Monday formally assumed duties at the headquarters of the ministry in Abuja. Ahmed said she would bring her knowledge to bear to overcome the economic challenges facing the country. This, she noted, would be achieved through the support of the Permanent Secretary, Dr Mahmoud Isa-Dutse, and the directors of the ministry. Shortly after her resumption, Ahmed had a meeting with all the directors in the ministry. Speaking at the opening session of the meeting, she said, “The finance ministry has overtime been known to have very skilled personnel. From interacting with some of you, I know that there is a lot of skill set within the ministry and that I am in good hands. “I plan to work very closely with the whole of the directo
The Federal Government has launched the Trader Moni empowerment programme for 30,000 petty traders in Osun State. The Vice President, Prof Yemi Osinbajo (SAN), launched the empowerment loan, which would be paid by the Federal Government through the Bank of Industry to the beneficiaries. Speaking at the programme held in Iwo on Monday, Osinbajo said the loan would assist petty traders to expand their trades, stressing that the beneficiaries would not be burden to others if their trades began to thrive. He said, “We thank God that we are starting this in Osun State. We will give them more as they begin to repay the N10,000. If they repay the N10,000, they will be given N15,000. And if that is repaid, they would be given N20,000 and so on like that. “If you look at it, petty trade
Since incorporated in 2013 by the Central Bank of Nigeria, a total of $375m has been facilitated by the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending from Deposit Money Banks for the agricultural sector. The Managing Director, NIRSAL, Aliyu Abdulhameed, gave the figure on Wednesday in Abuja after the signing of an agreement between the agency and the International Center for Tropical Agriculture. NIRSAL was created by the CBN to stimulate the flow of affordable finance and investments into the agricultural sector by de-risking the agribusiness finance value chain, fixing agricultural value chains, building long-term capacity and institutionalising incentives for agricultural lending. The collaboration between NIRSAL and the International Center for Tropical...
The Minister of Finance, Mrs. Kemi Adeosun, wants sanctions to be imposed on the Ministries, Departments and Agencies of the government that fail to remit their operating surplus appropriately to the Consolidated Revenue Fund. Speaking at the inauguration of a new template for the calculation of operating surplus in Abuja on Wednesday, Adeosun said it had become necessary to review the Fiscal Responsibility Act 2007 in order to accommodate sanctions and incentives. The minister, who was represented by the Secretary, Presidential Initiative on Continuous Audit, Dikwa Kyari, regretted that no MDA had met the set financial target in the past two decades. The minister also proposed linking the tenure of chief executive officers of agencies to financial performance, adding that this wo...
The Federal Government and the Bank of Industry on Tuesday gave out interest-free loans to traders in various markets across Lagos. The loan facility, tagged ‘Market Moni’ and ‘Trader Moni’, would see petty traders receive between N10,000 and N100,000 to support their businesses, which they can pay back within a period of six months from the date of receipt. Speaking during the commencement of the initiative at the Ojuwoye Market in Mushin, Lagos, the Executive Director, BoI, Toyin Adeniji, said the move would empower market men and women to expand their businesses, and contribute to the overall growth of the national economy through a significant rise in commercial activities. While explaining that the scheme was targeted at a minimum of two million beneficiaries in the coming we
Access Bank Plc has said that it has facilitated trade for over 25,000 of its customers with import trade volume of about $2.62bn. The Deputy General Manager, Access Bank Plc, Mr Emeka Eze, gave the figure at a forum with the lender’s customers in Abuja on Wednesday. He said the bank understood the importance of trade to the development of the economy, adding that this was why it was supporting businesses to thrive. Eze stated that the trade sector was a significant contributor to Nigeria’s Gross Domestic Product, accounting for 18 per cent, with total import trade valued at $28.9bn. Out of this trade value, he said Access Bank had 12 per cent of the market and was ranked second in the industry with import trade volume of about $2.62bn. He said, “Trade is a key determinant o
The Nigeria Employers’ Consultative Association (NECA) has urged state governments to operate within the ambit of the law by creating an enabling environment for businesses to thrive and continue to contribute to the growth of the nation. The Director General of NECA, Olusegun Oshinowo, who disclosed that businesses in Nigeria are encumbered with the payment of over 55 different taxes at the three levels of government, said the incidence of double taxes, particularly consumption tax, has assumed a very dangerous dimension. He also disclosed that NECA has secured a landmark judgment at the Federal High Court against the Kano State Revenue Administration (Amendment) Law, 2017. He said the Court in its ruling invalidated the Consumption Tax provisions of the Kano Sta