The World Bank has announced funding of up to $1 billion for the Government of Indonesia to supplement relief and reconstruction efforts in the disaster-affected areas of Lombok and Sulawesi, and to bolster long-term resilience. The funding would be available on request by the government. It would be guided by a US$5 million grant for technical assistance for detailed planning to ensure reconstruction is resilient and community-led. “On Friday I visited the city of Palu in Sulawesi with His Excellency Vice President Kalla. It is humbling to see the devastation and hear the stories of those who have been affected,”,World Bank Chief Executive Officer, Kristalina Georgieva said. “The government’s immediate relief efforts are robust and impressive. As we enter the reconstruction phase w
The African Development Bank, in multidisciplinary team roadshows, has presented financial products and investment opportunities on the continent to Nordic investors to leverage more access to financing. A statement issued by the bank on Monday said it hosted roadshows in Norway, Sweden, Finland and Denmark to attract investors to Africa. The roadshows brought together more than 50 private sector companies, investors and government and public institutions in the Nordic countries, the bank said. It noted that the aim of the events was to bring the bank closer to customers in order to increase awareness of key private sector stakeholders to understand its financial and risk mitigation products for investment projects. The roadshows, it added, also generated significant interests of bus...
The United Nations Conference on Trade and Development (UNCTAD) has raised concerns over the impending implications of the trade war between United States and China, on the shipping industry. According to the Review of Maritime Transport 2018 reports, UNCTAD said the tariff battles will potentially disrupt the global trading system and may drastically affect the shipping industry. UNCTAD Secretary-General MukhisaKituyi, said: “While the prospects for seaborne trade are positive, these are threatened by the outbreak of trade wars and increased inward-looking policies. Escalating protectionism and tit-for-tat tariff battles will potentially disrupt the global trading system which underpins demand for maritime transport,” he added. The warning comes against a background of an improved b
In a move that will enable the Asset Management Corporation of Nigeria to meet its debt recovery mandate before its sunset period, the Chief Justice of Nigeria, Justice Walter Onnoghen, and the President of the Court of Appeal, Justice Zainab Bulkachuwa, have called on AMCON to leverage the Alternative Dispute Resolution mechanism now available for use in courts in the country. Onnoghen and Bulkachuwa spoke in Abuja on Monday at an interactive session between justices of Supreme Court, Court of Appeal, AMCON and the National Judicial Institute. The discussion, which centred on how AMCON could effectively recover its outstanding N5.4tn debt, was themed: ‘Strengthening AMCON Recovery Drive.’ Onnoghen, in his opening address at the event, said the judiciary must be aware of the daunting ta
Industry operators have called on the government to support the sector’s growth and development by collaborating with stakeholders to work out ways of streamlining the huge taxes against the sector. The call was made by panelists and participants at the one-day seminar organised by Leadway Assurance, in conjunction with Price water house Coopers (PwC), in Lagos, last week, to examine Taxation Matters in the sector’s value chain. A panelist and Executive Director, General Insurance, Leadway Assurance, Adetola Adegbayi, argued that the industry currently suffers from a complex tax structure that has always resulted to multiple taxation without understanding the complexity of insurance placements. She cited the example of deducting withholding tax from “re-insurance commission” as a fun
The Nigeria Deposit Insurance Corporation has said the use of the bridge bank option to resolve the failure of the defunct Skye Bank Plc is the most effective way to curtail the spread of systemic risks that can endanger the financial system and lead to loss of jobs. The Managing Director, NDIC, Alhaji Umaru Ibrahim, said the establishment of Polaris Bank was in line with the corporation’s core mandate of guaranteeing deposits and resolving bank failure and illiquidity. He stated that while the corporation had other bank failure resolution measures such as purchase and assumption, provision of liquidity support, assisted merger, takeover and management of ailing banks and outright liquidation, the bridge bank option allowed unhindered operation of the lender, while efforts to source
The Federal Government needs to urgently implement policies that will grow and diversify the revenue base of the country to avoid imminent debt crisis, the FSDH Research has said. It stated this in its latest monthly economic and financial markets outlook it titled ‘Interest rate hike in US, hold in Nigeria: What Next?’. The FSDH said its analysis showed that the growth in Nigeria’s debt was higher than the growth in revenue. “In addition, Nigeria has the lowest government revenue to Gross Domestic Product ratio at six per cent among some selected countries. Nigeria’s over-dependency on crude oil revenue, combined with volatility in both the price and production of crude oil is the major reason for sluggish growth in government revenue. “Our analysis of the ratio of the inter
The Central Bank of Nigeria may reduce the amount it has ordered MTN Nigeria to repatriate, the CBN Governor, Godwin Emefiele, said on Sunday. While addressing reporters in London on Sunday, Emefiele said new documents provided by the telecom company would help to reduce the size of the claim. Reuters reported that Emefiele said during a visit to London, “I don’t think it will be staying at $8.1bn,”adding that he expected the issue to be dealt with amicably and equitably. “I want to believe that the figure will reduce. Whether it will be dropped completely, I honestly cannot say at this time,” he added. Emefiele said the central bank had received documents about two weeks ago from MTN and four lenders involved in the case – Standard Chartered, Stanbic IBTC Bank, Citibank and Di
The Central Bank of Nigeria has asked the court not to grant an injunction that will stop the MTN Group from transferring the disputed $8.1bn back to the country, and wants the company to pay 15 per cent annualised interest on the sum until judgment is given, and 10 per cent from then until the whole amount is paid. The CBN made this argument in documents filed with the Federal High Court in Lagos in the past week and seen by Bloomberg News on Thursday. The apex bank alleged in late August that MTN and four of its lenders, Standard Chartered, Citigroup, Stanbic IBTC Plc and Diamond Bank Plc, illegally repatriated the money from Nigeria. MTN sought an injunction in early September to buy itself time and fight the claim in its biggest market, which wiped as much as 36 per cent off i...
Bankers in the country have expressed their readiness to enforce the law against the abuse of naira notes by setting up mobile courts to punish violators of the currency. They said this during a press briefing after the Bankers’ Committee meeting in Lagos on Thursday. The bankers said they also resolved at the meeting that the discretionary bank reserves built up over time should be channelled towards agriculture and the manufacturing sectors in an impactful manner. By this, they explained that local food sufficiency would be enhanced and pressure on the country’s foreign reserves would be reduced. Speaking further on the currency abuse, the Director, Corporate Communications Department, Central Bank of Nigeria, Mr Isaac Okorafor, said that anyone found squeezing, hawking, spra