Senate Approves $500m Eurobond To Fund 2017 Budget Deficit
The Senate on Wednesday approved 500 million dollars eurobond to enable President Muhammadu Buhari adequately fund the 2017 budget deficit. The approval was given after a closed door session.
Investors Says Nigeria Remains ‘Critical’ Market In Africa Despite Recession
Investors have expressed confidence in the resurgence of Nigeria’s struggling economy, describing it as ‘very critical’ to building African companies that could join the league of top 500 in the next eight years. A panel of discussants, including chief executives of MTN, Honeywell, KPMG, CFAO and the Casablanca Finance City Authority, at the Africa CEO Forum in Geneva, Switzerland, yesterday said despite the volatility in Nigeria’s economy, it is still an important market.
FG Launches Accounting Software Across All Levels Of Government
As part of ongoing measures to improve Public Financial Management across all levels of Government, the Federal Government has developed an IPSAS Compliant accounting software suite “OneBook”, aimed at enhancing efficiency, accountability, and transparency. The Ministry’s Director of Information, Salisu Na’inna Dambatta disclosed this in a press release on Tuesday in Abuja.
Lower Oil Prices, Sabotage Reduce Revenue Shared By Federal, States, Local Govt By N36 Billion
Nigeria’s distributable government revenues fell to N429.127 billion naira in February from N465.19 billion in January due to lower oil prices and other factors, PREMIUM TIMES understands. A statement by the Office of the Accountant General of the Federation said that the fall in revenue was equally compounded by sabotage of the nation’s oil pipelines by Niger Delta militants. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils.
Zenith Bank Shareholders Approve N100bn Fresh Capital
The shareholders of Zenith International Bank Plc on Wednesday authorised the board and management and board to raise additional capital of N100 billion. The shareholders gave their mandate for the fresh capital at the bank’s 26th Annual General Meeting (AGM) held in Lagos. The shareholders also authorised that the additional capital of N100 billion should be raised by way of a public offering, rights issue or any other method deemed fit by the board in local or international market or combination of both.
Abuja Airport Closure: FirstNation Seeks Compensation
FirstNation Airways has appealed to the Federal Government to address the issue of compensation for airlines over losses incurred as a result of closing of the Nnamdi Azikiwe International Airport, Abuja. The airline made the plea in a statement signed by its Manager, Corporate Services, Rasheed Yusuf, on Wednesday in Lagos. The Federal Government on March 8 closed the Abuja airport for a period of six weeks to carry out a major rehabilitation of its runway.
Buhari Approves New Board Members For Nigeria’s Sovereign Wealth Agency
President Muhammadu Buhari has approved the list of nominees into the reconstituted Board of Directors of the Nigeria Sovereign Investment Authority. The agency, which announced the approval on Wednesday in a statement in Abuja, said the list had earlier been approved by its Governing Council. The National Economic Council, NEC, during its last meeting received the list of nominees.
AIICO Insurance Flays Unethical Practices, Reassures Customers
AIICO Insurance Plc, has condemned alleged unethical practice by its agents, just as it reaffirmed its commitment to continue to create and protect wealth for its customers. The company says it has put in place structures and technology that ensures its customers are well protected and gets the best of service delivery.