Expert Faults CBN’s Offshore Software For MfBs
The Central Bank of Nigeria (CBN) has finally concluded the selection exercise for a software for a shared platform for the more than 900 microfinance banks (MfBs) in Nigeria. The selection exercise that has gone on for the past three years will be concluded anytime soon. Funding is said to have been provided by the International Fund for Agricultural Development (IFAD) through Rural Finance Institution Building Programme (RUFIN) programme. Investigations showed that the CBN embarked on the exercise in order to streamline the management and regulation of the large number of MfBs in the country. It was believed that a shared service platform will reduce the cost of business for them and enhance their chances of continued survival.
CBN To Visit Banks To Ensure New Forex Rates Are Implemented
The central bank of Nigeria (CBN) will send examiners to commercial banks across the country to ensure the new foreign exchange rates are duly implemented. The CBN sold FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc). CBN prohibits banks from selling #FOREX funds meant for invisibles to BDCs
Arik Airline Shareholders File New Suit Against AMCON, NCAA Over Takeover
Shareholders and directors of Arik Air Limited have dragged the Asset Management Corporation of Nigeria and the Nigerian Civil Aviation Authority before the Lagos Division of the Federal High Court, accusing the federal authorities of mismanagement. In suit number FHC/L/CS//2017, filed on March 27, the shareholders prayed the court to hold AMCON and NCAA responsible if there is any case of air accident or other serious damages in the airline’s operation.
Oil: Nigeria Records Slight Increase In Rig Count
NIGERIA’S oil rig count slightly increased to 26 in February, from the 25 recorded in January, this year, Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries, OPEC, secretariat data shows. But the nation remains number eight out of the 13 – member OPEC, whose total rig count also slightly increased to 554, from the 550 recorded in January.
Forex Remains Challenge For Economy – Control Risks Insists
Control Risks, an independent, global risk consulting company, has insisted that the foreign exchange (forex) crisis, which has complicated the actual value of the naira in dollar terms, remains a major setback for investments inflow into the country. Control Risks, an independent, global risk consulting company, has insisted that the foreign exchange (forex) crisis, which has complicated the actual value of the naira in dollar terms, remains a major setback for investments inflow into the country.
Sterling Bank Obtains $15m ICD Facility
In recognition of its contribution to the growth of Islamic banking in Nigeria, , the non-interest banking unit of Sterling Bank Plc has attracted a $15 million facility from the Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and a part of the Islamic Development Bank (IsDB) Group. Recall that the bank in 2014 and 2015 also received US$25 million from the International Islamic Finance Trade Corporation (ITFC) and US$30 million from the ICD. Both institutions are members of the Islamic Development Bank (IDB) Group.
FG Bans Importation Of Packaged Tomato Paste
The federal government, though the Ministry of Industry, Trade and Investment, yesterday banned the importation of tomato paste, powder or concentrate, and increased the tariff on importation of tomato concentrate among others from five to 50 per cent in order to revive the tomato sector. According to operators, the value of imported tomato paste in Nigeria is about $170 million and $50 million spent on triple tomato concentrate.
Paris Club Refund: We’ve Done Nothing Illegal —Govs Insist
Again, the Nigeria Governors’ Forum, NGF, said, yesterday, that there was no illegality in the disbursement of the Paris Club loan refund. The refund was a result of over-deductions from the statutory allocations of the states for debt-servicing from 1995 to 2002. The NGF reaction came against the backdrop of reports that the Economic and Financial Crimes Commission, EFCC, had indicted Senate President Dr Bukola Saraki, his aides, and Robert Mbonu, a consultant the NGF hired, for money laundering to the tune N3.5 billion.
NCAA Issues AOC To Genesis Aviation
The Nigerian Civil Aviation Authority (NCAA) has issued Air Operator’s Certificate (AOC) to Genesis Global Aviation to operate full charter helicopter services. The certificate was issued after the company had satisfied all the regulatory requirements and gone through thorough screening. Speaking in Lagos after receiving the AOC, the company’s chairman, Capt. Emmanuel Iheanacho, said getting the certification was a major milestone for the company.