Author: Aishat Olalere

The Central Bank of Kenya has presented a plan to increase the minimum capital requirement for banks tenfold from the current KSh 1 billion to KSh 10 billion. 25 licensed Kenyan commercial banks will have up to three years to raise the new capital requirement by CBK. The aim is to bolster banks’ resilience and to anchor the country’s financial sector, in a bid to build stronger banks with more muscle to finance bigger projects. Kenya last raised its core capital requirements in 2012, and an attempt to raise it (to KShs. 5bn) was shot down in Parliament in 2015.…

Paul Kagame has received a congratulatory message from African Union Commission Chairperson, Moussa Faki Mahamat, Togolese president Faure Gnassingbe and Chinese President Xi Jinping on Tuesday July 23. The congratulation message was based on his re election as the President of Rwanda. Paul Kagame was declared the winner of the election on a 99 percent Victory by the National Electoral Commission on July 16 by earning five- years term. The Chinese leader said he stands ready to work with Kagame to further enhance mutual political trust, expand and deepen practical cooperation in various fields, so as to promote bilateral relations…

Thapelo Tsheole, the New Chief Executive Officer of the Rwanda Capital Market Authority (CMA), has revealed his plans to transform Rwanda Capital Market. Tsheole plans to use his expertise to bring Rwanda’s Capital Market to International standards with his distinguished career spanning 24 years in the Financial Market. The Botswana National has started his duties and he has a full in tray as he settles into his new role. In an interview, he noted that the Capital Market in Rwanda is at an infant stage, but with huge potentials. “The advantage with Rwanda is that one can see and feel…

Democratic Republic of Congo (DRC) has been declared the most profitable market for Kenyan banks’ subsidiaries within the East African Community (EAC), overtaking Rwanda. According to latest data from the Central Bank of Kenya (CBK), DRC has contributed to the highest earning capacity recording KSh 30 billion in profit before tax, translating to 45.5 percent of the total profits. The regional subsidiaries’ profit before tax increased by 103.4% to KSh 66.1 in 2023 from KSh 32.5 billion reported in 2022. The country boasts important minerals including cobalt, copper and coltan used in electric vehicle batteries production. With the high global commodity prices…

Mexico and Nigeria are committed to scaling up their bilateral trade relations, which has a relatively low current value of approximately 180 million dollars. The payment value of transaction between the two country is approximately 180 million dollars. Mexico committed about 100 million dollars from the amount to import from Nigeria hibiscus flowers alone, locally known as ‘Zobo,’ which is in high demand in Mexico. These were disclosed by Mexican Ambassador to Nigeria, Alfredo Miranda, during an interview in Abuja on Monday. Miranda said both countries have high potentials and high capacity as they have potentials in oil and gas,…

The House of Representatives, Federal Republic of Nigeria has expressed displeasure at the absence of companies and agencies before the committee for the investigation of the loss of 60 billion dollars. The amount is an inflated cash calls by the Nigerian National Petroleum Company Ltd. (NNPCL) Joint Venture Agreements. The House of Reps Joint Committee on Finance and Petroleum Resources (Upstream) threatened to sanction the companies on Monday in Abuja. The joint panel, co-chaired by Rep. James Faleke, Chairman, Finance committee and Rep. Alhassan Ado-Doguwa, Chairman Petroleum Resources, committee said chief executive of some companies sent a representatives, some were…

Federal Government has been urged to give tax incentive to private sector who cannot afford to pay the N70,000 minimum wage. This will serve as ease of burden to the Private Sector in order for them to be able to pay the minimum wage. Firms with larger operations that already pay beyond the new minimum wage should be excluded from the tax incentive. A Professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said this in a statement. Uyo said this will be needed because small businesses had been through challenges, including foreign exchange instability and…

Money Market Rate and Open Repo Rate declined as a result of liquidity in the financial system. The decline was ahead expected FAAC credit inflows in the new week. The market expects Federal Account Allocation Committee (FAAC) credits to hit the system in the new week in addition to about ₦215.00 billion in FGN bond coupons. The Open Repo Rate (OPR) dipped by 22 basis points week on week to settle at 31.39% in the money market on Friday. Likewise, the overnight lending rate crashed by 43 basis points to 32.02%. According to FMDQ Securities exchange data, the liquidity level…

A Federal Operations Unit of the Nigeria Customs Service in Ikeja, Lagos, announced that it seized 150 cartons of bulletproof jackets worth N1.687bn on Thursday. Each carton contains 10 packs of the jacket, adding that these contrabands were seized in June. The Customs Area Controller in charge of the unit, Kola Oladeji, explained that the contrabands were seized along the Ijebuode-Sagamu Expressway in Ogun State. Oladeji said that under Schedule 4 of the Customs Common External Tariff, the importation of all kinds of military wares by individuals was under absolute prohibition. Oladeji explained that under Schedule 4 of the Customs…

The Debt Management Office (DMO) has announced the offering of three Federal Government of Nigeria (FGN) bonds. The bonds are valued at N300 billion for subscription at N1, 000 per unit. The first offer is an April 2029 FGN bond valued at N100 billion, at interest an rate of 19.30 per cent per annum (five-year re-opening). The second offer is a February 2031 FGN valued at N100 billion, at an interest rate of 18.50 per cent per annum (seven-year re-opening). There is also the May 2033 FGN bond, valued at N100 billion, at 19.88 per cent interest rate per annum…