Author: Aishat Olalere

It was noticed that there are some under hand deals and gross mismanagement of fund of the country under the former president Muhammedu Buhari. It was proven that Buhari was not in total control of his administration, a leadership position he fought to attain after several attempt. This led to the inauguration of the senate ad-hoc committee to investigate the ways and means and the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN), which is headed by the President of the Senate Godswill Akpabio and other senators. The Red Chamber made the decision on the committee inauguration, to…

The Group Chief Financial Officer, Dr Ayo Adepoju, announced in the notification to the Nigerian Exchange Ltd (NGX) on Monday in Lagos that Ecobank Transnational Incorporated (ETI) has signed 250 million dollars senior unsecured bridge-to-bond loan facility with the African Export- Import Bank (AfeximBank) and Africa Finance Corporation. Adepoju said that AfreximBank and AFC would act as Global Coordinators and Initial Mandated Lead Arrangers to support trade finance and the general corporate purposes of the group. He added that Mashreq Bank psc. also joined the transaction as a Mandated Lead Arranger. According to him, the facility has a tenor of…

The Director of Finance Policy and Regulation department of the Central Bank of Nigeria, Valentine Ururuka, singed a circular which is addressed to the Micro Finance Bank (MFBs) . In the Circular, the CBN has urged all MFBs to ensure prompt rensition of statutory monthly returns through FinA application. Ururuka said the CBN has observed with dismay the late and non-rendition of periodic returns on FinA by MFBs. “All MfBs are, therefore, reminded of the provision of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other regulations. Consequently, all MfBs are to ensure that their…

The spokesperson for President Bola Ahmed Tinubu on Media and Publicity, Ajuri Ngelale, said recently in an interview that former president Muhammad Buhari was unaware of the foreign reserve depletion by the former Central Bank Governor, Godwin Emefiele, the CBN Governor under President Buhari regime Ngelale added that the former president didnt authorized the bulk of the expenditure from the foreign reserves amounting to billions of dollars which is part of the cause of the foreign exchange and inflation problem Nigeria is currently facing. He added that majority of the apex bank’s operations are directly managed by the CBN governor,…

International business research firm, Economist Intelligence Unit said in its latest Country Report on Nigeria which was published on Friday that the Central Bank of Nigeria does not have the liquidity to support the naira as of now. The CBN unified segments of the country’s foreign exchange market on June 14, 2023, which resulted in a significant depreciation of the local currency. The naira weakened by 36.56% to 632.77/$ on the day the CBN unified the forex market from 463.38/$ at the official market. The naira has struggled against the dollar since then and it worsened in February following a…

Geregu power Plc is a power generation company registered and domiciled at Itobe – Ajaokuta Express Road, Ajaokuta, Kogi State and its corporate office is situated at 13 Walter Carrington Crescent Victoria Island, Lagos, Nigeria. The Geregu Power Plant was constructed by the Federal Government of Nigeria and commissioned into service on the 16th February 2007 to generate electric power and supply to the National Grid managed by the Transmission Company of Nigeria (TCN). The Plant is owned and operated by Amperion Power Distribution Company Limited holding an 80% stake and 20% retained by Federal Government of Nigeria (jointly held…

President Bola Ahmed Tinubu has been accused by Senator Abdul Ningi of Bauchi Central (PDP) of padding the 2024 budget with additional N3tn. He claimed that the executive is implementing a budget other than the one that was approved on January 1, 2024. Ningi, under the aegis of the Northern Senators’ Forum, had contended in a BBC Hausa Service interview that the Federal Government, led by President Bola Tinubu, was executing a budget significantly higher than what was passed by the NASS. This came as Senate said it would meet over the matter on Tuesday, using its internal mechanisms and…

On Sunday, Sunday Oduntan, The Executive Director of the Association of Nigerian Electricity Distributors revealed at an interview on Arise TV that the Nigeria Government owes about N100 billion in electricity outstanding debt. Oduntan also added that the Government need to play its part to provide an enabling environment for energy distributor in the country. He pointed out that the recent payment of debts by the presidential villa to the Abuja electricity distribution company could have been avoided had the government been timely in settling its electricity bills. “I said all of us need to pay our part. On the part…

In a bid to drive foreign currency inflow into the country, the Nigerian government is offering higher interest rate on financial instrument. Rates on debt instruments have increased as the authority seeks foreign investors participation in a bid to reduce US dollar scarcity. Nigeria inflation condition has caused yield in the fixed income market as the government borrowed from the debt market at lower rate in 2023. the market has recorded a decrease in foreign investor portfolio, bringing hot monies into the economy, over negative interest yield. In the second half of the year, the monetary authority restarted open market…

According to the Data from FMDQ platform, The Central Bank of Nigeria (CBN) lent the Deposit Money banks (DMBs) a sum of N8trillion from the standing lending facility. The credit support from the CBN to the DMBs is to level up the liquidity level in the financial system and short term interest adjusted downward. As a result of increase in short term interest rate, the CBN is considered on a heating up position, banks have started to increase lending rate on credit creation. Money market rate come under pressure due to the large auction ticket sold by the authority. This…