Author: Aishat Olalere

An International Monetary Fund Team led by IMF Mission Chief for Nigeria, Axel Schimmelpfennig said during a visit to Lagos and Abuja that the New Nigeria government inherited a difficult economic situation marked by low growth, low revenue collection, acceleration inflation and external imbalances built up over years. IMF said addressing food insecurity is the immediate priority. The recent approval of a well-targeted and effective social protection system is an important step toward addressing this and implementation will be crucial. It also noted that the decision by the Monetary Policy Committee to further tighten monetary policy will help contain inflation…

The National Institution of Credit Administration (NICA) talked about the negative effect of restricted access to credit on the expansion of business, production capabilities which has worsen the poverty levels across Nigeria. In a recent statement, NICA said in a recent statement the essence of a well-functioning consumer credit system, which facilitates the acquisition of goods and services on credit, thereby diminishing the dependency on cash transactions. This system enables individuals to finance urgent and significant projects, stimulates domestic production, and fosters economic growth. “In the country, consumer credit has been bedevilled by challenges such as the demand for collateral…

Mrs Helen Oby, Head of the press and Public Relations Unit of the Ministry of Finance said in a statement on Monday in Abuja that Mr Wale Edun, the Minister of Finance and Coordinating Minister for the Economy will chair the South- West zone public hearing on the new national minimum wage on Thursday in Lagos. Oby added that Edun will lead five other members of the minimum wage team appointed by the federal government to the public hearing at LTV Blue Roof Arena, Ikeja, Lagos. “This session aims to gather insights and recommendations to inform a fair and sustainable…

Rep. Isah Dogonyaro (APC Jigawa state) recommended a motion at a public hearing on Monday in Abuja that the House of representative committee on Financial Crime should arrest the Chief Executive Officer of Binance Holding Ltd, Richard Teng over allege tax invasion and money laundering in Nigeria. Binance is an online financial company, operating in the cyberspace of Nigeria for more than six years with not less than 20 million Nigerians on the platform. The hearing was on a petition by empowerment Fund for Nigeria Youth Initiative and the Niger Delta Youth Council of Nigeria on Several crimes allegedly committed…

Former presidential aspirant and business man Jimi Wanjigi has dismissed efforts by Wiper Party leader Kalonzo Musyoka to succeed ODM leader Raila Odinga as the leader of the opposition. On Sunday, March 3, During a press conference, Wanjigi criticised the former vice president’s candidate saying he has nothing to offer. He said Kalonzo has no capacity to take over the leadership of the opposition in the country. He slammed opposition leader for concentrating on ODM leader Raila Odinga’s bid for the chairmanship of the African Union Commission According to Wanjigi, the Wiper leader should borrow a cue from the former…

To boost saving culture and deepen financial inclusion, LÁPÒ Microfinance Bank Limited launched the LAPO Xpress Save & Win promotion, Season 2 which rewarded the winner of the promo with N1 million star price. Afterwards, the bank revealed that over N1.8 billion was saved within three month by customer through the LAPO Xpress Save &Win Promo. The bank said that the LAPO Xpress Savings Promo Season 2 themed: “Double Double” reflects the bank’s proactive response to the current socioeconomic realities and its genuine commitment to empowering customers. The winner, Halisu Kabiru, who is a customer from the bank’s Zaria 1…

Access Bank and Qatar airway partner to offer the banks’s customers across Africa discount on flights. It was reveled in a statement made on Friday that the airline will give 12 percent discount on both business and economy class tickets to Access bank customers who book their flights online using their USD debit card on Qatar Airways’ website between February 14 and March 31,2024. “As we are in the season of love and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains to broaden opportunities to travel for our passengers in…

The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga Bakare disclosed during a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja Lagos that the state’s monthly rental scheme will be enforced before the end of 2024 or early next year. She said, “We all see what is being done in other climes, rents are collected monthly. Hence, we are looking and hoping that before the end of the year, or by early next year, we will be able to implement the policy of monthly rental. Also, the rental would be charged according to…

The average yield on Nigeria’s US dollar bonds or Eurobonds settled lower following an increase in buying interest on the sovereign curve in the international market. African sovereigns are returning to international debt capital market again for borrowings at elevated rates. Some local banks were noted to have sold their interest in Nigeria Eurobonds after the apex bank ordered a closure on their net open positions. However, analysts maintained that the sell orders were not fully complied with as the time to unload sovereign Eurobond assets in the international market was not fully considered in the apex bank’s directive. The…

On Wednesday auction, the average yield on Nigerian Treasury bills climbed to 17.2% ahead of the primary market. The yield has remained elevated in the secondary market following a series of spot rate repricing. Afrivest said in its market review that In February, the Central Bank conducted two rounds of Treasury bills auctions with a combined offer of N1.3 trillion across the 91, 182, and 364-day instruments. Analysts noted that fixed interest securities investors’ appetite was fairly strong with the overall bid-to-offer ratio of 3.3x, albeit weaker than January’s 38.7x. The 364-day instrument recorded the strongest buy interest with a…