Banking and Finance

Insurance Corporation to institute policies to safeguard financial services industry

The Nigeria Deposit Insurance Corporation (NDIC) says it would collaborate with relevant institutions to institute policies that would ensure the safety of the financial services industry in Nigeria.

The Managing Director of the corporation, Mr. Umaru Ibrahim reaffirmed this while giving a welcome address at a seminar organized for the management staff of the Federal Ministry of Finance in Abuja, Nigeria.

Business Environment Reforms: Can Nigeria Regain Initial Steam?

This week, we turn our attention to the ongoing business environment reforms started by the President Buhari administration in 2016. The Presidential Enabling Business Environment Council (PEBEC) is the institution tasked with the reforms that make it easier to do business in Nigeria. The improvements are expected to come in the form of a reduction in cost, time and procedures in starting and running a business. The overall target at the commencement of the reforms was to improve Nigeria’s ease of doing business rank to the top 100.

Nigeria records 57.1 PMI points in February –CBN

The Central Bank of Nigeria (CBN) said the Manufacturing Purchasing Managers’ Index (PMI) stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.

The CBN said this in its monthly “Purchasing Managers’ Index (PMI) Survey Report’’ by the Statistics Department posted on its Website.

The report said the index grew at a slower rate when compared to 58.5 index points recorded in February.

CBN injects $268.4m, CNY 46.3m into retail SMIS

The Central Bank of Nigeria (CBN), yesterday, made an intervention of $268.4million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

This was disclosed by the director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okorafor, who revealed that the intervention was for requests in the agricultural and raw materials sectors.

Nigeria signs agreements with three finance institutions

Nigeria’s Federal Government today signed investment agreements with three Development Finance Institutions: Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority (NSIA) for the development of special economic zones in the country.

And with the signing, President Muhammadu Buhari, who presided over the ceremony at the Council Chambers of the Aso Rock Villa, declared the investment company in the special economic zones will become operational.

Ambode presents ₦852.32b Budget

The Lagos state Governor, Mr Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316 billion to the State House of Assembly.

Governor Ambode presented it with a pledge that the budget had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State, Voice of Nigeria reports.

FG borrowed ₦6.1trn from pension assets –NPC

The Federal Government has borrowed about N6.16 trillion out of the N8.49 trillion pension assets under the Contributory Pension Scheme.

These figures were released by the National Pension Commission (NPC) on Tuesday in Abuja, revealing the FG’s borrowing represents 73.5 percent of the pension fund.

According to data from Pencom, Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn of the fund was invested in foreign ordinary shares.

Aceess Bank gets CBN, SEC’s approval to acquire Diamond Bank

Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on proposed merger plans.

Mr Victor Etuokwu, Access Bank Executive Director, Personal Banking, said in Lagos that CBN and SEC had granted both banks approval in principle for the merger process.

Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.

Nigerian Government Projects 3.01% GDP Growth in 2019

The Nigerian government says it projects a 3.01% Gross Domestic Product (GDP) growth in 2019, indicating a steady rise after the country exited recession in the Second Quarter of 2017.

Minister of Budget and National Planning, Senator Udoma Udo Udoma, stated this on Monday while speaking at the 10th Presidential Quarterly Business Forum held at the Banquet Hall of the Presidential Villa, Abuja.

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