Business

Recent investigations have revealed that Nigeria is losing about ₦3.5 trillion annually as corporate revenue in the nation’s ports due to the inability of the Federal Government to deliver efficient port services in a safe, secure, and customer-friendly environment. 

The inefficiency of the ports is creating bureaucratic bottlenecks and incessant delays and approximately 40 per cent of businesses located around the ports communities have either relocated to other areas, scaled-down operations or completely closed down.

The relocation and closure of businesses around the nation’s ports were attributed to the high cost of doing business, incessant gridlock that has been synonymous …

The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc.

According to reports, the apex bank had earlier queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as …

The Central Bank of Nigeria, CBN, has insisted that Nigeria can’t stop borrowing, mainly when it’s necessary.

Mr Godwin Emefiele, the CBN Governor, disclosed this in Abuja on Friday at the National Dialogue on Nigeria’s rising debt profile, titled: ‘The Rising Public Debt in Nigeria and the Challenges of National Development,’ organised by the Action Aid Nigeria (AAN).

Emefiele, who was represented by Dr Tawose Joseph, the Assistant Director, Monetary Policy Department, CBN, said there is no crime in borrowing.

According to him, there should be monitoring and …