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₦29b recovered from debtors of liquidated banks – NDIC

April 4, 2019 10:14 am

The Managing Director of Nigeria Deposit Insurance Corporation ( NDIC ), Umaru Ibrahim has said that, the corporation has so far recovered N29 billion from debtors of liquidated deposit money bank, microfinance banks and primary mortgage banks.

He said that NDIC insured limits of N500, 000 for depositors in deposit money banks, non-interest bank and primary mortgage banks and N200, 000 for depositors in microfinance banks currently covers 95 percent of depositors across the country, 96.8 million accounts and 97.63 percent of the entire accounts in the banking system.

Addressing the NDIC Special Day at the 40th Kaduna International Trade …

ExxonMobil considers sale of oil stakes in Nigeria

April 2, 2019 9:50 pm

Exxon Mobil may sell a suite of oil and gas fields it holds in Nigeria, and has commenced talks on the sales as it focuses on new developments in United States’. shale and Guyana, industry and banking sources told Reuters.

The potential disposals, THISDAY learnt yesterday are expected to include stakes in onshore and offshore fields and could raise up to $3 billion.

The development followed a statement from the Nigerian National Petroleum Corporation (NNPC) that it would no longer sign off any gas project without plans for gas flare out.

According to Reuters’ sources who were briefed on the …

FIRS targets ₦750bn from 55,000 millionaire tax defaulters

April 2, 2019 9:17 pm

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, Tuesday said the agency was targeting about N750 billion revenue from about 55,000 defaulting taxpayers.

He told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), during a budget defence session that the substitution led to recovery of N23.25 billion.

He restated that the 85 per cent of VAT collected goes to State Governments. Fowler said:“From the Bank Accounts substitution exercise,
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Oil rises on Iran sanctions threat, Venezuela shutdown

April 1, 2019 9:13 pm

Price were also underpinned by a Reuters survey showing OPEC oil supply sank to a four-year low in March, and positive data from the world’s biggest economies, the United States and China.

Brent crude rose 26 cents, or 0.4 percent, to $69.27 a barrel by 0025 GMT, having earlier touched $69.29, a new high for 2019.

U.S. West Texas Intermediate (WTI) futures rose 28 cents, or 0.5 percent to $61.87 a barrel, earlier reaching $61.89, also a new high for 2019. WTI closed up 2.4 percent on Monday.

The U.S. government is considering additional sanctions against Iran that would target
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Facebook CEO calls for updated internet regulations

March 30, 2019 11:14 pm

Facebook Chief Executive Mark Zuckerberg called on Saturday for regulators to play a “more active role” in establishing rules that govern the internet, as the world’s largest social media network struggles to defuse criticism.

Zuckerberg, whose company is under pressure for failing to adequately police content and protect user privacy on its platform, wrote in a Washington Post article that a “standardized approach” for removing content would help keep internet companies “accountable.”

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Airbus secures $35b Chinese deal for 300 aircraft

March 29, 2019 8:27 pm
President Xi Jinping’s state visit to the French capital has won Airbus a $35 billion jet deal from China, dealing a blow to Boeing as it grapples with the grounding of its best-selling jet.The mammoth order consists of 290 A320-series narrow-body planes and 10 A350 wide-bodies, Toulouse-based Airbus said after the transaction was announced in Paris on Monday. The deal’s value is almost double that touted by French President Emmanuel Macron in January 2018 during a trip to Beijing.

The Airbus coup comes while Boeing’s own 737 Max narrow-body – the chief global rival to the A320 – has been

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Elumelu partners with AFDB to support young entrepreneurs

March 29, 2019 11:47 am
The African Development Bank (AfDB) and the Tony Elumelu Foundation (TEF) have announced a new partnership that will expand support for youth entrepreneurship on the continent.
The partnership will create an additional 1,000 places on the flagship Tony Elumelu Entrepreneurship Programme (TEEP), bringing the total number of places to 3,050.
Participants in the program, launched by influential Nigerian entrepreneur Tony Elumelu in 2015, will receive access to seed funding, expert mentoring, and a 12-week business training program.
Competition for places has increased in the past year, according to figures from TEF. The Foundation received 216,000 applicants compared to 151,000 for
…

S&P affirms Access Bank’s ratings

March 28, 2019 10:02 pm

Following the merger between Access Bank Plc and Diamond Bank, one of the global rating agencies, Standard and Poor’s (S&P), Thursday announced that it has discontinued its ‘CCC+/C’ long- and short-term issuer credit ratings and its ‘ngBB/ngB’ Nigeria national scale ratings on Diamond Bank.

At the same time, it affirmed the ‘B/B’ long- and short-term issuer credit ratings and ‘ngA/ngA-1’ Nigeria national scale ratings on Access Bank and assigned the bank a stable outlook.

According to S&P, the affirmation of its ‘B/B’ ratings on Access Bank was based on its view that short-term acquisition risks were likely to be offset …

NUFBTE warns firm against engaging expatriates

March 28, 2019 9:15 pm

The National Union of Food Beverage and Tobacco Employees (NUFBTE) President, Comrade Lateef Oyelekan, has advised   Lacasera Company management not to allow expatriates take over positions meant for Nigerians.

He gave the advice when  Lacasera Company new Managing Director, Mr. Chinedum Okereke, visited NUFBTE executives in Lagos.

Comrade Oyelekan, who is also the vice president of the Nigeria Labour Congress (NLC), told reporters after the meeting, that part of their discussions  was how the company would ensure that it secured Nigerian jobs from expatriates.

Oyelekan said: ‘’We said he should use it to protect the interest of Nigerians because if …

CBN vows to make Nigeria world’s third palm oil producer

March 18, 2019 1:40 pm

The Central Bank of Nigeria (CBN) has vowed to help push Nigeria to the world’s third largest producer of palm oil.

If successful, Nigeria will overtake Thailand and Columbia as a major palm oil producer in the world.

Addressing stakeholders in the palm oil industry in Abuja Monday, the Governor of the CBN Mr. Godwin Emefiele stated that “our ultimate vision is to overtake Thailand and Columbia to become the 3rd largest producer over the next few years.”

The CBN Governor noted that “if we had kept pace with our peers in supporting improved cultivation of palm oil, at the …

BREAKING: Emefiele still in office, says CBN

March 4, 2019 2:06 pm

The Central Bank of Nigeria (CBN) has dismissed claims that the CBN governor, Godwin Emefiele has been sacked.

Responding to enquiries from The Nation on Monday, the Director Corporate Communications of the CBN Mr. Isaac Okorafor told The Nation that “the governor is in his office working. I don’t know what you’re talking about.”

Another official of the CBN also told The Nation Correspondent that “there is nothing like that, the governor is here, his tenure expires in June.

“In fact he has functions to attend to tomorrow, one of which is to meet with stakeholders in the cotton value …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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