Wall Street Stocks extend losing streak, euro falls
US Stock: Wall Street stocks extended their recent losing streak on Tuesday, stung by worries about slowing US job growth, while the euro fell on nagging concerns about Europe’s fiscal problems. Signs...
View ArticleWORLD BANK PRESIDENCY: STRAW POLL HOLDS FRIDAY
Africans at home and in diaspora are in contemplative mood just as the World Bank board of directors holds a straw poll Friday to decide the new president of the Bank who will emerge on Monday, 16...
View ArticleCashlesslagos.org: Welcome to Cash-Less Lagos!
Actually, it’s day 4 since the policy began. And Lagos is still humming along like always, no wahala. But if this experiment works, it would go a long way to change the way money moves in the country —...
View ArticleWorld Bank Presidency Update: Ocampo steps down for Okonjo-Iweala
A former Colombian Finance Minister, Jose Antonio Ocampo, has withdrawn his candidacy from the race for the World Bank presidency to support Nigeria’s Coordinating Minister of the Economy and Minister...
View Article‘Sanusi’s Concerns Unfounded’ – 2012 Subsidy Budget
Dr. Ali Ahmad, a member of the House adhoc committee that investigated the fuel subsidy has stated that concerns that the amount voted for fuel subsidy in the 2012 budget is inadequate are misplaced....
View ArticleNigeria: UBA funds $40m projects in Benin Republic
UBA Benin Limited, a subsidiary of the pan African banking group, The United Bank for Africa Plc, has facilitated a $40m syndicated loan for economic development of Benin Repubic. Specifically, UBA...
View ArticleNigeria: NSE adjusts six equities’ prices for dividend, bonus
The Nigerian Stock Exchange (NSE) has adjusted the prices of six equities for dividend payment and bonus issues. In its report for the week ended April 20, 2012, NSE said the decision to adjust the...
View ArticleReps summon Soludo, Dangote others over Capital Market crash
The House of Representatives Ad hoc Committee on the near collapse of the Capital Market yesterday summoned the immediate past governor of the Central Bank, Prof. Chukwuma Soludo, former Finance...
View ArticleMalawians in Shock as central bank devalues currency by 33%
Malawian President Joyce Banda has reversed several of her predecessor’s policies Shoppers in Malawi have been scrambling to buy basic goods, fearing huge price rises after the currency was devalued by...
View ArticleGina Rinehart Becomes the world’s richest woman
Family financial squabbles have done nothing to stop Gina Rinehart’s relentless rise as the richest woman in Australia, and now the world. The latest BRW magazine’s rich list says Ms Rinehart’s $29...
View ArticleNigeria: Don’t Tamper With CBN Autonomy, Soludo Warns Lawmakers
The immediate past Governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo, has cautioned members of the National Assembly (NASS) against amending the CBN Act 2007, with a view to removing...
View ArticleCBN offers 75% loan guarantees to farmers
The Central Bank of Nigeria (CBN) has offered to guarantee 75 per cent loans provided by Deposit Money Banks to farmers in the states and the Federal Capital Territory as part of efforts to transform...
View ArticleOIL PRICES CLIMB ABOVE $100 TO HELP CBN STABILISE NAIRA
Oil prices rose above $100 a barrel on Wednesday as investors hoped a European Central Bank (ECB) policy meeting later would steer the euro zone out of crises. The higher oil prices will be a...
View ArticleCash-less policy: PoS terminals hit 100,000 in Lagos
The Central Bank of Nigeria, on Friday, said that a total of 100, 000 Point of Sale terminals had been deployed in Lagos State by Deposit Money Banks in a bid to ensure the success of the cashless...
View ArticleUnknown bidder wins Warren Buffett’s lunch auctioned for $3.46m
An unknown bidder wins Manhattan steakhouse meal with the Oracle of Omaha in online auction to benefit homeless charity Billionaire Warren Buffet has helped raise more than $11m for the Gilde...
View ArticleBusiness News: Nigeria, Netherlands’ trade hits €67bn
NIGERIA’S bilateral trade with The Netherlands may have assumed an upward profile, going by the figures reeled out in respect of imports and exports between the two countries, in the first quarter of...
View ArticleAfrican SMEs to get $500m guarantee fund
Small and medium-sized businesses (SMEs) in Africa are expected to benefit from a $500 million fund set to guarantee their borrowings from local commercial banks, Africa Guarantee Fund (AGF) chief...
View Article‘Court has vindicated Islamic bank opponents’
The Prelate, Methodist Church Nigeria, Dr. Ola Makinde, and Kwara State Chairman, Christian Association of Nigeria, Dr. James Foloranmi, on Wednesday said the verdict of an Abuja Federal High Court on...
View ArticleNaira falls to two-week low
The naira depreciated to the lowest in almost two weeks as the oil industry demanded dollars for gasoline imports. The currency of Africa’s biggest oil producer retreated 0.2 percent to 163.015 naira...
View ArticleNNPC Says CBN is the owner of secret oil foreign account
AS controversy over a secret oil proceeds account continued yesterday, the Nigerian National Petroleum Corporation (NNPC) fingered the Central Bank of Nigeria (CBN) as operator of the account. The...
View ArticleCBN links NNPC’s JP Morgan account to AGF office
The Central Bank of Nigeria on Friday night opened up on the operation of the controversial secret account. Members of the Senate panel probing the management of fuel subsidy regime had on Wednesday...
View ArticleAfrica’s intra-regional trade to hit N5.5tr in 2022
‘How Pan-African Parliament ’ll integrate member-states’ WITH the establishment of a Continental Free Trade Area (CFTA), Africa’s intra-regional trade is expected to increase by $34.6 billion (about...
View ArticleChina strengthens Africa ties with $20b in loans
Chinese President Hu Jintao also pledged to “continue to expand aid to Africa, so that the benefits of development can be realised by the African people”. PHOTO: REUTERS. BEIJING: Chinese President Hu...
View ArticleAFRICAN CENTRAL BANK DEBUTS IN 2021
INDICATIONS emerged yesterday that by 2021, the entire African continent could come under one economic authority with a single currency akin to what obtains in Europe. But that would depend on the...
View ArticleIsrael bars envoys, halts West Bank conference
A MEETING of envoys from the Non-Aligned Movement due to convene in the Israeli-occupied West Bank was yesterday scrapped after Israel refused to admit four attendees from states with which it has no...
View ArticleRBS makes $2.3B loss in 6 months
(Financial Times) — Royal Bank of Scotland was on Friday hit by a fresh wave of losses caused by mis-selling scandals and last month’s technology meltdown. It disclosed that it had sacked staff...
View ArticleBreaking: CBN redesigns Naira notes, introduces N5,000
ABUJA—The Central Bank of Nigeria, CBN, Thursday, announced the introduction of a new currency series under which the existing denominations of N50, N100, N200, N500 and the N1,000 notes will be...
View ArticleNigeria: New notes’ll ruin the economy, kill cashless policy
WHEN the Central Bank of Nigeria CBN wanted to introduce the cash less policy its argument was that less than 10 per cent of the Nigeria population draws on the average that amount of money from the...
View Article“Naira has lost value” says CBN
The argument that the N5, 000 bill should not be introduced because it would spur corruption does not hold here because those that are using our currency for corruption have already migrated to the...
View ArticleFinancial Stability Overrides Shareholders’ Interest — CBN
The Central Financial institution of Nigeria (CBN) said the aim of economic stability overrides the interest of investors of the 3 nationalised financial institutions. CBN Deputy Governor, Financial...
View Article10 Nigerian Multi-Millionaires You’ve Never Heard Of
In the month of November, FORBES will publish its annual official ranking of the 40 richest people in Africa. A lot of research has gone into the making of this list and this year, we’ve uncovered...
View ArticleFinance: Nigeria to borrow $7.9b, says Okonjo-Iweala
THE Federal Government has amended its borrowing plan for infrastructural development, reviewing its proposed debt profile up from $7.9bn to $9.3bn between 2012 and 2014. The government will source a...
View ArticleKenya’s Martha Karua reveals that she’s worth Ksh 56 MILLION
Narc Kenya leader Martha Karua has today become the first Kenyan presidential aspirant to declare her wealth, saying her personal fortune amounts to Ksh 56 million. Karua made the declaration while...
View ArticleOxfam: Annual income of 100 richest people enough to end global poverty
An explosion in extreme wealth and income is exacerbating inequality and hindering the world’s ability to tackle poverty, international development agency, Oxfam, warned on Saturday in a briefing...
View ArticleCyprus Banks Re-opens Under Tight Security
Banks in Cyprus have reopened after a two-week closure sparked by discussions on an EU-IMF bailout, amid tension over possible massive withdrawals. Branches were replenished with money over night and...
View ArticleDangote is 23rd richest in the world
The ranks of the world’s billionaires continue to scale new heights–and stretch to new corners of the world. Forbes global wealth team found 1,645 billionaires with an aggregate net worth of $6.4...
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