By CHIMA AKWAJA, Lagos - The Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN), and Value Added Services (VAS) providers have recommended 21 steps to nip the prevalence of electronic banking fraud which have cost bank customers losses running into billions of naira in the country. The NCC continued its onslaught against the threat posed by cybercriminals to the industry when it organised a second Workshop of the Industry Group (IWG) on electronic banking fraud at the Digital Bridge Institute (DBI) Kano on October 24, 2017. The IWG was constituted early in the year has as members, stakeholders from the NCC, CBN, Civil Society Organisations (CSO) as well as VAS providers. Engr. Ubale Maska, executive commissioner, Technical Services at the NCC in his opening remarks to participants at the workshop said the staggering level of fraud in the industry led to the constitution of the IWG which is saddled with...
As the World Savings Day is being observed today all over the globe, and despite excuses for not saving money for the raining day by some Nigerians, the managing director/chief executive, Jaiz Bank PLC, Hassan Usman, Says every Nigerian must imbibe saving culture. He spoke with BAYO AMODU in his office in Abuja. What is the significance of the World Savings day being marked all over the world on October 31st? Economic development is about investments; investments cannot happen without savings. The advanced economies ensured that they had savings culture individually and as nations. Those days, and even today, those economies with surpluses are those able to reinvest and generate more wealth. So both as households and individuals, it is imperative for us to save and to invest. Entrepreneurs are always looking for opportunities to invest, sometimes they raise money in the capital market or the banks to invest. In either...
By FESTUS OKOROMADU, Abuja - The Nigerian National Petroleum Corporation (NNPC) has described the bid by a total of 34 firms to provide security services for its assets across the country as efforts to consolidate on steady supply and distribution of petroleum products in the country. A statement from the Corporation said the public opening of bid is part of the Corporation’s commitment to transparency as a Focused, Accountable, Competitive and Transparent organisation, conducting its business with Integrity (FACTI). The spokesperson of NNPC, Ndu Ughamadu in the statement quoted the managing director of the Nigerian Pipeline and Storage Company (NPSC), Mr. Luke Anele, as saying that exercise is for the selection of firms to provide security services at the company’s depots and pump stations across the country. Anene who was represented by the NPSC’s executive director in charge of Pipelines, Mr. Danladi Ahmed, stated that the NPSC was desirous of engaging reputable and...

DBN To Lend N5bn To 20,000 MSME

BY BAYO AMODU, Abuja - The newly-established Development Bank of Nigeria (DBN) yesterday announced that it will lend N5 billion, long term money to over 20,000 Micro, Small and Medium Enterprises (MSMEs) in commencement of its first mandate – lending activities. According to the bank, the loan would be disbursed through three selected Participating Financial Institutions (PFI) including Fortis Microfinance Bank, LAPO Microfinance Bank and NPF Microfinance. Speaking at a press conference in Abuja, yesterday, the managing director, DBN, Mr. Tony Okpanachi, said the pricing of the loan is pragmatic and referenced to market rates. He also said, “DBN loan repayment tenure is flexible- up to 10 years with a moratorium period of up to 18 months and the pricing is pragmatic and reference to market rates.’’ DBN was licensed by Central Bank of Nigeria (CBN) in March this year as a wholesale development finance institution that will lend to banks for onward...
BY MARK ITSIBOR, Abuja And KAYODE TOKEDE, Lagos - The Securities and Exchange Commission (SEC) has launched a new development fund tagged: Nigerian Capital Market Development Fund (NCMDF), with a mandate to provide funding for the Nigerian Capital Market’s developmental initiatives that will spur growth of the Market and the Nigerian economy. Board of the fund was also inaugurated yesterday. The board is chaired by the director general of SEC, Mr. Mounir Gwarzo. The board members are: Executive Commissioner of the SEC;  Director, Home Finance (federal ministry of finance), Mrs. Olubunmi Siyanbola; Chairman, Association for the advancement of the rights of Nigerian shareholders, Dr. Faruk Umar and Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu. Others are: President/Chairman, Institute of Capital Market Registrars, Mr. Bayo Olugbemi; Ify Ajezie of Association of Stockbroking Houses of Nigeria and CEO, Afex Commodities Exchanges/Association of Securities Exchanges, Ayodeji Balogun. Director, market development at SEC, Mr. Henry...
BY BAYO AMODU, Abuja with agency report - The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, instead redirecting the money to specific projects, a vice president at the lender said on Monday. The African Development Bank had been in talks with Nigeria for around a year to release the second, $400 million tranche of a $1 billion loan to shore up its budget for 2017, as the government tried to reinvigorate its stagnant economy with heavy spending. Rather than loan Nigeria money to fund its budget, the African Development Bank is likely to take at least some of that money and “put it directly into projects,” Amadou Hott, African Development Bank vice president for power, energy, climate change and green growth, told Reuters in an interview during a Nordic-African business conference in Oslo. Because prices for oil, on which Nigeria’s government relies...
By Bukola Idowu, Lagos - A total of N6.694 billion has been raised so far in the past eight months from the Federal Government Savings Bond which debuted in March this year to encourage increased participation of low and middle income earners in the bond market. The October allotment figure shows that N389.19 million had been raised through the 12.059 per cent two year bond and 13.059 three year bond. This month’s subscription was the lowest so far. There has been increased participation at the debt market as demand for Treasury Bills, FGN Bonds and the Savings bond increased relative to supply. A breakdown of the data sourced from the Debt Management Office (DMO) showed that the initial auction of the Savings Bond still had the largest participation. At the first auction in March, the debt office had raised N2.068 billion from the 13.01 per cent two year debt. By the April auction,...
BY CHIKA IZUORA, Lagos - The federal government yesterday stated that from 2019, the country would begin tracking the nation’s crude oil and would be able to account for every drop of the commodity produced in the country. Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, in a podcast distributed to journalists in Abuja, said the Federal Government was already working with the Department of Petroleum Resources, DPR, to develop an information technology (IT) platform that would make the crude oil tracking possible. He said the federal government is putting together an IT platform that will enable it track every molecule of oil produced by the country. He said, ‘‘We are working with DPR and hopefully, by 2019 the issues of whether we could not account for our crudes will no longer occur. “We are planning our marginal fields’ rounds and we are also planning our inland basins rounds. It is going to...
BY OLUGBENGA SOYELE, Lagos - A prosecution witness in the ongoing trial of the managing director of Lekki Gardens Estate Ltd, Richard Nyong and seven others on Monday told a Lagos State High Court in Igbosere that the collapsed five storey building had no building approval. The witness, Maruis Agwu, an Architect, also told the trial judge, Justice Sybil Nwaka, that the initial plan of the building was three storey building, but that Nyong later told him of his intention to increase the building from three storey to five floors because of the high demand of subscribers. The Lagos State government had arraigned Nyong and others on a six-count charge of failure to obtain building approval and manslaughter following the building collapse which killed five people. Others arraigned before the court are; Richard Nyong, Henry Odofin, Molabake Mortune, Omotilewa Joseph, Lekki Gardens Estate Ltd, Get Too Rich Investment Ltd and Artech Insignia Ltd. Agwu, while...
The Naira on Monday traded at N360.16 to the dollar at the investor’s window, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N362 to the dollar at the parallel market, while the Pound Sterling and the Euro closed at N475 and N425. The Naira also traded at N362 to the dollar at the Bureau De Change (BDC) window, while the Pound Sterling and the Euro closed at N475 and N425. Traders said the Nigerian currency had remained stable at the Foreign Exchange (FOREX) market and commended the Central Bank of Nigeria (CBN) for boosting liquidity at the various segments of the market. The CBN had injected over 3.6 billion dollars in series of interventions to the FOREX market. (NAN)