Nigeria’s government will prosecute those responsible for the collapse of failed lender Skye Bank, weeks after the central bank withdrew Skye’s operating license, the country’s finance minister said on Friday. Nigeria’s central bank revoked Skye Bank’s operating licence on Sept 21 and a bridge bank called Polaris was created to take over the lender’s assets. […]
Bloomberg reports that the mobile phone operator is under pressure to transfer $8.1bn MTN shares slumped as much as 11% on Friday after a report that Africa’s biggest cellphone network operator is facing pressure to transfer $8.1bn to Nigeria before that country’s courts rule on its conflict with the central bank. Bloomberg reported that the […]
The fight against trading in mint currency and abuse of the naira at events has gained prominence, as the Central Bank of Nigeria’s (CBN) Bankers Committee has mulled a mobile court to try offenders. The advanced move, in collaboration with the Nigeria Police Force and the Federal Ministry of Justice, is aimed at reducing the […]
Nigeria’s central bank is asking a Lagos court to make South Africa’s MTN pay 15 percent annual interest on the $8.1 billion it claims was illegally moved abroad, according to court documents seen by Reuters. The bank also asked the court to dismiss MTN’s case seeking to stop the monetary authority’s order for the telecoms […]
Nigeria’s central bank said on Wednesday it had injected $210 million into the interbank foreign exchange market, as it seeks to boost liquidity and alleviate dollar shortages. The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain […]
Crude oil futures ticked down during European morning trading Thursday on increased output from Saudi Arabia and a build in US stocks, although supply concerns muted the downward move somewhat. At 0930 GMT Thursday, the December ICE Brent crude futures contract was down $0.14/b from Wednesday’s settle at $86.15/b, while the NYMEX November light sweet […]
Executives at the world’s biggest oil and gas companies are under growing pressure to loosen the purse strings to replenish reserves, halt output declines and take advantage of a crude price rally after years of austerity. With oil at a four-year high of $85 a barrel, exploration departments are urging company boards to drill more, […]
The Nigerian Communications Commission (NCC) on Wednesday called for the cooperation and contributions of the judiciary to checkmate rising cases of cybercrime in the country. The Executive Vice Chairman of NCC, Prof. Umar Danbatta, made the plea in Lagos during the “2018 Annual Workshop for Judges on Legal Issues in Telecommunication’’. He said that in […]
The World Bank has cut its economic growth forecast for sub-Saharan Africa this year to 2.7 percent from an earlier forecast of 3.1 percent, mainly because of slower-than-expected growth in the continent’s bigger economies, the bank said on Wednesday. The region, which had posted a fairly fast average growth rate in the years leading up […]
Vice President Yemi Osinbajo has announced approval of a 90-day special window to register businesses at a reduced rate of N5, 000 only from N10, 000 Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President in Abuja, said that Osinbajo made the announcement in Enugu. Osinbajo, […]