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Banks to go harder on chronic debtors

The Committee of Banks’ Chief Executive Officers in Nigeria has underlined urgent the need for all banks to cooperate and collaborate to identify and go tougher on chronic debt defaulters. The committee said this would go beyond publishing names of such defaulters in national media (which is inevitable), but involved all banks speaking with one […]

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‘African free trade zone comes into effect’

An African free-trade zone came into force Thursday; a step toward creating what the African Union hopes will be a continent-wide market of 1.2 billion people worth $2.5 trillion. “This is a historic milestone!” tweeted Albert Muchanga, AU commissioner for trade and industry. “We celebrate the triumph of bold, pragmatic and continent-wide commitment to economic […]

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Stakeholders seek end to petroleum sector illicit financial flows

With over $18 billion yearly losses to Illicit Financial Flows (IFFs) in Nigeria, stakeholders in the oil and gas, and financial services sectors, have tasked the Federal Government to introduce measures that will urgently address the development; otherwise funding infrastructural and economic development may remain a challenge. A report by the Nigeria Extractive Industries Transparency […]