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Galloping inflation: CBN shoots lending rate to 15.5%
Nigeria’s central bank on Tuesday hiked its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency. Analysts had…
AGM: Oando shareholders task govt on oil theft, insecurity
Sopuruchi Onwuka Owners of indigenous energy independent firm, Oando Plc, have required the government to explore workable partnerships in addressing the rising incidents of oil theft and facility vandalism in the petroleum industry. Representatives of shareholder blocs who spoke at…
Buhari’s govt owes $47 Billion to the Nation’s Central Bank
Nigeria said it owes 20 trillion naira ($47 billion) to its central bank and the obligations are yet to be added to the African nation’s outstanding public debt, according to a report by the budget office. The debt figure is…
Naira takes deep plunge as CNB closes more windows
The Nigerian Naira rolled downhill on Wednesday in the foreign exchange market after the Central Bank of Nigeria (CBN) shut out bureau de change operators from its trading windows. At the parallel market where foreign exchange is most accessible to…
Oriental News holds confab on Financial Inclusion
Key stakeholders in Nigeria’s financial sector would engage in a robust round table discussion on government’s key policy which centres around inclusive financial system that will cover all strata of the society. The experts drawn from key private sector organisations…
Access Bank stakes $37m in Kenyan Bank
Nigerian commercial bank, Access Bank Plc, is working out transactions that would confer it with controlling stakes in smaller commercial bank operating in Kenya, the Sidian Bank. Access Bank is buying the stake off an investment group, Centum Investments Plc,…
‘Deteroriating economic outlook pose risk transmission to banks’
Credit rating agency, Fitch Ratings, has declared in a new report Nigerian banks face potential global risk transmission, explaining that operating environments could deteriorate between now and 2023. Fitch said adverse global macroeconomic conditions are already affecting the Nigerian economy,…
NCDMB pools $40m credit facility for oil women
Women entrepreneurs in the Nigerian oil and gas industry can break barriers by taking advantage of the $40m fund created specifically for them under the Nigerian Content Intervention Fund (NCI Fund), the Executive Secretary of the Nigerian Content Development and…
Wabote charges African producers to finance projects with oil windfall
Sopuruchi Onwuka African petroleum producers have the opportunity under the prevailing oil price strength to forge contributory funding schemes that would pool financing for new oil and gas development projects in the continent. Nigerian Content Development and Monitoring Board (NCDMB)…
Nigerian Content Fund exceeds $500m
Sopuruchi Onwuka The Nigerian Content Intervention (NCI) Fund has exceeded half a billion dollars, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said. He spoke recently at the Sub-Saharan African International Petroleum…
