As part of its efforts to sanitise the banking sector, the Central Bank of Nigeria, CBN, has issued a new set of corporate governance guidelines for every bank in the country. As contained in the new guideline, investors are now prohibited from owning more than five per cent stakes in any bank without prior…
Nigeria’s Economy Now the Largest in Africa
Nigeria is now Africa’s largest economy and 26th in the World with a total GPD of $510 billion. To arrive at this position, the West African country frog leaped its South African Counterpart. The country which moved 10 points forward now ranks next to Argentina and just above Austria in the latest world Bank…
NSE Lists Vetiva 30 ETF
The Nigerian Stock Exchange, NSE, has expanded its product offerings via the official listing of Vetiva Griffin 30 Exchange Traded Fund, ETF, on the floor of the exchange recently. Haruna Jalo-Waziri, executive director, business development at the exchange, explained that the new product is an open-ended fund that is designed to track the performance…
NSE Reduces Trade Alert Costs By Over N1 billion
In a bid to attract more investors to the Nigerian capital market, the Nigerian Stock Exchange, NSE, has decided to scrap the 0.06 per cent charge on the Trade Alert service from March 2014. While the management of the exchange scraps the old alert system, it has introduced X-Alert, an enhanced notification system, which…
Federal Government Appoints Emefiele As CBN Governor
Godwin Emefiele, the chief executive officer, Zenith Bank Plc, has been appointed as substantive Governor of the Central Bank of Nigeria, CBN. He replaces Sahusi Lamido Sanusi, who was suspended this morning by President Goodluck Jonathan. Bayo Adelabu, executive director, First Bank Plc has also been named deputy governor, replacing Tunde Lemo. The names of the…
President Jonathan Suspends CBN Governor Sanusi
In what appears to be a tale of the hunter being the hunted, Lamido Sanusi, governor, Central Bank of Nigeria, CBN, has been suspended by President Goodluck Jonathan. Sanusi who has been having a running battle with the petroleum ministry and the Nigerian National Petroleum Corporation, NNPC, over his allegations of $20 billion missing…
Nigeria Scares Away Foreign Investors – Benjamin Akande, US-based economist
Nigeria is popularly known as the giant of Africa and the growth rate of its economy, which is rated among the best in the world, above the United States, US, and United Kingdom, UK, confirms that lofty position. Aside from the state of the economy, most of the successful physicians, businessmen, and academics in the…
HarvestPlus Spreads Pro Vitamin A Cassava
It is no longer news that Nigeria, producing over 34 million tonnes annually, is the largest producer of cassava in the world. But the recent spread of pro vitamin A cassava variety, popularly known as ‘yellow cassava’, across the country by HarvestPlus Nigeria, a research institute that is committed to breeding crops for better nutrition,…
CBN Removes Forex Limit
The Central Bank of Nigeria, CBN, has authorised the removal of the $250,000 weekly foreign exchange sales limit placed on bureaux de change, BDC, operators in the country. The announcement came a week after Lamido Sanusi, CBN governor, vowed to address the widening gap between the naira-dollar exchange rates in the official market and parallel…
UBA Increases Investments in Major Sectors
To United Bank for Africa, UBA, investing in the power sector of Nigeria should be the priority of all investment banks. To lead the way, Phillips Oduoza, group managing director, announced that the bank had extended its investment to N113 billion to different investors towards the acquisition of power assets in the country’s power sector.…
