The naira further by18 kobo at the interbank foreign exchange market on MondayReflecting the persistent impact of the dollar inflow into the market last week from oil firms, the interbank exchange rate dropped to N150.0125 per dollar at the close of business from N150.1925 the previous week. Last week, the naira appreciated in all the [...]
The World Bank has earmarked $180 million for research in technology development in Africa universities. The fund is to be administered through the Africa Technology Policy Study (ATPS) the Executive Director ATPS Network Kevin Chuka Urama disclosed in Yola, at a workshop. Participants urged policy makers, researchers and the government to embrace the use of [...]
ABUJA– IN a move geared towards redirecting affairs of the Nigerian National Petroleum Corporation, NNPC, and the Ministry of Petroleum Resources, the Federal Government, yesterday, announced a major shakeup with the appointment and transfer of some directors. These changes are coming barely one month after the former Group Managing Director of the NNPC, Sanusi Mohammed [...]
Equatorial Bank yesterday fired 150 staff in a bid to restructure its operations for increased efficiency. ETB is one of the eight banks rescued by the Central Bank of Nigeria (CBN) following the result of its special bank audit last year. According to a source close to the bank, the retrenchment was in compliance with [...]
LAGOS—CENTRAL Bank of Nigeria, CBN, has suspended the March 31 deadline for acceptance of old N50, N10 and N5 paper notes as legal tenders. Last year, CBN introduced new N5, N10 and N50 polymer banknotes into circulation and gave a deadline of six months ending March 31, 2010, after which the old paper notes would [...]
LAGOS—A Federal High Court sitting in Lagos, yesterday ordered the remand of six top officials of Intercontinental Bank in the custody of the Economic and Financial Crimes Commission, EFCC, over their alleged involvement in money laundering scam totaling about N27 billion. Trial judge in the matter is Justice Tijani Abubakar. The accused persons are, Financial [...]
Banks and insurance companies withheld pension assets worth N39.21 billion in 2008, says National Pension Commission. The Commission in its report for 2008 released last week said that this amount comprise legacy pension assets that should have been transferred to licensed pension operators. The report stated, “The 24 deposit money banks were inspected to determine [...]
The Central Bank of Nigeria has banned cheque payment for any amount above N10 million, even as it explained the huge losses posted by banks in their nine months operating results. In a circular to deposit money banks entitled ‘Maximum Limit on Cheque Payment’ and signed by the Acting Director, Banking Supervision the CBN stated, [...]
The Economic and Financial Crimes Commission on Monday arrested four top officials of Intercontinental Bank Plc for allegedly transfering N12bn belonging to depositors to the accounts of the former Managing Director of the bank, Mr. Erastus Akingbola. The arrested workers include the bank’s Financial Controller, Mr. Akin Fabunmi; Head, International Operations, Dr. Ayoola A.; Head, [...]
Fresh allegations have emerged in Abuja that a former Managing Director of Intercontinental Bank, Dr. Erastus Akingbola, granted N180bn loans to his associates and companies he had interest in. The total debt stock of the bank, as announced by the Central Bank of Nigeria in August, was N210.9bn. Akingbola was one of the five bank [...]
MUMBAI — The United Arab Emirates central bank on Sunday said that it stood behind domestic and foreign banks operating in Dubai after last week’s announcement that Dubai World needed more time to pay back some of its $60 billion in debt. Dubai surprised the financial world on Wednesday when it said it would ask [...]
Budget: FG expects N6.04trn revenue in 2010 ABUJA — DETAILS and revenue estimates for the 2010 budget inadvertently omitted in the budget proposal submitted to the National Assembly on Tuesday were yesterday circulated to Senators. The revenue estimates showing a total collection of N6.040 trillion accruable from oil and non-oil sources showed oil revenue yielding [...]
SACKED Managing Director of Oceanic Bank Plc, Mrs. Cecilia Ibru, has filed a suit before a Federal High Court sitting in Lagos, challenging her removal as the Chief Executive of the bank by the Central Bank, CBN, accusing the Governor, Mallam Sanusi Lamido of plotting to sell Oceanic bank to his friends under the guise [...]
Multi-million naira NDIC fraud: Ogunleye, 5 others have case to answer –Court An Abuja High Court on Tuesday ruled that the Managing Director of the Nigeria Deposit Insurance Corporation, Mr. Ganiyu Ogunleye, and five other key officials of the agency accused of conspiracy and criminal breach of trust in an alleged multi-million naira fraud have [...]
Economic and Financial Crimes Commission (EFCC) and other relevant agencies are probing allegations of corrupt practices levelled against Mr. Jacques Gelin, the expatriate managing director of the Enugu-based auto company, ANAMMCO, by the staff of the company. Director-General of the Bureau of Public Enterprises (BPE), Dr. Christopher Anyanwu, stated this on Monday when senior staff [...]
An official of First City Monument Bank, Mr. Olajide Ogundipe has been arrested by the Economic and Financial Crimes Commission, EFCC, for defrauding the bank to the tune of N12.5 million, out of which the anti-graft agency has been able to recover N9 million from the suspect. The bank had on September 4, 2009, petitioned [...]
