Fitch Ratings has upgraded First Bank of Nigeria’s (FBN) subordinated notes to ‘CCC+’/’RR5’ from ‘CCC’/’RR5’ and removed them from Rating Watch Positive (RWP). The notes were issued through FBN Finance Company BV, a special purpose vehicle, which was established to provide funding for the bank. FBN’s other ratings are unaffected. The upgrade follows the introduction…
FINANCE
Glo signs multi-billion dollar deal with Huawei to link oil platforms, communities to new submarine cable
Total telecommunications service provider, Globacom, has signed a multi-million dollar contract with top Chinese technology Huawei Technologies Co., Ltd., to provide a robust and permanent telecommunications backbone and last-mile broadband solutions to the Nigerian oil industry and to the myriads of businesses that dot the coastal states of Nigeria. With the signing of the contract…
Lagos IGR hits N103.4bn in Q1 in 2018
… Capital Expenditure Gulps N93bn The Lagos State Government on Tuesday said its internally generated revenue for the first quarter of Y2018 stood at N103.476billion, as against N96.7billion recorded in the previous year, thereby accounting for 81 per cent of the total revenue of N141billion generated in the quarter. Commissioner for Economic Planning and Budget,…
Finance Minister, Adeosun, orders the suspension of SEC DG, 2 others
The Minister of Finance, Mrs. Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo, from Office, to allow for an unhindered investigation of several allegations of financial impropriety leveled against him. The suspension, according to a statement by the Deputy Director of Press in the ministry, Patricia…
Our efforts yielding fruits in economy- Budget Minister
The Federal Government has said the recovery of the country from economic recession is an indication that the various policies of government towards reflating the economy, as set out in the Economic Recovery and Growth Plan (ERGP), are yielding fruits. Government also claimed that huge confidence is returning to the National Economy on the part…
Salaries: N2.295bn paid to Buhari, Osinbajo and others
Substantial cuts in the salaries of both President Muhammadu Buhari and Vice-President Yemi Osinbajo earlier announced when the duo came to office last year may be nothing to write home about as both of them, including Cabinet Ministers and other political appointees pocketed N2.295 billion as official salaries and allowances in the last one year,…
UBA wins big at the annual Businessday Banking Awards
Pan-African banking group, United Bank for Africa (UBA) Plc at the weekend carted home two very important laurels at the annual Businessday Banking Awards, winning the Best Bank in Sub-Saharan Africa and the Best Bank in support of Agriculture. The first award, the “Best Bank in sub-Saharan Africa award is in recognition of UBA’s leadership…
Eulogies for outgoing UBA GMD/CEO, Oduoza, at Lagos book launch
It was rain of accolades for the outgoing Group Managing Director/CEO of United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, in Lagos on Wednesday as captains of industry and leading voices of Nigerian society witnessed the launch of a book in his honour. The book titled, “Dynamics of the Nigerian Financial System” edited by…
World Bank donates $500m for food, livelihood project
Mr Tayo Adewumi, the National Project Coordinator, Fadama III Additional Financing (AF) said that the World Bank has donated 500 million dollars for its North-East Food and Livelihood Support Project. Adewumi said in Abuja on Monday that the project would assist the displaced persons from the North-Eastern part of the country that were affected by…
NIGERIA HITS N1.5BN TRANSACTIONS ON POS DAILY –CBN
The Central Bank of Nigeria (CBN) said Nigeria now averages about N1.5 billion worth of transactions on the Point Of Sales (POS) terminal daily. CBN’s Director of Banking and Payment System Department (BPSD), Mr Dipo Fatokun, said this in Abuja at the apex bank’s e-Payment Incentive Scheme (EPIS) cash reward presentation. The incentive scheme is…