Wednesday, March 20News That Matters

Business

Africa needs to protect itself against vulnerabilities: ECA Director

Business, Health
Adam Elhiraika, Director of the Macroeconomics and Governance Division of the Economic Commission for Africa (ECA) has urged African countries to evolve policies that can help build sustainable development goals and aspirations of Africa’s Agenda 2063. . The post Africa needs to protect itself against vulnerabilities: ECA Director appeared first on News Agency of Nigeria (NAN).

ECOWAS To Adopt Single Currency In 2020

Business
The Economic Council of West African States (ECOWAS) says the regional bloc will adopt a single currency starting with selected states in 2020. The revelation was made on Monday at an ECOWAS seminar presided over by Moustapha Niasse, the President of the National Assembly of Senegal, in the presence of Jean-Claude Kassi Brou, President of the ECOWAS Commission and Moustapha Cisse Lo, the Speaker of the Community Parliament. The seminar was on the challenges and prospects regarding the creation of the ECOWAS single currency. Speaking at the event, Speaker of the ECOWAS Parliament, Moustapha Cisse Lo, said: "The single currency will make it possible to lift the commercial and monetary barriers, lower the cost of transaction and spark up economic activities in the region.” He called o

Nigeria ‘Losing Billions Of Naira In Cargo Flights Due To Inadequate Tarmac Space’

Business
The Association of Foreign Airlines and Representatives of Nigeria (AFARN) has disclosed that Nigeria is losing billions of naira in revenue to neighbouring African countries in cargo flights due to multiple taxation, improper planning and inadequate space at its airsides nationwide. Kingsley Nwokoma, the President of AFARN, disclosed this to newsmen on Wednesday at the Lagos Airport. He expressed worry that if the bottlenecks were not checked, Nigeria may soon lose its status as a hub in cargo operations to other countries within the sub-region as it has lost passenger regional hub to Ghana. Nwokoma lamented that in order to arrest the unpleasant situation quickly, the association made several calls to the government, but all to no avail. He noted that since the diversion beg...

Peter Obi Questioned On Why He Invested $30m State Funds In Company Where His Family Owns Shares

Business
Peter Obi, vice-presidential candidate of the Peoples Democratic Party (PDP), has explained why he invested $30million of Anambra State funds in a company owned by his family. He stated this in response to a question by Kadaria Ahmed, host of ‘The Candidates’, a presidential town hall co-production between Daria Media and the Nigerian Television Authority (NTA), with support from the MacArthur Foundation, held in Abuja on Wednesday. He claimed that the company belonged to his parents, and he had no dealings in it after he became a public officer. His words: “I brought International Breweries into Nigeria and as a Governor of a state, they built a greenfield facility in the state and they came to me and said ‘as our partner, we want you to own 15 per cent of this company’, and I sai

Polaris Bank For Sale After 2019 Elections

Business
The Asset Management Corporation of Nigeria (AMCON) says Polaris Bank will be put up for sale after the 2019 elections. According to Reuters, this was disclosed by Jude Nwauzor, the AMCON spokesman, on Tuesday. Speaking on plans for the sale of the bank, Nwauzor said: "The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process". In September 2018, Godwin Emefiele, Governor of the Central Bank of Nigeria, had announced the revoking of the licence of defunct Skye Bank. Polaris was established as a bridge bank to assume the assets and liabilities of the bank. Emefiele had said: “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation

BREAKING: CBN MPC Leaves Interest Rate Untouched For The 15th Time In 30 Months

Business
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday left the Monetary Policy Rate (MPR) unchanged at 14%. It is the 15th consecutive time that the MPR, the determinant of interest rate, has been left untouched by the MPC.   Making the announcement at the CBN headquarters at Central Business District, in Abuja, Godwin Emefiele, the CBN Governor, said the decision was unanimously taken by all members of the committee. The last time CBN's MPC touched the MPR was in July 2016, when it opted to raise it by 200 basis points to 14.0 percent. At the end of that July 25-26, 2016 meeting, it also voted to retain the Cash Reserve Ratio (CRR) at 22.5 percent, retain the asymmetric corridor at +200/–500 basis points, and retain Liquidity Ratio at 30 percent.