FINANCING

by Ben Ndubuwa…………….. Fidelity Bank Plc, has expressed delight to be associated with the Ajaokuta – Kaduna – Kano (AKK) Gas Pipeline Project and commended Oilserv Limited, contractors to the project and the Nigeria National Petroleum Corporation (NNPC) for their determination to ensure that the project comes to fruition Speaking at the flag off ceremony of the project at Ajaokuta, ...

by James Ikenna……. The Central Bank of Nigeria (CBN) has reduced its benchmark lending rate from 13.5 percent to 12.5 percent. The CBN Governor said this on Thursday. According to him, 10 members of the monetary policy committee backed the reduction. It is the first cut since March 2019 The Committee, however, retained the Cash Reserve Ratio (CRR) and the ...

by Abisoye Shola…….,.. Nigeria sets to begin another loan campaign this time around with the World Bank. These borrowings will come to about $6.4 billion in a space of three months between April and July 2020 from International Monetary Fund (IMF) and the World Bank. For instance the World Bank is expected to make a decision in late July on ...

by Musa Ibrahim….,……. Fidelity Bank Plc on Wednesday donated N10 million to the Plateau govt COVID-19 Trust Fund. The Regional Head, North Central, of the bank, Mr Sadi Zawuya, while making the presentation at Government House Jos, commended Gov Simon Lalong for his commitment in combating the disease in Plateau. “We want to appreciate and commend the state governor for ...

by Abisoye Shola………… The Nigerian Extractive Industries Transparency Initiative (NEITI) says the Federation Accounts Allocation Committee (FAAC) disbursed N1.95 trillion to the federal, state, local governments and other statutory agencies in the first quarter of 2020. NEITI disclosed this in its quarterly report released in Abuja, on Monday. It said the disbursements showed that N791.4 billion went to the federal ...

by James Ikenna……… The Central Bank of Nigeria (CBN) has given a nod to investors to take out their money amid shortage of foreign exchange and dwindling external reserve occasioned by the fall in oil price due to the pandemic. For instance it is expected that Nigeria’s external reserves, which were about $36.3 billion two months ago is going down ...

by Musa Ibrahim………… Dangote Sugar Refinery Plc, is to hold Board meeting on Friday May 22, 2020 to take decisions on the company’s audited financial statements for the period that ended December 31, 2019, and unaudited financial statements for Q1, 2020 results. In a notification issued by the company, it was disclosed that the announcement is in line with Rule ...

The Nigerian Stock Exchange (NSE) is to commit N100 million to support the fight against convid-19 The exchange explained in a statement on Thursday that N60 million out of the N100 million would be donated to the Capital Market Support Committee for COVID-19 (CMSCC). It said that the balance of N40 Million would be devoted to the “Masks For All ...

by Jenifer Dike……… The Minister of Finance Zainab Ahmed has said that the 2020 budget is being amended to reflect the $20 per barrel oil price. This move to cut down on Nigeria budget is not unconnected to the current downward slide of crude oil price in the international market due to the coronavirus pandemic which brought about lockdowns. “We ...

The Nigerian Equity Market threw up Dangote, Nestle, MTN, Zenith, and Access Bank with N375 billion as Investors gained N374.94 billion, and market capitalization went up to N12.408 trillion at close of trading. The market continued its upward trend as the benchmark All Share Index recorded an impressive 3.12% increase to close at 23,809.31. Investors gained N374.94 billion, as market ...