FINANCING

by Abisoye Shola……… There are strong indications that the implementation of the African Continental Free Trade Agreement (AfCTA) agreement will not begin on July 1st, 2020 as planned due to disruptions of the coronavirus pandemic. The newly elected Secretary-General of the AfCFTA, Wamkele Mene has been reported to have bowed under external pressure to shift this all-important meeting even when ...

by Ben Ndubuwa……..,. African business leaders have kicked against any move to shift the African Continental Free Trade Agreement (AfCTA) deadline. They called on African Heads of government not to shift ground on the proposed July 1, for the AfCFTA to come into force. As the Head of the African Union (AU) ministerial meeting takes place on the 5-6th of ...

by Abisoye Shola..,……. International Monetary Fund (IMF) has said that Nigeria’s oil and gas exports will dwindle by at least $26.5 billion as result of the coronavirus pandemic battering crude oil prices worldwide. IMF explained that in a letter written by Nigeria requesting emergency financial assistance, the country blamed the drop in oil prices, and the economic shocks related to ...

by Jenifer Dike….., Seplat Petroleum, one of the Nigerian leading independent oil and natural gas producer, quoted in both Nigeria and London Stock Exchange has blamed it’s poor revenue outing in the first quarter of 2020 on stock build at the terminal (underlift) and low oil price occasioned by the coronavirus pandemic. According to Seplat three months unaudited financial report ...

by Abisoye Shola..…. The International Monetary Fund (IMF) is billed to approve the $3.4 billion loan for Nigeria today and the disbursement of the fund likely to be immediately before the end of the month. The loan is expected to assist Nigeria in Fighting the coronavirus pandemic. According to IMF, Managing Director, Kristalina Georgieva, the Fund is to provide Nigeria ...

Heritage Bank Plc has emphases that the safety and wellfare of it’s customers and employees are its top most priority and the most pressing business need at this time because of the ravaging Covid-19 pandemic on human beings and businesses worldwide. In view of this development, the Managing Director (MD/CEO) of Heritage Bank, Ifie Sekibo in his message to customers, ...

Development and Monitoring Board (NCDMB) says it has reduced the interest rate for beneficiaries of loans under the Nigerian Content Intervention (NCI) Fund from eight to six percent per annum. The board says it has also extended the loans moratorium and tenure effective from April 1. Mr Simbi Wabote, Executive Secretary, NCDMB, said on Saturday in Lagos that the move ...

China and G-20 countries have agreed to give debt relief to the poorest countries in the world which are classified as IDA countries by the World Bank. This is according to comments made by David Malpass, the World Bank president, on Friday at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund. “I ...

The headquarters of the Corporate Affairs Commission (CAC) in Abuja has gone up in flame. This is barely a week after the Accountant General of the Federation went up on smoke. The building is located in the highbrow Maitama District of the territory, an area which plays host to several government buildings and other private concerns. Although the cause of ...

The African Development Bank Group (AfDB) last week announced a $10 Billion package as a response facility to help member countries to cut down the ravaging COVID-19 pandemic. The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution’s primary channel for its efforts to address the crisis. It provides up ...