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Access Bank seals deal with Airtel on mobile money

Business & Economy

Nov 26, 2014

STAN OKENWA

Nigerians are set to enjoy new model of mobile money as Access Bank Plc confirmed that it has collaborated with Airtel to develop mobile money service called Access Money to be powered by Airtel.
The new platform according to Access Bank will allow customers to perform simple, secure and instant financial transactions using their mobile phones as customers on the mobile network can send and receive money, make deposits and withdrawals, pay their utility bills and buy airtime for their lines.

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Naira hits record low despite intervention

Business & Economy

Nov 26, 2014

Naira shed 0.76 percent on Friday to close at a record low against the greenback, despite the central bank intervening for a fifth day with dollar sales to prop up the currency.
The unit closed at N177.45 to the dollar, weaker than Thursday’s close of N176.10. It had initially weakened to N177.12, prompting the central bank to ask 21 commercial lenders to bid for $2 million apiece.

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Aigbekaen tasks shareholder groups on accountability

Business & Economy

Nov 26, 2014

COMFORT EKELEME

Secretary to Securities and Exchange Commission (SEC) Mr. Edosa Aigbekaen has stressed the need for shareholder groups to be more responsive at ensuring accountability and effective management of their company instead of focusing on short term profits.
He also urged shareholders to take more interest in sustainable returns and longer term performance in order to be active on corporate governance issues.

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Sterling wins agric bank of the year award

Business & Economy

Nov 26, 2014

Barely three months after it was conferred with an award as the Best Bank in Commercial Agriculture Credit Scheme (CACS),Sterling Bank said that it has bagged yet another award in the Agriculture sector as it received the “Agric Bank of the Year 2014 in Nigeria” award.
The award which was powered by the Agriculture Policy Research Network (APRNet) and AgroNigeria Limited was presented to the bank at a dinner and conferment ceremony where President Goodluck Ebele Jonathan also received the award of the grand Transformer of Nigerian Agriculture.

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Recapitalisation: Some mortgage banks may go under December

Business & Economy

Nov 26, 2014

COMFORT EKELEME

There are strong indications that some Primary Mortgage Banks (PMBs) may go under before the end of this year following their inability to meet up with the new capital requirement set by the Central bank of Nigeria (CBN).
CBN had in a notice to all PMBs set December 30, 2013 as deadline for the completion of their recapitalization processes. But CBN had later extended the deadline to June 30, 2014. Despite the extension, investigations revealed that a good number of the firms are still struggling to survive, a development that proved that they might close shop by the end of the 2014 financial year.

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Setting agenda for Usman as NCAA’s boss

Business & Economy

Nov 26, 2014

After his confirmation as Director General and Chief Executive Officer of the Nigerian Civil Aviation Authority [NCAA] on the 31st of October, 2014, Capt Muhtar Usman has his work cut out for him and should do well to avoid the pits and financial mess that had pervaded the office in the past. ANTHONY OMOH x-rays the task ahead of the new NCAA’s DG

After seven months in hiatus, Capt Muhtar Usman assumed office as Director General/Chief Executive Officer (DG) of the Nigerian Civil Aviation Authority [NCAA] on the 31st of October, 2014 in Lagos with a declaration that his administration would focus on Safety, Security and Comfort in the conduct of flight operations in and out of Nigerian airspace in line with the Transformation Agenda of President Goodluck Jonathan.

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CBN may confront NIMC on BVN scheme

Business & Economy

Nov 15, 2014

STAN OKENWA

If the body languages coming from both the Central Bank of Nigeria (CBN) and National Identity Management Commission (NIMC) on who should have full control on the ongoing Biometric Bank Verification Number (BVN) scheme are anything to go by, it therefore follows that all is not well with the scheme.
Indications are rife that the ragging cold war may soon escalate to a protracted legal battle to determine which of the two bodies has jurisdiction over the scheme.

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Nigeria’s informal trade with UAE worrisome—Auwalu

Business & Economy

Nov 15, 2014

STAN OKENWA
Head of Nigeria’s mission in United Arab Emirate (UAE) Ambassador Ibrahim Anwalu has decried the unfavourable balance of trade between Nigeria and UAE due to the discovery that almost 99% of trade between both countries is inormal in spite of the cordial relations between them.
According to him, “The trade volume is big because a lot of Nigerians visit Dubai regularly for shopping, but about 99 per cent of this trade is informal.”

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Britain says no more bailing of banks with taxpayers’money

Business & Economy

Nov 15, 2014

STAN OKENWA with Agency Reports

The Financial Stability Board (FSB) of United Kingdom, a global regulator, has created rules to prevent banks that are considered “too big to fail” from being bailed out by taxpayers money or from the nation’s coffers.
Daily Champion recalls that in 2009, when some mega banks ran into financial difficulties, the Central Bank of Nigeria (CBN) in August of same year axed some banks and bailed out them with taxpayers money to avoid the erosion of depositors funds after all.

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Apapa ports reopens for business

Business & Economy

Nov 15, 2014

… Freight forwarders associations to review action

NWADINAMUO AUGUSTINE

After about 10 days of withdrawal of services from the AP Moller Terminal (APMT) and ENL both in Apapa Lagos by the Freight forwarders under the aegis of Apapa Joint Association (JAC), the management of Lagos Port Complex (LPC) of the Nigerian Ports Authority (NPA) has cleared the blockade mounted by clearing agents and re-opened the nation’s major seaport for business.

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