Category: West Africa

The outgoing Canadian High Commissioner to Nigeria, ‎Perry John Calderwood,‎ has assured the Nigerian government that Canada is ready to support the country’s quest to repatriate any stolen fund that may be traced to any bank in Canada. Calderwood gave the assurance in an interview he granted in Lagos, saying the government of Canada had…

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, and the Minister of Environment, Amina Mohammed, are currently engaged in battle over the control of the Ecological Fund. A bill proposed by Mr. Malami putting the management of the Fund under the Office of the Secretary to the Government of the Federation…

Flour Mills of Nigeria has registered plans with regulators to raise up to 40 billion naira ($128 million) in equity over the next three years, its chief financial officer said on Tuesday. Jacque Vauthier said the company’s directors had decided that the most appropriate way to raise the funds was via a shelf programme, enabling…

As the Central Bank of Nigeria (CBN) announced plans to mop up N245.18 billion through Treasury Bills from the financial system, the value of the naira closed yesterday firmer at N310.50 to the dollar. Citing a CBN Treasury Bill calendar, traders said the apex bank would today raise N245.18 billion worth of treasury bills with…

President Muhammadu Buhari has said that his administration is working round the clock to stabilise the epileptic power situation in the country. He gave this assurance at a joint press conference with the visiting president of Togo, Faure Gnassingbe at the presidential villa, Abuja. According to Buhari ,the resources and technology to improve the power…

Nigeria’s central bank has told commercial lenders to take extra provisions on all dollar loans, in the aftermath of its decision to let the naira trade freely on the interbank market, causing the currency to tumble. The naira has lost 40 percent of its value since Nigeria ditched its 16-month-old peg of 197 naira to…

The Minister of Agriculture and Rural Development, Mr. Audu Ogbeh has disclosed that the federal government would continue to encourage the production of some crops for export. Ogbeh said the measure was in line with the government’s efforts to diversify the economy for Sustainable development. Speaking in Kano on Tuesday at a North-West Business Summit…

The Central Bank of Nigeria(CBN), yesterday, jerked up its Monetary Policy Rate (MPR)to 14 per cent, attracting criticism from business experts who predicted that the hike will lead to increased corporate failures, unemployment and decline in the nation’s stock market. At the end of its Monetary Policy Committee (MPC) meeting in Abuja yesterday, the CBN,…