Banks

UNICAL to resume 2019/2020 academic session February 5

The University of Calabar will resume its 2019/2020 academic year on February 5. The University Senate on Monday approved the revised academic calendar for 2019/2020 session. This announcement was made through the university’s twitter handle. Students are to resume on February 5 while lectures will begin on February 8. The University had announced on Friday that only staff (Teaching and non-Teaching) of the University were to resume work on Monday. The Vice Chancellor, Florence Obi, disclosed that the date was picked to allow management carry out repairs in some of the hostels that had been destroyed and vandalized in the violence that tailed the #EndSARS protests in the state. In October, newsmen reported that the University of Calabar was broken into. Banks within the school premises wer...

Iran’s smog, blackouts made worse by power-sapping crypto mining

Outages have been compounded by cryptocurrency mining, which uses banks of high-powered computers. Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships. Tehran’s Hamshahri newspaper, the country’s most-read daily, ran the headline, “20 Days Living in Smoke,” on Wednesday over a photo of the capital covered in smog. Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are us...

Nigerian government begins three-month special public works scheme in Jigawa

The federal government on Friday inaugurated the Extended Special Public Works (ESPW) programme in Jigawa with 1,000 unskilled youth benefiting from the 27 local government areas of the state. Each participant will receive N20,000 monthly for three months for the duration of the programme. The Minister of Water Resources, Suleiman Adamu, who made this known at the ceremony in Dutse, said that the extended programme was an outcome of the pilot SPW in rural areas approved by President Muhammadu Buhari in 2020. Mr. Adamu said that the programme was introduced following the emergence of the novel COVID-19 pandemic, as a measure to cushion the adverse socio-economic effects on citizens. “It aimed at shielding the vulnerable from the ravaging effects of COVID-19 pandemic which included, but are ...

NNPC seeks $1 billion funding to revive PHC refinery

The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...

Yemisi Edun appointed acting FCMB chief

First City Monument Bank Limited (FCMB) has appointed Yemisi Edun as the acting Chief Executive Officer of the bank. This followed the decision by the Chief Executive Officer, Mr. Adam Nuru, to proceed on voluntary leave as the board investigates allegation of paternity scandal against him. The bank disclosed this on Wednesday. Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Cont...

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...

Nigerian government borrows over N2 trillion from bond investors in 2020

Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...

Germany to close most shops from December 16-January 10 – draft proposal

Germany is planning to close most shops from Wednesday until Jan. 10 as it tightens coronavirus restrictions and tries to rein in the spread of the disease, according to a draft government proposal seen by Reuters on Sunday. The draft was prepared head of a meeting later in the day between Chancellor Angela Merkel and state leaders. She has favoured stricter pan-German measures but was previously unable to get agreement from the nation’s 16 states. However, some states have since clamped down on their own, and momentum supporting stricter harmonized measures has been building. The draft proposal would allow only essential shops such as supermarkets and pharmacies, as well as banks, to remain open. Schools will also be basically closed during the period, and employers will be asked to close...

CIBN urges banks to strengthen cyber-security

The Chartered Institute of Bankers of Nigeria (CIBN) has urged the banks to strengthen their cyber-security architecture in order to prevent attacks by fraudsters. President/Chairman of Council of the institute, Mr. Bayo Olugbemi, made the call while delivering his remarks at the 2020 CIBN Fellowship Investiture in Lagos, at the weekend. The CIBN at its investiture formally conferred its honorary fellowship awards on 19 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 associates as elected Fellows while 105 senior management staff of banks and the academia became Honorary Senior Members of the institute at the event with the theme: ‘Financial Services in a post COVID 19 Environment: Strategic Imperative’. Some that were conferred with ...

Nigerian government seeks new Eurobond

The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...

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