Banking and Finance

Buhari Unveils ₦8.8tr Budget

President Muhammadu Buhari on Wednesday unveiled a federal budget of N8.83 trillion for the 2019 fiscal year with N300 billion lower that the current budget.

The figure came in the 2019 Appropriation Bill presented by the president to a joint session of the National Assembly in Abuja.

The News Agency of Nigeria reports that the 2018 total budget estimate was N9.1 billion.

According to Buhari, N4.04 trillion or 50.31 per cent is earmarked for recurrent expenditure and N2.03 trillion representing 22.98 per cent earmarked for capital projects.

Scheme of Merger: Access Bank to complete acquisition of Diamond Bank in 2019

The board of Diamond Bank Plc on Monday finally announced its merger with Access Bank Plc expected to be completed in first half of 2019.

The News Agency of Nigeria reports that both banks recently denied media reports of any merger.

Mr Uzoma Dozie, the bank’s Chief Executive Officer, said in Lagos the board had selected Access Bank as the preferred bidder with respect to a potential merger of both banks.

Dozie said the potential merger of the two banks would create Nigeria and Africa’s largest retail bank by customers.

Nigeria’s Inflation Rate falls in Q4

Nigeria’s inflation rate declined for the first time in three months in October even as food-price growth accelerated.

The consumer-price index rose 11.26 percent from a year earlier compared with 11.28 percent in September, the Abuja-based National Bureau of Statistics said Wednesday.

The median estimate in a Bloomberg survey was for 11.4 percent. Prices increased 0.7 percent in the month.

'Electronic Fraud in Banking to Hit ₦6.1trn'

The Central Bank of Nigeria (CBN) has projected that electronic fraud losses in the country’s banking system would reach N6.1 trillion by 2021.

CBN Director of Consumer Protection, Mr Sunday Salam-Alada, said this at a workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Benin City.

The workshop was organised by Nigeria Deposit Insurance Corporation (NDIC).

Nigeria Seeks Stiffer Penalties for Perpetrators of Illicit Transactions

Nigerian President, Muhammadu Buhari, at the weekend in Paris, called for stringent actions against perpetrators of illicit financial flows, including crackdown on safe heavens.

He warned that continuous impunity will encourage more pilfering of countries’ resources to the detriment of poor and vulnerable populace.

Intra-African: Afreximbank Challenges Stakeholders

The Executive Vice President, Business Development and Corporate Banking in African Export-Import Bank (Afreximbank), Mr Amr Kamel, has charged the media and financial experts in the continent to promote intra-African Trade.

Kamel said this at Afreximbank’s Annual Seminar and Workshop on Structured Trade Finance in Casablanca, Morocco.

He urged the media to consistently inform and benlighten the people on the importance of intra-African trade to enhance its acceptability and promote growth of businesses within Africa.

Nigeria Plans London Roadshow ahead of $2.8b Eurobond Sale

Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday.

The roadshow, which is being organised by Citi and Standard Chartered, will run from Nov. 12 for three days and be attended by Nigerian Finance Minister Zainab Ahmed.

Nigeria’s upper house of parliament last month approved the Eurobond issue but advised the government to limit foreign borrowing and boost revenue.

FG Commits to New National Minimum Wage

President Muhammadu Buhari said his administration is committed to having a new national minimum wage, as he received a report of the Tripartite Committee set up by his government a year ago.

The committee was chaired by Ms. Amaopuoruba Pepple, a former head of service of the federation.

COMMITTEE RECOMMENDS ₦30,000 MINIMUM WAGE
N30,000 is the recommended national minimum wage by the Ms. Amaopuoruba Pepple Tripartite Committee set up by the Federal Government to negotiate with labour.

Remittances: African Countries received $72b

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said Nigeria tops other African countries in remittances inflows and is among the top five globally.

He did not give a figure, but said African countries received $72billion in remittances in 2017.

Emefiele, who was represented by Mr Mohammed Tumala, Director Statistics Department, spoke  on Tuesday in Abuja, at the opening session of a workshop on remittance household surveys jointly organised by the CBN and the African Institute for Remittances (AIR).

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