Banking and Finance

Nigerian Banks Lose 2m Customers in 2 Years –Report

Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, Nigerian banks lost over 2 million customers between 2016 and 2017.

According to statistics from the Nigeria Inter-Bank Settlement System (NIBSS), the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million.

The statistics obtained by the News Agency of Nigeria from the NIBSS website on Sunday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.

Nigeria Assures Businesses of Protection in Africa Free Trade

Nigeria would protect the interest of businesses in the new African Continental Free Trade Area (AfCFTA) agreements, the Foreign Affairs Minister, Mr. Geoffrey Onyeama, has said.

He told the News Agency of Nigeria after a meeting with a cross section of members of Organised Private Sector on AfCFTA in Abuja, that he convened the meeting to address some issues concerning AfCFTA.

The agreement, he said, would be signed at the meeting of Africa head of states on March 21 in Kigali, Rwanda.

How Forensic Accounting can Curb Corruption –Expert

The President, Chartered Institute of Forensic and Investigative Auditors in Nigeria (CIFIA), Mrs Victoria Enape, has said that forensic accounting was the only way to control fraud.

Speaking on Thursday during a Public Hearing organised by Senate Committee on Establishment and Public Service chaired by Sen. Emmanuel Paulker.

The hearing was on four bills, namely Chartered Institute of Forensic and Investigative Auditors in Nigeria; Chartered Institute of Finance and Control in Nigeria.

Experts Decry Lack of Monetary Policy Direction

Some financial experts have decried lack of monetary policy direction and delay in the passage of the  2018 appropriation Bill in the country.

Some of them who spoke to the News Agency of Nigeria on Thursday in Lagos said the situation was presently affecting foreign investors’ confidence in the Nigerian stock market.

They said that foreign investors had slowdown their participation in the market due to the budget delay and lack of the Monetary Policy Committee (MPC) meeting.

Inflation drops by 14.3% –Statistics Bureau

Nigeria’s Inflation rate as measured by the Consumer Price Index (CPI) has further dropped from 15.13 in January to 14.33 per cent in February.

The National Bureau of Statistics (NBS) disclosed this in its CPI report for February released on Wednesday in Abuja.

The bureau said that the figure showed 13 consecutive reductions in inflation rate since January 2017.

According to the bureau, this figure is 0.8 per cent less than the rate recorded in January (15.13) per cent.

Debt Office to Raise ₦70b at Bond Auction

Nigeria plans to raise 70 billion naira ($222 million) via a sovereign bond sale next week, the Debt Management Office (DMO) said on Tuesday, less than it has sold at previous auctions.

The DMO said it would issue a five-year bond to raise 10 billion naira, and sell 10-year paper to fetch 30 billion naira, using the Dutch auction system on March 21.

It plans to introduce a new seven-year note to raise another 30 billion naira, it said in a bond notice. The result of the auction is expected on March 23, the DMO said, according to Reuters report.

NDIC to Investigate Banks on Fraud Cases

The Nigeria Deposit Insurance Corporation (NDIC) is to investigate some banks for the inadequate rendition of returns to the Corporation on instances of fraud, forgeries, and cases involving members of their staff on grounds of fraudulent activities.

Section 35 and 36 of the NDIC Act No. 16 of 2006 (as amended) requires all Deposit Money Banks (DMBs) to submit monthly information/returns on fraud and forgeries to the Corporation.

Nigeria Targets 3.5% Economic Growth in 2018

The expectation of the Buhari administration that the Nigerian economy will grow this year up to 3.5 per cent is on course, Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu said today.

His optimism was anchored on the latest GDP figures announced by the National Bureau of Statistics today.

The NBS figures indicate a further growth in the fourth quarter of 2017, showing the economy grew by 1.92%.

Lagos Governor Signs ₦1.046tr Appropriation Bill into Law

Governor Akinwunmi Ambode of Lagos State on Monday signed the 2018 Appropriation Bill of N1.046 trillion into law.

The House of Assembly had on Jan. 30 passed the state’s Appropriation Bill into law.

The Commissioner for Finance, Mr Akinyemi Ashade, briefed newsmen shortly after the signing.

Ashade said that the focus of ‘Budget of Development and Progress’ would be to complete all ongoing projects.

CBN Accommodates NIFIs in Revised Agric Credit Scheme

The Central Bank of Nigeria (CBN) says it has revised the guidelines for Commercial Agriculture Credit Scheme (CACS), to include Non-Interest Financial Institutions (NIFIs).

CBN stated this in a circular dated Feb. 16, posted on its Website on yesterday.

The circular said that the review was part of efforts to deepen access to finance and reduce exclusion rate.

It added that the CBN would look at the possibilities of revising guidelines for other intervention funds to the interest of the public.