Banking and Finance

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.

Adeosun woos Global Bodies to Combat Foreign Corrupt Practices

The Minister of Finance, Mrs Kemi Adeosun, has urged global bodies like the World Bank to help curb foreign corrupt practices by multinational corporations in Nigeria and other developing countries.

The Special Adviser to the Minister on Media and Communications, Mr Oluyinka Akintunde, in a statement on Monday, quoted Adeosun as making the call at the Platform for Collaboration on Tax (PCT) Conference in New York.

“There is absolute need for a complete understanding of how these Multinational Corporations (MNCs) behave in Nigeria and developing countries.

Nigeria’s Foreign Reserves hit $42.8b

Nigeria’s foreign reserves have hit $42.8 billion, according to spokesman of Central Bank of Nigeria (CBN) Mr. Isaac Okoroafor.

Okoroafor, who disclosed this at a meeting with Rice Farmers Association of Nigeria (RIFAN) Wednesday, in Abuja, attributed the steady growth of the reserves to CBN policies targeting reduction in importation of goods, especially food that can be produced in the country.

Rice production under the Anchor Borrowers Programme remains a reference point in the bank’s efforts at conserving the nation’s foreign exchange.

FG to Auction ₦100b Bonds

The Federal Government has offered for subscription by auction N100 billion worth of bonds in its February 21 auction, the Debt Management Office (DMO) said.

The offer circular obtained from the DMO website on Tuesday in Abuja, stated that it would sell N50 billion of a bond maturing in July 2021 at 14.50 per cent.

It would also sell N50 billion to mature in February 2028.

It, however, did not state the interest rate for the February 2028 issue.

Planned $2.5b Eurobond to help Lower Government Cost –Debt Office

A proposed $2.5 billion Eurobond to refinance some of Nigeria’s treasury bill portfolio will not increase its overall debt stock but will help lower cost, the Debt Management Office (DMO) said on Friday.

Proceeds from the bond sale would be converted to naira and used to redeem a more expensive local debt, thereby improving the government’s debt service ratio, the DMO said in a statement.

Taxation: FG Launches Voluntary Assets and Income Declaration Scheme

The Federal Government on Thursday launched Voluntary Assets and Income Declaration Scheme (VAIDS) in Enugu with renewed commitment to clamp down on tax defaulters.

VAIDS is a time limited opportunity for taxpayers to regularise their status relating to previous tax periods.

Tax payers are expected to within the period which terminates on March 31, 2018, honestly declare previously undisclosed assets and income and will benefit from forgiveness of overdue interest and penalties.

FG to Redeem ₦762.5b T. Bill with Planned Eurobond Sale

Nigeria plans to redeem 762.5 billion naira ($2.5 billion) worth of treasury bills from the proceeds of a planned $2.5 billion Eurobond, to lower borrowing costs for the government, Finance Minister Kemi Adeosun said on Wednesday.

The West African country expects to save 64 billion naira each year after it refinances the local bills with the dollar debt, she told reporters following a cabinet meeting in the capital Abuja.