Business Tips

How Billions were moved to Jonathan’s Residence from CBN ahead of 2015 Elections

More details have now emerged showing how billions of naira and hundred millions of dollars were illegally removed from the public till by the Jonathan administration specifically ahead of the 2015 presidential elections.

The information came on the tail of the denial by Jonathan’s spokesmen that any money was taken illegally out of the Nigerian treasury and shared by Jonathan and his aides.

Nigeria Needs to Boost Social Spending to Sustain Growth –Gates

Nigeria needs to boost investment in social infrastructure to lift its population out of poverty and achieve a higher income status, billionaire Microsoft co-founder Bill Gates told Reuters on Thursday.

Gates said in an interview that his Bill & Melinda Gates Foundation has committed $1.6 billion so far in Nigeria to fund pilot projects targeted at healthcare, agriculture and financial inclusion, its biggest investment in Africa.

Investor Protection Fund: SEC Disburses ₦17.09m to Investors

The Securities and Exchange Commission (SEC) on Wednesday said that the sum of N17.09 million has been disbursed to 297 investors from its National Investor Protection Fund (NIPF).

A source close to the commission disclosed this in an interview with the News Agency of Nigeria in Lagos.

The source said the NIPF board at its first meeting on Dec. 14, 2015, approved N25 million from the fund, adding that out of the figure, the sum of N17.09 million was used as compensation.

Carbon Cuts Could Help 15 Cities Each Avoid at Least 1 million Early Deaths –Report

Fifteen cities in Asia and Africa could each see at least a million fewer premature deaths this century if they cut toxic carbon dioxide emissions along the levels promoted in the global climate change agreement, scientists said on Monday.

The metropolis of Kolkata in India stands to benefit most from cutting carbon pollution - a by-product of burning fossil fuels like oil, gas and coal - with 4.4 million fewer early deaths by 2100.

Ease of Doing Business Critical to Economic Development –Minister

The Nigeria Minister of Power, Works and Housing, Mr Babatunde Fashola has pledged the commitment of the Federal Government to ease process of doing business in Nigeria.

Fashola said this on Saturday in Kano during tour of electrification project in Sabo Gari Market being executed by a private firm, Sabo Gari Energy.

He said that the commitment to promote ease of doing businesses was because small and medium scale businesses were the major drivers of the Gross Domestic Product (GDP), Voice of Nigeria reports.

AfDB to Empower African Women with $300m

The African Development Bank (AfDB) says it will offer 300 million dollars to financial intermediaries to support the Affirmative Finance Action for Women in Africa (AFAWA).

Mr Ebrima Faal, the Senior Director, Nigeria Country Department, AfDB said this at the 2018 International Women’s Day (IWD) commemorative event organised by the bank in Abuja, Voice of Nigeria reports.

Faal was represented by Mr Late Lawson-Zankli, the Manager of Operations in the Bank.

IMF warns Nigeria of Vulnerability amid Slow Exit from Recession

The International Monetary Fund said on Wednesday that Nigeria was slowly exiting recession but remains vulnerable because its growth is tied to oil prices and improved revenues are restricted to the energy and agriculture sectors.

The assessment, published in a report on Wednesday, came in the IMF’s Article IV consultation, an annual appraisal of a country’s economy.

Reuters reported on the lender’s findings last week after seeing a copy of the document, which states that the fund expects Nigeria’s government to “muddle through” in the medium term.

Senate Clears the Way for Financial Intelligence Autonomy

The Senate on Wednesday joined the House of Representatives and approved the conference committee report on a bill that will grant autonomy to Nigerian Financial Intelligence Unit (NFIU).

This followed the consideration of clauses of the harmonised report by the Senate and House of Representatives Committees on Financial Crimes and Anti-Corruption, the News Agency of Nigeria reports.

Nigeria to Benefit from U.S. $533m Charity Fund for Africa

Nigeria will benefit from about 533 million dollars to be released by the United States (U.S.) to some African countries humanitarian assistance.

The benefactors are Nigeria, Ethiopia, Somalia, and South Sudan, as well as countries in the Lake Chad region.

U.S. Secretary of State Rex Tillerson said millions of people were facing life-threatening food insecurity and malnutrition as a result of ongoing conflict or prolonged drought in the countries.

Nigeria’s Trade Account Turns Positive in 2017 after Recession

Nigeria’s trade account turned positive in 2017 as a rise in oil exports outweighed imports after dollar shortages frustrated transactions, the National Bureau of Statistics (NBS) said.

The balance of trade last year was 4.03 trillion naira ($13.2 billion). The net trade balance stood at minus 290 billion naira for 2016.

The rise boosts Nigeria’s ambition to promote exports to support its fragile economy and earn foreign exchange while reducing imports. Its 2017 gross domestic product rose 0.8 percent to emerge from Nigeria’s first recession in 25 years.