South Africa holds key rate in unanimous decision

admin

South Africa’s central bank left its main interest rate on hold at 6.5 per cent yesterday as expected, saying it would like to see inflation expectations anchored closer to the midpoint of its target range.   The decision by the bank’s monetary policy committee was unanimous.   South Africa has seen benign inflation outcomes this year, but growth has been sluggish. That has piled pressure on President Cyril Ramaphosa, who has staked his reputation on lifting the economy out of a deep slump.   The South African Reserve Bank left…

Read More

Nigeria spends N80.8bn on palm oil in 8 months

admin

  A total of 328,598 metric tonnes of Crude Palm Oil (CPO) valued at N80.8million ($221.5million) have been imported by Nigerian palm oil merchants.   The imports were delivered through Nigerian ports between January and August this year.   No fewer than   82,210 tonnes of the produce were imported between June and August 2019, despite Federal Government’s directive to blacklist any firm importing the produce into the country.   Already, the produce is among the list of 41 items restricted from accessing the Central Bank of Nigeria (CBN) foreign exchange.…

Read More

Analysts: No delivery of new retail mall in H1 2019

admin

  Due to unfriendly economic climate, Nigeria did not record any delivery of new space in the formal retail market in the first half of 2019, Newfieldglobal has learnt.   According to the latest report by Broll Nigeria, although some projects are nearing completion in the core and secondary markets, they are yet to be delivered.   These  uncompleted projects, Broll analysts said  measured below 10,000 square metres (m²) and included the Landmark Retail Boulevard (approximately 6,000m²) and the Simbiat Ikeja Mall in Lagos state (4,900m²); Oshogbo Mall in Osun…

Read More

FOI: BudgIT tackles RMAFC over lawmakers’ 552% budget increase

admin

Nigerian lawmakers’ flair for budgeting enormous funds for themselves without consideration for decaying infrastructure and ordinary Nigerians going through difficulties has again been highlighted as it moved from N23.3 billion in 2003 to N150 billion in 2014.     The increase, according to details released by transparency monitor outfit, BudgIT, represents a whopping 552 per cent within the period in view.     Meanwhile, Nigerian lawmakers are among the highest paid in the world. Last year, a Nigerian senator revealed that the legislators receive N14.25 million (over $40,000) monthly.  …

Read More

Ray Power at 25: Akinfeleye tasks media on developmental journalism

admin

As Nigeria’s first private radio station, Ray Power, marks its 25th anniversary, foremost Professor of Mass Communication, Prof. Ralph Akinfeleye, has advised the media to brace for developmental journalism by going deeper into the grassroots. He spoke at the weekend as the radio station played host to some prominent Nigerians including media personalities. The University of Lagos don, who is also a board member of Daar Communications Plc, said it was time journalists did less of political reporting by tilting towards reportage that will enhance peace and development. While commending…

Read More

NNPC insists on October for decision on mega gas plant

admin

  …as consortium wins $10bn NLNG Train-7 bid A joint venture consortium comprising Saipem, Chiyoda and Daewoo (SCD) on Wednesday emerged the preferred bidder for the $10 billion Nigeria Liquefied Natural Gas (NLNG) Train 7 project.   This came as the Nigerian National Petroleum Corporation (NNPC) insisted on the October target for the final investment decision on the gas mega plant.   The SCD consortium, the NLNG said, would be undertaking the engineering, procurement and construction project for the Train 7 project.   The gas giant announced the consortium in…

Read More

Trump reverses course, seeks negative rates from Fed

admin

U.S. President Donald Trump yesterday called on the “boneheads” at the Federal Reserve to push interest rates down into negative territory, a move reluctantly used by other world central banks to battle weak economic growth that risks punishing savers and banks’ earnings in the process.   Trump, in a pair of Twitter posts, said negative rates would save the government money on its debt, which including Social Security accounts has reached a record $22 trillion on Trump’s watch. He did not address the risks or financial market tensions that central…

Read More

African Development Bank wins CIPS procurement award

admin

  The African Development Bank (AfDB) has been recognised for procurement excellence by the Chartered Institute of Procurement & Supply (CIPS), the world’s largest professional body for procurement and supply management professionals, with offices all over the world including Africa.     The bank was awarded a silver award at advanced standard level following the CIPS Procurement Excellence Programme, for having successfully developed  its corporate procurement processes from an operational focus to managerial and strategic, building performance, capability and value.   The bank is the first multilateral development bank in…

Read More

QuickCheck launches new app to improve financial inclusion

admin

  QuickCheck, an online banking and micro-lending platform that provides collateral-free loans, has launched a new app to improve financial inclusion among Nigerians.   It also educates borrowers about financial instruments and managing risky debts.   About 60 per cent of the country’s adult population remains financially excluded, lacks credit history and cannot access financial services such as quick and easy loans.   According to Luis Rodrigues, CTO, QuickCheck, this was addressed in 2017 as the company developed a solution to give Nigerians access to such loans anywhere and anytime,…

Read More

CBN releases guidelines on treatment of BAs, CPs

admin

  The Central Bank of Nigeria (CBN) yesterday unveiled guidelines on the issuance and treatment of Bankers’ Acceptances (BAs) and Commercial Papers (CPs).   The move, the CBN said, was to ensure uniform practice and treatment of BAs and CPs by banks and discount houses in the country, which according to the apex bank, will “deepen and facilitate the effective and efficient functioning of the Nigerian money market.”   As defined by the CBN, a BA is a  “draft drawn on and accepted by a bank, unconditionally ordering payment of…

Read More