• President Buhari Rejects Obasanjo’s Counsel Over $29.9bn Loans

    President Buhari Rejects Obasanjo’s Counsel Over $29.9bn Loans

    The Federal Government is pushing ahead with plans to secure $29.9billion loans in spite of scathing criticisms from ex-President Olusegun Obasanjo.

    It was learnt that President Muhammadu Buhari has directed the Minister of Finance, Mrs. Kemi Adeosun, to engage the ex-President on the facts-behind-the-figures in respect of the loans.

    The Finance Minister, who is said to be a “goddaughter” of the ex-President, may also get a feedback from Obasanjo to the government.

    According to investigation conducted by our correspondent, the Buhari administration has […]

  • Proposed $30bn external loans not solution to forex supply crisis, says MAN

    Proposed $30bn external loans not solution to forex supply crisis, says MAN

    According to reports, the plan by the Federal Government to borrow $30 billion external loans to tackle the country’s infrastructural needs will not address the supply gap in the foreign exchange market currently hurting private sector operators.

    Chairman, Apapa branch of Manufacturers Association of Nigeria, MAN, Mr. Babatunde Odunayo, who disclosed this at the association’s 45th Annual General Meeting, AGM, in Lagos, said infrastructure and project-tied loans served a different purpose and benefit only lender countries.

    He said government should, instead, negotiate […]

  • Give women loans, says Okonjo-Iweala

    Give women loans, says Okonjo-Iweala

    Former Minister of Finance and co-chair, Women’s World Banking, Africa Advisory Council, Dr. Ngozi Okonjo-Iweala, has said that giving the 70 per cent of women, who are financially excluded in sub-Saharan Africa, access to financial services could spur the next phase of economic growth within the continent and hasten recovery in most parts of Africa.

    Speaking at a Banking for Women programme hosted by Diamond Bank in partnership with Women World Banking, Africa Advisory Council in Lagos, Okonjo-Iweala said it was […]

  • Why banks don’t give long term loans – Fidelity Bank MD explains

    Why banks don’t give long term loans – Fidelity Bank MD explains

    The inability of commercial banks to give long-term credit facilities is due to the non-availability of long-term-deposits by Nigerians, a financial expert, Nnamdi Okonkwo, has said.

    Okonkwo, also the Managing Director of Fidelity Bank Plc, made the remark at a conference organised by the Finance Correspondents Association of Nigeria in Lagos.

    The theme of the conference was: “Nigeria beyond Oil, Financing Options for Non-Oil Exports.”

    Okonkwo said most depositors who had huge amounts to save did it on short-term basis because of uncertainties […]

  • CBN okays write off of banks’ bad loans – See the condition provided

    CBN okays write off of banks’ bad loans – See the condition provided

    The Central Bank of Nigeria (CBN) may have approved the write off of some banks’ bad loans for which provisions have been made to help clean up their balance sheets.

    The lifeline comes amidst pressures on banks, whose loan books have been hit by shrinking economy, falling currency and foreign exchange shortages following the slump in oil prices.

    Several commercial banks had requested the apex bank to amend its rule requiring them to keep non-performing loans (NPLs) on their books for one […]