By Yinka Kolawole The Lagos Chamber of Commerce and Industry (LCCI) in tandem with other analysts say that continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) to curb inflation could lead to stunted economic growth. Director General, LCCI, Dr. Chinyere Almona, in a statement made available to Vanguard, noted that the consistent hawkish stance by the monetary authority is in response to the high inflationary pressure, adding however, that the move has not in any way dampened the rise inflation. Recall that the Monetary Policy Committee (MPC) of the apex ba ..read more

By Babajide Komolafe & Elizabeth Adegbesan The expected improvement in supply of  cash to the banks is yet to materialise as PoS agents and other business owners lament the crushing impact of the ongoing cash crunch on patronage. Vanguard investigation showed that two weeks after the Central Bank of Nigeria, CBN, directed banks to comply with the Supreme Court that extended use of the old naira notes till December 31st this year, most Nigerians find it difficult to access cash from the banks.  Bankers who spoke to Vanguard yesterday said supply of cash to banks has not improved ..read more

By Elizabeth Adegbesan  The Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) has called on the incoming government to be people focused and build an enabling environment for the private sector to thrive.  Speaking at a dinner hosted by Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) to welcome 64 students from 24 countries who embarked on the Africa Policy Trek to Lagos, President, HKSAAN, Mrs. Adora Ugwu said: “This Trek means that they will be meeting people from different countries in Africa in this case, they have done Nigeria and Ghana.  “Usually ..read more

By Levinus Nwabughiogu, ABUJA The House of Representatives has asked the Central Bank of Nigeria, CBN, to direct all commercial banks in the country to immediately overhaul their existing online and electronic banking platforms for efficiency and ease of conducting electronic banking operations. The call emanated from a motion, titled “Call on the Central Bank of Nigeria, CBN, to Direct all Commercial Banks to Overhaul their Online Banking Service Platforms to Ease Electronic Banking Operations”, moved at yesterday’s plenary by Sergius Ose Ogun (Edo State). He said the overhaul would effective ..read more

…Pays N318 b claims Emma Ujah, Abuja Bureau Chief The nation’s insurance industry recorded a gross premium income of N726. 2 billion in the fourth quarter of 2022. The National Insurance Commission (NICOM) disclosed this in its bulletin, yesterday. According to the organisation, the gross premium income generated in the quarter under review represented a 36.3%, quarter- on- quarter and 17.8% year-on-year. “This is a remarkable situation compared to the real growth (3.5%) of Gross Gomestic Product (GDP) over the same period and, is attributable to consistent regulatory measures being carried ou ..read more

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct commercial banks to overhaul the existing online/electronic banking platforms for the efficient conduct of electronic banking operations. This is the sequel to a unanimous adoption of a motion by Rep. Sergius Ogun (PDP-Edo) at plenary on Thursday. Moving the motion earlier, Ogun said that Section 88 (1) and (2) of the Constitution, empowered the National Assembly to conduct investigations into activities of any authority executing or administering laws made by the assembly like the CBN. He said the CBN was estab ..read more

By Elizabeth Adegbesan The Tony Elumelu Foundation, TEF, said it has disbursed over $100 million seed capital to over 18,000 beneficiaries across 54 African countries in 13 years. The Foundation also noted that it trained 1.5 million entrepreneurs during the period that created over 400,000 jobs of which 58 percent were created by female entrepreneurs. These businesses, according to TEF, had generated $2.3 billion revenue since 2015. Speaking at a Symposium in honour of the Chairman, United Bank of Africa, UBA, Mr. Tony Elumelu, who just turned 60 years, yesterday in Lagos, the Chief Exec ..read more

By Cynthia Alo In commemoration of the International Women’s Day (IWD) celebration, the Board and Management of First Bank of Nigeria Plc has reiterated that it remains committed to creating an enabling environment that allows women to thrive and succeed. The Chief Executive Officer, Dr Adesola Adeduntan, stated this during the FirstBank Women Network 2023 International Women’s Day event themed “Embrace Equity” in Lagos recently. Adeduntan revealed that the bank had searched for ways to create an enabling environment that allows women to blossom, thrive and be the best they can be, and la ..read more

By Emma Ujah, Abuja Bureau Chief  The Federation Account Allocation Committee (FAAC) has distributed the sum of N722.677 billion to the Federal, States and Local Governments from Federation revenue for the month of February.    A statement from the FAAC giving the details said, “The N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion,   Electronic Money Transfer Levy(EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisati ..read more

By Peter Egwuatu  The sustained rise in inflation and interest rate has triggered significant rise in pension funds investments in Federal Government securities to N9.6 trillion in 2022, about 9.9 percent higher than N8.7 trillion recorded in 2021. Analysts said the rise will continue in 2023 given the continued rise in both inflation and interest rate. The Federal Government securities include FGN Bonds, Treasury Bills, Agency Bonds, Sukuk, and Green Bonds. Inflation has been on the rise in the past eight months hitting a 17 year high of 21.91 percent last month, while interest rat ..read more