Business News

Friday, 17 July 2020 05:28

Directors will henceforth be held liable for bank failures, new law proposal by NDIC says

Nigeria Deposit Insurance Corporation has sought a legal backing from National Assembly to enable it to hold directors accountable for bank failures, among others. NDIC also sought clarification regarding the variances in the bills that might be perceived as overlapping mandates between NDIC and Central Bank of Nigeria in order to avoid any ambiguity in the laws governing their operations. Managing Director, Chief Executive, NDIC, Mr Umaru Ibrahim, said this on Thursday in a statement, entitled ‘Clarity in NDIC and CBN roles in proposed amendment of BOFIA critical to effective regulation of banks’. Ibrahim made a presentation at the public…

Thursday, 16 July 2020 05:19

CBN urges N'Assembly to review all financial penalties upward

Central Bank of Nigeria on Wednesday asked National Assembly to review all financial penalties and fines upwards in order to align with current realities. It said this at the public hearing on the Bill for an Act to repeal Banks and Other Financial Institutions Act 2004 and to re-enact the Banks and Other Financial Institutions Act 2020. The public hearing, which held at National Assembly complex in Abuja, was organised by the Senate Committee on Banking, Insurance and Other Financial Institutions. Speaking at the hearing on why the 2004 Act should be re-enacted, Director, Legal Services Department, CBN, Mr Kofo…

Wednesday, 15 July 2020 05:46

CBN okays arrangement for bank to recover unpaid loan by its customer from their accounts in other banks

Central Bank of Nigeria (CBN) has given the green light for banks to debit loans and accrued interests due from bank accounts of loan defaulters across the banking system. This was disclosed in a circular on the apex bank’s website issued to all banks and other financial institutions tagged ‘Operational Guidelines on global standing instruction – Individuals.’ According to CBN, the guideline is expected to take effect from August 1 2020. GSI guideline gives banks power to debit loan and accrued interest due from bank accounts of loan defaulters across the Nigerian banking system. Nigeria Interbank Settlement System (NIBSS) will…

Tuesday, 14 July 2020 05:52

CBN stops forex for importation of maize

Central Bank of Nigeria has stopped issuance of forex for the importation of maize. CBN made this known on Monday in a circular signed by Mr O.S. Nnaji, its director, Trade and Exchange Department. The decision, according to CBN, is to boost local production of maize. “As part of effort by Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase job, which were lost as a result of the ongoing Covid-19 Pandemic, authorized dealers are hereby directed to discontinue the processing of Form M for importation of maize/corn with immediate effect,”…

Monday, 13 July 2020 05:57

Banks borrow N660bn from CBN to ease liquidity crunch

Commercial banks and merchant banks have accessed N660 billion loans from Central Bank of Nigeria (CBN) to control their liquidity positions and maintain industry stability. CBN Economic Report, which captured transactions in the last three months, indicated that the loan came through the Standing Lending Facilities (SLF) and were meant to allow the lenders square-up their positions within the month. Daily average was N41.40 billion in the 16 transaction days with daily request ranging from N0.48 billion to N126.74 billion. Total interest earned was N0.37 billion. The SLF is an overnight CBN credit available on banking days between 2 pm…

Monday, 13 July 2020 05:46

7 brutal truths about leadership not too many people want to hear

What defines true leadership success. If you've ever experienced great leadership, you probably remember how that person -- your boss -- made you feel. Because true leadership, at its core, is a matter of the heart. Poet and civil rights activist Maya Angelou famously stated, "People will forget what you said, people will forget what you did, but people will never forget how you made them feel." Starting on the journey toward great leadership demands having to face some brutal truths about what truly defines leadership success. However, it may not be what you want to hear (or read). 1.…

Saturday, 11 July 2020 04:28

Overland Airways annouces new dates for flights resumption

Overland Airways has announced resumption of its flight services with effect from July 15, 2020, following the lifting of suspension of flight operations in the country imposed as part of efforts to contain spread of the Covid-19 pandemic. According to the Chief Operating Officer of the airline, Mrs Aanu Benson: “Overland Airways assures our esteemed customers of pleasures of flying as we are implementing safety and health protocols advised by health and regulatory authorities. “These protocols include but not limited to taking of passengers’ temperature readings, ensuring the wearing of face masks and other protective equipment by passengers and staff…

Friday, 10 July 2020 05:30

Jeff Bezos: This experience growing up ‘really made a big impression on me’

Taylor Locke “Constraints breed resourcefulness, self-sufficiency, and invention,” reads one of Amazon’s famous core leadership principles delineated on its website. This, one of the major tenets upon which Jeff Bezos built Amazon, is something he learned as a kid spending more than a dozen summers on working on his grandfather’s ranch in Texas. “I learned so much from my grandfather because he was – and I think this is true of many people in rural areas – very self-reliant [and] very resourceful,” Bezos said during a fireside chat in India in January 14. “They can get things done on their…

Thursday, 09 July 2020 05:15

Be careful in trading in shares of these 13 listed companies, NSE warns investors

Nigerian Stock Exchange (NSE) wednesday advised investors to trade with caution on the securities of 13 companies due to the absence of up to date financial information on them. The companies are: Aso Savings and Loans Plc; Deap Capital Management & Trust Plc; DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; Goldlink Insurance Plc; International Energy Insurance Plc; Medview Airline Plc; Resort Savings & Loans Plc; Staco Insurance Plc; Standard Alliance Insurance Plc; UNIC Diversified Holdings Plc; Union Dicon Salt Plc and Union Homes Savings and Loans Plc. According to NSE, the companies violated Rule 1.1.2, which relates to…

Thursday, 09 July 2020 05:14

CBN says currency in circulation reduced by N52.5bn, confirming popular folk-talk that ‘there’s no money in town’

Currency in circulation dropped by N52.5bn from N2.35tn at the end of May to N2.29tn in June, latest figures from Central Bank of Nigeria showed on Wednesday. Recent figures showed that there was a steady rise in cash in circulation during the lockdown introduced in some states to contain the Covid-19 pandemic in the country. Statistics obtained from CBN showed that currency in circulation, which stood at N2.29tn at the end of March, rose to N2.3tn in April. The apex bank said, “Currency in circulation at end-November 2019 rose by 9.9 per cent to N2.2tn, in contrast to the decline…

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Thursday, 09 July 2020 05:13

Face mask can cause failed ATM transactions, banks say

Banks have advised customers to remove their face masks when carrying out transactions through Automated Teller Machines to ensure that their faces are properly recognised. Findings revealed that some banks have installed face detection features in their ATMs which can prevent an ATM from dispensing cash if it is unable to recognise the face of the user. While the banks have introduced the wearing of face masks as a condition to enter the banking halls, they have also advised customers to remove it when they want to withdraw money from ATMs. In an email to its customers on measures to…

Thursday, 09 July 2020 05:05

Is it OK for managers and employees to be Facebook friends? This and four other tricky workplace questions answered

Inc.com columnist Alison Green answers questions about workplace and management issues--everything from how to deal with a micromanaging boss to how to talk to someone on your team about body odor. Here's a roundup of answers to five questions from readers. 1. Is it OK to be Facebook friends with people I manage? I'm the manager of a team where everyone gets along well and works effectively with one another. I've known most of the people on the team since before they worked for me, as professional contacts in other contexts. One of the people had friended me on Facebook…

Wednesday, 08 July 2020 16:45

FG extends tax debt payments, announces new dates

Federal Inland Revenue Service has extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, 2020 to August 31, 2020. FIRS Executive Chairman, Mr Muhammad Nami, disclosed the extension in a statement issued on Wednesday by the agency’s Director of Communications and Liaison Department, Mr Abdullahi Ahmad. Nami said the extension was a follow-up to a number of palliative measures devised by FIRS to cushion effects of Covid-19 pandemic on Nigerian economy in order to support tax-paying individuals and businesses. He said the extension applied to tax…

Wednesday, 08 July 2020 16:42

UK govt to pay half of bills in restaurants, hotels, others in measure to boost economy

Diners will get a 50% discount off their restaurant bill during August under government plans to bolster the embattled hospitality sector. Chancellor Rishi Sunak unveiled the "eat out to help out" discount as part of a series of measures to restart the economy amid the coronavirus pandemic. The deal means people can get up to £10 off per head if they eat out between Monday and Wednesday. Mr Sunak also said VAT on hospitality and tourism would drop to 5%. The reduction, from 20%, will be in place for the next six months. As he announced the discount, the chancellor…

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