Nigerians can now apply for forex online as the Central Bank of Nigeria’s deployment of an electronic Form ‘A’ to expedite applications for PTA/BTA, medicals, education, and other remittances. This was disclosed in a circular titled, “Automation of Form ‘A’ on the Trade Monitoring System” and signed by Dr Ozoemena Nnnaji, Director Trade and Exchange Department. The CBN states that ...

Security and Exchange Commission (SEC) has warned quoted companies and capital market registrars to desist from selective payments and distribution of dividends. Director-General, Securities and Exchange Commission (SEC) Mr Lamido Yuguda stated this at the 10th annual conference of the Institute of Capital Market Registrar’s (ICMR) with the theme ‘Reinventing the Nigerian Capital Market for Growth: The Digital Technology Approach, ...

Global financial institution, World Bank has said that  the Central Bank of Nigeria’s exchange rate management  policies continue to discourage investment and fuel inflation. This was disclosed by the World Bank  in the November 2021 edition of its Nigeria Development Update tagged “Time for Business Unusual”. The World Bank said the whole of Nigeria’s debt burden remains manageable for the ...

Ecobank Nigeria Limited has placed a caveat on any share of Honeywell Group Limited following media reports on a move by Flour Mills Nigeria PLC to acquire 71.69 per cent of Honeywell Group Limited. It warned off prospective buyers on the ground that Honeywell Group Limited is allegedly hugely indebted to the bank, adding that the debt is currently the ...

Committed to demonstrate increased financial inclusion and women empowerment, Nigeria’s retail lender, Unity Bank Plc has launched Yanga Account. The new retail product was designed to deepen beneficial impact on Micro Small and Medium Enterprises (MSMEs) operated by women in the mass market retail space. Unity Bank says the benefits for signing up to Yanga Account are summed up as ...

The apex bank,  Central Bank of Nigeria (CBN) has said that First Bank is a big part of the Nigerian banking system. The apex bank added that investors are showing interest in First Bank’s shares. This was disclosed by the CBN Governor, Godwin Emefiele at the Monetary Policy Committee meeting held today, November 23rd, 2021. CBN stated that one person ...

The Nigerian National Petroleum Company (NNPC) has dropped the hint that a litre of Petroleum Motor Spirit (PMS) may sell between N320 and N340 in 2022. The agency said that this will be so because the law does not provide for a subsidy, hence its removal in the coming year. The disclosure was made by the  Company’s Group Managing Director(GMD)Malam ...

Between January and October 2021, over N6.747 trillion accrued into the federation account as revenue from Statutory Revenue; Value Added Tax (VAT); Exchange Gain; Excess Bank Charges Recovered and Non-Oil revenue. Being a zero sum account, all the money (revenue) into the federation account are disbursed at the end of every month ready for new accruals in the new month. ...

The apex bank, Central Bank of Nigeria (CBN) has stated that individuals under its watchlist may be barred from entering a new relationship with any participant (banks) and accessing loans. The CBN disclosed in its Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the Nigerian Banking Industry signed by Mr Musa Jimoh, Director, Payments System Management ...

The battle between Guaranty Trust Bank and Innocent Chukwuma, chairman, Innoson Group, has deepened as the billionaire is optimistic of taking over the bank. He made this remark during a briefing with journalists. this coming following the bank’s non payment of N32bn and the accrued interest owed him. In 2019, Innoson Nigeria Limited obtained a writ of Fifa from the ...