The Central Bank of Nigeria (CBN) has cut the limit on banks’ foreign currency borrowings to 75 percent of shareholders’ funds from 200 percent, according to a central bank circular today. The regulation replaces a 2001 rule capping foreign borrowings, including Eurobonds, at 200 percent of shareholders’ funds as Nigeria tries to manage exchange rate risks and curb pressures on the naira from excess demand for dollars. According to the circular, “The central bank of Nigeria has noted with concern the growth in foreign currency borrowings of banks through foreign lines of credit and issuance of foreign currency denominated bonds…
Author: Pride Team
By Alex C The Federal government is expected to gain $1.3 billion from cocoa exports in 2014, a 45 percent rise, as steady rise in output could aid shift Nigeria, Africa’s biggest economy away from its over dependence on the monolithic product. Minister of Agriculture Dr. Akinwumi Adesina at a cocoa summit in Abuja disclosed that the world’s fourth biggest cocoa producer was billed to produce 370,000 tonnes in 2014 from its 14 major producing areas, up from the 250,000 tonnes that earned it $900 million in 2012.xosotin chelseathông tin chuyển nhượngcâu lạc bộ bóng đá arsenalbóng đá atalantabundesligacầu thủ…
Former Nigerian military head of state General Muhammadu Buhari (rtd.) has said that it would be unpatriotic of him to stick to his 2011 vow not to contest for the presidency again. He said his major frustration then – the lack of a mega party capable of wresting power from the PDP – has been resolved with the formation of the All Progressives Congress while at the same time the indices for the good life for Nigerians have gone from bad to worse. “I am concerned about the deterioration of the economy and security in the country, among others, and…
By Mimi Adebayo Lacey said that when they were dating, her husband was easy going and gentle, he hardly raised his voice or even got angry, they never fought; they were like two peas in a pod. He totally ‘got’ her. However when they got married, they had their first fight one week after their honeymoon, it was not supposed to be a big deal and Lacey felt he blew it out of proportion, truly it was the first time she was seeing him so mad. She wondered where that sweet, easy going man she had married had disappeared to.…
“The party had to pay huge rents for occupying its former headquarters at Asylum Down in Accra; we found such expenditures wasteful. Per the calculations we made, we realized that it will be cheaper to build a new headquarters than spend huge sums of resources on rents.” That was Mr. Johnson Asiedu Nketsia, General Secretary of the National Democratic Congress (NDC), Ghana’s ruling party, finally admitting, after repeated denials, that the party has built an ultra-modern office complex. He would, however, not disclose how much the four-storey building cost to build, in the face of pervasive speculation by political opponents…
Sensational singer, Wizkid was detained by the police in Kenya on Saturday, October 25,2014 over violation of the country’s law. The Star boy who was in Nairobi last week to shoot a video and also had some shows was actually arrested at Nairobi Crown Plaza, a non-smoking hotel where he was lodged. The incident happened at around 1p.m. just as Wizkid was checking out of his hotel room where he had been staying since his last week’s concert. According to our sources, Wizkid was caught smoking inside the hotel in which smoking is prohibited. The hotel’s Front Officer asked him…
Actress Uche Jumbo is on a nine month course! The delectable actress cum producer is expecting her first child with husband Kenney Rodriquez. She showed off her growing baby bump at The Other Side movie premiere in Houston over the weekend. This has elicited joy among her fans who were worried that she was not pregnant after two years into her marital journey. Screen diva Uche started her career at a tender age when she used to dress up and tell her stories to family and friends in her hometown of Abiriba in Abia State. She was born in Abiriba…
The popular socialite and billionaire, Ayiri Emami, who sponsored 2face and Annie Macaulay’s wedding is in the news again! The Delta state moneybags splashed a whooping N75million to acquire a customised Rolls Royce Phantom Drophead for his pretty wife who turned a year older on Thursday, October 23,2014. The black toy bore the wife’s name Asba, a 24 carat gold spirit of Ecstasy which is the bonnet ornament. We reliably confirmed that not only did he present Asba,whom he married at a lavish three day ceremony in December 2009, with the costly wonder on wheels but he also staged a…
IfooAfrica is set to host writers this Saturday, November 1 at The Colonades Hotel with the event tagged #MyLagosStory, inspired by Joy Isi Bewaji’s daily Facebook rants and her weekly column on sabinews. 10 raconteurs will share their hilarious, inspiring , colourful personal Lagos experiences. There’ll be music by Aduke, poetry by actor- Demola Adedoyin, and ‘Seun Salami will be reading from his new book, ‘The Sex Life of a Lagos Mad Woman’ To be part of the event, send your name and number to: contact@ifooafrica.com See e-flier for more details.xosotin chelseathông tin chuyển nhượngcâu lạc bộ bóng đá arsenalbóng…
Chartered Accountants in the East Africa sub-region plan to brainstorm next month as to how best to take advantage of the anticipated growth in the member countries of the Eastern Africa Economic Community. The Association of Chartered Certified Accountants of Uganda will host between 400-500 professional accountants from Eastern Africa for three days from Nov. 25-27, 2014. Scheduled for the Speke Resort Munyonyo, the convention is expected to draw participants from Kenya, Tanzania, Ethiopia, Rwanda, Sudan, Eritrea and some Sub-Saharan African Countries. “Eastern Africa – The Next Growth Frontier” will be the theme for the accountants convention. The objective will…