Bank of Industry (BoI) is working in partnership with the Katsina State government on a N2 billion Enterprise Development Fund. The initiative is intended to boost the entrepreneurial prospects of indigenes of the state. The inauguration of the matching-fund followed the commissioning of the bank’s Katsina office, by the State Governor, Aminu Masari. Speaking during the signing of the memorandum of understanding (MoU) between both parties, BoI’s acting Managing Director, Mr. Waheed Olagunju said the bank’s total loan exposure to industrialists in the state had reached N11.4 billion. He said under the terms of the partnership, the state government would…
Author: Pride Team
Central Bank of Nigeria (CBN) has produced a draft guideline on the regulation and supervision of non-interest (Islamic) micro finance banks (MFBs). A Non Interest (Islamic) Financial Institution (NIFI) means a bank under the purview of the CBN which transacts banking business, engages in trading, investment and commercial activities and also provides financial products and services in accordance with the principles of Islamic Commercial Jurisprudence. Similarly, a Non Interest (Islamic) Microfinance Bank (NIMFB) means any MFB licenced by the CBN to carry on the business of providing financial services, engages in trading, investment and commercial activities and also provides financial…
President Muhammadu Buhari has vowed to decisively deal with intractable corruption in the country saying that his administration’s will soon begin implementation of the principles of the Open Contracting Data Standard. He said this in London. In Nigeria’s country statement to the Anti-Corruption Summit hosted by Prime Minister David Cameron of Britain, President Buhari said that the Federal Government will apply the Open Contracting Data Standard to major projects in the oil, transportation, power, health, education and other sectors. The Open Contracting Data Standard (OCDS) enables disclosure of data and documents at all stages of the contracting process by defining…
Oil traded near $46 a barrel in New York amid signs Canadian oil-sands production is coming back online after wildfires forced operations to shut. Enbridge Inc. expects to restart its Athabasca crude pipeline in Alberta this weekend. Canadian Natural Resources Ltd. restored normal production rates at its Horizon oil-sands site. Prices rose as much as 1.7 percent earlier as supply reductions around the world helped whittle away the global surplus. In addition to the outages in Canada, Nigeria said militants have curbed the country’s oil output by as much as 600,000 barrels a day. The global surplus in the first…
Rivers State Governor, Nyesom Ezenwo Wike has condemned the blowing up of pipelines in the Niger Delta by militants, saying that it is not in the interest of the region as it negatively affects the revenue that accrue to the states for development. The governor also revealed that in the next few weeks, he would flag off the dualization of the Saakpenwa-Bori road to serve Ogoni communities. He said the states of the Niger Delta will work with the Federal Government and Security agencies to ensure that the stoppage of pipelines by militants. In an interview with German Television, ARD…
The Executive Governor of Kogi State, Alhaji Yahaya Bello, has assured the management team of the Ajaokuta Steel Company Limited and all the people of Kogi State that during his administration, the revival of the steel company would be concluded. The governor said this while receiving the team, who visited him at his office in Government House, Lokoja, on Tuesday, 11th May 2016. He said he was taking the issue of natural resources very seriously and would make concrete demands of the President, Muhammadu Buhari, and the Federal Minister for Mineral Resources, Dr. Kayode Fayemi, as it concerns the steel…
Conscious efforts at countering and redressing the gloomy pictures painted about doing business in Africa was a major panacea offered by business leaders at the ongoing World Economic Forum on Africa in Kigali Rwanda in order to attract more investors into the Continent. Led by the Nigeria’s Business mogul, Aliko Dangote, members at a McKinsey Private Breakfast discussion Panel agreed that Africa’s long-term growth potentials should be a subject of emphasis to gradually change the wrong perception. They also agreed that since Africa offers the best returns on investment on any venture, it is indeed the best place to invest…
Governor Adams Oshiomhole of Edo State has blamed the differences in the All Progressives Congress (APC) in the state on some fifth columnists who left the opposition PDP but do not wish the APC well. Speaking while playing host to members of the fact-finding and reconciliation committee of the All Progressives Congress for Edo State, led by Prince Olagunsoye Oyinlola, at the Government House, Benin City, yesterday, Governor Oshiomhole said, these are the people that I, along with other leaders of the party, rehabilitated. Having neutralized their own machine, they jumped out of the boat so that they don’t sink…
The Lagos State Government on Friday said that it prosecuted a total of 1, 536 criminal cases in all courts in the last one year through the Directorate of Public Prosecution (DPP). State Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem who disclosed this during the ongoing ministerial press briefing to herald the one-year anniversary of the Governor Akinwunmi Ambode administration, said that out of the total number of cases being prosecuted, judgments were delivered in 15 of the matters being handled by the Directorate. He said out of the 1,536 cases, 1,375 cases are currently being prosecuted at…
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