PUNCH
Nigeria close to finding oil in Chad Basin – Kachikwu
The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said the country is on the verge of finding oil in the Lake Chad area based on an analysis of a recent seismic 3D data generated from the basin.[Read More…]
Oil companies cut 120,000 jobs
As a result of the continued fall in oil prices, Nigeria’s oil and gas companies have cut about 120,000 direct and indirect jobs, the immediate past National Industrial Relations Officer, Petroleum and Natural Gas Senior Staff Association of Nigeria, Hyginus Onuegbu, has said.[Read More…]
THISDAY
IMF Harps on Behavioural Reforms among Bankers
The International Monetary Fund (IMF) has stressed the need for appropriate governance framework to be put in place to support ethics in financial institutions globally.[Read More…]
THE NATION
Slow growth spurs investment in agric
Project Director, Cassava: Adding Value for Africa (C:AVA)11,Prof Kola Adebayo said the slow growth in the agric sector has increased the need for more investment to drive transformation and inclusive growth.[Read More…]
GUARDIAN
Union Bank unveils product, promo for retail customers
Union Bank of Nigeria has unveiled UnionKorrect, the first of the planned series of retail product offerings, with varying incentives to customers, as well drive the new brand awareness.[Read More…]
VANGUARD
CBN moves to halt ‘shylock’ lending
THE Central Bank of Nigeria CBN will soon introduce a set of measures that will protect bank customers from unethical interest rates, illegal charges and other manipulations by bank officials.[Read More…]
CBN in subtle quantitative easing
There were indications that Central Bank of Nigeria, CBN, may have silently effected a major shift in its monetary policy framework and liquidity policy following over seven weeks consistent high liquidity in the banking system curtesy of the apex bank. Consequently, money market analysts dubbed the development a pseudo quantitative easing, QE, cycle aimed at propping up the economy through increased bank lending leverage.[Read More…]
LEADERSHIP
Stanbic IBTC: FRC Appeals Court Ruling Against Its Powers
Stanbic IBTC: FRC Appeals Court Ruling Against Its PowersSticking to its decision on Stanbic IBTC Holdings (SIBTCH) Plc in line with its mandate to regulate financial reporting in the country, the Financial Reporting Council of Nigeria (FRC) has appealed against the ruling of a Federal High Court Lagos Judicial Division presided over by Honourable Justice Ibrahim Buba, delivered last week Wednesday restraining it from interfering with activities of the bank.[Read More…]
REUTERS
Asia shares mixed, dlr strong after US jobs data boosts case for Fed hike
Asian stocks were mixed, with Japanese and Chinese shares up, while the dollar stood at a 7-month high against peers on Monday after robust U.S. jobs data bolstered expectations of a Federal Reserve interest rate hike in December.[Read More…]
BLOOMBERG
Goldman’s BRIC Era Ends as Fund Folds After Years of Losses
The bank’s asset-management unit folded its money-losing BRIC fund, which invests in Brazil, Russia, India and China, and merged it last month with a broader emerging-market fund. Goldman Sachs pulled the plug on the nine-year-old product because it doesn’t expect “significant asset growth in the foreseeable future,” according to a filing to the U.S. Securities and Exchange Commission.[Read More…]