Business News In Nigeria Today 31st January 2019
iDONSABI presents the business news in Nigeria today 31st January 2019. EFCC now tracks every oil vessel, and many more developing news.
Dogara Intervenes In Delayed $100m World Bank Project
The Speaker of the House of Representatives, Mr Yakubu Dogara, has directed the Chairman, House Committee on Rules and Business Edward Pwajok, to find out what has become of the ad hoc committee investigating the Growth and Employment Project.
The project, according to the Speaker, has not been fully implemented since 2013.
Also to join Pwajok in finding out what happened to the project is the acting Clerk of the House, Mr Patrick Giwa.
CEAT Assures Investors Attractive Returns
CEAT Fixed Income Fund has reiterated its commitment to help its investors and stakeholders boost the returns on their investment.
Chairman/Representative of United Capital Trustees Limited, Mrs Tadeni Balogun, said this during the second general meeting of CEAT, while presenting its IFRS reports and financial statements for the year ended in Lagos.
Open Banking Nigeria Becomes Member Of ODI
Open Banking Nigeria is now officially a member of the Open Data Institute community.
A statement on Wednesday revealed that the ODI membership Coordinator, Julie McMahon, sent a welcome letter on behalf of the Chief Executive Officer, Jeni Tennison, that ODI was aimed at building a strong, fair and sustainable data economy by helping businesses and governments get data to people who needed it.
Akeredolu Calls For Investment In Capital Market In Ondo
The Ondo State Governor, Mr Rotimi Akeredolu, said he would provide an enabling environment for capital market to thrive in the state, with a view to developing the nation’s capital market sector.
Akeredolu said an enabling environment was necessary in the state to encourage people to invest “when there is economic growth in the land.”
FG Committed To Attracting Investments, Says Finance Minister
The Minister of Finance, Mrs Zainab Ahmed, has said the Federal Government is committed to initiatives that will attract investments into the country and boost economic development.
Ahmed, who was represented by the Director, Economic Research and Policy, Ministry of Finance, Mr Israel Igwe, at the closing session of the UK-Nigeria Climate Finance Accelerator Workshop in Lagos, expressed the Federal Government’s readiness to partner any group or stakeholder towards the transformation and economic development of the country.
CBN Introduces Fines In E-payments Regulation
The Central Bank of Nigeria has issued a regulation on the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria.
The apex bank disclosed this in a circular to all Deposit Money Banks, Other Financial Institutions and the general public on, ‘Exposure draft for the regulation on end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria, revised 2018’ on Tuesday.
In the regulation, the CBN introduced a penalty of N2.5m on DMBs and Other Financial Institutions on every repeated occurrence of specific infractions and termination of the use of the unapproved end-to-end e-payment solution.
It also introduced other fines for other forms of infractions.
FG, EFCC Begin Tracking Of Vessels Lifting Nigeria’s Crude
Every barrel of crude oil produced and exported out of Nigeria is now being tracked by the Federal Government in collaboration with the Economic and Financial Crimes Commission, the Minister of State for Petroleum Resources, Ibe Kachikwu, declared on Tuesday.
Kachikwu said the government and the EFCC recently commenced the tracking of vessels lifting crude oil from Nigeria. He spoke at the ongoing Nigeria International Petroleum Summit in Abuja while responding to a comment made by a delegate at the summit.
Andela Raises $100m In Fresh Funding
A technology company, Andela, has successfully raised $100m through a Series D funding to build distributed engineering teams.
The firm said in a statement that the round was led by Generation Investment Management with participation from existing investors, comprising Chan Zuckerberg Initiative, GV, Spark Capital, and CRE Venture Capital.
According to the statement, the Series D funding brings Andela’s total venture funding to $180m.
CBN Injects $210m Into Inter-bank Market
In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria, on Tuesday, injected another sum of $210m into the inter-bank foreign exchange market.
Figures released by the CBN indicated that authorised dealers in the wholesale segment of the market received $100m, while the Small and Medium Enterprises and the invisibles segments were allocated $55m each.
The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the bank’s resolve to always meet the request of genuine customers in the various segments of the market.
Nigeria’s Refineries Not Too Old To Operate, Says NNPC
The Nigerian National Petroleum Corporation says the country’s refineries are not too old for effective refining operations.
Mr Kragha Anibor, NNPC Chief Operating Officer, Refineries disclosed this at a panel session at the ongoing Nigerian International Petroleum summit, on Wednesday, in Abuja.