| Punch
Four banks trading below minimum liquidity ratio – MPC members Four commercial banks in the country are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement. Petrol price fail to crash despite Kachikwu’s assurances Fifteen months after the price of Premium Motor Spirit, otherwise known as petrol, was increased by 68 per cent, consumers have yet to see any significant decrease in the price, contrary to the promise by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. CBN funding of FG excessive, says Salami The Central Bank of Nigeria is acting like a “piggy bank” with its funding of the government, a member of the Monetary Policy Committee, Dr. Doyin Salami, has said. Oil price rises to $57 per barrel Oil prices rose on Wednesday in spite of a rise in US crude inventories with the market heading for its largest 3rd quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. This Day Emefiele Identifies Bottlenecks to Mortgage Financing The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has identified various bottlenecks hindering genuine investors and by extension free flow of funds into the mortgage sector. NNPC Begins Prospecting for Hydrocarbon in Sokoto Basin The Nigeria National Petroleum Cooperation (NNPC) has said it has started the process that will lead to the exploration of oil and gas in the Sokoto Basin. Vanguard Union Bank’s N50bn Rights Issue opens for subscription Union Bank Nigeria Plc’s N50 billion Rights Issue opened for subscription, yesterday, just as Forte Oil Plc has put on hold its proposed N20 billion capital raising after receiving the approval of Securities and Exchange Commission, SEC. BoI’s loan to Kaduna MSMEs hits N47bn The Bank of Industry (BoI) has disbursed loan in excess of N47billion to support entrepreneurs in Kaduna State in the micro, small and medium enterprises, MSMEs, category, Managing Director of the bank, Mr. Olukayode Pitan, has said. Why we don’t manufacture cube sugar — Dangote Dangote Sugar Refinery Plc has given insights into why the company is not manufacturing cube sugar despite having invested over N400 billion in backward integration projects in the sugar sector. The Nation The board of directors of Forte Oil Plc has decided to suspend the energy group’s bid to raise new equity funds. Forte Oil had earlier secured regulatory approval to float a supplementary capital raising through a book building. Power generation rises to 6619mw The Minister of Power, Works and Housing, Babatunde Fashola, has presented the Federal Government’s scorecard on the power sector for the past two years. Experts seek more local content participation Experts have called on indigeneous companies and industrialists to embrace local content participation as a means of developing the economy. Guardian Equities rebound, indices up by N124 billion Equity transactions rebounded after a two-day losing streak yesterday, following heavy price gains recorded by major highly capitalised stocks especially Total and Dangote Cement, as indices soared by N124billion. PENGASSAN tasks government on payment of N720 billion debt to oil marketers: The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has appealed to the Federal Government to settle all outstanding debts to oil marketers. |
