Rising debts pose risk to Nigeria, other emerging economies, says IMF

The International Monetary Fund (IMF) on Wednesday warned that rising public debts in emerging economies may constitute direct risk to financial stability. The IMF Financial Counselor and Director of the Monetary and Capital Markets Department, Tobias Adrian, disclosed this during the Global Financial Stability report presentation at the ongoing IMF/World Bank Spring meetings in Washington. According to him, short-term risks to financial stability had increased, and medium term risks remained high, while vulnerabilities in global markets might make the road ahead bumpy and put growth at risk. “Rising foreign debts…

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AfDB, African Institute to transform industry-led research in Africa

The African Development Bank (AfDB) and the African Institute of Mathematics and Sciences (AIMS) are now in a landmark relationship to build a research institution in the league of the Massachusetts Institute of Technology. The bank said this in a statement by its Communications Officer, Mr Emeka Anuforo, on Wednesday in Abidjan, Côte d’Ivoire. He said former President Olusegun Obasanjo led a delegation of the High-Level Advisory Council of AIMS to a meeting with the bank in Abidjan. At the meeting, a 10-year partnership proposal was made to build mathematical…

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Non-Performing Loans: Reps proposes N20m daily penalty

The House of Representatives is proposing a N20 million daily penalty on banks to curb insider abuse and threat of non-performing loans to the financial system stability of the country. Chairman, House Committee on Banking and Currency, Mr Jones Onyereri, told journalists on the sidelines of the ongoing 2018 IMF/World Bank Spring Meetings in Washington DC. He said the House was in the process of reviewing the Banks and Other Financial Institutions Act (BOFIA) to include the penalty. “In the reviewed Act, we propose that penalty be increased to the…

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IMF chief Lagarde warns against trade tensions, protectionism

International Monetary Fund (IMF) chief Christine Lagarde on Thursday warned political leaders “trade tensions, frictions and threats” could inflict long-term damage on investment and the global economy. Lagarde said trade disagreements are “better resolved in a multilateral way, amid retaliatory tariffs and other barriers being erected between the U.S. and China. The Washington-based crisis lending agency this week forecast that global growth for 2018 and 2019 will be stable at an annual rate of 3.9 per cent, the fastest expansion in eight years. “Momentum continues to gather behind a broad-based…

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Stakeholders laud institute for improving ethics in banking

Some stakeholders in the banking industry on Tuesday commended the Chartered Institute of Bankers of Nigeria (CIBN) for improving professional ethics in the banking sector. The stakeholders, who spoke at the institute’s breakfast meeting in Lagos, expressed gladness that it was able to reduce abuses and unethical behaviors in the sector. TBI Africa reports that CIBN, headed by Prof. Olusegun Ajibola, has trained more than 124 thousand staff of Deposit Money Banks (DMBs), microfinance banks and regulatory bodies. The institute has in the last 11 months accredited six Banking Academies…

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NSE trading nosedive by 0.04% after two days growth

Transactions on the Nigerian Stock Exchange (NSE) on Wednesday nosedived by 0.04 per cent after appreciating for two-consecutive days. TBI Africa reports that Seplat, which joined the Premium Board, led the laggards’ table with a loss of N23.90 to close at N702 per share. It was trailed by International Breweries with N1.05 to close at N48.95, while Lafarge Africa was down by 95k to close at N45.65 per share. Nigerian Breweries declined by 90k to close at N126, while Union Bank of Nigeria shed 30k to close at N6 per…

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Don calls for strengthening of Nigeria’s tax system, administration

The Vice Chancellor of Kaduna State University, Prof. Muhammad Tanko, has said Nigeria must strengthen its tax system to gain maximally from it. Tanko made the remarks in a presentation on “The Nigerian Tax and Administration” organised by the Department of History of the university, in Kaduna. The vice chancellor said government should continuously improve the nation’s tax system and administration, which presently is fraught with so many inadequacies. “There is no consistent policy that guides the tax system, no cooperation among tax authorities and no segmentation of tax payers…

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Benue revenue board seals 3 banks, other outfits over unpaid taxes

The Benue Board of Internal Revenue Service (BIRS), has sealed up six firms, including three commercial banks, over alleged non-payment of taxes to the tune of N 774.5 million. Executive Chairman, BIRS, Mrs. Mimi Orubibi, who led the team that carried out the exercise on Wednesday in Makurdi, said the firms had failed to remit Personal Income Tax/Assets to BIRS. The banks sealed were Access Bank, Ecobank and UBA. Also sealed were Ostrich Bakery, Nile Drill Technologies and Lower Benue River Basin Development Authority (LBRDA), all situated within Makurdi metropolis.…

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Naira dips against dollar at investors’ window

The Naira on Wednesday depreciated to N360.16 to the dollar at the investor’s window, losing 70kobo from N360.09 traded on Tuesday. Trading at the parallel market saw the naira closed at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively. At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively. The Nigerian currency traded at N305.60 to the dollar at the official Central Bank…

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Inflation: statistician cautions politicians, govt against reckless spending

A statistician, Dr Olusanya Olubusoye, has advised politicians and government at all levels against reckless fiscal spending to prevent inflation ahead of the 2019 elections. Olubusoye, a lecturer at the Department of Statistics, University of Ibadan, gave the advice on Monday, while reacting to March inflation figures. Nigeria’s inflation rate measured by the Consumer Price Index (CPI) dropped from 14.33 in February to 13.34 per cent in March year-on-year, according to the National Bureau of Statistics (NBS). The don said reckless fiscal spending was one of many causes of inflation.…

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