CBN rejected Al Qaeda request for Sharia banking licence

Details: Category: ECONOMY; Published on Monday, 04 July 2011 23:11; Written by Administrator

The Governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, Monday revealed that a group had earlier in the 1990s, applied for licence to establish an Al Qaeda Bank in the country but was not approved. The CBN chief who disclosed this at the opening of an international conference on Islamic Banking in Abuja, said that the group’s application was turned down for failing to meet requirements for banking licence.

Stanbic Gets License for Islamic Banking Operations in Nigeria

Details: Category: ECONOMY; Published on Sunday, 03 July 2011 22:49; Written by Administrator

(Maram Mazen - Bloomberg) Stanbic IBTC Bank Plc (IBTCCB), a unit of Standard Bank Group Ltd., won approval from Nigeria’s central bank to provide Islamic banking services in Africa’s most populous nation, Deputy Governor Kingsley Moghalu said. A preliminary license was awarded to Stanbic last week for a Shariah-compliant banking window, the first one given to Jaiz International, a commercial bank in Nigeria, Moghalu said in an interview in South Africa’s capital,

NSE suspends Dangote Flour, Transcorp, 46 others for not rendering their accounts

Details: Category: ECONOMY; Published on Saturday, 02 July 2011 09:18; Written by Administrator

The Nigerian Stock Exchange, NSE, has placed the shares of Dangote Flour Mills Plc, Transnational Corporation of Nigeria Plc, Transcorp, Forte Oil Plc, formerly African Petroleum Plc and 45 others on technical suspension, for failing to present to the authorities, their financial statements for the 2010 financial year, seven months after the end of the financial year and five months to the end of the current financial year.

Nigeria Economic Updates

Details: Category: ECONOMY; Published on Thursday, 30 June 2011 16:56; Written by Administrator

(Bloomberg) Nigerian Naira Heads for Best Quarter in 14 as Bank to Lifts Curb on Flows - By Chris Kay - Jun 30, 2011

Nigeria’s naira headed for the biggest three-month gain in 14 quarters against the dollar after demand for the U.S. currency ebbed before the central bank lifts curbs on foreign investors’ debt holdings. The naira advanced 1.1 percent to 152.025 per dollar at 2:01 p.m. in interbank trading in

New ministers: Senate clears 7 ministerial nominees

Details: Category: ECONOMY; Published on Thursday, 30 June 2011 07:49; Written by Administrator

Vanguard, ABUJA—THE Senate, yesterday, confirmed seven of the 34 ministerial nominees presented to it by President Goodluck Jonathan. Before the confirmation proceedings began yesterday, the Senate approved 20 Special Advisers for the President. Three of the Special Advisers were Gen. Andrew Azazi (rtd.) National Security; Senator Joy Emodi, National Assembly; and Mr. Kingsley Kuku, Amnesty Programme. The remaining 17 approvals are to be filled in the next few days.

Mobitel launches 4G in Nigeria

Details: Category: ECONOMY; Published on Wednesday, 29 June 2011 08:12; Written by Administrator

Broadband provider Mobitel Limited, which recently launched in Nigeria, is set to release its new 4G broadband wireless service in the region. Johnson Salako, Mobitel CEO says Nigerians should be excited and prepared to enjoy an unsurpassed Internet broadband experience in Nigeria, similar to what is standard in most developed countries courtesy of its 4G WIMAX product. During the launch campaign themed, "Upgrade to Mobitel 4G - Go with the

Nigeria Reserves May Rise to Strongest in More Than Year, FBN Capital Says

Details: Category: ECONOMY; Published on Tuesday, 28 June 2011 14:01; Written by Administrator

(By Chris Kay - Bloomberg) Nigeria’s foreign-currency reserves may rise 24 percent to the highest in a year in the second half of 2011 as it creates a sovereign wealth fund, tightens spending and lifts curbs on inflows, FBN Capital Ltd. said. The foreign-currency reserves of Africa’s top oil producer may rise to $40 billion, FBN Capital, the investment-banking unit of First Bank of Nigeria Plc (FIRSTBAN), said in an e-mailed research note today. That would

Nigerian exchange to install Nasdaq OMX platform

Details: Category: ECONOMY; Published on Monday, 27 June 2011 23:26; Written by Administrator

(Financial Times) Nigeria’s stock exchange, which was rocked by allegations of financial mismanagement last year, is to install a trading platform from Nasdaq OMX and launch equity options as it prepares for demutualisation and a possible listing, the country’s securities watchdog said. Arunma Oteh, director-general of Nigeria’s Securities & Exchange Commission, said she was “delighted” with the work of an interim administrator, which has run the

Finbank of Nigeria Rises to Three-Week High on Court Dismissal

Details: Category: ECONOMY; Published on Monday, 27 June 2011 12:46; Written by Administrator

(Bloomberg) Finbank Plc (FIRSTINL), a Nigerian lender bailed out by the central bank two years ago, advanced to its highest in more than three weeks after a court dismissed a bid to halt its sale to First City Monument Bank Plc. (FCMB) The stock gained 2 kobo, or 3.6 percent, to 57 kobo by 11:09 a.m. in Lagos, the highest since June 3.

Nigeria Borrowing Costs to Drop as Control Lifted, Debt Agency Leader Says

Details: Category: ECONOMY; Published on Monday, 27 June 2011 12:43; Written by Administrator

(Bloomberg) Nigeria’s Debt Management Office expects the country’s borrowing costs to fall after the central bank lifts a requirement for foreigners to hold local bonds for at least a year, Director General Abraham Nwankwo said. “The measure has removed residual restrictions on entry and exit of non-resident investments in Nigerian securities,” Nwankwo said in a phone interview yesterday from Abuja, the capital. “All things being equal, the new rule

Nigerian Stock Exchange in LSE tie-up talks

Details: Category: ECONOMY; Published on Sunday, 26 June 2011 16:13; Written by Administrator

(MarketWatch) The Nigerian Stock Exchange has discussed a possible tie-up with its counterpart in the U.K., the London Stock Exchange Group PLC (LSE.LN), The Independent On Sunday reported, citing the head of the country's capital markets regulator. Arunma Oteh, the director general of Nigeria's Securities and Exchange Commission, told the newspaper: "The NSE is exploring what potential partners could offer. It has spoken to the

Nigeria Central Bank Naira Rally Forecast on New Rules Doubted by Analysts

Details: Category: ECONOMY; Published on Friday, 24 June 2011 15:55; Written by Chris Kay - Bloomberg

(Bloomberg) Rising inflation and government spending in Nigeria will limit a naira rally forecast by the central bank after it relaxed investor restrictions, according to Citigroup Inc., Renaissance Capital and Exotix Ltd. The currency of Africa’s top oil producer may stabilize around 150 per dollar by the end of the year, the companies estimate. Lamido Sanusi, the governor of the Central Bank of Nigeria, said yesterday that the naira may appreciate to

Sanusi Fights Nigerian Elites as Bank Currency Policy Draws IMF Irritation

Details: Category: ECONOMY; Published on Thursday, 23 June 2011 11:02; Written by Nasreen Seria - Bloomberg

(Bloomberg) As a teenage Marxist, Lamido Sanusi remembers confronting his grand-uncle, the Emir of Nigeria’s northern city of Kano, about political power and how it can be abused, during chats in the palace courtyard. As central bank governor, Sanusi is challenging authority again: firing the chief executives of ailing banks, criticizing lawmakers for overspending and rejecting advice from the International Monetary Fund to weaken the currency.

Following Goodluck Jonathan’s election victory in April, Sanusi is now looking to help revive Nigeria’s moribund electricity industry in the face of union opposition to the sale of utilities, while pressuring lawmakers to invest more in road and rail links and spend less on government running costs.

Nigeria Sells $400 Million at Currency Auction, Less Than Banks Demanded

Details: Category: ECONOMY; Published on Wednesday, 22 June 2011 22:08; Written by Bloomberg

Nigeria’s central bank offered less foreign currency than demanded by lenders for a fifth straight auction today as the naira continued to depreciate against the dollar. Nigeria, sub-Saharan Africa’s second-biggest economy, sold $400 million at a foreign-exchange auction, less than the $476 million sought by lenders, the Abuja-based Central Bank of Nigeria said in an e-mailed statement.

Nigerian Eurobonds Rise to Record on Growth Estimates, Reserve Increases

Details: Category: ECONOMY; Published on Wednesday, 22 June 2011 14:05; Written by Administrator

(Bloomberg) Nigeria’s dollar bonds climbed to a record on speculation that Africa’s most populous country will continue to experience growth as high oil prices, rising foreign reserves and recent elections spur investor confidence. The 6.75 percent Eurobonds of Africa’s biggest oil producer due 2021 rose 0.1 percent to 104.981 cents on the dollar, the highest level since the debt was issued in January, lowering the yield two basis points, or 0.02

Nigeria to Ship 2.08 Million Barrels of Oil a Day in August

Details: Category: ECONOMY; Published on Wednesday, 22 June 2011 13:17; Written by Administrator

(Bloomberg) Nigeria, the largest oil producer in Africa, is scheduled to export 2.08 million barrels a day of 14 major crude grades in August, little changed from July, according to loading plans obtained by Bloomberg News. The country will ship 71 consignments in August totaling 64.6 million barrels, or 2.08 million barrels a day. This compares with next month’s plan to export 70 cargoes with a daily volume of 2.07 million barrels a day.

Sanusi Bows to Pressure, Backtracks on Sharia Banking

Details: Category: ECONOMY; Published on Tuesday, 21 June 2011 21:51

The Central Bank of Nigeria, (CBN) has issued new guidelines on non interest banking in order to cater for other variants of profit and loss sharing banking. In a statement by the apex bank titled: “Re: Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria,” signed by the Acting Director, Financial Policy and Regulation Department, Mr. Chris O. Chukwu, explained that Islamic banking is not the only form of non-interest banking product in the country.

Nigeria to Increase Qua Iboe, Bonga Oil Shipments in August

Details: Category: ECONOMY; Published on Monday, 20 June 2011 20:14; Written by Administrator

(Bloomberg) Nigeria, a favored supplier of oil to U.S. refiners, plans to ship 12 cargoes of benchmark Qua Iboe crude in August, one more than July, according to a loading schedule obtained by Bloomberg News. Africa’s largest oil producer will also export nine cargoes of Bonny Light crude, including one of 300,000 barrels, the plan showed. This compares with the original shipping plan for July of six 950,000-barrel cargoes and one 650,000-barrel lot.

Sanusi says inflation risks still high

Details: Category: ECONOMY; Published on Monday, 20 June 2011 20:02; Written by Administrator

(Reuters) - Nigeria's Central Bank Governor Lamido Sanusi said on Monday that inflation risks in Africa's most populous state remained high and that there was no choice but to focus on tightening monetary policy. Sanusi said high food and fuel prices, coupled with high government recurrent spending, meant overall inflation would be a concern in the near-term. "I think that the indications are that ... we have to look at the money supply situation very

Nigeria; CBN Approves First Islamic Bank

Details: Category: ECONOMY; Published on Monday, 20 June 2011 17:20; Written by Elombah.com

Nigeria plans to issue its first sovereign sukuk within the next 18 months in a move aimed at boosting Islamic banking in West Africa's largest economy, Nigeria's central bank governor, Lamido Sanusi said on Monday. Sanusi said Nigeria was on track to approve its first Islamic bank and was working towards become a regional hub for Islamic banking.

Sanusi Says Tightening Alone Won’t Address Nigeria’s Rising Inflation

Details: Category: ECONOMY; Published on Friday, 17 June 2011 18:02; Written by Administrator

(Bloomberg) Nigerian Central Bank Governor Lamido Sanusi said monetary tightening alone won’t address accelerating inflation in the West African nation. The rising cost of imported food and unsubsidized fuel products indicate the risks to inflation are still on the upside, Sanusi said by phone yesterday from the capital, Abuja.

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