Shola Shittu

Customs seize vehicles worth N7.75bn in two years

A total of 3,190 vehicles were seized by the Nigeria Customs Services in 2015 and 2016 as part of its anti-smuggling activities, figures obtained from the agency showed. The 3,190 vehicles for the two-year period, according to the NCS, have...

External reserves hit two-week low as naira weakens

The country’s external reserves fell to a two-week low and the naira eased on the black market on Friday after the Central Bank of Nigeria pledged to step up dollar sales. This came just as the CBN said it would...

Non-performing mortgage loans rise to N94bn

Mortgage lenders are buckling under the weight of unpaid loans as job losses and inflation near a record high hinder the ability of customers to pay off their debts, Bloomberg has reported. At least 55 per cent of the mortgage...

NNPC plans to generate, trasmit electricity

The Nigerian National Petroleum Corporation on Wednesday said its ongoing reform was geared towards transforming it from an oil and gas company into an integrated energy outfit with interest in power generation and transmission. It also stated that the country’s...

Two CBN directors arrested for Forex manipulation

The Economic and Financial Crimes Commission has arrested two directors of the Central Bank of Nigeria for alleged forex manipulation and economic sabotage. Impeccable sources at the EFCC told one of our correspondents on Wednesday that the directors were still...

Sterling Bank gets $15 million facility from Islamic group

The pace of Islamic banking model in the country is fast gaining momentum, just as the Non-Interest Banking unit of Sterling Bank Plc got a $15 million facility from the Islamic Corporation for the Development of the Private Sector...
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