Low Assets-to-GDP in Banks Explains Recapitalisation The low asset base of Nigerian banks relative to peers makes a compelling case for a recapitalisation exercise, according to Ike Chioke, group managing director, Afrinvest West Africa Limited. Banks’ total assets is only 16.4 percent of the country’s $0.5...

Aggressive Interest Rate Cut Will Further Impede Economic Growth, Says CBN Deputy Gov The Central Bank of Nigeria (CBN) Deputy Governor, Financial System Stability Directorate, Philip Ikeazor, has said given the poor contribution to growth and vulnerability to rate hikes of the oil and manufacturing...

Workers’ Day: Labour Demands N615,000 Minimum Wage, Gives Deadline  The organised labour yesterday urged the federal government to increase the minimum wage to N615, 000, stating May 31 as the deadline to meet demand. It handed FG May 31 deadline to come up with a realistic...

$120bn Aid: W’Bank Calls Wealthy Nations to Invest in Africa The President of the World Bank, Ajay Banga, warned wealthy countries that it would be shortsighted to “ignore” Africa at a time when development budgets are being strained by wars in Ukraine and Gaza. African leaders...

Lagos-Calabar Highway: FG Commences N2.7bn Compensation Payment, Faults Landmark Title The Minister of Works, David Umahi, has faulted Landmark Group shoreline’s title, stating that the shoreline never belonged to the property company. He faulted Landmark Group shoreline’s title at a stakeholder meeting on compensation payments to...

FG to Revoke Gas Licenses, Gives Fresh Conditions  The Federal Government says it will stop granting licences to gas companies with no capacity to build pipelines for gas distribution. This, the government said, became necessary to discourage the transportation of compressed natural gas through the roads. The...