CBN Sets N10bn Paid-up Capital For MGCs   The Central Bank of Nigeria has set a minimum level of N10bn paid-up capital for Mortgage Guarantee Companies. A Mortgage guarantee firm is a financial institution established to provide guarantees or partial guarantees to lenders against losses resulting from...

AMCON Solicits Judiciary’s Support To Recover N5.4trn Debt   the Asset Management Corporation of Nigeria is seeking the support of the judiciary to recover over N5.4tn debt owed the corporation by chronic debtors. The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said this at the 2019...

NEC Approves Extra $250m Investment In NSIA   The National Economic Council (NEC) presided over by Vice President Yemi Osinbajo has approved the investment of an additional $250million into the Nigerian Sovereign Investment Authority (NSIA). The NSIA Managing Director/Chief Executive Officer, Mr Uche Orji, who briefed State...

Africa Finance Corporation Concludes $140m Loan Facility   Africa Finance Corporation has announced the closing of its inaugural $140m Kimchi Term loan facility. The AFC said in a statement that the facility was AFC’s first Korean-focused instrument, which followed the corporation’s $233m and ¥1bn dual currency Samurai...

Reps Probe $396m Refinery Maintenance Expenses   The House of Representatives has begun investigation into the ‘Turn-Around Maintenance’ of the petroleum refineries in Port Harcourt, Warri and Kaduna said to have gulped $396.33m in four years. The move followed the unanimous adoption of a motion entitled ‘Call...

NCC Fines CWG N25m For Violation   The Nigerian Communications Commission has fined CWG Plc, an integrated information and communications technology company, N25m for violating some provisions of the Nigerian Communications Act. The telecom industry regulator said during its enforcement activities in the second quarter of the...