Overview
On September 15, 2008, Lehman Brothers filed for bankruptcy. With $639 billion in assets and $619 billion in debt, Lehman’s bankruptcy filing was the largest in history, as its assets far surpassed those of previous bankrupt giants such as WorldCom and Enron.
Nafiu Badaru, a junior civil servant in northern Nigeria’s biggest city Kano, doesn’t make much money and it takes some cash to look good so he tends to buy Made-in-China fabric.”A piece of high-quality brocade (cloth) costs around 10,000 naira ($50, 47 euros), which is way too expensive for me,” he told AFP.
The $10m Bribe Scandal
“I have been reflecting deeply about my presidency and about the 40 years in which my life has been inextricably bound to FIFA and the great sport of football. I cherish FIFA more than anything and I want to do only what is best for FIFA and for football.
It is my deep care for FIFA and its interests, which I hold very dear, that has led me to take this decision,” he said.
Labour Supports Reversal, Alleges Irregularities, Fraud, Worsening Power Situation The in-coming administration of President-elect, Mohammadu Buhari is under intense pressure to reverse the privatisation of power assets in the country initiated under the out-going Goodluck Jonathan government. Another initiative is to increase Federal Government equity in the already privatised power assets from 49 to 59 percent in order to have control in the running of such power assets across the country.
The Tunisian Federation of Insurance Companies “FTUSA” and Tunisian Reinsurance Company “TUNIS RE” are honored to host the 42nd AIO Conference and General Assembly from 24th to 27th May in Gammarth, Tunisia.
The conference will be organised under the auspices of the African Insurance Organisation “AIO.” This conference presents a good opportunity for a valuable exchange of ideas and experiences in order to support business exchange between the different partners of our industry.
MultiChoice implements annual subscription price increase in all its
operating countries, however, a price increase was not implemented in Nigeria last year.
-Ms. Caroline Oghuma; Public Relations Manager, MultiChoice Nigeria.
Once upon a time, there was a homegrown payTV network in Nigeria named HiTV. Established in 2007, it later won the rights to the English Premiership League (EPL) which was the icing on the cake for it and its rising clientele. Unfortunately, the romance did not last.
The MPC concluded its third seating for the year with all policy rates left unchanged save the Cash Reserve Requirement (CRR) which was harmonized to 31.0%. This was in contrast to the previous 20.0% on private sector deposit and 75.0% public sector deposit (35.0% effective rate as at February 2015). We expect the equities market to react positively to this, given its implied impact on interest income of banking tickers going forward.
U.S., Secretary of State, John Kerry will lead the US delegation to the inauguration of Nigerian president-elect Muhammadu Buhari in Abuja this week, the White House has said. Buhari will be sworn in on May 29 after defeating out-going president Goodluck Jonathan in the first Nigerian election that saw the opposition candidate defeat an incumbent.
The United States needs to act fast, wisely and comprehensively to shore up and strengthen its relations with Nigeria following that country’s recent successful national elections. Nigeria’s presidential and gubernatorial elections (held respectively March 28 and April 11) were a political triumph for the people of that country as well as for the continued positive trajectory of democracy across sub-Saharan Africa.
When Delphi Automotive’s “Driverless Car” took its much publicised cross-country test run this spring, the nine-day journey drew cheers from champions of “Autonomous Technology.” Meanwhile, other onlookers started wondering how this disruptive technology might impact, of all things, insurance. It’s not just auto insurance that they’re wondering about. It’s also the life, health and annuity sector. What are the implications there? The question brings up some interesting possibilities.
Reports N64bn Loss in 2014
First Bank Holdings Plc may sack 2, 740 staff over the planed downsizing of unprofitable branches nationwide. The bank also reported loss of N64 billion in the 2014 financial year.
Mr. Bisi Onasanya, Group Managing Director/CEO, First Bank, said at the bank’s Facts-Behind-The-Figures presentation at the Nigerian Stock Exchange (NSE) that the bank will close unviable branches across the country to reduce cost. He assured however that no staff of the bank will lose his or her job in the exercise.
Following the continuous worsening power outages the privatised Generating Power Companies (GENCOs), the Transmission Company of Nigeria (TCN) and the Distribution Power Companies (DISCOs) are now on each other’s neck over who bears the cost of power losses from evacuation points through the national grid to the distribution network. This is due to dilapidated facilities at both the transmission level and distribution network.
The decision of the Central Bank of Nigeria (CBN) not to appeal the judgment of Court of Appeal restoring the operating licence of Savannah Bank of Nigeria Plc opened the way for the return of the bank. It also signals the end of one of the controversial chapters in the history of banking in Nigeria.
However, the N25 billion capitalisation requirement for banks has become an albatross on the neck of the bank.
In a presidential campaign where candidates are jockeying to be champions of the middle-class and asking wealthy people for money, the problems facing the poor are inching into the debate.
Tensions in places such as Baltimore and Ferguson, Missouri, have prompted candidates to explore the complicated relationship between poor communities and the police, and the deep-seated issues that have trapped many of the 45 million people who live in poverty in the United States.
The Treasury of the Federal Republic of Nigeria is sick. According to economic doctors, the Nigerian treasury is suffering from acute mismanagement and basket-type leakages. Other diagnosed ailments include falling oil prices and dwindling foreign reserves.
The sicknesses were made public recently by Ngozi Okonjo-Iweala, Federal Minister of Finance and Co-ordinating Minister of the Economy in Abuja.
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