The government plans to generate N311 billion from privatisation and outright sale of assets to partly finance the budget. Budget and National Planning Minister Udoma Udo Udoma, at the budget breakdown in Abuja yesterday, said: “N306 billion is expected to be generated from privatisation proceeds while the balance of N5 billion would come from

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The Central Bank of Nigeria (CBN) has reviewed the settlement banking arrangements for banks and merchant banks. The CBN’s Monetary, Credit, Foreign Trade and Exchange Guideline says it can only maintain a Settlement Account for a commercial bank that provides clearing collateral of not less than N15 billion worth of treasury bills. The apex bank

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Banks are bracing for the effects of a likely forfeiture of funds in accounts without the Bank Verification Number (BVN). Should the government enforce the court order on such accounts, the banks will recall loans from customers; and lay-off staff. Speaking yesterday on the development, former Registrar/Chief Executive, Chartered Institute of Bankers

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Banks were gripped yesterday by the fear of a major liquidity crisis should the government pull out funds belonging to customers without Bank Verification Number (BVN). The deadline given by the court for such customers to lose their cash is tomorrow. Justice Dimgba Igwe of the Federal High Court, ruling on an ex parte application filed by the

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Oil prices hit their highest since July 2015 yesterday as Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent crude futures were trading 26 cents higher at $62.33 a barrel. U.S. West Texas Intermediate (WTI) crude rose 25 cents to $55.89 a barrel, breaking

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The Executive Director, Nigeria Export Promotion Council (NEPC) Olusegun Awolowo yesterday lamented that Nigeria has lost over N30trillion of export revenue to the crash in oil prices. Awolowo spoke at a one day NEPC, RVO, CBI Export Roundtable and Exhibition on Export Competency Development programme in Abuja, said the loss was between

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Leading integrated indigenous oil and gas company Oando Plc has posted a profit after tax of N7.1 billion in the third quarter of 2017, boosting shareholders’ confidence in the stock. A comparative review of Oando’s financials shows positive performance across all indices. Turnover increased by 16 per cent to N383.5 billion from N329.9 billion in the

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