…Begins repositioning process
By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) and is to invest a fresh N50 billion in the Nigerian Commodity Exchange (NCX), Abuja.
The Governor of the CBN, Mr. Godwin Emefiele, disclosed this , Thursday at the Inaugural Meeting of the Steering Committee, set up to reposition the exchange.
He said that the investment would be made through the Infrastructure Corporation (Infraco) in collaboration with other investors such as the Nigeria Sovereign Wealth Authiority (NSIA) and the African Finance Corporation.
The move according to the CBN boss was to make the exchange functional in order to halt the arbitrage by middlemen, under whom Nigerian farmers have suffered for decades.
Housing Deficit: REDAN plans to construct 774,000 units
On
By Chris Ochayi
Worried by over 17 million housing deficit facing the country, the Real Estate Developers Association of Nigeria, REDAN, announced that it has concluded arguments to build 100 housing units in each of the 774 Local Government Areas in the country.
President of REDAN, Dr Aliyu Wamakko, who disclosed this while speaking with Vanguard in an interview in Abuja, said the association has concluded arrangements to sign a memorandum of understanding, MoU, with Family Homes Funds, FHF, to fund the projects.
Dr Wamako noted that REDAN has made several consultations with relevant stakeholders in the built industry in order to actualize the project.
By Goddy Egene
Nigeria’s premier central counterparty, NG Clearing Limited has announced that it has signed an agreement with a leading software development firm, Mantissa Infotech Private Limited, for the development, implementation and maintenance of bespoke clearing and settlement technology for its operations.
NG Clearing Limited, had received an approval-in-principle from the Securities and Exchange Commission (SEC) in September 2020, to clear and settle exchange traded derivatives instruments.
Speaking on the agreement, Managing Director & Chief Executive Officer of NG Clearing Limited, Mr. Tapas Das, said: “We are very excited about this deal, as the deployment of the technology platform puts us in a position to commence operations as soon as we receive final approval from the SEC.
Nigerian banks raked in a sum of N216.52 billion from their e-business earnings in the year 2020 as tier-1 banks popularly known as FUGAZ (First Bank, UBA, Access Bank, GT Bank, and Zenith Bank) topped the list of highest earners.
Income from digital channels is also classified as electronic business or banking income by the majority of commercial banks. Nairametrics gathered this research from the audited financial statements of 12 of the leading banks in the country. The same banks reported N217 billion in income from digital channels in 2019 dipping marginally by 0.24%.
Banks attribute the reason for the drop in 2020 compared to 2019 to the revision of fees and charges for electronic transfers by the central bank in early 2020.
The Abuja-Kano Road will not be completed
Published 17 January 2021
As you have probably heard, the Muhammadu Buhari government will now complete the reconstruction of the 375km Abuja-Kano Road (AKR) Project in 2023.
One week ago, Funso Adebiyi, a Director of the Federal Ministry of Works and Housing, made the announcement, the story being either too hot or too cold for the Minister, Babatunde Fashola, to handle by himself. He was last seen in a crime scene in Lagos playing Sherlock Holmes, handling a vital piece of evidence that had been invisible to the ordinary human eye.
AKR is not just another road. It is part of the A2 highway, the second of the nation’s four federal highways that run North-South. Like almost every government project in Nigeria, AKR was in a poor shape when Buhari took office in 2015.