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Naira Scarcity
Crowds Overwhelm Banking Halls As Branches Ration Cash "" Daily Trust
Following the news of the Central Bank of Nigeria (CBN) commencing the disbursement of the old N500 and N1,000 notes to arrest the cash crunch that has brought untold hardship on Nigerians, Daily Trust check shows that queues are sill extending at bank offices. Daily Trust has reported that CBN had instructed commercial banks to immediately collect the old naira notes, deposited at the apex bank, promising that before the end of the week, the nation would be awash with more naira notes, according to a reliable source. Our reporter in Abuja disclosed that Unity Bank and a couple of other banks in Utako were paying out the old notes yesterday as customers were seen taking N20,000 apiece. Branches in Kwara have no cash. Bank managers in Ilorin, the Kwara State capital, told Daily Trust on Monday that contrary to the CBN ...instruction," nothing was released to them by the apex bank. Some staff in Jaiz and UBA who also confirmed the development, said they did not receive the old notes from the CBN which worsened the situation for many customers. A POS. Read more Naira scarcity: Crowds overwhelm banking halls as branches ration cash - Daily Trust
FG's Assets
MOFI To Raise FG's Assets To N100tr In 10 Years ""Daily Trust
The Ministry of Finance Incorporated (MOFI) has said it is making moves to raise the federal government's assets under its register from N18tr to N100tr in 10 years. Speaking during a visit to the National Family Home Funds Limited, yesterday in Abuja, the CEO of MOFI, Armstrong Takang, said it is exploring several options to turn the government's assets into investments through valuation. ...We are starting with an asset base of 40 companies that have been valued; that is our take-off point. There are a lot more companies but the valuation is just over N18tr. ...The target we are given is to grow its assets under our management to over N100trn in the next 10 years. The idea is that the elements in the National Assets Register will have to be converted into assets that generate cash flow." Takang further explained that N18tr assets do not include any of the country's major infrastructure, like airports, seaports or mining rights. He added that this shows. Read more MOFI to raise FG's assets to N100tr in 10 years - Daily Trust
Insurance Premium
Insurance operators recorded N726bn premium in 2022 "" NAICOM "" Punch
Nigeria's insurance industry recorded N726.2bn gross premium income at the end of the fourth quarter of 2022. The National Insurance Commission disclosed this on Thursday in its "˜Bulletin of the insurance market performance', a statistics department quarterly report of the insurance market for fourth quarter, 2022. The industry also paid N318.2bn claims to its customers, while its total assets stood at N2.32tn in the fourth quarter. It stated, ...The gross premium income generated as at the fourth quarter of 2022 stood at N726.2bn, representing a growth proportion of about 36.3 per cent, quarter on quarter and indeed, about 17.8 per cent year on year. ...This is a remarkable situation compared to the real growth 3.5 per cent of Gross Domestic Product over the same period and, is attributable to consistent regulatory measures being carried out by the commission." According to the report, non-life business as in the prior periods, continued its. Read more Insurance operators recorded N726bn premium in 2022 "" NAICOM (punchng.com)
Anchor Borrowers Programme
CBN disburses fresh N39.36 billion under ABP, other interventions "" Guardian
Despite its commitment to tapering its interventions, the Central Bank of Nigeria (CBN), this year alone, released fresh N12.65 billion under its flagship Anchor Borrowers' Programme (ABP). The amount, which was disbursed to three agriculture projects in January and February, brings the total disbursement through the scheme to N1.09 trillion. So far, over 4.6 million smallholder farmers cultivating (or rearing) 21 agricultural commodities on 6.02 million hectares of farmland have benefited from the programme, the apex bank said in a communiqué on the outcome of the Monetary Policy Committee (MPC) meeting held on Monday and Tuesday. In the same period, a fresh N23.7 billion was disbursed as part of the bank's commitment under the N1 trillion Real Sector Facility and another N3.01 billion under the. Read more CBN disburses fresh N39.36 billion under ABP, other interventions | The Guardian Nigeria News - Nigeria and World News "” Business "” The Guardian Nigeria News "" Nigeria and World News
Electronic Transfer
Worries as ATMs, PoS, mobile channels account for N3.6 billion fraud "" Guardian
About N3.62 billion fraud have been perpetrated through the Automated Teller Machines (ATMs); Point of Sales (PoS) machines, mobile and other electronic channels and cash as of third quarter of 2022. The FITC, which disclosed this in its "˜Report on Frauds and Forgeries in Nigerian Banks' Q3, 2022, said bank personnel carried out all cash theft cases reported within the period. Specifically, the 18-page document revealed that in the third quarter of 2022, 19, 314 cases were reported, compared to 20, 195 witnessed in the same period in 2021, which was a decrease of 4.36 per cent. However, the total amount involved dropped from N34.8 billion to N9.62 billion, a decrease of 72.34 per cent. But the total amount lost in the same period last year was N853,167,293.61 (2021) against N3.62 billion in Q3, 2022, representing an increase of 324.50 per cent. According to FITC, outsider involvement in the frauds increased, moving from 14,243 in Q3, 2021 to 16,125 a year after, which was a 324.50 per cent rise. Insider (staff) involvement increased significantly. Read more Worries as ATMs, PoS, mobile channels account for N3.6 billion fraud | The Guardian Nigeria News - Nigeria and World News "” Business "” The Guardian Nigeria News "" Nigeria and World News |
