CBN warns Nigerians against investing in wonder banks

The Central Bank of Nigeria (CBN) has warned Nigerians to be careful of any deposit money institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC).
The bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, made this known yesterday against the proliferation of wonder banks in the country in recent times.
Okoroafor said such deposit money institutions were dubious present Ponzi schemes
“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.
He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.
“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.

Union Bank unveils upgraded branches in Port Harcourt

In line with its objective to provide simpler and smarter banking solutions to its existing and prospective customers, Union Bank of Nigeria Plc, has unveiled two new upgraded branches in Port Harcourt, Rivers State.
Speaking at the unveiling, the Managing Director of the bank, Emeka Emuwa, said the transformed branches are fully equipped to deliver quick and efficient services to its customers in a vibrant and conducive environment.
He said: “Our newly upgrade branches simply manifests the work we have put in the past three years to ensure that our customers are offered the simplest and smartest of banking solutions. From our innovative products to our digital platforms – UnionOnline and UnionMobile, we are poised to meets our customers at the point of their banking needs.”
“As we approach our centennial anniversary, we remain committed to doing even more and

ExxonMobil resumes export three months after force majeure

Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared force majeure on the exports of the grade.
This is coming as oil prices slumped three per cent tuesday following another gloomy prediction by the International Energy Agency (IEA) on demand growth that suggested that oversupply in the oil market might persist for longer than anticipated.
ExxonMobil had declared the force majeure after it observed a leak caused by what it described as a “system anomaly” during a routine check of its loading facility on July 14, this year.
The cause of the leak was not clear, but the force majeure came just days after a militant group, the Niger Delta Avengers (NDA), claimed to have bombed the company’s 48-inch Qua Iboe crude oil export pipeline on July 11.

Why mortgage financing contributes little to GDP – Brent

The Managing Director, Brent Mortgage Bank Limited, Mr. Kola Abdul, says dearth of market-focused mortgage products is partly responsible for the low contribution of the mortgage financing sub-sector to the nation’s Gross Domestic Product.
According to him, there is a need for products that meet the expectations of a large spectrum of people in order to reduce the nation’s housing deficit and boost economic growth.
Abdul spoke in Lagos when his company launched three mortgage products.
He said, “Our findings reveal that dearth of market-focused mortgage products is partly responsible for the low contribution of mortgage financing to the Gross Domestic Product.
“We need products that are not stereotyped, but meet the needs of a large spectrum of people and plug the gaps that exist in the nascent mortgage sector.”
The Brent Mortgage Bank boss noted that the products were targetted at Nigerians at home and in the Diaspora who are working hard to own a comfortable but affordable house in the country.

Agbakoba: How to tackle economic recession

Former president of the Nigeria Bar Association (NBA), Dr Olisa Agbakoba (SAN), has called on the federal government to take hold of the banking sector and exert more regulatory control, if the country must quickly get out of the current economic recession.
He warned that Nigeria could remain in recession until the fourth quarter of 2020 if new economic models are not adopted.
He also advised the Federal Government to return the Treasury Single Account to the commercial banks and create a new supervisory agency to monitor them, while the Central Bank of Nigeria (CBN) should focus its attention on formulating monetary policies.
At a briefing on the state of the nation in Lagos, he called for a council of economic advisers made up of economists, statisticians, and other financial experts to map out strategies on economic recovery.

Travel agencies list ways to revive aviation sector

For the Federal Government to effectively revive the aviation sector, it should steer clear of running a national carrier and rather be concerned with providing an enabling environment.
This was the position of the National Association of Nigeria Travel Agencies (NANTA) recently in Lagos.
The travel agencies also canvassed full private ownership of airline operations in the country, urging the government to adopt the kind of relationship between Ethiopia Airline and Togo’s ASKY Airline in Lome.
Blaming the government and regulatory authorities for the problems of the aviation sector, NANTA condemned the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) for imposing multiple charges on passengers. While FAAN allegedly charges $50 per passenger, NCAA collects about $20 per passenger, both charges which have further raised the ticket fares for passengers on the international routes.
FAAN and NCAA have, however, defended the charges, describing them as Passenger Service

FG, states benefit from N12bn French loans, grants

The most vulnerable of the urban population in Lagos are among beneficiaries of a N4 billion loan procured by the Lagos Government. Part of the loan is meant for enhancing the management and treatment of solid waste as well as strengthening the capacities of the State Government to implement integrated urban development projects.
Details of the projects released by Hugo Pierrel, the Acting Country Director, of the Agence Francaise de Developement, AFD, (French Agency for Development), as part of its annual report also indicates that there was another loan of $33 million for an Ogun State Urban Water Supply Project, targeted at increasing the coverage steadiness and the quality of water supply in the State capital (Abeokuta).
It is also aimed improving the financial viability of existing water utility, and the governance of the water sector in the state.

OPEC predicts oil glut in 2017

The Organisation of Petroleum Exporting Countries (OPEC) has predicted a larger surplus in the oil market in 2017 from non-OPEC members as new fields come on stream, according to the cartel’s monthly Oil Market Report (OMR) published monday.
Apart from new oil fields coming on stream, the anticipated glut in the oil market will be further buoyed by the United States shale producers, who have refused to be forced out of the market by the low oil price.
The booming output from shale oil fields had pushed the global market into oversupply in 2014, with prices plummeting from a peak of $115 per barrel in June 2014 to an all-time low of $27 per barrel in January this year.
The prices later recovered to a 2016 peak of $52 per barrel in June before it dropped, hovering