CBN Extends Micro Finance Banks’ Capital Requirement Deadline

MarketsMoneyNigeriaCBN Extends Micro Finance Banks’ Capital Requirement Deadline

Adeola Oladipupo (Correspondent)May 2, 2020

The Central Bank of Nigeria has extended by one year the deadline for microfinance banks in the country to comply with the minimum capital requirement directive. Kevin Amugo, director in the Financial Policy and Regulation Department at the apex bank stated in a circular addressed to all categories of microfinance banks in the country that the extension was due to consideration of the impact of the Covid-19 pandemic on economic activities. The CBN set different...

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Lockdown: Ugwuanyi Directs Partial Reopening of Ogbete Market May 4

CoronavirusEconomyNigeriaLockdown: Ugwuanyi Directs Partial Reopening of Ogbete Market May 4

PilotnewsMay 2, 2020

Enugu State government has directed a partial and gradual reopening of the Ogbete Main Market on May 4 following relaxation of the COVID-19 partial lockdown. A statement on Friday in Enugu by the Secretary to the State Government (SSG), Prof. Simon Ortuanya, said the decision was reached after a meeting between the government, traders, and security agencies. Ortuanya said that the parties agreed on a partial and guided reopening of the Ogbete Main Market in...

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Pakistani Govt. Allocates 50bn Rupees to Pay 3-Month Electricity Bills of SMEs

BusinessCoronavirusWorld NewsPakistani Govt. Allocates 50bn Rupees to Pay 3-Month Electricity Bills of SMEs

PilotnewsMay 2, 2020

The Pakistani government has allocated 50 billion rupees (about $309.2 million) to pay three-month electricity bills of small and medium-sized enterprises (SMEs). This is in a bid to support traders in mitigating their financial loss in COVID-19 outbreak and subsequent lockdown, local media reported Friday. Realising the woes of the SMEs, the government has allocated the money to provide relief in electricity bills, local daily the News quoted the country’s Minister for Industries and Production,...

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Why Atiku’s Gotel Comm Sacks Staff – GM El Yakubu

BusinessNewsNigeriaTV & RadioWhy Atiku’s Gotel Comm Sacks Staff – GM El Yakubu

Ibrahim Abdul' Aziz (Correspondent)May 1, 2020

Amidst controversy, the management of Gotel Radio and Television owned by the former Vice President Atiku Abubakar has clarified the rationale behind the sacking of  54 staff of the station. Gotel communications comprises of TV Gotel, Radio Gotel, and Gotel FM. Responding to the rationale, the General manager of the media conglomerate Muhammad El-Yakub said that ” The rationalization of staff at Gotel Communications Limited, a company under the umbrella of Priam Group, is a...

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Corona Virus: Kogi Directs Workers On GL 12, Above to Resume on Monday

CoronavirusEconomyNigeriaCorona Virus: Kogi Directs Workers On GL 12, Above to Resume on Monday

Beloved John (Staff Writer)May 1, 2020

The Kogi state governor, Yahaya Bello has permitted civil servants on Grade Level 12 and above in the state to resume work on Monday, May 4. He gave this directive on Friday in Lokoja, in a message issued to commemorate this year’s Workers’ Day. The statement, signed on his behalf by the state Head of Service, Mrs Deborah Ogunmola, congratulated workers on this year’s celebration, lauding their resilience and commitment to duties. He further expressed...

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“Familheey” Networking App Gets Major Updates, Including a COVID-19 Support Feature, COO

LifestyleMarketsTechnology“Familheey” Networking App Gets Major Updates, Including a COVID-19 Support Feature, COO

Adeola Oladipupo (Correspondent)May 1, 2020

In the wake of the COVID-19 pandemic, while many health systems across the world are struggling to provide care for patients, the global economy is taking a downturn. The impacts of the disease on people have left several individuals in need of support to survive a hard time. Realizing that many people all over the world would need different forms of support to make it through this trying time, developers of Familheey, a social networking...

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Why Trading Under the African Free Trade Deal was Postponed

AfricaMarketsNewsWhy Trading Under the African Free Trade Deal was Postponed

Adeola Oladipupo (Correspondent)May 1, 2020

The disruption caused by the COVID-19 pandemic has halted the implementation of the African Free Trade Agreement, forcing officials to postpone it. “It is obviously not possible to commence trade as we had intended on 1 July under the current circumstances,” Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), told Reuters. Although Mene did not say whether there was a new targeted implementation, he was confident the deal would still proceed. “The...

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Lockdown: ABCON Excited to Resume Operations

BusinessMoneyNigeriaLockdown: ABCON Excited to Resume Operations

PilotnewsApril 30, 2020

The Association of Bureau De Change Operators of Nigeria (ABCON) on Thursday said it had sensitised its members and put in place key measures and actions for COVID-19 prevention and control in readiness to resume operations. Alhaji Aminu Gwadabe, President, ABCON, told the News Agency of Nigeria (NAN) in Lagos that operators were happy about arrangements by the Central Bank of Nigeria (CBN) to resume sales of foreign exchange to BDCs. He said the five...

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Shell Cuts Dividend for First Time Since 1940s as Oil Demand Collapses

BusinessCoronavirusWorld NewsShell Cuts Dividend for First Time Since 1940s as Oil Demand Collapses

PilotnewsApril 30, 2020

Royal Dutch Shell RDSa cuts its dividend for the first time in 80 years and suspended the next tranche of its share buyback programme following the collapse in global oil demand due to the coronavirus pandemic. Chief Executive Ben van Beurden said this in a statement issued on Thursday in London. “Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our...

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BOI Implements President Buhari’s Directive

CoronavirusEconomyNigeriaBOI Implements President Buhari’s Directive

Adeola Oladipupo (Correspondent)April 29, 2020

The Bank of Industry (BOI) has announced the palliative measures it has put in place for debtors as the ravaging COVID-19 hits the Nigerian economy. Recall that on March 29, President Buhari had in a national broadcast announcing the measures the government was taking to cushion the effect of COVID-19 on the economy, directed credit institutions to allow a 3-month period moratorium on loan repayment. In line with the directive, the BOI said it had...

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