[News Update] 10 Year Tenure: Banks' CEOs to Go... as Dangote Pays $1.27bn to 10 Banks
10 Year Tenure: Banks' MDs to Go in July 2010 -CBN… Banks to Negotiate Sales with Foreign Investors: The Board of the Central Bank of Nigeria has finally fixed a maximum tenure of ten years for Managing Directors and Chief Executive Officers of banks in Nigeria. This new decision came as CBN hands off the negotiation and sales of the eight rescued banks to the banks management and boards who could negotiate, where desirable, with new foreign investors. …Read
Dangote Liquidates $1.27bn Loans in 10 banks: The President Dangote Group of Companies, Alhaji Aliko Dangote has liquidated a $1.27 billion loan facility he took on behalf of his organisation from a consortium of 10 Nigerian banks in May 2008 to finance its cement division's expansion projects five years ahead of schedule. The banks involved in the loan syndication were Access Bank, Afribank, Bank PHB, FCMB, Fidelity Bank, First Bank, Guaranty Trust Bank, Stanbic IBTC, United Bank for Africa, and Zenith Bank. …Read
Oil Communities to Own Petroleum Assets: The Minister of State for Petroleum Resources, H. Odein Ajumogobia has lauded the federal government for taking a bold step towards involving the oil producing communities in the ownership structure of Nigeria's petroleum assets. He stated this at the inaugural meeting of the Presidential Committee On he Modalities for the Involvement of Host Communities in the Ownership Of Petroleum Assets In Nigeria. …Read
After Universities, Pay Rise for Polytechnics and COE: The Federal Government has re-affirmed its promise to amicably resolve the demand for pay rise by Unions in Polytechnics and Colleges of Education sub-sector without discrimination. This is as it assures that the same principles used in fixing the new pay package for University Unions will be adopted. …Read
Infrastructure Concession to Create More Employment – VP Jonathan: The key element of Federal Government's concession of infrastructure is to create employment to the teeming youth in the country. VP Jonathan while receiving 2009 Report on the activities of the Infrastructure Concession Regulatory Commission said "that government is not only interested in managing its assets well but the main issue of the concession is to create employment opportunities for Nigerians". …Read
Federation Account: Beneficiaries Received N4.17tr and $5.5bn in 2009: The sum of N4.174 trillion and $5.5 billion were distributed from the Federation Account and Foreign Excess Crude Account respectively among the three tiers of government in 2009. Last year's release from the Federation Account was the highest injection into the system within a fiscal year in the last 10 years. …Read
Policing Our Budgets: However, let me remind Nigerians not to get too distracted by Farouk Abdulmutallab's incident and President Yar'Adua's sickness. Let us keep one eye on the yearly budgets which various states in Nigeria are announcing. Ebonyi State announced a budget proposal of N72.6 billion; Ogun State announced a budget of N100.7 billion. Kano proposed N110bn for their budget, Kaduna proposed N196.7bn for 2010 budget, Yobe planned N62.42b for 2010 budget, and Anambra proposed N67 billion for 2010 budget…Read
posted by Economic Confidential at 1:23 AM
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