debt
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General News
NB Plc to settle FX, local debts with N599bn Rights Issue
Nigerian Breweries Plc says it is raising N599.1 billion through rights issues on the Nigerian Exchange Ltd. (NGX) to eliminate overdue foreign exchange (FX) payable and reduce local debts. The News Agency of Nigeria (NAN) reports that Nigerian breweries had faced a challenging financial period, posting a loss after tax of N85.3 billion in the first half of 2024. The…
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Featured
I owe late Ubah eternal debt of gratitude – Omo-Agege
The immediate past Deputy Senate President, Ovie Omo-Agege, has said he owed the late Sen. Ifeanyi Ubah an eternal debt of gratitude for his sacrifice and loyalty to good friendship. Omo-Agege, in a statement he issued in Asaba on Sunday, said Ubah was a friend and confidant, whose sudden death he described as shocking and depressing. The News Agency of…
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economy
N248m Debt: KEDCO cuts power supply to Dangote Varsity
The Kano Electricity Distribution Company (KEDCO) has disconnected power supply to Aliko Dangote University, Wudil, over outstanding debt of N248 million. The Managing Director, KEDCO, Alhaji Abubakar Yusuf, told the News Agency of Nigeria (NAN) in a telephone interview on Monday, that the company had no choice but to take the action as the debt had been long overdue. He…
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economy
Ways and means securitisation responsible for N24trn debt rise – DMO
The Debt Management Office, says the rise in Nigeria’s public debt stock from N97.34 trillion in December, 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. She was clarifying misconceptions about the recently released…
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Featured
Court blocks Oyo State Govt.’s accounts in four banks over N3.4bn debt
A High Court of the Federal Capital Territory (FCT), Abuja has issued an order attaching funds standing to the credit of Oyo State Government and its agencies in four banks. Justice A. O. Ebong issued the order while ruling on a motion ex-parte for garnishee order nisi filed by the ex-chairmen and councillors led by Bashorun Majeed, Bosun Ajuwon and…
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Election
I’ll review Nigeria’s external debt, says ADC presidential candidate
The Presidential candidate of the African Democratic Congress (ADC), Mr Dumebi Kachikwu, says he will Nigeria’s external debt if elected. Kachikwu who stated this during the News Agency of Nigeria (NAN) Forum in Abuja said that Nigeria was indebted because of “some unpatriotic elements”. “We have people who have collected their boarding passes; raised check out of this world who…
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Featured
DMO set to demonstrate portal for FGN securities subscription
The Debt Management Office (DMO), is set to unveil its Federal Government of Nigeria (FGN) securities subscription portal to stakeholders in Lagos. The Director-General (D-G) of the DMO, Patience Oniha, told the News Agency of Nigeria (NAN) that the portal was designed to make subscription to the various FGN securities seamless, especially for retail investors. According to Oniha, the portal…
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Featured
FG reopens 4 bonds valued at N360bn for auction
The Debt Management Office (DMO), has on behalf of the Federal Government of Nigeria (FGN), listed four FGN bonds valued at N360 billion for auction. Announcing the bond auction, the DMO listed the first offer as a Feberuary 2028 FGN bond, valued at N90 billion at interest rate of 13.98 per cent per annum (10-year re-opening). The second is an…
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Finance
N333m debt: Court freezes all Benue State Government Bank Accounts
A Federal High Court, Abuja has made an interim order, freezing all bank accounts of Benue State Government maintained in some banks in the country following its inability to pay back N333 million loan borrowed in 2008. Justice Inyang Ekwo, who gave the order following an ex-parte motion brought by the Asset Management Corporation of Nigeria (AMCON), also directed that…
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NEWS
Buhari govt crippling Nigeria, debt now N33trn from N12trn in 2015 – Moghalu
Former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Moghalu has expressed concern at the rate Nigeria’s public debt increased in the last six years under the President Muhammadu Buhari administration. Moghalu raised the alarm that Nigeria is now a dangerous, debt-induced fiscal cliff and accused the federal government of mortgaging the future of the youth. The presidential candidate of…
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NEWS
Default Loans: CBN authorizes settlement using funds in other banks
Banks in the country will be able to debit the accounts of loan holders in other banks to settle defaults, effective August 1, according to global standing instruction (GSI) guidelines published by the Central Bank of Nigeria (CBN) on Monday. The CBN said the GSI, which was developed in collaboration with stakeholders, should be the last resort used by a bank to…
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Finance
UK ‘maps out’ further recovery plans
British finance minister Rishi Sunak will announce on Wednesday his next moves to prevent a wave of job cuts from snowballing into a full-blown unemployment crisis in the world’s sixth biggest economy. He is already on course to take state borrowing to World War Two levels as he subsidises 9 million jobs – equivalent to more than a third of…
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News
World Bank doubts Nigeria’s ability to sustain public debt
The World Bank has raised doubts over the sustainability of Nigeria’s public debt. Nigeria’s total public debt, which stood at N21.73tn as of December 31, 2017, rose to N25.7tn as of June 30, 2019, according to data from the Debt Management Office. The Federal Government reportedly deployed 54.2 per cent of all its earned revenue to debt service in the…
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News
Africa Debt and Capital markets summit to hold during IMF World Bank Meetings
The 5th Africa Debt and Capital Markets (ADCM) Summit will take place for the first time in Washington D.C. during the IMF and World Bank Spring Meetings on 16th April 2015. Organised by the team behind African Banker magazine, this high-level summit will provide an update on the latest trends and development in Africa’s capital markets as well as explore…
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