FG restructures Bank of Agriculture

FG restructures Bank of Agriculture: The federal government (FG) on Thursday announced the commencement of the restructuring of the Bank of Agriculture in order to ease credit facility to Nigerian farmers. It made the announcement at a press briefing in Abuja as it celebrated the 2017 World Food Day. (Source: Punch)

NERC fines Ibadan Disco N50m for misuse of CBN loan: For allegedly giving out a loan worth N6bn (US$16.7m) from the N11.4bn it received from the Nigeria Electricity Market Stabilisation Fund (NEMSF) granted by the Central Bank of Nigeria (CBN) to its core investor group, the Nigerian Electricity Regulatory Commission (NERC) has levied a fine of N50m on the Ibadan electricity distribution company (Disco). (Source: Thisday)

Interbank lending rate drops to 20% on cash squeeze ease expectation: The nation’s overnight lending rate dropped to 20% on Thursday on expectation that a cash squeeze will ease after money market rates more than doubled previous session.(Source: Punch)

NNPC invites investors to partake in oil search in seven inland basins: The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it plans to invite investors to participate in its search for oil in seven inland basins of Nigeria and was developing modalities for this. Its group managing director, Maikanti Baru, disclosed that as part of strategies to build up Nigeria’s oil reserve base, the corporation will revive exploratory activities in the seven hydrocarbon basins in the country with prospective investors’ participation. (Source: Thisday)

Buhari reappoints Orji NSIA boss: President Muhammadu Buhari has reappointed Uche Orji as managing director of the Nigeria Sovereign Investment Authority. Orji was first appointed in October 2012 for an initial term of five years, renewable for another term of five years. (Source: Punch)

Stakeholders unveil new funding initiative for mortgage banks: Stakeholders in the housing finance industry have inaugurated the Mortgage Warehouse Funding Limited (MWFL), a special purpose company set up to provide short-term local currency and competitively priced funding to mortgage banks. The MWFL, a private-sector driven initiative to enhance mortgage banks’ origination capacity, was incorporated in December 2014 and initially sponsored by a group of eight mortgage banks. (Source: Punch)

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