Sabinews Daily News Update on the Nigerian Economy for August 7, 2014sabi-economy


Nigeria lost over a million jobs to counterfeiting in Textile industry- SON

The Standard Organisation of Nigeria (SON) on Wednesday confirmed that over a million Nigerians working in the textile industries lost their jobs to activities of product counterfeiters since the year 2000.

The Director-General of SON, Dr. Joseph Odumodu who spoke at the HP Anti-Counterfeiting Conference in Abuja said while jobs are being lost with consumers lives under threat, the effect of counterfeiting on the Nigerian economy might endanger the new position Nigeria has assumed as a new economy frontier.Read more

Recapitalisation: Operators Beg For More Time

As the Central Bank of Nigeria put machineries in place to revoke the operating licences of  defaulting Bureau De Change in the country,  operators of the system have appealed for an extension of time by the apex bank.
Speaking to The Tide, at the Hotel Presidential Port Harcourt last Monday, the Acting Chairman of the association, Alhaji Musa Abdulkadir said the directive by the CBN for the recapitalization of the Bureau De Change has since expired last week. Read more


Rights issues across sectors surge as market stabilises

Nigerian firms have announced N150 billion in new equity capital raising this year, as the rising stock market and expanding economy push companies to seek cheap capital for expansion.

Higher stock valuations make it easier for lenders to raise funds through common equity, which dilutes existing shareholdings. Read more


FG to improve intra-African traffic to boost trade

The Federal Government on Tuesday said it would ensure improvement on intra-Africa air transportation to boost trade across the continent.

The Minister of Aviation, Mr. Osita Chidoka, disclosed this at the headquarters of the Federal Ministry of Aviation while playing host to the Rwandan Ambassador to Nigeria, Amb. Joe Habinaza. Read more


CBN limits banks’ Tier 2 Capital to 33%

The Central Bank of Nigeria (CBN) has pegged Tier-2 or supplementary capital for banks at 33.3 per cent of Tier-1 Capital.

The CBN in a circular to banks signed by the Director, Banking Supervision, Mrs. Tokunbo Martins, said, henceforth, total Tier Two capital, including Other Comprehensive Income (OCI) Reserves should be limited to 33.33 per cent of total Tier One capital. Read more


About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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