The Finance Dude

The Governor of the Bank of Ghana, Dr Ernest Addison says out of the $2 billion (GHS10.1 billion) worth of loans taken by the receivers of some nine banks which collapsed in the country, only $142 million (GHS731 million) has been received. The Governor of the Bank of Ghana (BoG), Dr Ernest Addison The nine banks were UT Bank, Capital Bank, Sovereign, Unibank, Construction Bank, The Royal Bank, Heritage Bank, Premium Bank and Beige Bank. According to him, the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks engaging in frivolous legal cases to sabotage the process. “The process has progressed slowly as out of the total loans of $2 billion (GH¢10.1 billion) taken over by the Receivers, total recoveries so far is in excess of $142 million (GH₵ 731 million) and this has been achieved through loan repayments by customers; repayment of placements; sale of vehicles; liquidation of bonds; and from

The newly re-appointed Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend enumerated the things intends to accomplish during his second term in office. Emefiele enumerated his plans while speaking to journalists at the University of Nigeria Nsukka (UNN), on the sidelines of the institution’s Special Convocation which took place on Friday. The CBN Governor gave delivered a lecture at the event. Driving down inflation: According to Emefiele, he intends to focus on policies that would drive down the country’s inflation rate, improve price stability, and drive economic growth. Emefiele’s Stern Warning: The CBN Governor further disclosed that he plans to work with his team to drive down imports and encourage exports. He also used the occasion to issue a stern warning to those who meddle with policies aimed at achieving economic stability, telling them that they will be caught and punished by law. Mr Emefiele’s second term plans came just a few days after

Much as I appreciate what the media has done by publicizing the speech delivered by Dr Oby Ezekwesili at the Inaugural Business Lecture of the Lagos Country Club, I am still not quite certain about what that speech hoped to achieve. You see, Dr Ezekwesili did a fine job of detailing the current issues in the country. She even took it a step further by saying the problem did not begin with President Buhari’s government, but had been brewing when Goodluck Jonathan was in office. The former minister explained how bad policies had led to this downward spiral we now call ‘recession’.   Donning her advocacy cap, she called on the citizenry to ‘convict’ the government to retrace its steps and to sit up. At that point, I knew that this speech was a dud. I must hand it to her though, that she is a great communicator. Anyone who is able to analyse their audience and feed them what they want to hear is great, really. I mean, delivered in Lagos Country Club, I’m sure she woul

After months of wheeling and dealing, the member nations of the Organization of Petroleum Exporting Countries (OPEC) have finally agreed an average drop in production level of 1.2 million barrels per day, effective January. The agreement exempted Nigeria and Libya, but gave Iraq its first quotas since the 1990s, Bloomberg reports. Iran seems to be the greatest winner, as OPEC agreed for the country to raise output to about 3.8 million barrels a day as the country sought special treatment as it recovers from sanctions. However, Iraq OPEC’s second-largest producer, agreed to cut by 210,000 barrels a day from October levels despite its previous push for special consideration based on the urgency of its offensive against Islamic State. Saudi Arabia, which raised oil production to a record this year, will reduce output by 486,000 barrels a day to 10.058 million a day. The United Arab Emirates and Kuwait will reduce output by 139,000 barrels a day and 131,000 a day while

Research suggests that we have between 40,000-70,000 thoughts a day. We carry out most of our daily activities without even thinking. These can include brushing our teeth, driving a car or even breathing. So most of these 70,000 thoughts are new thoughts, how many do you pay attention to? Within all of these thoughts, there is at least one a day that could change your life or the world as we know it, but how many do we let slip through our fingers never to be thought of again? Here are some great ways to ensure that those ideas don’t pass you by: 1. Journal In The Morning You’ve been asleep for 8 hours, imagine what magnificent thoughts have been running through your mind all night. We need to get them down on paper. This is why it’s a perfect time to journal. Write anything down that you’re feeling or thinking. Go crazy and write as if no one else will read it. It doesn’t even have to make sense. When we wake up those thoughts can slowly dissolve as the day pr

The News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent secretary, Mr Mahmoud Isa-Dutse, said this in Abuja on Thursday, October 20, at the monthly revenue allocation to federal, states and local governments. She said the revenue allocation to federal, states and local government for September dropped by N90.2 billion. Adeosun credited the drop to the loss of 45.5 million dollars in federation export sales, despite the increase in average price of crude oil from 46.06 dollars per barrel in May to 48.4 dollars in June. Read more: https://www.naij.com/1017608-revealed-fg-others-shared-n420bn.html The News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent se

It’s official, the Naira is currently on track to ride on its longest running gaining streak against the dollar in the parallel market. From hitting a low of N490 against the dollar the naira has since gained by about N40 to close at N454 on Monday. If it sustains this gain this week,  then we are likely going to witness the longest streak of gain against the dollar in recent times. Analysts had expected the naira to cross the N500 band by October following a downward spiral that coincided with the ban of some commercial banks by the CBN as well as a spike in demand for dollars to meet up school fees for the fall. The liquidity bit so hard it was nearly impossible to buy dollars on the black market for the same price within a space of an hour. However, the naira regained strength after news that Travelex was going to commence operations in Nigeria and has remained strong since it commenced operations about a week ago. According to information from some BDC’s, most