The Finance Dude

Reports reaching Nigeria reveals that the Central Bank of Nigeria (CBN) has increased the limit that banks can sell to Bureaus De Change (BDCs) from $30,000 to $50,000. The CBN a fortnight ago reintroduced sale of forex to the BDCs via funds from foreign remittances after banishing them from the interbank market in January. While addressing  journalists at the Bankers’ Committee meeting in Abuja Tuesday, the Managing Director of UBA Mr. Kennedy Uzoka explained that the decision to increase the amount that banks can sell to BDCs “was taken to drive down the price and ensure that people get enough to pay school fees as schools are about to open and grieving that people who will be traveling at this period will require Basic Travel Allowance (BTA) and PTA.” According to an article in  The Nation , Members of the bankers’ committee urged BDCs to approach banks and apply for foreign exchange. The recent decision to readmit BDCs is expected to reduce the rat...

On Monday, the media reported that one of Nigeria’s leading biscuit maker, Beloxxi Industries Limited had received an investment of about $80 million from a group of private equity investors led by rock star Bob Geldof . Geldof’s fund 8 Miles, was said to have acquired a minority stake and is looking to expand its investments in Africa. This is a pretty good source of news for an economy that has been gloomy. Last year, United Biscuits one of the world’s largest biscuit market and makers of Mcvities also purchased a stake in A & P Foods, one of the leading biscuit manufacturers in Nigeria. A & P Foods produces biscuits from Ikeja, Lagos and is owned by the Assudamal Group (Vaswani Brothers). The company owns the Haansbro biscuits brand and also produces chewing gum, boiled sweets and toffees. These are what you can classify as a foreign direct investment and more preferable to the transient foreign portfolio investments that most c...

The Federal Government, and the representatives of banks and workers’ unions in the financial services sector, have begun negotiations aimed at halting further retrenchment of workers in the industry. The parley, which began in Abuja was the first of the three-leg meetings with the sector’s stakeholders. Kick-starting the meeting, the Minister of Labour and Employment, Dr Chris Ngige said the negotiations were influenced by series of petitions written by the organised unions in banks and financial institutions as well as individuals complaining of unfair labour practices such practices include illegal termination of appointments, forced resignations, unpaid exit emoluments and entitlements, non-remittance of union check-off dues, prolonged casualisation, contract staffing and redundancy. Ngige explained that his directive to the banks in May not to terminate workers’ appointment and restraining unions from picketing the premises was misrepresented...

The Central Bank of Nigeria (CBN) has auctioned N206 billion in excess of its planned treasury debts of N50 billion at higher yields, in a bid to attract foreign investors. The move, which apparently is a part of the apex bank’s strategic plans to rekindle investors’ interest in the economy, would also help mobilise the scarce foreign currency inflow.Besides, with the economy now adjudged to be recessed, the regulator is scripting the monetary policy actions as a fresh boost to its revival and revving up foreign direct investments.    It also plans to raise additional N110 billion in local currency-denominated bonds on Wednesday, even as they continue to seek advisers and book runners to manage a planned $1 billion Eurobond it intends to offer this year. Specifically, the regulator raised raised N256 billion in six-month bill at the weekend, as N206 billion at a higher yield of 18 percent, which is also targeted at reducing the quantity of money in circulat...

Governor Abdulfatah Ahmed of Kwara has inaugurated a high-level implementation committee for the Kwara State Infrastructure Development Fund (IF-K). Speaking during the inauguration on Sunday, Ahmed charged members to create a programme funding plan for all ongoing and new projects across the State. The governor described IF-K as a stand-alone funding scheme, which offers a reliable funding window for infrastructural projects in the state He explained that in view of the current economic realities, it was imperative for the State government to devise alternative funding options to meet its obligations and carry out developmental projects for the benefit of the people. Gov Ahmed disclosed that IF-K will be managed by trustees, who are independent of the State government. He added that capital projects executed under the scheme will also be inspected by independent project assessors in order to ensure that contractors comply with the required pro...

What’s the difference between being sad and being depressed? That’s the million-dollar question and the source of a lot of debate. It’s also a relatively modern query. As we discussed in our post on the history of the black dog, “depression” as a clinical diagnosis only arose in the early 20 th century; before that you were just plain old melancholy — sometimes a little, and sometimes a lot. There wasn’t a clear dividing line, because depression wasn’t so much a disorder as a temperament. The Diagnostic and Statistical Manual of Mental Disorders (DSM) has attempted to establish a set of standardized criteria that distinguishes “normal” sadness from clinical depression, but making the diagnosis remains an inexact science. This isn’t a physical tumor you can measure in centimeters, but a measuring of mood. According to the DSM-V, for a spell of melancholy to be considered a Major Depressive Episode, it must persist for at least two weeks, and be accompanied b...

By Alden tan I was once close with a guy who turned out to be one of the biggest losers in the world. He was truly an insecure person who would try very hard to be liked on the outside. Outside mind you. Inside meant fuck all to him as he manipulated the people around him. Why, he’d carry out pathetic nonsense like reading up on the World Cup when the season was here just so he could fit in with his sporty friends. He did not play soccer at all. Eventually, we all had a big falling out with him. That’s the thing: There is honestly no quickest way to get people to trust you. It’s not about speed man. Speed means shoddy work, shadiness and manipulation. You don’t want. What you want is fulfilling, long-term relationships that’d last you for a life time, knowing that they’d have your back anytime. And it really doesn’t have to be that hard. If you fuck up, man up and apologize. That’s it. Don’t try to cover it up. It’s a major turn off. Only kids refuse t...