Economy

UBA, Facebook Launches Leo, Chat Banking Platform

By Nse Anthony-Uko (Sundiata Finance) – United Bank of Africa (UBA), has launched an artificial intelligence (AI) banking which rides on social networks by offering seamless transactions for its customers through a collaboration with Facebook. The new banking platform called ‘LEO’ launched on Thursday in Lagos is designed to understand customers’ needs, patterns, lifestyle and also relates with customers in ...

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Foreign Direct Remittances To CBN Hit $5.8bn In 9 Months

By Nse Anthony-Uko (Sundiata Finance) – Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, current data has shown. At $1/N305, the data from CBN’s website revealed N169.5 billion or $555 million was remitted in January this year but dropped to N63.89 billion or ...

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FG Issues Last Savings Bond For 2017

By Nse Anthony-Uko ABUJA, (Sundiata Finance) — The federal government savings bonds which debuted in March, 2017 has opened its last leg of subscription for this year which will close December 8, 2017. This subscription comes up once every month and it has traded in the past eight months with a total of N6.694 billion been raised so far. The ...

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Analysts Predict Further Drop In Inflation To 15.99%

By Nse Anthony-Uko (Sundiata Finance) – A group of analysts at Financial Derivatives Company Limited (FDC) have predicted further drop in inflation to 15.99 per cent, attributing the decline to widespread ease in food commodity prices, associated with early harvest. This is coming on the heels of National Bureau of Statistic (NBS) October 17 likely releasing of Consumer Price Index ...

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West Africa’s Lack of Infrastructure Drives Demand for Property Mixed-Use Developments

By Nse Anthony-Uko (Sundiata Finance) — In some parts of West Africa, particularly Nigeria and Ghana, the lack of infrastructure is a huge driver of demand for mixed-use developments. The last few years have seen an increase in interest in mixed-use development schemes which comprise some or all of retail, residential, offices as well as hotel and conference facilities. These ...

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Nigeria’s Rising Population Puts Pressure On Housing Supply – Emefiele

By Nse Anthony-Uko (Sundiata Post) – With Nigeria’s population of around 190 million growing at 2.44 per cent annually, the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has said the rising population of the country amongst other factors is putting more pressure on the housing challenge. Emefiele while delivering keynote address at a workshop for judicial officers ...

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Nigeria Has Higher Investment Risk, Beats Sub-Saharan Africa Peers On Returns

Drops Out Of RMB ’S Top 10 Investment Destinations for First Time (Sundiata Finance) – Among Africa’s top three economies, it is Nigeria that offers both the highest risk and highest reward to foreign investors, according to a Risk-Reward index developed by global risk consultancy firm, Control Risks Group Limited. The “Africa Risk-Reward” index computed by UK-based Control Risks, in ...

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CBN Goes Tough On Banks Flouting Forex Rules

Sustains Intervention With $545m By Nse Anthony-Uko ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) on Monday, threatened to sanction any Deposit Money Bank (DMB) breaching its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates ...

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Lagos Retains Top Spot, Gets 73% Revenues From IGR

• Ogun At 63%, As 28 States Make Less Than 30% (Sundiata Finance) – Lagos and Ogun states are fast moving away from other states in the country in financial capacity, following their ability to generate over 60 per cent of their revenue internally. The two states generated 73 per cent and 63 per cent of their revenue internally in ...

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NDIC Seeks Increased Focus On Financial Literacy, Protection

• As 46 Staff Get MBAs From Scotland By Nse Anthony-Uko (Sundiata Finance) – Managing director and chief executive of the Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim has stressed the need for Nigeria to pay more attention to issues such as financial literacy, consumer protection, sustainability and innovative financial services solutions. According to him, the banking environment was ...

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