World Bank approves $750m for Nigeria’s power sector recovery

The World Bank has approved a 750 million dollar International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply. The Bank made this known in a statement in Abuja on Wednesday, adding the target was to also achieve financial and fiscal sustainability and enhance …

WTO reacts to Okonjo-Iweala’s nomination as DG

The World Trade Organisation (WTO) has accepted the nomination of Ngozi Okonjo-Iweala for the position of its director general, in spite of a protest by Egypt. However, the Egyptian government which nominated Mr. Abdel-Hamid Mamdouh for the same position, had opposed Okonjo-Iweala’s nomination on grounds of it being belated. The …

NNPC will no longer run refineries – Kyari discloses

The Nigerian National Petroleum Corporation (NNPC) will hands off management of the nation’s refineries after their rehabilitation. Managing Director of NNPC, Mele Kyari, said this in an interview with Arise TV on Wednesday. He said upon completion, a company would be engaged to manage the plants on an Operations and …

Access Bank innovates *901*14# credit gateway, donates N1bn to COVID- 19 fight

Nigeria’s leading retail financial services institution, Access bank plc has introduced a Dual Transaction Service (DTS) – an enhanced debit card service that provides access to credit at the same time via https://www.accessbankplc.com/Way-To-Bank/Cards/Dual-Transaction-Service.aspx The Dual Transaction Service (DTS) is a bundled service designed to allow pre-approved customers access a credit …

COVID-19: CBN says operations continue, advises banks

The Central Bank of Nigeria (CBN) says it has put in place measures to ensure its operations continue despite coronavirus outbreak. This was made known in a statement on Wednesday by Isaac Okorafor, CBN Director of Corporate Communications. He said that the apex bank had directed Deposit Money Banks (DMBs) …

President Ramaphosa appoints Okonjo-Iweala member, Economic Advisory Council

South Africa President, Cyril Ramaphosa has appointed former Nigeria’s Minister of Finance Dr. Ngozi Okonjo-Iweala as a member of the country’s Economic Advisory Council. Okonjo-Iweala’s is the present Board Chair of GAVI, present Board Chair ARCapacity and former Managing Director Operations, World Bank. Cyril Ramaphosa is chairman of the council …