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NDIC Explains Why CBN Revoked Licences Of Micro Finance Banks And Mortgage Banks

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NDIC Explains Why CBN Revoked Licences Of Micro Finance Banks And Mortgage Banks

The Nigerian Deposit Insurance Corporation has explained why the Central Bank of Nigeria revoked the licenses of 154 Micro Finance Banks and 6 Primary Mortgage Banks.

NDIC Managing Director, Umary Ibrahim, says the revocations took place because the entities were losing their capital base, they had poor liquidity, they had inept management, and that insiders gave themselves loans they did not intend to repay.

This explanation was given by NDIC controller of the Kano zonal office, Bashiru Nuhu, during the 2018 Kano International Trade Fair. Nuhu said depositors would be paid once NDIC had verified depositors and their claims.

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Saudi Arabia To Invest 100m Euros In Africa’s Sahel Region

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Saudi Arabia To Invest 100m Euros In Africa's Sahel Region

Saudi Arabia has pledged 100 million euros  to support priority investment programs in Africa’s Sahel region.

Saudi’s state minister for African affairs Ahmed Qattan made the announcement at a donors meeting for the five-member Sahel group, held in the Mauritanian capital Nouakchott. The other countries making up the Sahel group are Burkina Faso, Chad, Mali and Niger.

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South Africa Out Of Recession

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South Africa Out Of Recession

Official figures released in South Africa show that the economy is no longer in recession. The country had plunged into a recession in the second quarter for the first time since 2009.

Statistics agency said on Tuesday, South Africa’s real gross domestic expenditure expanded by 2.3% in the third quarter of 2018 after contracting by 0.7% in the second quarter.

This comes as a boost to President Cyril Ramaphosa, who has been struggling to fulfill a promise to turn around the economy and create jobs at a time of mass unemployment.

Meanwhile, electricity utility Eskom has warned on Monday, South Africa faces more power cuts, as it sought to prevent the collapse of its power grid. Eskom implemented a fifth day of controlled power cuts on Monday, putting more strain on the economy months before a national election.

Eskom, which is battling a severe financial crisis, coal shortages and breakdowns of its power plants, says it would cut up to 2,000 megawatts of power from the grid.

South Africa senior economist Jeff Schultz says prolonged power cuts would likely hurt economic growth in the first quarter of 2019.

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Nigerian Senate Demands Audited Report Of Government Agencies And Institutions

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Nigerian Senate Demands Audited Report Of Government Agencies And Institutions

The Nigerian Senate has decided to get tough on the issue of audited reports which many government agencies and institutions have not submitted in years. The senate says the ones it received this year were actually for 2016.

The Senate says most of the ministries, agencies, and parastatals have contravened section 85 of the 1999 constitution by not submitting their audited accounts. Some of the backlog is reported to go as far back as a quarter of a century.

The office of the Auditor General has been given a two-week ultimatum to get the audited reports of the State House, the Secretary to the Government of the Federation, the Economic and Financial Crimes Commission, EFCC, the Central Bank of Nigeria, the Nigerian Ports Authority, and so many others.

The Auditor General has also been mandated to carry out a holistic auditing of the accounts of the Nigerian National Petroleum Corporation, NNPC, for the past five years.

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