SomaliPress.com

Business

East African Monetary Union to Emulate Euro System

The East African Monetary Union (EAMU) has all the makings that it will be patterned on the Euro monetary union by 2012 when it will be introduced. This was revealed in Dar es Salaam during discussions among the East African Community Secretariat, the European Central Bank (ECB) and Tanzania's strategic collaborators. The EAC, which is conducting...

Chairman of Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri Looted Funds Traced to Nigerian Stock Market

Chairman of Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, has accused Nigerian stock brokers of aiding and abetting money laundering. And just as Nigeria is still grappling with the removal of the chief executives of five banks, the United States' bank regulators have closed four Midwestern banks and one in Arizona, bringing...

14 Banks - Expect No Surprises in Nigeria

As the Central Bank of Nigeria (CBN) rounds off its special audit of 11 of the remaining 14 banks in the country, THISDAY can report that there are no surprises at this time to warrant major systemic shifts like the removal of bank chief executive officers. The examination of the 11 banks is being conducted by a joint team of CBN and the National...

Nigerian Workers Reject Foreign Takeover of Banks

Workers in the nation's banking and insurance sectors have kicked against plans by the Central Bank of Nigeria to sell the five "troubled banks" to foreign investors. The workers' reaction came against the backdrop of a hint in London on August 28 by the apex bank Governor, Lamido Sanusi, that a timetable for the planned sale would soon be...

EFCC Set to Arraign Sacked Bank Chiefs in Nigeria

The sacked Managing Directors of five banks affected by the new reforms by the Central Bank of Nigeria (CBN), their executive directors and managing directors of some of their subsidiaries who have been in detention will be arraigned in a federal high court between tomorrow and Wednesday. According to officials of the Economic and Financial Crimes...

State House to Punish Errant Officials of Kenya

The Kibaki State House will take action against officials found to be responsible for the underhand acquisition of eight vehicles for his office. In a statement from the Presidential Press Service on Saturday, State House said investigations are ongoing to establish how the vehicles were procured and those found culpable will be punished. "The...

EFCC - N25.5 Billion Non-Performing Loans Recovered in Nigeria

The Economic and Financial Crimes Commission (EFCC)'s onslaught against troubled bank chiefs and debtors may have yielded bountifully. Yesterday, the commission announced that it had recovered N25.5 billion from loan defaulters. EFCC Chairman Farida Waziri told journalists in Lagos that the recovered sums were in fulfilment of her promise to go...

Non-Executive Directors of Intercontinental Arrested in Nigeria

The Economic and Financial Crimes Commission (EFCC) has arrested the six non-executive directors of Intercontinental Bank Plc including its chairman, Mr. Raymond Obieri. They were picked up on Monday after they were invited for questioning over the huge debt profile of the bank. Reasons also emerged yesterday as to why the EFCC, which is now set...

Iraq Oil Report: The South Africa President Jacob Zuma Faces First Real Test - DA

PRESIDENT Jacob Zuma could face his first real test in responding to the findings of the Donen commission into the role of several South African companies in the United Nations (UN) oil-for-food scandal, the Democratic Alliance (DA) said yesterday. The party's public enterprises spokesman Ian Davidson said: "Indeed, this will determine whether he...

Economic and Financial Crimes Commission Declares Sacked Bank of Nigeria CEOs Wanted

The Economic and Financial Crimes Commission (EFCC) has declared the 19 bank Chief Executives axed by the Central Bank of Nigeria (CBN) wanted as security reports indicate that they had all gone into hiding. It was reliably gathered today at the headquarters of the anti-graft agency that all the operatives sent out to monitor the chief executives...

Nation Opens Africa's First Women's Bank

Tanzania has opened an all-women's bank -- becoming the first country in Africa to do so. The Tanzania Women's Bank, which was opened on July 28, will support women's economic activities. It is the 28th bank in Tanzania and has 500 customers already, 70 per cent of whom are women. A gender specific bank is a milestone for women on a continent...

World Bank Signs Pact on Malaria

Nigeria and the World Bank yesterday signed a $100m agreement in what is seen as a major push to eradicate malaria in the country. The fund is an additional financing for the malaria control booster project. Speaking at the signing ceremony, which took place at the Ministry of Finance, Abuja, the World Bank Country Director for Nigeria, Mr. Onno...

Zuma Appoints Gill Marcus As New SARB Governor of South Africa

President Jacob Zuma has appointed Gill Marcus to take over from Tito Mboweni as Reserve Bank Governor in November 2009. Mr Mboweni, whose contract ends on 8 August, was re-appointed by the President, but he indicated he did not want to stay on. "As the term of office of the current Governor, Mr Mboweni, is due to end on 8 August 2009, I initiated...

Net Closing in On Former Land Bank Executives of South Africa

Senior former Land Bank executives and a former Gauteng politician will be arrested this month on charges of corruption, MPs have been told. The revelation comes two years after auditors hinted at massive corruption at the bank, which is responsible for helping emerging farmers. Land Bank chief executive Phakamani Hadebe told MPs this week that...

G8 Nations Pledge U.S. $20 Billion for Agriculture

Nations represented at the G8 Summit of the world's major industrial powers have promised to raise U.S. $20 billion to promote sustainable agricultural development in developing countries. A statement issued at the end of the summit, endorsed by the G8 as well as countries including Angola, Egypt, Ethiopia, Libya, Nigeria and South Africa, said...