Global banks mull cash netting services

A new payment netting initiative for high value payments, known as Cash Netting Services (CNS),   is being assessed by eight leading global banks, according to the online publication, “Fineextra.com”. The report stated that CNS would help banks to reduce daily interbank payment flows significantly – and associated liquidity and capital management obligations, adding that eight banks were collaborating with the promoters of the initiative to gauge the size of the bilateral netting opportunity, and associated benefits in respect of improved cash and liquidity management practices and processes. It is estimated…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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Amaechi demands N750m, N500m from Fayose, Fani-Kayode

The Minister of Transportation, Mr. Rotimi Amaechi, has threatened to sue the Ekiti State Governor, Ayo Fayose, and a former Minister of Aviation, Chief Femi Fani-Kayode, if they did not retract the allegation that the $43 million recovered by the Economic and Financial Crimes Commission (EFCC) in Ikoyi last week belonged to him within seven days. Amaechi is also demanding the sum of N750 million from Fayose and N500 million from Fani- Kayode as compensation for the malicious and defamatory claim. Fayose had, through his spokesman, Lere Olayinka, on his…

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EFCC, humongous money ‘discoveries’ and circus shows

The farcical story that National Intelligence Agency (NIA), Nigeria’s external secret Police, has claimed ownership of the large hill of $43.4 million, £27,800 and N23.2 million heretic is total hogwash, bunkun and balderdash. Let this government and its minions credit Nigerians with some modicum of sense and capacity to reason, even with their valiant attempts to cow, browbeat and intimidate all opposition elements and critical voices in their so-called corruption war. At least, not even the terror halo cast on our individual and collective psyche has dulled our analytical minds.…

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Fidelity Bank customers win N9m in promo draw

Winners have emerged in the seventh edition of Fidelity Bank Plc’s Get Alert in Million Promo draws held in various regions of the country. The winners, according to a statement, emerged from a transparent randomisation process, which was vented by the bank’s control team and witnessed by officials from Consumer Protection Council (CPC) and other stakeholders. Aside from other consolations prizes ranging from refrigerators to generating sets, the seventh edition of monthly draw saw four lucky customers from South/West, South/South, South/East and Abuja regions of the bank winning N1 million…

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