Emefiele: No Rate Cut Till Inflation Drops to 9% Tells banks era of investment in Treasury Bills over
James Emejo in Abuja with agency report
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday ruled out
a cut in interest rate until inflation, which is currently at double digits now, drops to a single digit of nine per cent. He told Bloomberg Television in an interview in
London that the CBN was hopeful that Nigeria’s inflation rate would hit the single digit mark by 2020 and that was when the banking regulator would consider a rate cut.
Emefiele, at another forum in Lagos, where he was represented by CBN Deputy Governor, Economic Policy, Dr. Joseph Nnanna, also told banks that the era of
non-performing loans (NPLs) and investments in treasury bills was over. He also charged the banking sector to live up to its core responsibility of stimulating
the economy by advancing credit to the real sector to create jobs for Nigerians. Vice President Yemi Continued on page 10
PenCom Lists Delta, Lagos, Kaduna, Edo, Three Others as Remittance Compliant... Page 8 Wednesday 25 September, 2019 Vol 24. No 8934. Price: N250
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Buhari at UN, Says P&ID’s $9.6bn Claim Fraudulent Urges developed nations to help Africa grow
Omololu Ogunmade in Abuja
Nigeria yesterday took the battle to quash the bid by Process and Industrial Development (P&ID) to claim the $9.6 billion arbitral award a London commercial court affirmed for it as future earnings it lost over an alleged breach of a Gas Supply and Processing Agreement (GSPA) between the two parties, to
the world stage. President Muhammadu Buhari, in his speech at the United Nations, described the arbitral award of $6.5 billion to P&ID, which due to interest accretion has now risen to $9.6 billion as at the last calculation, as a scam and an attempt to defraud the country. P$ID, an Irish company, had recently obtained the judgment from the British court to secure
$9.6 billion from Nigeria as a penalty for alleged breach of contract between the company and Nigeria in 2010. Nigeria last week arraigned before the Federal High Court, sitting in Abuja, two officials of the P&ID Nigeria, which convicted them and ordered a forfeiture of the company’s assets in the country to the Continued on page 8
SENIOR ADVOCATES AT TEMPLARS...
L-R: Partner, Templars, Mr. Adewale Atake, (SAN); Managing Partner, Mr. Oghogho Akpata and Partner, Mr. Godwin Omoaka (SAN), at Omoaka's swearing-in as a Senior Advocate of Nigeria, in Abuja …Monday
BUHARI ON WORLD STAGE...
President Muhammadu Buhari addressing the United Nations General Assembly in New York …yesterday state house
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Boko Haram Controls Eight Borno LGs, Say Lawmakers... Page 10