Soludo Nigeria's Worst Central Bank Governor Ever - Okonjo-Iweala

Minister of Finance Ngozi Okonjo-Iweala has said Chukwuma Soludo's comments amount to committing "intellectual hara-kiri".

• Nigeria:  Soludo Worst Central Bank Governor Ever - Okonjo-Iweala
  Premium Times, 28 January 2015
  The Minister of Finance, Ngozi Okonjo-Iweala, on Wednesday took the former Central Bank of Nigeria, CBN, Chukwuma Soludo, to the cleaners over his criticism of President Goodluck ... read more »
• Nigeria:  Beyond Belief - Soludo's Article On Economic Management Deficit in Facts, Logic and Honour
  Premium Times, 28 January 2015
  For anyone who has not read Professor Charles Soludo's article in the Vanguard (online version) on January 25 2015, I would encourage them to do so. It is littered with abusive and ... read more »

Photo: Fraternité Matin

NGOZI OKONJO-IWEALA

Lagos’s Radisson Blu Could Lose Over N12m Daily To Renovation January 28, 2015 Felicia Omari Ochelle Business, Strategies & Solutions radisson blu Share via email inShare Share VENTURES AFRICA- Radisson Blu Anchorage Hotel, Lagos, closed off operations to carry out thorough renovation of its facility located in Victoria Island. This is in fulfilment of the management’s pledge to sustain the standards of the international hotel chain to meet the demand of customers. Using an average rate of N70, 000 per night, the disruption could see this 170 room hotel losing an estimated N12 million ($63,000) each day, excluding other hotel expenses. This means that if the hotel remains shutdown for up to a month it would amount to a loss of about N360 million ($1.9 million). Anchorage Leisures Limited, owners of the facility, said in a statement that the renovation process will “cover areas such as power generation, cooling system as well as other critical equipment.” The renovation has led to the extrication of staff due to the renovation process. However, the firm stressed that it would keep to all obligatory terms by ensuring full allocation of payment to the affected staff. “The magnitude of the renovation work has however necessitated shutting down of business operations for the duration of the renovation”, the statement further explained. The management assured its many visitors in Nigeria and all over the globe that the hotel will re-open with improved focus on delivery of higher quality service. In November 2014, the international hotel chain announced plans to launch its first Kenyan hotel in Nairobi. It already holds significant presence within Africa, with hotels in top markets including Ethiopia, South Africa, Rwanda, Cote D’ivore and Nigeria. Total Views: 592 ,

Read more at: http://www.ventures-africa.com/2015/01/lagoss-radisson-blu-could-lose-over-n12m-daily-to-renovation/

Stanbic Bank Uganda Gets $85 million Debut Syndicated Loan January 28, 2015 Fumnanya Agbugah Business, Finance/Money SBU Share via email inShare7 Share VENTURES AFRICA – The largest commercial bank by asset in Uganda, Stanbic Bank Uganda (SBU) Ltd, member of the Standard Bank Group Limited, South Africa, Wednesday, signed an $85 million 18-month term loan facility with a group of lenders in Dubai, United Arab Emirates. The loan is aimed at funding its general business activities, including trade-related financing. “This is the first syndicated loan from Uganda into the Middle East and we expect many more, because of strong investor interest from the Gulf for African credits,” said Dr Rassem Zok, Chief Executive of Standard Bank of South Africa, MENA according to Reuters. Loan raised unexpected The financing was oversubscribed from the initial launch amount of $ 75 million, with the SBU to be paying an interest rate of 250 basis points over the London interbank offered rate (Libor). Emirates NBD Capital was the sole co-ordinator and bookrunner of the financing, while Al Ahli Bank of Kuwait KSCP, Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers alongside Emirates NBD Bank PJSC, while Al Khalij Commercial Bank Q.S.C. and The Commercial Bank of Qatar QSC participated as lead arrangers. Patrick Mweheire, CEO, Stanbic Bank Uganda Limited said “As a debut borrower in the international loan market, I am extremely impressed that such a sizeable amount has been raised for the bank in an 18 month tenor”. Funding confirms increasing investor interest in Africa According to Dr. Rassem Zok, CEO Standard Bank of South Africa, MENA the “very positive” response from investors, for the oversubscribed facility, from the Middle Eastern and international banks confirms increasing interest in Africa. It also speaks volume of the trust endorsed to Standard Bank Group’s strong financial position and highlights the Uganda growth story.

Read more at: http://www.ventures-africa.com/2015/01/stanbic-bank-uganda-gets-85-million-debut-syndicated-loan/