MAN: Raising MPR Further Will Worsen Access to Credit, Manufacturing Competitiveness CBN: $1.5bn attracted into economy on back of monetary tightening regime James Emejo in Abuja and Dike Onwuamaeze in Lagos
The Manufacturers Association of Nigeria (MAN) has stated that the latest decisions of the Monetary Policy
Committee (MPC), which increased Monetary Policy Rate (MPR) to 24.75 per cent would further worsen access
to credit and cause a decline in the competitiveness of the Nigerian manufacturing sector.
Director General of MAN, Mr. Segun Ajayi-Kadir, disclosed this in a statement titled “Position of
Manufacturers Association of Nigeria Continued on page 5
Soldiers’ Killing: Wanted Delta Monarch Flown to Abuja for Interrogation...
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Saturday, March 30, 2024 Vol 29. No 10580
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In Birthday Phone Call, Buhari Says He Stands with Tinubu Deji Elumoye in Abuja, David-Chyddy Eleke in Awka, Adedayo Akinwale in Abuja, Ibrahim Oyewale in Lokoja, Francis Sardauna in Katsina L-R: Deputy Senate President, Senator Jubril Barau; Vice President, Kashim Shettima and President Bola Ahmed Tinubu, during the Jumat prayer to commemorate the 72 birthday of President Bola Tinubu at National Mosque Abuja... yesterday
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Recapitalisation Hurdle: Access Holdings Announces $1.5bn Capital Raising Programme Analysts, bankers welcome exercise in banking sector, fault exclusion of retained earnings Say directive will strengthen financial intuitions, foresee mergers, acquisitions CBN, law enforcement agencies to monitor exercise Nume Ekeghe Less than 24-hours after the Central Bank of Nigeria (CBN) unfolded a new directive requiring banks to increase their minimum capital, Access Holdings Plc, yesterday, took the first step among its peers by unveiling plans to establish a $1.5 billion (N1.963 trillion based on N1309/$ official rate as at Thursday), capital raising programme or its equivalent. This was just as some financial market analysts, economists and bankers welcomed the recapitalisation exercise that requires banks to beef up their capital base to N500 billion and N200 billion for commercial banks with international and national Continued on page 5
PASSION OF CHRIST DRAMA… Station of the Cross drama at St. Leo Catholic Church, Toyin Street, Ikeja, to mark the 2024 Good Friday celebration in Lagos…yesterday
Trailer of Wole Soyinka’s ‘The Man Died’ Unveiled... Page 14