Visblog

The Chairman of Geometric Power Group, Professor Barth Nnaji, has explained that his passion to contribute to industrial development in Igbo land in a manner that would accelerate rapid development of Nigeria was the major influence behind the decision to locate the Geometric Power Plant in Aba. Nnaji, who was Nigeria’s former Minister of Power, disclosed this at the leadership colloquium on, “Igbo Leadership and Development,” that was convened recently. He said: “I am passionate about the rapid development of Nigeria, starting with Ala Igbo because of the structural problems it has faced since the end of the Nigerian Civil War in 1970 and also because of its enormous technological and economic potential. “Geometric Power Limited is making its contribution to help reclaim the old economic days of the Great Zik of Africa, Dr. M.I. Okpara and many others. Once Geometric Power addresses the electricity challenge in nine out of 17 local government areas in Abia State fully, not even the sk...

The Central Bank of Nigeria (CBN) is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses. It was previously N35 million for a general license. The updated regulations encompass numerous modifications to the guidelines governing BDC activities within the nation. Once approved, these updated guidelines will come into effect on a date determined by the CBN. Tier 1 operators must maintain a minimum share capital of N2 billion and also submit a Mandatory Caution Deposit of N200 million. The fee for application is N1 million, while the license fee amounts to N5 million. In Tier 2, operators are required to possess a minimum share capital of N500 million and maintain a Mandatory Caution Deposit of N50 million. The application fee is N250,000, while the license fee amounts to N2 million. The central bank also mentioned that the specified minimum capital requirement for BDCs, along with ...