Asian Markets Give up Early Gains to Finish Mixed

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya Leading Nigerian financial institution, Access Bank Plc, has announced the acquisition of a Kenyan bank, Transnational Bank Plc. In a notice sent to the Nigerian Stock Exchange (NSE) on Monday, the tier-one lender explained that the acquisition followed the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion of the takeover. According to Access Bank, “the bank’s vision is to be the world’s most respected African bank and our entry into the Kenyan market, a key gateway in East Africa, not only brings us closer to that vision but enables our customers tap

By Modupe Gbadeyanka **Opens New Branches The management of Ecobank Nigeria has announced opening more branches in order to decongest those already opened for business since the easing off of lockdowns across the country. Head of Branch Network at Ecobank Nigeria, Ms Titiloye Olarinde, explained that Ecobank took this decision because of the priority it gives to the safety of customers and staff. According to her, temperature checks and wearing of masks are compulsory for both staff and customers before admittance to any bank premises; provision and mandatory use of hand sanitizers before accessing the branch or ATM Gallery while

By Dipo Olowookere The board of FCMB released the company’s financial statements for the year ended December 31, 2019 and from the brief analysis by Business Post, the numbers were impressive, going by the tight policies of its regulator, the Central Bank of Nigeria (CBN) in the second half of the fiscal year. According to the results, the gross earnings of the tier-two lender rose to N186.7 billion from N177.3 billion in the same period of 2018, with interest income rising to N141.3 billion from N131.7 billion and the net interest income jumping to n77.3 billion from N72.6 billion. Furthermore,

Ayo Oyoze Baje This is certainly the worst of times for millions of Nigerians grappling with an increase in Value Added Tax (VAT), electricity tariff and the pump price for fuel. What about the swirling insecurity incubus, via farmers-herders clashes, banditry and terrorism as well as delayed rainfall courtesy of climate change? That all these have unfolded in the midst of the coronavirus pandemic makes the sordid economic picture darker. According to Reuters, inflation in Nigeria has hit a four-year peak of 17.33 per cent driven by the COVID pandemic, a drop in oil revenue and a weakened currency. Going

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth but warned uncertainties over the impact of the coronavirus pandemic remains high. The closely-watched oil market report released today comes as coronavirus cases continue to surge worldwide, with new lockdowns imposed in Europe and parts of China. The 13-member group said it expects global oil demand in 2021 to increase by 5.9 million barrels per day year-on-year to average 95.9 million barrels per day. The forecast was unchanged from last month’s assessment. The group also said world oil demand growth

By Dipo Olowookere Traditional rulers in Ekiti State have been slammed by a group known as Integrity Leadership Organisation over their demand for the zoning of the governorship seat to the south senatorial district of the state. In a statement issued by the State Coordinator of the group, Mr Lekan Oyediran, the Integrity Leadership Organisation said it wrong for the monarch to demand for such when they held a meeting with the state governor, Mr Ayodele Fayose. During the meeting last weekend at the Government House in Ado Ekiti, the traditional rulers said political parties must zone the governorship position

By Dipo Olowookere Those who intend to invest or set up businesses in Lagos State have been assured ease access to funds. This assurance was given by the state Governor, Mr Babajide Sanwo-Olu, at the closing ceremony of the 2019 edition of Lagos International Trade Fair on Sunday. The Governor, who was at the Tafawa Balewa Square (TBS), venue of the fair last Sunday, said his administration will continue to work hard to make the metropolis the preferred destination of choice for investment and commercial activities. According to him, Lagos remains the largest market in Africa for any discerning investor

By Aduragbemi Omiyale The lawmaker representing Taraba Central Senatorial District at the National Assembly, Mr Yusuf Abubakar Yusuf, has said to curb corruption and prevent having a larger percentage of money in circulation in the hands of kidnappers and others, he would want the highest denomination in circulation in Nigeria to be N100, and not N1,000. The Senator gave this submission at the plenary on Thursday during a debate on the new cashless policy of the Central Bank of Nigeria (CBN), which aims to make the highest cash withdrawal for individuals in a week N100,000 and N500,000 for corporate organisations.