Bears Tighten Grip on NGX as Investors Offload MTN, Nestle, Others

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By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

By Adedapo Adesanya Germany’s Ministry of Science has revealed that scores of art pieces from the former Kingdom of Benin would be officially repatriated to Nigeria by the German government on Wednesday, December 14. The reinstatement comprises 70 artefacts which, up until now, have been in the Linden Museum in Stuttgart but were looted from the Benin palace by the British during colonial times. There have been efforts in recent years to repatriate the Benin bronzes from Britain and Germany. The Benin Bronzes are a group of several thousand valuable metal plaques and sculptures which decorated the palace in the

By Dipo Olowookere New-age financial solutions powerhouse, Zedcrest Capital Group, has been announced as the Proprietary Investment Company of the Year. The Lagos-based firm was bestowed with this honour on Tuesday, April 2, 2019 at the International Standard Leadership Summit & Excellence Awards organized by the World Quality Alliance. It was gathered that Zedcrest Capital was nominated by World Quality Alliance standards panel after their 2018 industry review. Group Managing Director of Zedcrest Capital, Mr Adedayo Amzat, while commenting on the award, said the recognition will push the company to do more. “We are delighted by this recognition and are

Leading payments technology and card business in Africa, Verve, has partnered with the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) to launch acceptance in Ghana. This initiative by Verve international also signals acceptance across several other African countries. On the back of this strategic partnership between GhIPSS and Verve International which took place at Accra Marriot Hotel, on Friday October 25, 2019, Verve Card users (both Verve Global & Verve Classic) can now transact across all channels throughout Ghana.  This acceptance of Verve card is available in a total of 22 Africa countries, including; Ghana, Kenya, Uganda, Tanzania, Nigeria,

By Dipo Olowookere The maiden edition of Investors Forum of Heritage Bank Plc has taken place in Lagos and the financial institution used the occasion to roll out its global aspiration to stakeholders present at the event. For those very conversant with the banking sector, they will agree that Heritage Bank Plc has indeed lived up to its slogan of being the ‘Timeless Wealth Partner’ to its investors and customers. During the forum, which was held at the Orchid Hall of the Eko Hotel and Suites, Lagos, the bank took stakeholders through a journey of all the transformation activities that

By Adedapo Adesanya The former chief executive of the collapsed crypto exchange, FTX, Mr Sam Bankman-Fried, has claimed that FTX is still solvent, even as it begins the formal bankruptcy process. In a series of tweets posted overnight on Tuesday, Mr Bankman-Fried insisted the firm had about $9 billion of assets, in a mixture of semi-liquid and illiquid holdings, while owing customers only $8 billion. The tweets implicitly double down on his early claim that his company’s holdings of Serum, a token FTX controls with a current market cap of $80 million, is worth $2 billion. More than $2 billion

The investment banking and asset management subsidiary of FBN Holdings Plc, FBNQuest Merchant Bank, has emerged winner in the Best Sukuk House category at the 2018 EMEA Finance Achievement Awards. Now in its 11th year, EMEA Finance has continued to spotlight the achievements of leading investment banks, asset managers and brokers in Africa. Recognising FBNQuest Merchant Bank’s support for the development of infrastructure in Nigeria through the issuance of the FGN Sukuk II in December 2018, this award reaffirms the bank’s strong performance as a leading Investment Bank in Nigeria. With the Sukuk II issuance, FBNQuest Merchant Bank has continued

By Modupe Gbadeyanka Capital market regulator in Nigeria, Securities and Exchange Commission (SEC), has launched a full investigation into financial statements of Oando Nigeria. It was gathered that SEC has observed alleged malpractices in the company’s financial statements and it has formally written to the oil firm to provide sufficient explanations on the mater. According to Channels TV, competent sources divulged to it that SEC commenced the investigations following petitions filed by some foreign investors in Oando Nigeria Plc in relation shareholding structure following the $1.65 billion cash the firm paid in June 2014 to acquire the oil production assets

By Dipo Olowookere United Kingdom’s Foreign Secretary, Mr Boris Johnson, will meet with President Barrow and President Akufo-Addo on a two-day trip to West Africa. The Foreign Secretary will visit The Gambia and Ghana this week on 14-15 February 2017. This is the first recorded visit to The Gambia by a Foreign Secretary. He will meet President Barrow of The Gambia and President Akufo-Addo of Ghana to discuss the key opportunities and challenges facing each country. The Foreign Secretary will say Global Britain and its partnerships are growing, not shrinking, around the world as demonstrated by the Commonwealth’s strength. In