Ecobank Announces Conversion of Preference Shares to Ordinary

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 Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has announced date for its next Monetary Policy Committee (MPC) meeting. According to a statement released on Tuesday by the central bank, its 257th MPC meeting will hold on Monday, July 24 and Tuesday, July 25, 2017. While the Monday’s meeting kicks off at 10am, the Tuesday meeting will begin by 9am, both at the MPC Meeting Room, 11th Floor, Wing C, CBN Corporate Headquarters, Abuja. During the meeting, members of the committee will consider the various economic parameters, especially its rate, which has been left at 14 percent for months.

By Modupe Gbadeyanka A new partnership to create an open, royalty-free dynamic metadata platform for High Dynamic Range (HDR) through an associated certification and logo program, tentatively called HDR10+ has been signed by 20th Century Fox, Panasonic Corporation and Samsung Electronics. It was gathered that together, the three firms will form a licensing entity that will begin licensing the HDR10+ platform in January 2018. The entity will license the metadata broadly to content companies, ultra-high definition TVs, Blu-ray disc players/recorders and set-top box manufacturers, as well as SoC vendors, royalty-free with only a nominal administrative fee. “As leaders in home

By Modupe Gbadeyanka The major US index futures are pointing to a roughly flat opening on Wednesday following the strength seen in the previous session. Traders may be reluctant to make any significant moves ahead of the release of the minutes of the latest Federal Reserve meeting, which may shed some additional light on the outlook for interest rates. After moving to the upside early in the session, stocks remained mostly positive throughout the trading day on Tuesday. With the upward move on the day, the major averages once again reached new record closing highs. The major averages ended the

By Modupe Gbadeyanka Following the takeover of Visafone by MTN, the Nigerian Communications Commission (NCC) has approved the transfer of Visafone shares to MTN as requested. MTN had written the independent regulatory body for the telecommunications industry in Nigeria to allow it transfer shares of the former CDMA service provider into its own. But on Tuesday, October 11, 2016, the NCC, in a statement, said it has now given MTN the nod to carry out the request. Part of the statement read, “The NCC, in line with its procedure granted a Final-Approval to Visafone for the change in its shareholding

By Dipo Olowookere A very popular actress in Nigeria, Funke Akindele-Bello, has been arrested by officials of the Lagos State Command of the Nigeria Police Force. The actress was apprehended on Sunday for violating the directive of the federal government for a lockdown put in place in Lagos State to contain the spread of coronavirus disease. Last Sunday, in a nationwide broadcast, President Muhammadu Buhari declared a lockdown of Lagos, Ogun and Abuja as part of efforts to tackle the virus. Earlier, the Lagos State government had put a ban on gatherings of more than 25 people, with residents of

By Wale Yusuff As the largest economy in Africa, with huge gas reserves and high solar energy potential, Nigeria has all the natural resources necessary to meet the growing demand for electricity. However, the inadequate energy infrastructure still leaves a significant part of the population without power or relying on oil-fired back-up generators. If Nigeria can improve its energy infrastructure and unlock its gas-to-power generation potential, it paves the way to integrating low-cost renewable energy, bringing electricity and development opportunities to rural villages, driving industrial growth and employment, and increasing prosperity across the country. There is no doubt that gas

By Aduragbemi Omiyale The Inspector-General of Police, Mr Usman Alkali Baba, has directed a probe into allegations that a super cop, Mr Abba Kyari, had dealings with suspected internet fraudster, Mr Abbas Olohunwa, otherwise known as Hushpuppi. The Instagram star was apprehended in the United Arab Emirates (UAE) in 2020 for alleged defrauding several persons in the United States. He was trailed by the Federal Bureau of Investigation (FBI) before his arrest and then taken to American for prosecution. A while ago, it was reported that he pleaded guilty to the charges against him after agreeing to speak the truth

By Modupe Gbadeyanka Mr David Thomas has resigned from his appointment as a Director of Nigerian Aviation Handling Company Plc (NAHCO). The resignation Mr Thomas was announced by NAHCO in a statement made available to the Nigerian Stock Exchange (NSE) on Friday. It was disclosed that Mr Thomas, who quits the company, is a Director representing Lufthansa at the firm’s board. No reason was given for Mr Thomas’ resignation in the statement signed by Mrs Olaitan Ashipa, NAHCO’s Acting Company Secretary. According to NAHCO’s website, Mr Thomas joined the company’s Board as a Non-Executive Director representing Lufthansa German Airline, following