Investors Panic as Lack of Quorum May Stall 2018 MPC Meeting

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Modupe Gbadeyanka One of the leading oil and gas firms in Nigeria, Shell, says it is planning to invest about $25 billion in the country as well as other places it operates in this year. The investments, the company said, will come in new oil and gas projects. Shell operates in more than 70 countries across the world and it is one of the key leaders in those nations, though it has stiff competition from Total, Exxon Mobil, BP and Chevron. According to the Chief Executive Officer of Royal Dutch Shell Plc, Mr Ben van Beurden, the firm expects

By Dipo Olowookere The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) to 11.5 per cent from 12.5 per cent. This decision was taken at the two-day Monetary Policy Committee (MPC) meeting of the apex bank concluded in Abuja on Tuesday afternoon. The Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen on the outcome of the meeting, said members of the committee voted to have the benchmark interest rate sliced by one per cent or 100 basis points to 11.5 per cent. The implication of this move, based on the recent directive to banks

By Modupe Gbadeyanka One lender deepening the financial inclusion drive of the Central Bank of Nigeria (CBN) is no doubt Ecobank Nigeria Limited. Within three months, the financial institution has expanded its agency banking locations across the nation by 5,000, hitting 35,000 places, according to its Managing Director, Mr Patrick Akinwuntan. The bank has been able to achieve this feat by putting in place different initiatives, including rewarding its customers and its Xpress Point agents. “We celebrate our customers for banking with us. They are the reason why we are in business. We are giving them the opportunity to grow

By Adedapo Adesanya The acting Comptroller-General of the Nigeria Customs Service (NCS), Mr Wale Adeniyi, has promised that his agency would embark on adequate sensitisation on the new Nigeria Customs Service Act (NCSA) 2023, which takes effect. He explained at a 2-day sensitisation workshop in Abuja that this was to prevent the excuse of ignorance of the law, stressing that this would not be a defence for violators of the law. He stressed that the new law has stiffer penalties on trades, urging those involved in sharp practices to desist as the agency was fully prepared to bite. According to

By Gbolahan Oluyemi The Asset Management Corporation of Nigeria (AMCON) was established in 2010 basically to recover non-performing loans. However, 10 years after AMCON’s creation, it is still battling with unrecovered debts.  Just recently, the corporation disclosed that the N4.4 trillion owed by debtors was greater than the federal government’s entire capital expenditure budget. The amount owed to AMCON is greater than the budgeted personnel cost of the federal government. Over the years, AMCON had sought more powers to enable the corporation effectively discharged its duties. The agency has continuously lobbied for a review of the legislations guiding its operations.

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has created a new category of Bank Verification Numbers (BVNs) known as BVN Lite, saying this would help to capture financially excluded people in the country. Governor of CBN, Mr Godwin Emefiele, made this disclosure on the sidelines of the of the 11th annual Bankers Committee retreat held in Ogere, Ogun State last week. According to Mr Emefiele, the requirements for the registration of this new BVN would be lesser than the previous one carried out some years ago in the banking industry. He said those captured under the BVN Lite

By Dipo Olowookere The financial statements of Africa Prudential Plc for the first quarter of 2020 have been filed to the Nigerian Stock Exchange (NSE). In the results for the period ended March 31, 2020, Africa Prudential suffered a decline in its gross earnings, which fell to N43.4 million from N868.4 million recorded in the corresponding period of 2019. The decline in the gross earnings was majorly due to low revenue generated from contracts with customers, which stood at N131.6 million as against N273.9 million over the same period of last year. However, there was an improvement in the interest

By Modupe Gbadeyanka First Bank of Nigeria has promised to continue to provide world class services and expertise to support its customers. The bank also pledged to keep meeting the financing and banking needs of its customers just as it expressed joy being appointed the sole foreign exchange dealer to licenced Bureau de Change (BDC) operators in the country by the Central Bank of Nigeria (CBN). In a statement issued by First Bank, its Chief Financial Officer, Mr Patrick Iyamabo, further vowed that the bank would continue to maintain its position as the safest and most respected banking franchise in