Market Loses N82bn as Investors Selloff Tier-1 Banking Stocks for Profit

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 Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

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 Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Dipo Olowookere The Securities and Exchange Commission (SEC), as part of its efforts to push frontiers of the Nigerian capital market, has partnered with the University of Lagos (UNILAG) to hold a two-day conference next week. The programme themed Leveraging the Capital Market for Economic Growth and Development is scheduled for September 11 and 12, 2019 at the Tayo Aderinokun Lecture Theatre, UNILAG, Akoka, Lagos. The special guest of honour for the event is Mr Babajide Sanwo-Olu, the Governor of Lagos State; while Mr Femi Lijadu, the board Chairman of SEC; and Ms Mary Uduk, the acting SEC Director

By Ebitonye Akpodigha Months after some top politicians and personalities from across the globe were linked to offshore companies in Panama, another offshore files leaked few days ago have again linked a new set of politicians to firms in the Bahamas. According to the International Consortium of Investigative Journalists (ICIJ), which leaked the famous Panama Papers, a former European Union official was named among those operating companies in the Bahamas. A cache of leaked documents provides names of politicians and others linked to more than 175,000 Bahamian companies registered between 1990 and 2016 For years, Neelie Kroes travelled Europe as

By Adedapo Adesanya The Jos Electricity Distribution Company (JED) has said that post-paid customers across its franchise states are indebted to the company to the tune of N115 billion. This was disclosed by the Managing Director of the company, Mr Hashim Bakori, who explained that the debt owed was different from the cost of energy losses as a result of energy theft. He said this was discovered after 16 months of hard work after resuming office with his team as the new management of JED. Mr Bakori disclosed this in Jos during the launch of the company’s 5-years Corporate Strategic

By Nneka Okumazie The concept of time is a primer, sometimes, in the concept of location. There are often changes, adjustments and evolvements with time. However, it is important to identify things that are time variant and those that are timeless. Also, some things work differently in various locations while others are location invariant. To not understand these distinctions creates trouble and disagreement. Some found how wrong they were running with certain assumptions. Some were circumspect, bifurcating with variance. Some, likely out of hate, expressed shock about differences in routines of churches in locations. They said some things are done

By Dipo Olowookere Keystone Bank Limited has denied having in its custody any illegally hidden money belonging to the Federal Government of Nigeria or any of its agencies. The lender made this clarification following an allegation made against the bank by a controversial lawmaker from Kogi State. Senator Dino Melaye, representing Kogi West Senatorial district at the National Assembly, had accused Keystone Bank of colluding with the Nigeria National Petroleum Corporation (NNPC) to conceal about $137 million and thereafter illegally withdrew $4 million. But Keystone Bank, in a statement issued on Tuesday by its General Counsel & Company Secretary, Dr

By Modupe Gbadeyanka The new owner of Keystone Bank would be announced very soon, Managing Director of Assets Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, has disclosed. Mr Kuru, in an exclusive interview with Daily Trust, said the propose would “certainly” be concluded before the end of 2016. “Certainly, before the end of the year the process will be concluded,” he assured, explaining that about 98 percent of the transactions had already been completed. Explaining further, the AMCON boss said selling a bank was not like selling a factory because there are many stakeholders involved. “So, it follows rigorous

By Dipo Olowookere The management of Kwara Hotels has been taken over by a private firm named the Harmony Holdings Limited. This development came after the mutual termination of the concession granted to KH Management and Integrated Services Limited by the Kwara State Government in 2009 to manage the hotel. Harmony Holdings Limited is a private firm managing other Kwara State enterprises. Head of Corporate Affairs Department of Harmony Holdings, Mr Kayode Aremu, disclosed that his company would elevate the status of the hotel in the hospitality industry and make the iconic edifice pride to Kwarans. According to information gathered,

By Adedapo Adesanya The Nigerian Naira further strengthened on the American Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Friday, August 11. Spurred by a strong supply, the local currency chalked up N40.72 or 5.2 per cent to close at N740.60/$1 compared with Thursday’s closing price of N781.34/$1. Business Post observed that during the trading session, participants bid the Naira to the Dollar as high as N799.90/$1 and as low as N738.00/$1, amid a 180 per cent or $105.81 million increase in the value of forex transactions to $164.60 million from the $58.79