Nigeria Urgently Needs Stronger Policies to Revamp Economy—IMF

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Dipo Olowookere Industrial goods stocks extended the stay of bears on Customs Street, Lagos to fourth straight days, inflicting a 0.27 percent deep cut on the market on Thursday. This reduced the year-to-date gain of the Nigerian Stock Exchange (NSE) to 8.12 percent at the close of transactions yesterday. The local bourse is yet to record a positive performance this week. The industrial goods index was the biggest loser at the market, going down 2.11 percent, while the oil/gas sector followed with a loss of 0.50 percent, with the consumer goods depreciating by 0.04 percent. However, the banking index

By Dipo Olowookere The Central Bank of Nigeria (CBN) said it has commenced investigation into the cause of the minor fire outbreak at its branch in Jos, Plateau State on Tuesday morning. At about 9:15am today, an inferno erupted on the second floor of the building, but the prompt response of officials of the apex bank ensured that it was quickly subdued, with minimal or no damage done. It was gathered that members of staff of the security unit of the central bank, upon being notified of the fire incident, traced it to an air conditioner installed in the inverter

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has launched a mobile application where members of the public can now report cases of corruption to the organisation. The app named Eagle Eye, according to the commission, will serve as an alternative to the traditional method of reporting people or organisations suspected to be engaged in corrupt practices. The Chairman of the EFCC, Mr Abdulrasheed Bawa, noted that the commission is tapping into emerging technologies to rid Nigeria of corruption and boost its whistleblowing policy. He added that the app was designed in such a way to guarantee the

By Adedapo Adesanya Ahead of the May 29 inauguration, the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has advised incoming governors to stop depending on crude oil and diversify the sources of revenue in their respective states. She spoke on Monday during an induction organised for elected governors in Abuja, two weeks before the inauguration. According to her, states with over-dependence on the monthly Federation Account Allocation Committee (FAAC) would be badly hit because there have been erratic outcomes from allocations over the years. She said, “We need to start preparing now for a time when our

By Dipo Olowookere Governor Akinwunmi Ambode has been accused of pushing for the sack of Presiding Chaplain of the Chapel of Christ the Light, Alausa, Lagos State barely 24 hours after the Governor’s wife, Mrs Bolanle Ambode, allegedly stormed out of the church. According to Punch, there is anger at the Chapel of Christ the Light, Alausa, Lagos State, after the Presiding Chaplain, Venerable Femi Taiwo, was sacked by the Governing Council allegedly on the order of the state Governor, Akinwunmi Ambode. PUNCH Metro gathered that Taiwo got the sack on Monday, May 15, without any query or official reason

By Modupe Gbadeyanka A new marketing platform, Zoho Marketing Plus, designed to improve the effectiveness of digital marketing strategies of organisations has been introduced by Zoho Corporation. According to the leading global technology company, this application will bring together marketing activities across campaign ideation, creation, execution, management, and measurement, providing stakeholders across the entire marketing organisation with a single, shared view of critical information for improved collaboration and results. It will give marketing leaders a deeper understanding of customer preferences and behaviours so they can deliver dynamic, high-value customer experiences that drive brand affinity and customer happiness. CMOs require their

By Modupe Gbadeyanka Steps are already being taken to ensure women in Africa are used to drive economic growth on the continent. Last weekend in Addis Ababa, Ethiopia, African leaders came together to launch the African Women Leadership Fund (AWLF). It was a collaborative effort with United Nations Economic Commission of Africa (ECA) and Standard Bank Group. The fund, which has a target of $100 million, will provide capital to both first time and experienced female fund managers in Africa in support of UN Sustainable Development Goals 5 (Gender Equality) and 8 (Decent Work and Economic Growth), and African Union

By Modupe Gbadeyanka The Guaranty Trust Bank Plc’s (GTB) Long-Term Issuer Default Rating (IDR) has been affirmed at ‘B+’ with Negative Outlook by Fitch Ratings. In a statement issued on Wednesday in London, Fitch Ratings noted that all other ratings of GTB have also been affirmed. It noted that the bank’s IDRs are driven by the bank’s intrinsic creditworthiness as defined by its Viability Rating (VR). GTB’s VR is constrained by the Nigerian sovereign rating (B+/Negative) and the Negative Outlook on the Long-Term IDR mirrors that on the sovereign rating. GTB’s VR also considers solid financial metrics that compare well