SEC Lifts Suspension on Northbridge Investment & Trust Limited

Image

By Modupe Gbadeyanka

The suspension earlier placed on one of the capital market operators in Nigeria, Northbridge Investment & Trust Limited, has been lifted.

The investment company was earlier suspended from the capital market by the Securities and Exchange Commission (SEC) on Thursday, February 16, 2017.

SEC is the capital market regulator in Nigeria.

The regulator announced on Monday in a statement that it has lifted the “suspension of Northbridge Investment & Trust Limited together with its Directors and Sponsored Individuals” without giving further details.

Recall that also in March 2015, according to data from the Nigerian Stock Exchange (NSE), SEC suspended Northbridge Investment & Trust Limited for allegedly operating below the minimum paid up capital permissible.

 

Share
Related Stories
Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

Binance Sets USDT Limits for P2P Trading Amid Pressure from Nigeria

By Adedapo Adesanya The new task force formed by the Nigerian government has allegedly ordered Binance and possibly other peer-2-peer (P2P) exchanges to set a cap on traders selling the US Dollar Tether (USDT). The joint force, which includes the Central Bank of Nigeria (CBN), in conjunction with the National Security Adviser (NSA), the Economic and Financial Crimes Commission (EFCC) and other government parastatals has set a cap at slightly above N1,800/USDT. This move will see traders who go above 1802/$ kicked off the platform due to local regulations, which are a wider part of measures towards keeping the dwindling

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

More Stories
Image
12-December-2018

T-Bills Market Bearish as Lending Rate Hits 70.92%

By Dipo Olowookere The treasury bills market maintained its bearish position on Tuesday as the Central Bank of Nigeria (CBN) sustained its aggressive OMO sale. At yesterday’s session, the average treasury bills yields trended higher by 0.08 percent as investors offloaded some of their short tenured notes. According to analysts at Zedcrest Research, this development further compressed system liquidity further to an estimated net negative position. At the day’s OMO auction by the CBN, market players remained not committed to the exercise with the bank refusing to push the rates up as expected. Of the N100 billion T-bills offered by

Image
07-July-2020

Read FAAN’s Guidelines for Post-COVID-19 Air Travels

By Dipo Olowookere As the nation prepares for the resumption of domestic flight operations at the key airports in Lagos and Abuja on Wednesday, July 8, 2020, the Federal Airports Authority of Nigeria (FAAN) has released the new rules travellers must adhere to going forward. The agency, in a statement signed by its General Manager in charge of Corporate Affairs, Mrs Henrietta Yakubu, stated that under the “new normal,” air passengers would be required to be at the airports properly kitted with their face masks on. She said they must also ensure a minimum of 1.5 metres physical distancing, adding

Image
04-June-2019

Curbing the Menace of Suicide in Nigeria

By Okechukwu Keshi Ukegbu Suicide is defined as the act of intentionally causing one’s own death. Studies have traced causes of suicide to mental disorders, including depression, bipolar disorder, schizophrenia, personality disorders, and substance abuse—including alcoholism and the use of benzodiazepine, among others. Unfortunately, analysts have begun to wonder recently if the evil spirit influencing suicide has finally decided to domicile in Nigeria. No minute passes without the news of suicide or attempted suicide. Every now and then, the stories that adorn the media landscape are “a student of the Lagos State Polytechnic, KingEzekiel Joseph Mayowa, drank sniper because his

Image
08-November-2017

Nigeria to Finally Launch Sovereign Green Bond Next Month

By Modupe Gbadeyanka President Muhammadu Buhari has disclosed that Federal Government will finally launch the first African Sovereign Green Bond in December 2017. The green bond was initiated in Nigeria by the former Minister of Environment, Mrs Amina Mohammed, who is now the Deputy Secretary General of the United Nations. The green bond was supposed to be launched in the middle of this year, but it never happened. About N20 billion is expected to be generated from the first tranche of the exercise, while the second tranche is about the same amount and would be used to fund renewable energy,

Image
05-July-2021

Ericsson, Google to Deliver 5G, Edge Cloud Solutions

By Aduragbemi Omiyale A partnership aimed to help communications service providers (CSPs) to digitally transform and unlock new enterprise and consumer use cases through the development of 5G and Edge solutions has been entered into between Google Cloud and Ericsson. As part of the deal, Google Cloud and Ericsson are also piloting enterprise applications at the edge on a live network with TIM. The project, which will automate the functions of TIM’s core 5G network and cloud-based applications, will use TIM’s Telco Cloud infrastructure, Google Cloud solutions and Ericsson’s 5G core network and orchestration technologies. The joint offerings will help

Image
18-February-2018

Market Capitalisation Closes at N15.3tr as Stocks Shed 1.13% in 5 Days

By Dipo Olowookere The Nigerian Stock Exchange (NSE) closed on a negative note this week despite having three out of the five trading sessions ending positive. The NSE All-Share Index and Market Capitalization depreciated by 1.13 percent to close at 42,638.83 points and N15.302 trillion respectively. Similarly, all other indices finished lower during the week with the exception of the NSE Pension Index that appreciated by 0.08 percent while the NSE ASeM Index closed flat. During the week, 30 equities appreciated in price, higher than 23 of the previous week, while 48 equities depreciated in price, lower than 64 equities

Image
06-September-2018

Andersen Drives Expansion into Eastern Europe, Partners OrienTax

By Modupe Gbadeyanka Andersen Global has strengthened its expansion into Eastern Europe by partnering with the leading and largest independent firm in Hungary, OrienTax, which has its headquarters in Budapest. Both parties recently signed a Collaboration Agreement, initiating Andersen’s presence in the country and paving the way for continued growth in the region. Andersen Global already has a presence in Eastern Europe with a collaboration in Poland, and has a solid presence in the rest of Western and Central Europe. “The OrienTax partners had both previously worked at Arthur Andersen and then a Big Four firm, so they understand how

Image
24-January-2023

Mafab Rolls Out 5G Services in Nigeria

By Aduragbemi Omiyale Another player has joined the 5G network space in Nigeria, and it is Mafab Communications Limited, which won the licence with MTN Nigeria Plc in December 2021. After it obtained the licence from the Nigerian Communications Commission (NCC) for $273.6 million, it delayed its rollout, while its competitor, MTN, started in August in a few cities. Business Post reports that Mafab on Tuesday held a ceremony at the International Conference Centre (ICC), Abuja, to commence operations in the country, promising to deepen broadband penetration. “We are fully committed to bringing the benefits of 5G services to Nigerians

Ad
Ad
Recent Stories
Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.