Unlisted Securities Market Posts Fourth Consecutive Loss

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

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By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Dipo Olowookere Managing Director of NASD Plc, Mr Bola Ajomale, has been appointed as the president of Nigerian Advisory Council of the Chartered Institute for Investments and Securities UK (CISI). Mr Ajomale was formally put on the position Sunday, March 10, 2019, at a ceremony which took place in Lagos. Some of the important persons present on the occasion included the CISI UK Senior International Manager, Mr Prannet Shivaprasad, and members of the Nigerian Advisory Council CISI. In his inaugural speech, Mr Ajomale welcomed the opportunity to contribute positively to the Nigerian capital market via his role as president

By Modupe Gbadeyanka Some insurance companies operating in Africa have been suspended by the African Insurance Organization (AIO) over their failure to pay subscription fees to the body in the last three years. AIO is a non-governmental organisation recognised by many African governments with the main aim to promote inter-African co-operation and develop a healthy insurance and re-insurance industry on the continent. It was established in 1972. The current membership of the AIO is 326 members: 315 of them from 45 countries in Africa and 11 associate members from seven overseas countries. At its 45th Annual General Assembly held in

By Adedapo Adesanya The Zamfara State Government has announced the suspension of the ban on telecommunications services in the state from Monday, November 29, 2021. The announcement was made by the state’s governor, Mr Bello Matawalle, on Saturday at an event in Gusau, the state capital, where he stated that the resumption of telecoms services would begin tomorrow. The federal government and the Zamfara State government had in September shut down network services “to enable relevant security agencies to carry out required activities towards addressing the security challenges in the state.” Now, Mr Matawalle explained that the decision to suspend

By Dipo Olowookere The Centre for Human Rights at the University of Pretoria, South Africa, in collaboration with the Office of the United Nations High Commissioner for Human Rights and other partners, is organizing the 9th Nelson Mandela World Human Rights Moot Court Competition at the Palais des Nations in Geneva from 18 to 21 July 2017. The competition, which is held in English, is open to undergraduate and masters law students from universities around the world. Students are invited to argue a hypothetical human rights case before a panel of top international lawyers. The competition is expected to bring

By Ashemiriogwa Emmanuel The Nigerian Exchange (NGX) Limited has said it sees the advent of financial technology (fintech) in the country as a potential partner to capital market infrastructure providers in building a digital economy. This was disclosed by the Chief Executive Officer of NGX, Mr Temi Popoola, during the 2021 Chartered Institute of Stockbrokers national workshop held recently in Abuja. Represented by the Divisional Head, Trading Business at NGX, Mr Jude Chiemeka, he noted that fintech companies focus on specified products and services, automating and commoditizing high margin processes, and strategic use of data which brings about transformation in

By Adedapo Adesanya The Nigerian Communications Commission (NCC) said not less than 2.2 million improperly registered Subscriber Identification Module (SIM) Cards have been deactivated across all telecommunication networks in the country. This was disclosed by the Executive Vice Chairman (EVC) of the NCC, Mr Umar Danbatta, in a statement signed by the Commission’s Director for Public Affairs, Mr Henry Nkemadu in Abuja. According to Mr Danbatta, the commission’s efforts was in line with one of the key agenda of President Muhammadu Buhari to strengthen security of lives and property for all Nigerians. “We have since initiated the second phase of

By Dipo Olowookere The newly appointed Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has commended the Organization of the Petroleum Exporting Countries (OPEC) for extending the oil production cut by nine additional months. The reduction in the output of oil for some members of the cartel, including Nigeria, was taken under the Declaration of Cooperation, which seeks to improve global oil market stability among OPEC members. Oil industry under the cooperation, OPEC member and non-member nations accelerated the stabilisation of global oil market through voluntary production adjustments which amounted to 1.8 million barrels per day.

By Adedapo Adesanya The judiciary is the latest ally that the Asset Management Company of Nigeria (AMCON) has looked up to in order to recover the debt of over N5 trillion owed by companies and individuals in the country. Managing Director/Chief Executive Officer (CEO) of AMCON, Mr Ahmed Kuru, at the 2019 Annual Seminar for Justices of the Court of Appeal, said he would appreciate the assistance of the third arm of government to recover the debts. With the terminal date for the debt approaching, Mr Kuru, who spoke at the event on The amended AMCON Act 2019: A detailed