Nigerian Exchange Limited (NGX) plans to host the Vice President, Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, SAN, GCON, at the inaugural Nigerian Capital Market Conference on Tuesday, 30 November 2021. Themed “The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery”, the flagship Conference will bring together policymakers, government, financial experts, business leaders, investors, international development partners, regulators and other market stakeholders, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing. The conference, which is a hybrid event, will be hosted by the Chairman, NGX, Mr. Abubakar Balarabe Mahmoud,…
Author: Temitope N.
The Kano Electricity Distribution Company (KEDCO) has urged hoodlums to stop vandalising and stealing its equipment and installations to avoid power outages. KEDCO A statement issued to newsmen by KEDCO’s Head of Corporate Communications, Mr Ibrahim Shawai, said on Thursday in Kano that such heinous crimes also pose grave dangers to their safety. “The caution is coming following the incident that happened in one of our installations where a man was electrocuted while trying to vandalise KEDCO cables. “The victim was unlucky when power was restored while he was trying to steal the cables and his gang members left the…
The Economic and Financial Crimes Commission (EFCC) has issued a budget of N31, 350, 512, 836 to the National Assembly for its operations in 2022. The figure represents a slight improvement over the N29, 575,694,747.46 appropriated for the Commission in 2021. This was disclosed by the anti-graft agency in a statement issued on Tuesday, October 26, 2021. He said, “Funding is a major challenge of the Commission, as it has affected the activities of the Commission in the areas of training, technical equipment, procurement of operational vehicles, upgrading of ICT infrastructures, among others.” Credit :- Nairametrics
The Nigerian National Petroleum Corporation (NNPC) has disclosed the existence of almost $3.097 billion investment opportunities in Nigeria’s condensate refineries’ space. This is as the corporation has pointed out that it requires between $1.6 billion and $2.7 billion to improve the supply and distribution of petroleum products, revamp Liquefied Petroleum Gas (LPG) infrastructure and build Compressed Natural Gas (CNG) plants in the country. This disclosure was made by the Group Managing Director of NNPC, Mallam Mele Kyari, while delivering his keynote address at the 15th Oil Trading and Logistics (OTL) Africa Downstream Week themed, “Downstream in Transition: Getting Set”,…
Former Emir of Kano, Alhaji Muhammad Sanusi II, has disclosed that the federal government is indulging in illegality by paying petroleum subsidy from the federation account. The former Central Bank of Nigeria (CBN) governor spoke virtually as a panellist on Sustainable Development Goals (SDGs) at the just concluded Nigerian Economic Summit held in Abuja. He also said the Nigerian daily oil consumption data is suspect thus there is endemic corruption in fuel subsidy payments. “This money coming from petrol belongs to the federation account, and the federal government doesn’t have the constitutional right to pay subsidy on behalf of the…
President of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, yesterday emphasized that the severe lack of energy was negatively affecting the growth of Nigerian industries. Adesina mentioned while speaking at a meeting organised by the Manufacturers Association of Nigeria (MAN) in Abuja. He said: “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal. “Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.” Also speaking at the meeting, the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, noted that trade was a key…
An Abuja division of the Federal High Court has officially granted Ms Grace Taiga, former Director of Legal Services, Ministry of Petroleum Resources a N30 million bail in the multiple fraud case involving Process and Industrial Development Limited (P&ID). The presiding judge, Justice Obiora Egwuatu on Wednesday held that Taiga should meet her bail conditions. He then adjourned the matter to January 17, 2022, for commencement of trial. According to the News Agency of Nigeria, The Economic and Financial Crimes Commission (EFCC) re-arraigned Taiga on October 7 on a seven-count charge bordering on money laundering offences. Taiga was arraigned on…
FBN Holdings Plc, owner of First Bank Nig. Ltd has disclosed in a statement to the Nigerian Exchange Group (NGX), providing an update of the substantial shareholders of FBN Holdings Plc as well as answers to questions earlier asked by the NGX. The statement is contained in a letter from FBNH to the NGX dated October 26, 2021, and is a response to a preceding letter from the Nigerian Exchange requesting the bank to provide additional information and update its list of substantial shareholders and their shareholding in the company. FBNH was requested by the NGX to provide clarification…
The Director-General, Nasarawa Bureau for Information Communications and Technology (BITC), Shehu Ibrahim, established that the state is on schedule towards achieving digital transformation of its economy. Ibrahim mentioned this at a press briefing on Friday in Lafia, as part of activities to mark the 2021 Digital Nigeria Day which is celebrated on October 24 every year. The director-general said that the state government is developing a master plan to migrate from analogue to e-governance to deliver digital services that would drive the state’s economy for sustainable development. He said the master plan is geared towards creating a digital…
Electric Vehicle giant, Tesla, who just yesterday, hit trillion-dollar status and is headed by world’s richest man and Dogecoin enthusiast. In the quarterly report, under Digital Asset Net, it stated, “We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services. We account for such non-cash consideration at the time we enter into transactions with our customers in accordance with the non-cash consideration guidance included in the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, based on the then current quoted market prices of the digital assets.” The company also…
MasterCard, an American multinational financial services corporation has disclosed a partnership with Bakkt, which is a digital asset platform, to enable merchants, banks and fintechs in the United States to embrace and offer “a broad set of cryptocurrency solutions and services.” According to the announcement, MasterCard will be working with Bakkt to enable its U.S. customers to buy, sell and hold digital assets through custodial wallets. The partnership will also enable cardholders to earn and spend rewards in crypto rather than using loyalty points and accruing or redeeming tokens for purchases. The announcement stated, “Mastercard will also integrate crypto…
Nigeria’s tier 1 bank, FBN Holdings recorded huge trade volumes in the early hours of trade on Monday, October 25th, 2021. Going by the Report on the stock market trade engines monitored online, about 285,328,138 units crossed, driving up the shares to as high as N12.9 per share at the earlier part of the trading day. Our initial thoughts suggest one of the major shareholders might be behind the trade as investors scramble to shore up their ownership of the bank. Over the weekend, Femi Otedola was first to declare officially that he owned 5.07% of the bank and suggested…
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services organisation has declared its partnership with Nigeria Inter-Bank Settlement System plc (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution. The NQR is an innovative payment option implemented for all financial service providers and designed to promote quick and fast transactions by scanning the code on one’s mobile device. Also, the initiative reduces cost(s) for merchants and banks in delivering instant value for person to business (P2B) and person to person (P2P) transactions by simply scanning to pay. Unlike other QR schemes, the NQR is implemented…
The Nigerian Investment Promotion Commission (NIPC) has dedicated its support to work with relevant government Ministries, Departments and Agencies (MDAs) to set up the Nigeria-Chad Joint Business Council. This disclosure was made by NIPC, via a statement issued and signed by its Head, Press & Protocol, Daniel Awurum on Monday. The Council is expected to serve as a platform for the development of stronger commercial ties and the improvement of bilateral trade and investment flows between the two countries. Ambassador Chahaimi said, “Both countries recognise the potential value of the informal trade activities across their borders. There is, therefore, the…
A Federal High Court in Abuja has vacated with immediate effect an interim ruling under which the Central Bank of Nigeria (CBN) froze the bank accounts of RiseVest Technologies in two banks. The CBN alleged, among other things, that some of the transactions of the affected fintech companies were in violation of its directive and were contributing to the naira’s weakening against the US dollar. The parties to the suit are CBN Governor (Plaintiff/Respondent) V Rise Vest Technologies Ltd (1st Defendant/Applicant) & five Others. The court made the judgment while deciding a Motion on Notice filed by Rise Vest…
The Central Bank of Nigeria (CBN) on Monday disclosed the introduction of a new financial instrument known as ‘The 100 for 100 PPP’ Policy on Production and Productivity to improve local production and productivity in various sectors of the economy. This was made known by the CBN Governor, Mr Godwin Emefiele, at the launch of the Central Bank Digital Currency (CBDC), known as the eNaira at the State House, Abuja. The initiative by the apex bank is expected to provide support for selected private sector companies in the country as well as part of steps to reverse the country’s overreliance…
The leadership of the Nigeria Labour Congress (NLC) seems ready for an arm wrestle with the Federal Government as they have rejected its planned enforcement of Covid-19 vaccination on workers and Nigerians. This is coming at a time some state governments and stakeholders had already opposed the federal government’s compulsory vaccination plan. The position of Labour was made known by the NLC President, Mr Ayuba Wabba, while unveiling the Covid-19 vaccination Advisory for the Federal Civil Servants on Monday in Abuja. According to the News Agency of Nigeria, Wabba said though the efficacy of vaccines for the control of Covid-19…
President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja. This is according to a notification by the Central Bank of Nigeria, signed by its Director, Corporate Communications, Osita Nwanisobi, stating that the digital currency will be launched with the theme, “Same Naira, more possibilities”. The announcement of the launch of the digital currency is coming after an earlier postponement by the apex bank. Credit :- Nairametrics
Manchester United and England football legend, David Beckham has officially sealed a deal to become an ambassador for Qatar. Qatar which is set to host the 2022 FIFA World Cup which would be the 22nd running of the quadrennial international men’s competition. The competition is set to kick off on 21st of November, 2022 and would be the first World Cup ever to be held in the Arab World. The deal is said to be worth £15 million a year, totalling £150 million in the next decade, according to The Sun. The deal would see the England Captain become…
The Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano State has alerted the Federal Government of a decision by some private depot owners to raise the pump price of petroleum products in order to cause a fresh fuel crisis in the country PMAN Chairman Kano chapter, Bashir Danmallam, made the accusations in a statement issued to newsmen in Kano on Friday. He said some of such private Depot owners had increased the price of the commodity from N148 per litre to between N153 and N155 per litre since on Friday last week. He said the association found it necessary to…