CBN Pumps $9.98bn into Forex Market in Q4
Jan 28, 2020 – Legal News by Source:- www.thisdaylive.com
•Federally-collected revenue drops to N2.6tn Obinna Chima The Central Bank of Nigeria (CBN) sold a total of $9.98 billion to authorised foreign exchange dealers in the fourth quarter of 2019. The data, extracted from the central bank’s economic report for the fourth quarter of 2019, obtained on its website yesterday, […]
All-Share Index Sheds 0.3% as Equities Market Opens on Negative Note
Jan 28, 2020 – Legal News by Source:- www.thisdaylive.com
The Nigerian equities market opened trading for the week on a bearish note as losses by Zenith Bank Plc, FBN Holdings Plc and Unilever Nigeria Plc, among 10 other stocks pushed the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 0.30 per cent to close at 29,552.99. Similarly, market […]
FMBN Seeks Stronger Partnership with States on Affordable Housing
Jan 28, 2020 – Legal News by Source:- www.thisdaylive.com
In a bid to deepen the impact of its affordable housing delivery programs to a greater number of Nigerian workers within the low and medium-income bracket nationwide, the Federal Mortgage Bank of Nigeria (FMBN) has solicited for a more robust collaboration with state governments. This includes stronger support and participation […]
Economy Attracted $21.8bn Investments in One Year – NBS
Jan 28, 2020 – Legal News by Source:- www.nipc.gov.ng
Within a one-year period covering October 2018 and September 2019, the Nigerian economy attracted a total of $21.81bn worth of investments, figures released from the National Bureau of Statistics have shown. The investments inflow, according to an analysis of the NBS capital importation report, came from various sources. They are […]
Banks cut lending rate to woo more borrowers
Jan 27, 2020 – Legal News by Source:- www.thenigerialawyer.com
BANKS are cutting lending rates to woo more borrowers. The measure is to raise profitability and to meet the 65 per cent Loan to Deposit Ratio (LDR) target set by the Central Bank of Nigeria (CBN). They are relying more on lending to grow their profits as yields from government […]
All-Share Index Year-to-date Growth Hits 10.4% as Bulls Remain in Control
Jan 27, 2020 – Legal News by Source:- www.thisdaylive.com
The equities market recorded a marginal growth last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 0.03 per cent to close at 29,628.84, while market capitalisation ended at N15.262 trillion. The marginal growth compares with 0.69 per cent rise of the previous week. However, the year-to-date gain […]
Again, Emefiele Forecloses Possibility of Currency Devaluation
Jan 27, 2020 – Legal News by Source:- www.thisdaylive.com
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has again ruled out the possibility of a naira devaluation, amidst the dwindling level of the country’s foreign reserves. He said the Bank would rather continue to sustain existing foreign exchange management and stability currently evident in the […]
Nigeria Secures $2.5bn Gas Pipeline Finance
Jan 27, 2020 – Legal News by Source:- www.nipc.gov.ng
Stakeholders will sign an agreement with Chinese lenders by Q2 2020 to fund the country’s biggest pipeline project Nigeria will close a $2.5bn financing agreement with Chinese lenders by the start of the second quarter of 2020 to fund the single biggest gas pipeline project in the country’s history, after months of holding talks with China […]
7.5% VAT: Business groups raise concern over unmoved stock, growth
Jan 24, 2020 – Legal News by Source:- www.dailytrust.com
The 7.5 per cent Value Added Tax (VAT) increase will reduce sales and diminish profits, some big manufacturers and small business owners in the country have said. Speaking exclusively to Daily Trust yesterday, the Vice President of the Abuja Chamber of Commerce and Industry (ACCI) in charge of commerce, Dr. […]
FAAN, NCC Move against Copyright Piracy
Jan 24, 2020 – Legal News by Source:- www.thisdaylive.com
The Federal Airports Authority of Nigeria (FAAN) and Nigerian Copyright Commission (NCC) have agreed to work together for the development and implementation of a national anti-piracy strategy to address the sale of pirated books, films, music and other copyright infringing materials in and around the nation’s local and international airports. […]
MPR: Experts forecast CBN’s retention of rate on rising inflation
Jan 24, 2020 – Legal News by Source:- www.dailytrust.com
As the Central Bank of Nigeria’s Monetary Policy Committee meets to decide on the nation’s Monetary Policy Rate in the 2020 fiscal year, money market and economic experts have predicted the likely retention of the key rates in view of the rising general price level in the economy. A financial […]
British company set to acquire more Nigerian oil & gas firms
Jan 24, 2020 – Legal News by Source:- https://nairametrics.com/
Months after acquiring a Nigerian oil and gas exploration, British firm, Savannah Petroleum Plc has disclosed its intention to acquire more Nigerian companies in the coming years to expand its footprint in Nigeria and Africa. Andrew Knott, the Chief Executive of Savannah Petroleum said the acquisition of Seven Energy International Limited is just […]
Nigeria, UK Investors Seal N153.4bn Commercial Deals
Jan 23, 2020 – Legal News by Source:- www.nipc.gov.ng
Nigerian and United Kingdom (UK) investors have sealed commercial deals worth more than N153.4 billion at the inaugural UK-Africa Investment Summit held yesterday in London. Disclosing this in a statement made available to Vanguard, the British Deputy High Commission in Lagos, said that the summit, which was designed to create […]
SPDC’s force majeure on Bonny Light threatens 2020 oil revenue target
Jan 23, 2020 – Legal News by Source:- www.dailytrust.com
The Shell Petroleum Development Company of Nigeria Limited (SPDC), the Royal Dutch Shell’s Nigerian subsidiary, on Wednesday declared force majeure on exports of Bonny Light crude, Nigeria’s largest oil revenue source. The declaration, if prolonged, may negatively affect the 2020 budgetary revenue projections from the oil sector and by implication, […]
SEC Boss Urges Retail Investors to Patronise Capital Market
Jan 23, 2020 – Legal News by Source:- www.thisdaylive.com
The acting Director General of Securities and Exchange Commission (SEC), Ms. Mary Uduk, has said the commission has stepped up efforts to encourage retail investors to invest in the capital market in order to create wealth, deepen the market and grow the nation’s economy. Uduk stated this on the sidelines […]
Pipeline Vandalism: Stakeholder collaboration, critical to tame menace – Kyari
Jan 23, 2020 – Legal News by Source:- https://nairametrics.com/
The Nigerian National Petroleum Corporation (NNPC) has disclosed that the collaboration of all stakeholders is critical to curbing pipeline vandalism and oil theft, which result in explosions. The Group Managing Director, NNPC, Mele Kyari divulged this during his visit to the Oba of Lagos, His Royal Majesty, Oba Rilwan Babatunde Osuolale Aremu […]
$1.8trn available for investments in Africa — AfDB
Jan 22, 2020 – Legal News by Source:- www.dailytrust.com
The African Development Bank (AfDB) has said the total assets under management alone by pension funds, sovereign wealth funds and the insurance sector in Africa is about $1.8 trillion; monies that can be leveraged on to develop infrastructure in Africa. The President of the Bank Dr. Akinwumi A. Adesina, also […]
Investors Trade N3.7 Billion Shares as Market Pares Gains
Jan 22, 2020 – Legal News by Source:- www.thisdaylive.com
Investors staked N3.713 billion on 272.839 million shares in 4,945 deals at the stock market yesterday, even as price losses by bellwethers pushed the market to the negative territory. After opening on positive note on Monday, the market pared gains yesterday with the Nigerian Stock Exchange (NSE) All-Share Index, shedding […]
UK-Africa Summit: Four British Companies Sign Deals with Nigeria
Jan 22, 2020 – Legal News by Source:- www.nipc.gov.ng
Four British companies Monday signed business deals with Nigeria on the sidelines of the inaugural UK-Africa Investment Summit in London. The deals were among the several others sealed between UK companies and their African partners. In the case of Nigeria, Low Energy Designs won an export contract to install street […]
Economy: IMF & World Bank differ on Nigeria’s growth outlook
Jan 22, 2020 – Legal News by Source:- https://nairametrics.com/
On Monday, the International Monetary Fund (IMF) released its Global Economic Outlook where the fund announced it expects global growth to slow in 2020 to 2.9% (World Bank – 2.5%) from an estimated 3.6% in 2019. The fund’s growth projection for Nigeria at 2.5% for 2020 and 2021 is 0.4ppts higher than […]
IMF Holds Nigeria’s 2020 Growth Projection at 2.5%
Jan 21, 2020 – Legal News by Source:- www.thisdaylive.com
The International Monetary Fund (IMF) in its World Economic Outlook (WEO) released yesterday, has projected that the Nigerian economy will grow at 2.5 per cent this year and next year, same as it had predicted in its October 2019 WEO. The multilateral institution, in its latest WEO titled: ‘Tentative Stabilisation, […]
NSE All-Share Index Rises 0.31% as Equities Market Opens Positively
Jan 21, 2020 – Legal News by Source:- www.thisdaylive.com
A total 22 stocks appreciated to lift the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 0.31 per cent to close at 29,710.56 as the market opened for the week on a positive note. Although Law Union & Rock Insurance Plc led the price gainers’ table, appreciation in the shares […]
Oil Theft Fueled by Insufficient Penalty, Others, Says FG
Jan 21, 2020 – Legal News by Source:- www.thisdaylive.com
The federal government has agreed that Nigeria lacked effective penalties to limit the stealing of her crude oil when applied. It also said the other reasons why oil theft has continued to thrive in the country were because of active market for sale of the product, weak measurement mechanism and […]
Devaluation: Experts highlight trends clouding economy’s growth in 2020
Jan 21, 2020 – Legal News by Source:- https://nairametrics.com/
The Central Bank of Nigeria (CBN) may eventually devalue the naira in 2020, as experts highlighted several disturbing trends clouding growth prospects in the Nigerian economy. Speaking during the 2020 Nairametrics Economic Outlook Hangout, which held in Lagos over the weekend, financial experts and analysts disclosed that CBN might devalue the naira […]
AfCTA: Expert Urges FG to Sign Cybersecurity Framework
Jan 20, 2020 – Legal News by Source:- www.thisdaylive.com
The country’s continued delay to sign the African Union Convention on Cybersecurity and Personal Data Protection framework currently puts it at the risk of economic isolation and may affect its chance of harnessing and maximising the benefits of the African Continental Free Trade Area (AfCFTA) agreement which it recently endorsed. […]
Afreximbank Seals $190m Deal
Jan 20, 2020 – Legal News by Source:- www.thisdaylive.com
The African Export-Import Bank (Afreximbank) has signed a term sheet with Made In Africa Inc. (MIA), to provide the company with a $190-million facility to finance the acquisition of African Fabric Holdings BV, Netherlands, also known as Vlisco Group. The facility, broken into two tranches, would also be used to […]
NSE Index Rises 0.7% as Profit Taking Moderates Market’s Appreciation
Jan 20, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene Profit taking by some investors moderated the growth of the Nigerian stock market last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.69 per cent to close at 29,618.52. The gain was lower than the record 9.1 per cent posted the previous week, which […]
Insurers laud NAICOM on recapitalisation deadline extension
Jan 20, 2020 – Legal News by Source:- www.dailytrust.com
The Nigerian Insurers Association (NIA) has said the National Insurance Commission (NAICOM)’s decision to extend the recapitalisation deadline shows it has interest of the market at heart. Recall that in May 2019, the commission increased the capital levels for insurance and reinsurance companies operating in the market as follows: Life […]
Foreign Investors Bought Less Bonds in 2019, Says DMO
Jan 17, 2020 – Legal News by Source:- www.thisdaylive.com
Foreign investors cut their participation in Nigerian government bond auctions last year, buying just 4.39 per cent of all bonds issued compared with the previous year when they bought 10.99 per cent, a debt office presentation showed. The debt office said local fund managers bought most of the bonds in […]
NSE Equities Cap N149 Billion as Bulls Return to Market
Jan 17, 2020 – Legal News by Source:- www.thisdaylive.com
The bulls returned to the stock market thursday after two days of absence lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by one per cent to close at 29,352.13, while market capitalisation added N149 billion to close at N15.1 trillion. After rallying for many days the market declined last […]
Maritime Can Strengthen Nigeria’s Economy, Says Dangote
Jan 17, 2020 – Legal News by Source:- www.thisdaylive.com
Aliko Dangote The President of Dangote Group of Companies, and Africa’s richest man, Alhaji Aliko Dangote, has identified the maritime industry as a key element in the efforts to re-stimulate the Nigerian economy. Dangote said this in Lagos while commenting on the country’s economic potentials and the vast opportunities […]
Crude Oil: Nigeria’s oil production slips for the third consecutive month
Jan 17, 2020 – Legal News by Source:- https://nairametrics.com/
On Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) released its monthly oil market report for December which showed that Nigeria’s oil production dipped to a new low extending 3 months of consecutive decline. Specifically, Nigeria’s daily crude production (excluding condensates) for December 2019 fell to 1.57mb/d from 1.66mb/d in November 2019. […]
Nigeria Set for New Oil Licensing Round
Jan 16, 2020 – Legal News by Source:- www.nipc.gov.ng
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, (NNPC) Mele Kyari yesterday disclosed that the federal government is ready to launch a new oil licensing round. Kyari also declared that more effort would henceforth be concentrated on the production of Natural Gas Liquids (NGLs) and natural gas, […]
NESG Study Explains Benefits of AFCFTA to Nigeria Economy
Jan 16, 2020 – Legal News by Source:- www.thisdaylive.com
The Nigerian Economic Summit Group (NESG) has recently conducted a study on the impact of the African Continental Free Trade Area (AfCFTA) on key macroeconomic variables of the Nigerian economy. According to a statement made available to THISDAY by the Head of Communication, NESG, Yinka Iyinolaka, AfCFTA represents one of […]
Expert Urges Govts, Firms to Guard against Cyber Attacks
Jan 16, 2020 – Legal News by Source:- www.thisdaylive.com
Following the increasing rate of global cyberattacks, the President, Cyber Security Experts Association of Nigeria (CSEAN), Mr. Remi Afon, has advised companies in Nigeria to take preventive measures. According to him, in September 2019, an internationally coordinated law enforcement operations spanning the United States, United Kingdom, Nigeria, Kenya, Ghana, France, […]
Monthly foreign exchange inflow rose to $9.84bn –CBN
Jan 16, 2020 – Legal News by Source:- www.thenigerialawyer.com
Aggregate foreign exchange inflow into the economy amounted to $9.84bn in November 2019, showing an increase of 7.5 per cent above the level at the end of the preceding month. The Central Bank of Nigeria disclosed in its 2019 November economic report on foreign exchange flows that it however, showed […]
FG to Issue Guidelines on Implementation of Finance Act
Jan 15, 2020 – Legal News by Source:- www.thisdaylive.com
Ndubuisi Francis in Abuja The federal government is to issue guidelines on the implementation process of the Finance Act, which President Muhammadu Buhari signed into law on Monday. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who gave the indication in a statement by her media aide, […]
NSE All-Share Index Falls 1.2% as Market Records First Loss in 2020
Jan 15, 2020 – Legal News by Source:- www.thisdaylive.com
The Nigerian equities market recorded its first negative performance yesterday, halting its eight-day bullish streak. Having posted a growth of 10.4 per cent since the beginning of the year, the stock market pared gains yesterday, making the Nigerian Stock Exchange (NSE) All-Share Index to shed 1.2 per cent to close […]
Report: Banks Mull Loosening Household Credit Scoring Criteria
Jan 15, 2020 – Legal News by Source:- www.thisdaylive.com
Lenders expect to loosen their respective credit scoring criteria to shore up the proportion of approved households’ loan applications this quarter. The Central Bank of Nigeria (CBN) disclosed this in its ‘Credit Condition Survey Report for the Fourth Quarter of 2019,” obtained on Monday. According to the report, last quarter, […]
Bright Prospects for Stock Market
Jan 15, 2020 – Legal News by Source:- www.thisdaylive.com
Given the 2020 plans and strategies unveiled by the Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema for 2020, the stock market has prospects to sustain the positive performance observed since the beginning of this year, writes Goddy Egene Given the performance of the Nigerian stock market […]
Buhari Signs Finance Bill into Law
Jan 14, 2020 – Legal News by Source:- www.thisdaylive.com
By Omololu Ogunmade in Abuja President Muhammadu Buhari on Monday in Abuja signed the 2020 Finance Bill into law. The president’s media adviser, Mr. Femi Adesina, in a statement, recalled that Buhari, while presenting the 2020 Appropriation Bill to the National Assembly late last year, made the presentation along with […]
NSE Targets New Products to Attract Investors
Jan 14, 2020 – Legal News by Source:- www.thisdaylive.com
The Chief Executive Officer (CEO) of Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday said the stock market would introduce new products to target more investors in 2020. Reviewing the performance of the market in 2019 and projecting outlook for 2020, Onyema said in Lagos that efforts would be made […]
Banks to recover N6.125 trillion loan from oil firms
Jan 14, 2020 – Legal News by Source:- https://nairametrics.com/
Commercial banks in Nigeria are set to begin the recovery of N6.125 trillion borrowed by oil firms to braze themselves amidst the sector’s recapitalization fears. The banks have reportedly issued correspondences to oil firms, marginal filed operators and downstream operators, as debts in the sector, according to a 2018 CBN financial stability […]
Nigeria Preaches Energy Integration for Africa at Upcoming Parley
Jan 14, 2020 – Legal News by Source:- www.thisdaylive.com
Chineme Okafor in Abuja Nigeria would be seeking to get the rest of Africa to focus on integrating their energy resources for development at the upcoming 2020 edition of the Nigeria International Petroleum Summit (NIPS), organisers of the parley have said. Brevity Anderson which is the event organizer, explained in […]
ABCON Cautions FG against ‘ECO’ Currency
Jan 13, 2020 – Legal News by Source:- www.thisdaylive.com
Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the federal government to be wary of the involvement of France in the Eco currency arrangement. Giving this advice in a statement, ABCON’s President, Aminu Gwadabe said Nigeria should critically examine the role of France in the ‘Eco’ currency project before […]
Banks Brace for CBN’s Fresh Recapitalisation Plan
Jan 13, 2020 – Legal News by Source:- www.thenigerialawyer.com
Commercial banks are preparing ahead of a possible announcement of a new recapitalisation plan by the Central Bank of Nigeria (CBN) this year, Thisday reports. THISDAY gathered that most banks have gone far beyond the N25 billion minimum capital requirement and are strategising to raise Tier 2 capital. As part […]
Insurance Regulator to Prepare Operators ahead of IFRS 17 Adoption
Jan 13, 2020 – Legal News by Source:- www.thisdaylive.com
The National Insurance Commission, (NAICOM) has said it will this year intensify effort in preparing operators for total adoption of International Financial Reporting System (IFRS) 17, an advanced of IFRS 4 which the industry had adopted. The commission also disclosed that it would more than double efforts so as to ensure […]
All-Share Index Rises 9.1%, Records 2-year Highest Weekly Gain
Jan 13, 2020 – Legal News by Source:- www.thisdaylive.com
The Nigerian equities market recorded the best weekly performance in two years following sustained bargain hunting by investors. The Nigerian Stock Exchange (NSE) All-Share Index rose 9.1 per cent to hit 29,415.39, while market capitalisation rose by 16.5 per cent to N15.175 trillion last week. The last time the […]
Banks’ Deposits with CBN Hit N3.17tn in nine Months
Jan 13, 2020 – Legal News by Source:- www.nipc.gov.ng
The Central Bank of Nigeria has recorded N3.17tn deposits from 11 commercial banks in nine months. Data obtained from the financial statements of the commercial banks listed on the Nigerian Stock Exchange showed that the deposits were made between January and September 2019. Mandatory reserve deposit is not available for […]
NSE CEO to Review Market Performance, Unveil Plans for 2020
Jan 10, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema will on Monday lead other members of the executive committee of the exchange to review the performance of the market last year and unveil plans for this year. According to the exchange the presentation to […]
Investors Gain N1.1tn as Stock Market Sustains Bullish Performance
Jan 10, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene Renewed demand for shares by investors at the stock market continued yesterday, further lifting the total gains by N197 billion to hit N1.062 trillion since the beginning of trading this year. The market capitalisation of the Nigerian Stock Exchange (NSE) had closed 2019 at N12.958 trillion. However, […]
Borrowing rates may fall, says CBN report
Jan 10, 2020 – Legal News by Source:- www.thenigerialawyer.com
A recent consumer survey by the Central Bank of Nigeria showed that members of the public expected a fall in the cost of borrowing this year. The statistics department of the CBN stated this in its ‘Consumer Expectations Survey’ report for the fourth quarter of 2019. Highlights of the Q4 […]
Nigeria, Others Secure AfDB’s $20m to Improve Renewable Energy
Jan 9, 2020 – Legal News by Source:- www.nipc.gov.ng
Nigeria, alongside other Sub-Saharan African countries, has secured $20 million investment in the Metier Sustainable Capital International Fund II from the African Development Bank (AfDB). Purpose of the funds: The funds would be channelled towards improving renewable energy and resource-efficient infrastructure projects in Nigeria and other Sub-Saharan African countries. The bank made known that the fund […]
Amended Law To Empower Private Liability Companies — CAC
Jan 9, 2020 – Legal News by Source:- www.thenigerialawyer.com
The Corporate Affairs Commission has said the Companies and Allied Matters Act Amendment Bill, which is awaiting the assent of the President, Major General Muhammadu Buhari (retd.) will strengthen its supervisory and regulatory powers. The acting Registrar-General, CAC, Hajiya Saratu Shafii, said this on Wednesday in Abuja during an interaction […]
AfCFTA: Port reforms underway, says NPA boss
Jan 9, 2020 – Legal News by Source:- www.thenigerialawyer.com
A head of the implementation of the African Continental Free Trade Area (AfCFTA) Agreement in July, the ports are undergoing infrastructure reforms. This is to allow free movement of business travellers and investments, while creating a continental Customs Union to streamline trade and attract long-term investments. The Managing Director, Nigerian […]
Equities Investors Excited as Market Gains N471bn in Three Days
Jan 9, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene Equities market are having a good time as the market has gained N471 billion in three days following renewed demand for stocks by bargain hunters. Continuing demand for shares as investors took advantage of low prices, has seen the market capitalisation rise by N768 billion between Monday and […]
CBN retains banks’ deposits ratio at 65%, gives incentive lending on SMEs
Jan 9, 2020 – Legal News by Source:- www.dailytrust.com
The Central Bank of Nigeria (CBN) has retained banks’ deposit ratio at 65 percent citing rising real sector loans by banks as the reason. CBN announced this in a circular signed by Ahmad Abdullahi, the Director of Banking Supervision, to all banks dated 7th January 2020 titled: ‘’Re: Regulator Measures […]
DMO open January savings bond offer
Jan 8, 2020 – Legal News by Source:- www.nipc.gov.ng
The Federal Government has through the Debt Management Office opened the January savings bond offer to investors. The DMO on Monday offered a two-year and three-year savings bonds for subscription. The DMO said in a circular that the bonds were backed by the full faith and credit of the Federal […]
FG Ties Cargo Clearance To Payment Of CRFFN POF
Jan 8, 2020 – Legal News by Source:- www.thenigerialawyer.com
THE Federal Government, yesterday, said that henceforth, the payment of Practitioners Operation Fee, POF, will now be required to take delivery of cargoes from the ports. Disclosing this stakeholder’s meeting in Lagos, Registrar of the Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, Mr. Sam Nwakohu said that […]
Stockbrokers: Tax Incentives Imperative for Improved Savings, Investments
Jan 8, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene The federal government has been called upon to set up an independent council to be made up of banks, stockbrokers, mortgage institutions, insurance companies and pension fund administrators (PFAs), to effectively coordinate the moblisation of savings in the country. The Chartered Institute of Stockbrokers (CIS) which made the […]
Analysts Seek Speedy Reforms in Oil Sector to Boost Investments
Jan 8, 2020 – Legal News by Source:- www.thisdaylive.com
Peter Uzoho Analysts have called for speedy reforms in the oil and gas sector to boost investments in 2020, stressing that the apparent reluctance of the federal government to implement reforms such as the downstream sub-sector deregulation threatens the economy and may hamper investments. Analysts at Cordros Capital Limited, a […]
NSE All-Share Index Rises 2.1% as Equities Market Records Further Gains
Jan 7, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene The stock market continued with its positive performance yesterday, recording another appreciation. Having gained about 2.1 per cent last week, the market opened this week with a growth of 1.38 per cent as the Nigerian Stock Exchange (NSE)All-Share Index rose to 27,339.68, while market capitalisation added N179.1 billion […]
Company tax: FG to exempt firms earning less than N25m
Jan 7, 2020 – Legal News by Source:- www.thenigerialawyer.com
The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax. Currently, all companies are expected to pay the Federal Government 30 per cent of their profit as Companies Income Tax. However, the Minister of Finance, […]
Oil Tops $70 over Middle East Tensions
Jan 7, 2020 – Legal News by Source:- www.thisdaylive.com
•OPEC output slips as Nigeria, Iraq improve on compliance Ejiofor Alike with agency reports Crude oil prices rose over one per cent yesterday, pushing the global benchmark, Brent above $70 per barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a US […]
CBN Releases Non-Naira Transaction Guidelines, Security Management Framework
Jan 7, 2020 – Legal News by Source:- www.thenigerialawyer.com
The Central Bank of Nigeria, CBN, has released the Nigerian Payment Systems Risk and Information Security Management Framework to guide the management of risks associated with payment systems in the country. The CBN released the guidelines on its website on Monday and said one of the objectives of the framework […]
Hope of Recovery Rises as Stock Market Gains N267 Billion
Jan 6, 2020 – Legal News by Source:- www.thisdaylive.com
\Goddy Egene The Nigerian equities market gained N266.6 billion last week, thereby raising hope that the market will recover in the new year, after a decline in 2019. The market ended last year negatively as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 14.6 per cent. Many stocks […]
SEC DG Calls for Partnership, Cooperation for Capital Market Growth
Jan 6, 2020 – Legal News by Source:- www.thisdaylive.com
Goddy Egene The acting Director General of Securities and Exchange Commission (SEC), Ms. Mary Uduk has called for more partnership and cooperation among regulators and operators in the nation’s capital in order to take the market to lofty heights. Uduk stated this in a New Year message to market operators […]
NNPC Declares N13.23bn Surplus for October
Jan 6, 2020 – Legal News by Source:- www.thisdaylive.com
Peter Uzoho with agency report The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of N13.23billion in October 2019. This represented an increase of 54 per cent compared to N8.59 billion surplus posted in September 2019. The corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for […]
Manufacturing Sector Expands By 60.8 Points In December – CBN
Jan 4, 2020 – Legal News by Source:- www.nipc.gov.ng
The Central Bank of Nigeria (CBN) has said that the Purchasing Managers Index of Nigeria’s manufacturing sector stood at 60.8 index points in December, indicating a 33-month consecutive expansion. The PMI Survey report released on Monday by the apex bank stated that the index grew at a faster rate when […]
Continental Trade: Nigeria, Six Others to Link Stock Exchanges
Jan 3, 2020 – Legal News by Source:- www.nipc.gov.ng
Seven African countries under the aegis of African Securities Exchanges Association (ASEA) are working toward integrating their stock exchanges by the first quarter of 2021 to boost securities trading in the continent. According to Global Financial Digest, the move will enable stockbrokers from Nigeria, South Africa, Morroco, Egypt, Kenya, Mauritius, […]