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Cybercrime: CBN set to revamp banking regulations

In view of addressing losses that emanate from cybercrime and technology risk in the financial sector, the Central Bank of Nigeria (CBN) is considering revamping the modalities of banking regulations. The apex bank through its Deputy Governor, CBN, Aishah Ahmad, stressed the need to redesign regulations that will address cybercrimes and technological…

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Regulators approve CCNN’s merger with Kalambiana

Nigeria’s capital market regulators – the Nigerian Stock Exchange and the Securities and Exchange Commission – have given approval to the proposed merger between the Cement Company of Northern Nigeria (CCNN) and Kalambiana Cement Company Limited. CCNN’s Company Secretary, Mr Ahmed Aliyu, disclosed this recently via a statement. According to him,…

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How to bid for this week’s Treasury Bills sale

The Central Bank of Nigeria (CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on 18th October, 2018. It will be offering N5.8billion, N29.24billion and N112billion for 91-day, 182-day, and 364-day maturity periods respectively. Before learning how to participate in this sale, here is a breakdown…

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Bears open this week’s trading as volume hits year low

The Nigerian Stock Exchange (NSE) opened the week on a negative note, as the All Share Index closed at 32,413.48 basis points, down 0.13%. Year to date, the index is down 15.24%. The total volume of shares traded today, hit a year low as 91.4 million shares valued at N960…

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2018 Budget Funding: FG to advance sale of more assets

Barely a month after the Federal Government sold its shares in the Nigerian Security Printing and Minting Company (NSPM) to the Central Bank of Nigeria, the President Muhammadu Buhari-led administration is ready to offer more of its assets for sale. The Federal Government is selling its assets using the ongoing privatisation…

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Better days for consumers without prepaid meters, DISCOs estimated billings to be reduced

The Nigerian Electricity Regulatory Commission (NERC) has concluded plans to put limits on the idea of estimated billings, currently used by the 11 Power Distribution Companies (DISCOs), as a result of numerous complains of bogus bills from electricity consumers nationwide, after five years of power sector privitasation. According to NERC…

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Iyinoluwa Aboyeji steps down as Flutterwave CEO

Iyinoluwa Aboyeji has stepped down from his role as the Chief Executive Officer (CEO) of Flutterwave Inc. Aboyeji disclosed this in a statement on his twitter. Part of the statement read, “Today will be my last day at Flutterwave. After much thought and prayer, I decided to step down from my…

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Red Star Express goes to Benin Republic, seals deals with FedEx, TNT

The Board of Red Star Express Plc, today informed the Nigerian Stock Exchange and the investing public that the company has commenced operation in neighbouring Benin Republic. A statement signed by the company’s Secretary, Ms Frances Ndidi Akpomuka, disclosed that Red Star’ newly-opened office in Benin Republic will advance its business of picking…

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SEC assures investors of safety ahead of General Elections

The Acting Director-General, Securities and Exchange Commission, (SEC) Ms. Mary Uduk, has assured investors in the capital market that there is nothing to fear regarding the performance of the market as the 2019 election approaches. The SEC boss while speaking on the sidelines of the just-concluded World Bank/International Monetary Fund…

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Med-view Airline gives reason for staff disengagement.

Med-view Airline Plc has given reason for its recent disengagement of some staff. In a release signed by the company’s secretary, Abdullai Adam Abdullahi noted that the current economic realities has necessitated the restructuring exercise currently ongoing in the company. He further noted that two of its aircraft are currently undergoing…

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Nigeria could likely borrow more despite IMF’s warning

Nigeria’s Budget Minister, Mr Udoma U. Udoma, has claimed that the country has a sustainable debt portfolio and could borrow more money if it so wishes. The Minister, who made this assertion while giving a speech in Indonesia at the recently held annual meeting of the IMF and the World Bank…

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How State Governments will become richer without FAAC allocation

If the Nigerian agricultural sector is to be properly developed, then, the Federal Government may need to halt the monthly Federation Account Allocation Committee (FAAC) disbursements distributed to the 36 state governments and Abuja. This is the view expressed by the Vice President of Nigeria Agribusiness Group (NABG), Mr Emmanuel Ijewewe,…

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Will Peter Obi take Nigeria’s economy to El-Dorado?

The name, Peter Obi was unknown to most Nigerians, until March 2006, when the Court of Appeal announced him as the duly-elected Anambra State Governor. Since then, his approval rating by Nigerians has been high, even after leaving office as Governor in 2014. Nairametrics takes a deep look at the man who has…

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CCNN announces its major shareholder

The board of directors of the Cement Company of Northern Nigeria (CCNN) Plc, has announced Damnaz Cement Company Limited (Damnaz) as the company’s major shareholder. In its notification to The Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC), CCNN made known that the shareholding structure of the company has been effected….

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Reactions trail EFCC’s vow to punish Innoson boss

The media rage and saga between Innoson Motors Nigeria Limited and Guaranty Trust Bank (GTB), may not end anytime soon, as the Economic and Financial Crimes Commission (EFCC) vowed to ensure the arrest of the company’s Chairman, Innocent Chukwuma. In a statement by EFCC Spokesman, Wilson Uwujaren shortly after Justice Olusola Williams of the…

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itel Mobile Overtakes Rivals In Market Retail Volume

A recent report from Euromonitor International, based on mobile phones in Nigeria has reflected that one of Transsion Holdings biggest mobile phone maker, itel Mobile passed Samsung, Nokia and Huawei to hold the second position in retail volume with a market share of 25.8% – a commendable feat to crown…

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Key takeaway on Nigeria as World Bank marks 2018 annual meetings

The International Monetary Fund and the World Bank kicked off event to mark the 2018 Annual Meeting in Bali Indonesia on October 8th through to 14th. The week-long event attracts top economic leaders, ministers and governors around the world championed by Jim Youg Kim and Christine Lagarde; World Bank Group…

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AFC acquires $200 million, $100 million credit facility

One of the leading infrastructure development finance institution, Africa Finance Corporation (AFC) has successfully acquired a credit facility a $200m 5-year loan and a $100m 5-year stand-by facility from the Export-Import Bank of China (CEXIM). The acquired facilities which are for general corporate purposes, marks AFC’s inaugural financing facility from the People’s Republic of China…

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Savannah Petroleum hints on final approval to acquire Seven Energy Assets

UK based Savannah Petroleum has revealed that plans to acquire Nigeria’s Seven Energy Assets will be completed by before the end of the year. In a press release signed by the Savannah Energy CEO, Andrew Knott, noted that the final approval is coming after the submission of a revised terms on the…

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Flour Mills seeks license for power generation

Flour Mills of Nigeria Plc has announced plans to proceed with the application for an Electric Generation License. According to a release signed by the company’s secretary, Umolu Joseph noted that new license is in compliance with  section 70 (2) of the Electric Power Generation Sector Reform Act. The license will enable…

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