British Pounds Slows As Key Ministers Quit Over Brexit

British Pounds Slows As Key Ministers Quit Over Brexit

Sterling plunged by over 1 percent against the dollar Thursday morning after U.K. Brexit Secretary Dominic Raab resigned from his post, piling yet more pressure on U.K. Prime Minister Theresa May. On Wednesday, May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. This came after she also received support from officials at the EU earlier in the week. But by Thursday morning a short flurry of ministers decided to resign from their positions in protest at her proposals. Raab, in a letter to the…

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Levi Strauss Plans $5 Billion IPO 

Levi Strauss Plans $5 Billion IPO 

A Levi’s logo on the window of a Levi Strauss & Co. store in London. Chris Ratcliffe | Bloomberg | Getty Images Levi Strauss & Co., the 145-year-old company credited with creating the first pair of blue jeans, is planning an initial public offering, people with knowledge of the matter said. Levi’s is looking to raise between $600 million and $800 million and targeting the first quarter of 2019 to go public, said the people, who asked not to be named discussing confidential deal details. The company is aiming to…

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FG Receives Combined Offers Of $9.5 Billion On  $2.86 Billion Eurobond

FG Receives Combined Offers Of $9.5 Billion On  $2.86 Billion Eurobond

The Federal Government on Wednesday night said it received a combined offer of over $9.5bn for its $2.86bn Eurobond. This was contained in a statement issued by the Media Adviser to the Minister of Finance, Paul Ella Abechi. It said the bond was issued under its Global Medium Term Note Programme. The bond represents Nigeria’s sixth Eurobond issuance, following issuances in 2011, 2013, two in 2017 and one in early 2018 and its first triple-tranche offering. The offering, according to the statement, has attracted significant interest from leading global institutional…

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NCAA, NASENI To Manufacture Helicopters Locally

NCAA, NASENI To Manufacture Helicopters Locally

  On Nov 15, 2018 3:33 PM, “OmThe Nigerian Civil Aviation Authority and the National Agency for Science and Engineering Infrastructure are set to collaborate on local manufacturing of helicopters. The NCAA is expected to provide relevant guides for NASENI, an agency designed to conduct developmental work in the areas of manufacturing. The Executive Vice-Chairman and Chief Executive Officer of NASENI, Prof. Muhammed Haruna, during a courtesy visit to the NCAA on Wednesday, said the agency had placed an order for a Dynali H3 easy flyer sport ultralight helicopter for…

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AMCON To Divest Shares Off Arik, Aero

AMCON To Divest Shares Off Arik, Aero

Many local and international investors are showing interest in investing in Arik Air and Aero Contractors, our correspondent has learnt. It was gathered that since the Asset Management Corporation of Nigeria made it known that it planned to divest its shares in the airlines, there had been a lot of interests from investors within and outside the country. The Head, Corporate Communications, AMCON, Jude Nwauzor, however, told newsmen that the corporation had yet to get a good offer for the transaction. “We need to get a good offer and reach…

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EkoCorp, Three Others Fined By NSE 

EkoCorp, Three Others Fined By NSE 

The Nigerian Stock Exchange has fined four companies a total of N127.2m for failure to adhere to best corporate governance practices and refusal to submit their accounts and operational reports as and when due. It was reported on November 7, 2018 that the NSE had lifted the suspension it had earlier placed on trading in the shares of Ekocorp Plc, Academy Press Plc, Premier Paints Plc and Austin Laz & Company Plc. The latest X-Compliance data from the NSE revealed that the four companies were suspended at different times in…

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CBN: Bank Fraud To Reach N6.1 Trillion By 2021

CBN: Bank Fraud To Reach N6.1 Trillion By 2021

Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021. Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation in Benin. According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally. Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department NDIC, said it was due to broader ecosystem scope, evolution of…

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NECA: Nigeria Breweries Closure By Lottery Commission Illegal

NECA: Nigeria Breweries Closure By Lottery Commission Illegal

The Nigeria Employers’ Consultative Association has kicked against the closure of offices and business premises of Nigeria Breweries Plc across the nation by the Director-General of the National Lottery Regulatory Commission, Mr Lanre Gbajabiamila. NECA said that Gbajabiamila’s action had failed to respect the ongoing suit – CA/A/207/2016, NECA & 1 or vs. AG Federation & 3 others – which is connected to the issue that allegedly prompted the closure of the Nigeria Breweries. It added that the court, since 2016, had directed parties in the case to maintain status…

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Over 6000 Jobs Saved As A Result Of Polaris Bank Take-Over

Over 6000 Jobs Saved As A Result Of Polaris Bank Take-Over

The adoption of the bridge bank option, which led to the establishment of Polaris Bank to take over the defunct Skye Bank, was able to save the banking industry of over N949.6bn in depositors’ fund. The Managing Director, Nigerian Insurance Corporation, Alhaji Umaru Ibrahim, said this on Tuesday during a workshop on ‘Financial inclusion, consumer protection and evolution of virtual currencies in Nigeria.’ The Central Bank of Nigeria had on September 22 revoked the operating licence of Skye Bank Plc. The Governor, CBN, Godwin Emefiele, had while making the announcement…

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IMF: Nigeria’s Revenue To Weaken In 2019

IMF: Nigeria’s Revenue To Weaken In 2019

The International Monetary Fund’s prediction of a weak revenue generation for Nigeria in the short term may have some implications, according to reports. This is coupled with the Federal Government’s recent projections of lower revenue for 2019 than budgeted for 2018. According to a research report by the FSDH Merchant Bank Limited titled ‘Low revenue generation: Implications for Nigerian economy and financial market,’ the declining crude oil price may place additional macroeconomic pressure on Nigeria in the short term. The Federal Government would need to urgently adopt active partnership arrangements…

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