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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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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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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New List Of Debtors To Be Released By AMCON

New List Of Debtors To Be Released By AMCON

The Asset Management Corporation of Nigeria is preparing to release another list of debtors, an investigation has revealed. The corporation’s Head of Corporate Communications Department, Jude Nwauzo, confirmed this to our correspondent in a telephone chat. According to information obtained, the corporation has decided to expose the debtors following their failure to meet their debt obligations after several peaceful engagements. Nwauzo told our correspondent that AMCON would be forced to charge the debtors to court if they failed to repay their loans. In October, AMCON published a list of defaulters…

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Global Market Threatened With Crude Oil Surplus In 2019

Global Market Threatened With Crude Oil Surplus In 2019

  Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. “In 1H19, based on our outlook…

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NSE, CISI Collaborate On Stakeholder Training

NSE, CISI Collaborate On Stakeholder Training

The Chartered Institute for Securities & Investment (CISI) has entered into a new partnership with The Nigerian Stock Exchange (NSE) to provide trainings for CISI’s qualifications in Nigeria, under the auspices NSE’s X-Academy. Based in London, CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession. The NSE said in a statement that the partnership will result in CISI accrediting X-Academy as its training partner in Nigeria for qualifications including…

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CBN Strengthens Naira With  $210m Forex Injection

CBN Strengthens Naira With  $210m Forex Injection

CBN headquarters, Abuja The Central Bank of Nigeria on Tuesday injected $210m in the inter-bank foreign exchange market. Figures obtained from the CBN indicated that the authorised dealers in the wholesale segment of the market received $100m while the small and medium enterprises and invisibles segments were allotted $55m each. The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the naira would continue its strong run against the dollar and other major…

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N115 Billion FG Bonds For Auction

N115 Billion FG Bonds For Auction

The Debt Management Office has said the Federal Government will auction by subscription N115bn worth of bonds on November 21. In a circular by the DMO on its website on Tuesday, the breakdown of the figure revealed that N35bn five-year reopening bond to mature in April 2023 would be offered at 12.75 per cent; another N35bn seven-year reopening bond to mature in March 2025 would be auctioned at 13.53 per cent; while N45bn 10-year bonds to mature in February 2028, would be auctioned at 13.98 per cent. The DMO said,…

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