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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Dangote Group Revenue To Hit $30 Billion In 2020 

Dangote Group Revenue To Hit $30 Billion In 2020 

The President, Dangote Group, Aliko Dangote, has said the revenue of his group of companies will hit $30bn by 2020, The Cable reported on Thursday. The multibillionaire, while speaking at the Africa Investment Forum in Johannesburg, South Africa, noted that the progress being made by the Dangote Group was as a result of the bold steps taken to venture into spaces others were running away from. Dangote said though he was a true believer that nothing was impossible, the feat was one he would have considered impossible 10 years ago. He said,…

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Crude settles At $70.60 A Barell

Crude settles At $70.60 A Barell

Geopolitical concerns and the energy market U.S. oil prices dropped for a ninth consecutive session on Thursday, falling into a bear market, on further signs of growing supply even as data showed record Chinese oil imports. Crude prices have plunged over the last five weeks, buffeted by October’s broader market slump, signs of deteriorating demand and rising output from key producers. The decline continued earlier this week after the Trump administration announced it would issue waivers to eight countries, allowing them to continue importing Iranian crude for the next 180…

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Zenith Bank Share Purchase Worry Investors

Zenith Bank Share Purchase Worry Investors

Financial instituion silent on N6.88 billion saleInsinuations that a possible entry of a new investor, big enough to acquire a seat on the board of Zenith Bank Plc, given the quantum of transactions executed on its shares on Wednesday, were dispelled yesterday, as experts explained that the undervalued nature of the stock propelled the volume spike.     At the close of trading on Wednesday, transactions in the shares of Zenith Bank topped the activity chart with 288.27 million shares valued at N6.88 billion. This significantly triggered the total volume of…

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FG Takes $2.8bn Eurobond Sale Roadshow To London

FG Takes $2.8bn Eurobond Sale Roadshow To London

Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday. The roadshow, which is being organised by Citi and Standard Chartered, would run from November 12, for three days and be attended by Nigerian Finance Minister Zainab Ahmed. The Senate had last month approved the issuance of $2.786 billion from the International Capital Market to partly finance the 2018 budget. This was sequel to the presentation at plenary of the report on…

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