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Banking/Investments

NSE plans restructuring of REITS, closed end funds to drive efficiency, transparency

nse-oscar

The Nigerian Stock Exchange has notified stock market operators on its proposed changes to the framework regarding the trading of Real Estate Investment Trust (REITs); and Closed End Funds listed on The Exchange. In a statement issued Tuesday, the Exchange said “The proposed changes, which will be implemented over the next three (3) quarters of 2017 are aimed at promoting ...

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China adopts flat-rate reward of $72,460 for whistleblowers, Nigeria insists on percentage

china relations 2

The policy of Whistle Blowing in an economy to smoke out stolen public funds and assets seems to be gaining grounds in other climes. Barely less than six months after Nigeria, through the Ministry of Finance has introduced the scheme, China on Monday, April 10, unveiled its stolen wealth recovery plan by tempting its citizens to become whistle-blowers, adopting a ...

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CBN begins tightening of liquidity with seven to 30-day maturity Forwards sale

CBN MPC meeting

Indications have emerged that the combination of foreign exchange (forex) and Treasury Bills (T-Bills) auctions by the Central Bank of Nigeria (CBN) last week, calmed the quantity of money in circulation making investors to scout for naira to pay for their transactions. CBN had on Friday, ended the weekly transactions with a $418 million at the retail-SMIS at a marginal ...

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Stock Exchange warns investing public to be cautious in dealing with Conoil, 10 others

NSE House

Pursuant to Rule 2.2.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), the Nigerian Stock Exchange (NSE) has informed the general public that Conoil Plc, and 10 other companies have missed the deadline to file their Audited Financial Statements (AFS) for the year ended 31 December 2016. A statement for the Head, ...

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Expert explains currency floating, says CBN sees more than industry operators

CBN MPC meeting

Director of Africa Region Board of the PKF International Limited, Mr. Tajudeen Akande has disclosed that “floating naira is not for it to remain up there; it is to remove the arbitrage opportunity and have a cooling effect and let it settle at what people will call the true value of the naira”. In an interview, he noted that “the ...

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Why Ahmed Makarfi-led PDP faction said FG’s economic recovery plan dead on arrival

makarafi PDP

More insights have emerged on why the Ahmed Makarfi-led Caretaker Committee of the Peoples Democratic Party (PDP) has described the economic recovery plan unveiled last Wednesday by President Muhammadu Buhari as “dead on arrival.” In a statement issued weekend by the spokesman of the PDP Caretaker Committee, Prince Dayo Adeyeye, made available to Business Hilights, the party based its argument ...

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Seaports now shadows of themselves due to forex restriction on 41 items—Top Customs Officers

Apapa port 2

Top officials of Nigerian Customs Service (NCS) servicing in two major seaports, Apapa and Tin Can Island ports have opened up saying since the imposition of forex restrictions on 41 items, activities at the ports have ebbed to the lowest record level since the construction of the ports. Many of them who spoke to Business Hilights on grounds of anonymity ...

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3 factors that compelled 3 commercial banks to fail latest CBN’s solvency test

CBN emefiele 2

Three banks, two among them highly rated (names with held) have failed stress test conducted by the Central Bank of Nigeria (CBN). Three major factors that collapsed the asset quality and strength of the banks include negative Gross Domestic Product (GDP) growth, rising inflationary trend, and the depreciation of the naira. Analysts say the listed factors are very critical in ...

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Buhari administration using 66% of revenue to pay interests on debts—Emir Sanusi

sanusi

More revelations made by the Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammadu Sanusi ll, have continued to emerge from the recent Kaduna State Economic Summit held in Kaduna, the state capital. Explaining issues on the planned $30b loan by the federal government, he revealed that currently, Nigeria was spending 66 per cent of its ...

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Good news as construction works begin on Anambra Airport, Umuleri from next Tuesday

Obiano Anambra

Second term hopeful and Governor of Anambra State, Chief Willie Obiano has announced that the implementation of the Anambra State airport project will begin next Tuesday, on April 11. Giving the cheerful hint in Awka on Wednesday, he said the infrastructure to be located at Umueri in Anambra East Local Government Area, would be one of the best and biggest ...

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