Zoom users to start paying in August

July 20, 2021 Blueprint 0

Businesses will now be charged for using Zoom in Kenya, the firm has announced. The video conferencing app says it has been forced to pass over the payment to its consumers after the government imposed a Value Added Tax (VAT) on the service. Via an e-mail sent to its customers in Kenya, the firm said Kenyans will start paying “on Read More

Nigeria records $33.35bn current account deficit in less than 3 years

July 14, 2021 Segun Odunewu 0

Nigeria has recorded a current account Balance of Payment deficit continuously for 9 consecutive quarters, since the first quarter of 2019, summing up to a deficit of $33.35 billion in a little over two years, according to data sourced from official quarters. Balance of Payment (BOP) is a statement that records all the monetary transactions made between residents of a Read More

BPE says no plan to privatise TCN

July 12, 2021 Blueprint 0

The Nigerian government does not plan to privatise the Transmission Company of Nigeria (TCN), the Bureau of Public Enterprises (BPE), has said. Yunana Malo, Director, Energy Department of the BPE said at a media conference on Monday in Abuja, that the bureau would instead hand over the company to a private manager on a concession arrangement to get maximum value. Read More

FCMB records N43bn gross earnings in Q1

July 7, 2021 Amaka Ifeakandu 0

FCMB group Plc has released its scorecard for the first quarter financial period ended March 31, 2021, reporting gross earnings of N43 billiion. The company result submitted at the Nigerian Exchange showed a drop of 12 per cent in earnings compared with N49 billion reported in the comparative period of 2020. Profit before tax also went down by 22.2 per Read More

GTbank in trouble for wrong debits from customer’s account

June 22, 2021 Segun Odunewu 0

One of Nigeria’s biggest banks, Guaranty Trust bank PLC, has been ordered by a Magistrate Court sitting at the Federal Capital Territory, Abuja to pay the sum of NI million to its customer, Dr. Sonny Ajala, as compensation for illegal and authorized withdrawals made from his account. Dr. Ajala, had in July, 2019 initiated a legal action against Guaranty Trust Read More

NG Clearing Limited becomes Nigeria’s premier central counterparty

June 15, 2021 Blueprint 0

Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC) has granted NG Clearing Limited (NG Clearing) registration to perform the function of a central counterparty (CCP). The registration which takes effects from June 7, 2021 permits NG Clearing to clear and settle Exchange traded derivative products – making NG Clearing the first CCP in Nigeria. Speaking on the Read More

Bulls return as equity gains N102bm

June 8, 2021 Amaka Ifeakandu 0

Equity market Tuesday returned to bullish trend, closing higher with a gain of N102 billion. Specifically, market capitalisation of listed equities increased by 0.50 per cent to N20.266 trillion from N20.164 trillion reported the previous day. The NSE All Share Index appreciated by 195.30 basis points to 38881.70 points from 38686.40 traded on Monday. Investors traded 218.514 million shares valued Read More

Ecobank lures agency banking partners with rewards, benefits

June 1, 2021 Blessing Anaro 0

The Head, Agency Banking, Ecobank Nigeria, Olanike Kolawole has said there are many inherent rewards and benefits of being an agency banking partner, also known as Xpress Point agent of the bank. Kolawole, who was speaking on the bank’s ongoing mouthwatering gifts presentation to its Xpress Point agents across the six geo-political zones of the country for their increased transactions Read More

Equity market remains volatile, sheds N99bn

May 27, 2021 Amaka Ifeakandu 0

Equity market on the floor of Nigerian.Exchange Thursday sustained volatility, shedding N99 billion. Specifically, market capitalisation of listed equities declined by 0.49 per cent to N19.829 trillion from N19.928 trillion reported the previous day. The Nigerian Exchange (NGX) All Share Index also depreciated by 189.10 basis points to 38044.58 points from 38233.68 points reported the previous day. Investors traded 214.172 Read More

Me Cure Industries Lists N3 bn Bond on NGX

May 24, 2021 Amaka Ifeakandu 0

Me Cure Industries Limited has listed N3 billion bond on the floor of the Nigerian Exchange (NGX). The debut listing was the N3 billion 5-Year Series 1 Fixed rate Senior Secured Bond issued by Mecure Industry Funding SPV Plc under the N20billion Debt Issuance Programme. Speaking at the ceremony, the Divisional Head, Listings Business, NGX Limited, Mr. Olumide Bolumole said, Read More

Analysing NAICOM’s campaign to achieve IFRS 17 for Nigeria

May 20, 2021 Blueprint 0

The International Financial Reporting Standards (IFRS 17) is a series of accounting pronouncements published by the International Accounting Standards Board (IASB) to help preparers of financial statements, throughout the world. Already the Financial Reporting Council (FRC) says its implementation starts January 1, 2023. This report looks at Nigeria’s insurance industry preparedness in this regard. Activation of IFRS 17 Last week Read More

NITDA warns against use of sensitive information on Whatsapp

May 18, 2021 Blueprint 0

The National Information Technology Development Agency (NITDA) has mooted plans to pitch indigenous and alternative social media platforms for Nigeria as Whatsapp data privacy policy becomes “questionable.” In a statement by NITDA head, corporate affairs and external relations Mrs Hadiza Umar said, since Facebook acquired Whatsapp in February 2014. Whatsapp shared a reviewed Privacy Policy on 4th January 2021, informing Read More

Afreximbank closes historic $1.3bn bond

May 18, 2021 David Agba 0

African Export-Import Bank (Afreximbank) on 10 May 2021 closed a US$1.3 billion dual tenor bond issuance, the Bank’s largest-ever transaction in the international debt capital markets. Afreximbank printed a $600 million 5-year note at a spread of T+185bps and a $700 million 10-year note at a spread of T+220bps, after achieving a final order book of $4.5 billion. The Initial Read More

Banks set new transfer limit for domiciliary account holders

May 13, 2021 Segun Odunewu 0

Some commercial banks in the country have started sending new foreign exchange transfer limits to their customers with domiciliary accounts. Emails sent to some customers reveal banks are informing customers that they can only deposit $5,000 in cash into their accounts monthly. They also advised the customers to transfer electronically instead of cash deposits. One of the banks also indicated Read More

FG to reform RBDAs, seek alternative funding source

May 6, 2021 Blueprint 0

The Minister of Water Resources, Engr. Suleiman Adamu has said that the need to reform the nation’s River Basin Development Authorities (RBDAs) is to seek alternative sources of funding to shore-up their revenue base and make them self-reliant. Declaring open a three-day business implementation training on the partial commercialisation of four pilot River Basin Development Authorities (RBDAs) in Abuja on Read More

Bulls return as equity market gains N355bn

April 29, 2021 Blueprint 0

Trading activities on the floor of Nigerian Stock Exchange yesterday returned to bullish run, with market capitalisation increasing by N355 billion. Market Capitalisation of listed equities appreciated by 1.75 per cent to N20.651 trillion from N20.296 trillion reported the previous day. The NSE All Share Index also appreciated by 679.72 basis points to 39461.20 points Dr m 38781.48 points reported Read More

Stem the naira slide

April 21, 2021 Blueprint 0

The expectation expressed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, to the effect that if Nigeria is able to receive even $2 billion monthly Diaspora remittances the exchange rate of the naira will be boosted, albeit speculative. The minister’s permutation is probably borne out of the inability of the nation’s monetary authority, namely, the Central Read More

Equity market sustains growth, gains N88bn

April 20, 2021 Amaka Ifeakandu 0

Trading activities on the floor of Nigeria Stock Exchange yesterday sustained growth profile, appreciating by N88 billion. Market Capitalisation of listed equities increased by 0.43 per cent to N20.418 trillion from N20.330 trillion traded on Monday. The NSE All Share Index also appreciated by 167.56 basis points to 39015.58 points from 38848.02 points reported the previous day. Investors traded 339.023 Read More

Senate summons finance Minister over ‘secret withdrawal of N7.5billion from CBN’

April 15, 2021 Taiye Odewale 0

  The Senate through its Committee on Public Accounts, has  summoned the Minister of Finance, Ahmed Zainab and Accountant General of the Federation, Ahmed Idris, over alleged secret withdrawal of N7.5 billion from the 2 percent National Automotive Council Levy Account domiciled with Central Bank of Nigeria (CBN).The summon was sequel to allegation made to that effect by the Office Read More

Jaiz bank deploys NQR code for flexible payment solutions

April 14, 2021 Benjamin Umuteme 0

Jaiz Bank Plc, the premier Non-Interest Bank in Nigeria has embraced and deployed the newly introduced Quick Response Code (NQR) to ease transactions for her customers and merchants. NQR Code is an indigenous Payment Platform designed by the Nigeria Interbank Settlement Scheme (NIBSS), to provide a reliable and enhanced payment experience with the aim of lowering transaction costs for customers. Read More

Bulls return as equity market gains N18bn

April 14, 2021 Amaka Ifeakandu 0

Transactions on the flour of Nigerian Stock Exchange Wednesday returned to bullish run as the market appreciated by N18 billion. Specifically, market capitalisation of listed equities increased by 0.09 per cent to N20.220 trillion from N20.202 trillion reported the previous day. The NSE All Share Index also appreciated by 34.32 basis points to 38636.15 points from 38601.83 points traded on Read More

How over-zealous PHEDC staff manhandled Uyo customer

April 7, 2021 Editorial IV 0

In this report, UKO ETIM writes on how an overzealous staff member of Port Harcourt Electricity Distribution Company arranged thugs to beat up a customer in Uyo recently.There was a sigh of relief from electricity consumers last year when the federal government announced the free distribution of meters to electricity consumers. Around that period, the federal government reportedly announced the Read More

‘Using tech tools to drive insurance market acceptance’

April 2, 2021 Blueprint 0

Stakeholders in the industry are demanding that greater investment be made in the acquisition and deployment of contemporary technology to address the insurance patronage crisis. In the last three decades, insurance penetration in Nigeria has remained at one per cent, owing to many factors, among which is apathy. At various webinar meetings held across the country this year alone, speakers Read More

Stock market remains volatile, loses N67bn

April 1, 2021 Amaka Ifeakandu 0

Transactions on the floor of Nigerian Stock Exchange yesterday sustained its volatility in the first day of the second quarter of the year, shefing N67 billion. The market had in the first quarter 2021 lose N628 billion and 1225.59 basis points to closethe month of March at N20.428 trillion and 39045.15 points respectively. Specifically the Market Capitalisation of listed equities Read More

Visa now accepts payment in Crypto

March 29, 2021 Segun Odunewu 0

Visa Inc. has announced it will permit the use of the crypto in settling transactions on its payment network, the latest sign of growing acceptance of Crypto assets by a major financial player. Visa partnered with digital asset bank, Anchorage, to conduct its first transaction using Crypto.com to send USDC to Visa’s Ethereum address at Anchorage. Head of crypto at Read More