Forex infractions: CBN probes 55 companies

September 22, 2020 David Agba 0

The Central Bank of Nigeria (CBN) is forging ahead with its threat to deal with companies involved in illegal foreign exchange transactions. The apex bank on Monday said a total of 55 companies are in check for alleged infractions and contravention of extant foreign exchange laws and rules. It linked them to foreign exchange deals outside the official Investors & Read More

Malabu scandal: Procedure violated money laundering law, witness tells court

September 10, 2020 Kehinde Osasona 0

A prosecution witness in the ongoing Malabu Oil Scandal, Temitope Erinomo, Thursday testified before the Federal High Court Abuja that Malabu Oil and Gas Limited and six other companies charged with fraud in the Oil Prospecting Lease 245 transactions violated money laundering laws. Erinomo a Principal Compliance Officer at the Special Control Unit against Money Laundering in the Federal Ministry Read More

Crude Affreightment: NIMASA revives move to change terms of trade

September 6, 2020 Blessing Anaro 0

The Nigerian Maritime Administration and Safety Agency (NIMASA) has revived efforts to change the Terms of Trade for the affreightment of Nigerian crude oil from Free on Board (FOB) to Cost Insurance and Freight (CIF). Director-General of NIMASA, Dr. Bashir Jamoh, disclosed this in Lagos, when he received a delegation from the Nigerian National Petroleum Corporation (NNPC) led by the Read More

Equity market sheds N162bn

July 6, 2020 Amaka Ifeakandu 0

Transaction on the floor of Nigerian Stock Exchange yesterday continued in a negative trend, declining by N162 billion. Specifically,Market Capitalisation of listed equities depreciated by 1.28 per cent  to N12.533 trillion from N12.695 trillion reported the previous day The NSE All Share Index also failed by 210.07 absolute points to 24026.05 points from 24336.12 points reported on Friday. Investors traded Read More

Stock market loses N12bn

June 16, 2020 Amaka Ifeakandu 0

Trading activities on the floor of Nigerian Stock Exchange Tuesday sustained a downward trend, shedding N12 billion. Specifically, Market Capitalisation of listed equities declined further by 0.09 per cent  to N13.005 trillion from N13.017 trillion reported the previous day. The NSE All Share Index also declined by 23.44 basis point to 24930.88 points from 24954.32 reported on Monday. Investors traded Read More

Local content Bill to Industrialise Nigeria – Folarin

June 14, 2020 Taiye Odewale 0

The Chairman of the Senate Committee on Local Content, Senator Teslim Folarin (APC Oyo Central), declared Sunday that his new bill on local content if passed into law,  would transform Nigeria into an industrialised nation.Senator Folarin who stated this in an interview session with journalists in Abuja , said his bill was structured to introduce procedures that would achieve major Read More

Digital order: Immigration opens work permit portal *See the link

June 7, 2020 Bode Olagoke 0

The Nigeria Immigration Service (NIS)  has announced that it is migrating from manual to e-mail based application for the issuance of Temporary Work Permit (TWP) from Monday 8th June, 2020. A statement made available at the weekend, signed by its spokesman, Sunday James, said the Comptroller General of the NIS, Muhammad Babandede, ordered the migration. The statement said: “companies/organisations are Read More

Internet lover defrauds German female friend €10,000 on a dating site

May 11, 2020 Editorial IV 0

The Nigerian Security and Civil Defence Corps (NSCDC), Monday, said they have arrested one Mr Chigozi Ndubuisi Kizzito, aged 29 for allegedly defrauding a German National, Ms Oyeleke Patricia Magdalena, the sum of €10,000.NSCDC, in a statement signed by the command’s Public Relations Officer, ASC Okadigbo Edwin, on behalf of the state commandant, disclosed that Kizzito, who hails from Arondizuogu Read More

Equity market gains N77bn

April 8, 2020 Amaka Ifeakandu 0

Transactions on the floor of Nigerian Stock Exchange yesterday sustained growth profile  gaining N77 billion . The seaming strength returning to the market after weeks of decline induced by the coronavirus pandemic at the peak of earnings reporting season has left many stocks unattractive and they now offer high dividend yields. Operators said that despite remote trading investors are taking Read More

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Stock market sustains growth profile, gains N6bn

March 5, 2020 Editorial IV 0

Transactions on the floor of Nigerian Stock Exchange  (NSE) yesterday sustained growth profile as market players took advantage of low prices to position for dividend and capital gains ahead of mark down dates for companies that have declared cash dividend.    Specifically, market capitalisation of listed equities remains high, increasing by  N6 billion or 0.04 per cent to N13.770 trillion Read More

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Equity market gains N27bn

February 7, 2020 Editorial IV 0

Trading activities on the floor of Nigerian Stock Exchange yesterday returned to bullish trend, gaining N27 billion. Market Capitalisation of listed equities increased by 0.19 per cent to N14.497 trillion from N14.470 trillion reported the previous day. The NSE All Share Index also appreciated by 46.65 basis points to 28140.41 points from 28093.76 points traded on Wednesday. Investors traded 317.190 Read More

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BUA Cement shares lift market capitalization by N1.377trn

January 9, 2020 Editorial IV 0

Transactions on the floor of Nigerian Stock Exchange (NSE) yesterday crossed N15 trillion mark, gaining N1.377 trillion following the listing of shares of BUA Cement Plc. BUA Cement Plc listed 33.38 billion ordinary shares value at N1.19 trillion after conclusion of  merger with Cement Company of Northern Nigeria (CCNN) and Obu Cement. Specifically,  Market Capitalisation of listed equities closed higher Read More

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Banks disregard CBN’s directive on ATM charges, others

January 2, 2020 Editorial IV 0

All the commercial banks on visited by Blueprint on Thursday flouted the new Central Bank of Nigeria (CBN) guidelines on reduction  charges on Automated Teller Machine (ATM). CBN had on December 22, 2019, released new guidelines for banks, other financial and non-bank financial institutions, to take effect from January 1.  The guidelines involved a reduction in the amount payable for Read More

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Sheikh Gumi Central Market: El-Rufai transfers 6,546 shops to traders on long-term lease sales

December 31, 2019 Editorial IV 0

Governor Nasir el-Rufai of Kaduna state is set to return the 6,546 shops in Sheikh Abubakar Gumi Central Market to traders on long-term lease, allowing the traders to purchase the shops to which they currently hold temporary titles. A statement issued by the Managing Director of Kaduna Markets Development and Management Company (KMDMC, Muhammad Hafiz Bayero, on Tuesday said that the state government will Read More

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Equity market rebounds, gains N94bn

December 30, 2019 Editorial IV 0

Trading activities on the floor of Nigerian Stock Exchange on Monday opened in a positive note following gains recorded by some highly capitalised stocks, gaining N94 billion. Specifically, market capitalisation of listed equities yesterday increased by 0.73 per cent to N12.846 trillion from N12.752 trillion reported on Friday. The NSE All Share Index also appreciated by 192.86 basis points to 26609.34 Read More

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Pantami hails CBN’s review of bank transactions

December 25, 2019 Editorial IV 0

The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim (Pantami), has hailed the decision of the Central Bank of Nigeria (CBN), to considerably reduce the cost of electronic cash transactions as well as Automated Teller Machine (ATM), card maintenance fees. The CBN in a circular earlier this week slashed charges for banking transactions. In statement signed by Spokesperson Read More

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NNPC rakes in $355.93m from oil, gas export sale in Sept

December 23, 2019 Editorial IV 0

The Nigerian National Petroleum Corporation (NNPC) has announced crude oil and gas export sale of $355.93 million in September 2019, indicating a significant increase of 52.84 per cent, compared to the August, 2019 figure of $232.87million. The Corporation in its Monthly Financial and Operations Report (MFOR) for September 2019 showed that crude oil export sales contributed $267.97million (75.29 per cent) Read More

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Stop giving loans, other facilities to Dickson, Lyon urges banks

December 9, 2019 Editorial IV 0

Bayelsa State Governor-elect, Chief David Lyon, has appealed to banks not to extend credit facilities to the outgoing administration of Governor Seriake Dickson. Chief Lyon raised the alarm over alleged ongoing last-meeting transactions by key figures of the outgoing government to compound the financial woes of the state ahead of the February 14, 2020 handover. The governor-elect stated this in Read More

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Land Scam: I paid N2.3m into Kwara TV GM’s account – Witness

December 5, 2019 Editorial IV 0

Prosecution witness, Sulyman Abdulkareem, in the trial of the embattled General Manager (GM) of Kwara State Television Authority,  Alhaji Abdulfatai Adebowale, Thursday alledeged that he paid N2.3million into the account of the defendant. The embattled GM is standing trial before Justice Sikiru Oyinloye of a Kwara state High Court sitting in Ilorin  on a six count charge levelled against him by Read More

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Ecobank, Stanbic IBTC lead in capital importation into Nigeria

December 2, 2019 Editorial IV 0

By Amaka IfeakanduNational Bureau of Statistics (NBS) has said that Ecobank Nigeria and the local unit of Standard Chartered Bank have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals. The NBS recent report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Read More

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Equity market remains upbeat, gains N46bn

November 21, 2019 Editorial IV 0

Transactions on the floor of Nigerian Stock Exchange yesterday continued in bullish trend, increasing by N46 billion. Specifically, market capitalisation of listed equities appreciated by 0.36 per cent  to N12.969 trillion from N12.923 trillion reported the previous day. The NSE All Share Index also increased to 26872.09 points from 26776.15 traded the previous day. The NSE trading result showed that Read More

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CBN’s OMO policy’ll increase activities in TBs, equity market- Operators

November 4, 2019 Editorial IV 0

The Central Bank of Nigeria (CBN) recent directive excluding individual and corporates in Nigeria from participating in its open market operations (OMO) transactions both primary and secondary has the tendency to boost activities in treasury bills and other investment options. The CBN new investment policy implies that only deposit money bank and foreign portfolio investors can invest in OmO while Read More

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Equity market gains N32bn

October 30, 2019 Editorial IV 0

Transactions on the floor of Nigerian Stock Exchange on Wednesday closed northward, appreciating by N32 billion. Specifically, market capitalisation of listed equities increased 0.25 kobo to close at N12.807 trillion from N12.775 trillion reported the previous day. The NSE All Share Index also increased by 66.38 basis points to 26310.77 points from 26244.39 points traded on Tuesday. Investors traded 156.849 Read More