President Muhammadu Buhari on Tuesday said the Federal Government would release $700m to states to improve the level of governance and public finance management. He said this at the annual conference of Auditors-General of Nigeria. The conference with theme “Nigeria’s drive towards the achievement of Sustainable Development Goals: The strategic roles of Auditors-General” was attended…
The Federal Government’s collected revenue fell by 38.4 per cent in October, and it recorded a deficit of N66.51bn within same period. The Central Bank of Nigeria revealed this in its ‘Economic Report October 2018’ which was released on Monday. In the report, the apex regulator stated, “Federally-collected revenue (gross) was estimated at N682.06bn in…
In its first intervention in the foreign exchange market for December, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million in the inter-bank foreign exchange market. Authorised dealers in the wholesale segment of the market received the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments…
Investors’ net worth on the Nigerian Stock Exchange dropped by N581bn in November, amid ‘sell pressure’ ahead of the 2019 general elections and Yuletide celebrations. Data obtained by the News Agency of Nigeria from the exchange showed that the market capitalisation shed N581bn or 4.90 per cent to close at N11.271trn against N11.852trn achieved in October. Also,…
Nigerian equity market was characterised by weak performances in November, which extended the downtrend on the back of dwindling investor confidence, and mixed economic fundamentals, causing market indices to dip further by N413billion in one month. Analysts linked the poor performance to a combination of weak and mixed third quarter earnings, made worse by dwindling…
Equities Market The Nigerian equities Bourse touched appreciated at today’s trading, as both NSE ASI and market capitalization increased by 0.51% respectively, as they both closed at 32,222.24 points and N11,763.61 tr respectively. Year-to-Date ASI is at a negative of 15.79%. Volume and Value of trades both decreased by 9.84%, and 35.59% to 148.101 and…
ECOMOMY Nigeria, others get AfDB’s $40m infrastructure lifeline: A new lifeline for infrastructure funding has been lined up for Nigeria and the rest of the continent’s economies, under the Africa Infrastructure Investment Fund (AIIF3), with $40 million ready for disbursements. An initiative approved by the African Development Bank (AfDB) and the third in a series…
The Board of International Breweries Plc has appointed Mr Andrew Murray as a non-executive director of the company. Murray is currently the Vice President, Finance, AB InBev Africa. He leads the finance function across the AB InBev Africa operations and is based in Johannesburg, South Africa. “He was the Global Director, AB InBev M&A, based…
The Chartered Institute for Securities & Investment has struck a new partnership with the Nigerian Stock Exchange to provide training for CISI’s qualifications in Nigeria under the auspices of X-Academy, the NSE’s knowledge platform. The partnership, according to a statement, will result in CISI accrediting X-Academy as its training partner in Nigeria for qualifications including…
The acting Director General, Securities and Exchange Commission, Ms Mary Uduk, has announced the extension of the forbearance window for the regularisation of multiple subscriptions held by shareholders to December 2019. Uduk, while addressing journalists at the third Capital Markets Committee meeting in Lagos on Thursday, said the decision was jointly made by members of…
