Academy Press has bemoaned the inability to access foreign exchange (forex) under the current flexible exchange policy, urging government to address the issue to improve productivity and increase shareholders value Specifically, the Managing Director, Olugbenga Ladipo at the company’s 54th yearly general meeting held in Lagos, on Friday, said non-accessibility of forex affected the company’s…
Equities Market The Nigerian equities market declined for the second time this week, as both NSE ASI and market capitalization decreased by 0.61% respectively, as they both closed at 32,763.35 points and N11,961.15 tr respectively, at today’s trading activity. Year-to-Date ASI is at a negative of 14.38%. Volume of trades and No of trades all…
The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021. As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. That now takes the rate…
The Economic and Financial Crimes Commission has commenced investigation of the directors of the defunct Skye Bank for prosecution. Under the watch of the Dr. Olatunde Ayeni led board of directors, the defunct Skye Bank went from N1.4 trillion asset in 2014 to negative asset base of N786 trillion as at the time its license…
According to recent CBN report, which indicated that the rate of default in household loan repayments is on the increase in the third quarter of 2019, Q3’19. The report did not give absolute figures. The report stated: “In the current quarter relative to the previous quarter, lenders reported an increase in the availability of secured…
The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. According to the list released by the regulator on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. The CBN…
Equities Market • The Nigerian equities market recorded a marginal decline, as both NSE ASI and market capitalization decreased by 0.46% respectively, as they both closed at 33,114.44 points and N12,089tr respectively, at today’s trading activity. Year-to-Date ASI is at a negative of 13.46%. • Volume and value of trade and No of trades all…
The Central Bank of Nigeria has said it will review its decision on the $2.632bn regulatory fine it imposed on Stanbic IBTC Bank Plc on the basis of the Certificates of Capital Importation to MTN Nigeria Communications Limited. Stanbic IBTC Holdings Plc, in a statement to the Nigerian Stock Exchange on Monday, said the CBN…
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that weak economic fundamentals currently being shown by the Nigerian economy are putting the country’s exit from recession under threat. Nigeria’s economy exited recession in 2017 after suffering contraction for five consecutive quarters. The CBN Governor, Mr Godwin Emefiele, is quoted to…
Agusto & Co. has assigned an “A-” rating on Union Bank of Nigeria Plc’s series 1 and series 2 combined N13.5 billion fixed rate senior unsecured issue. The issue was under the bank’s 2018 registered N100 billion Debt Issuance Programme. According to a statement from the Pan-African rating agency, the issue was senior to other…
