olisa

Posts by olisa:

NCC unveils 8-point operational agenda

The executive vice-chairman of Nigerian Communications Commission, NCC, Umar Dambatta, on Thursday unveiled an eight-point agenda, assuring enhanced commitment towards consumer empowerment and sustainable service delivery. Unveiling the agenda in Lagos, Mr. Dambatta said the agenda became imperative, following the need for the commission to promote innovation, attract new investments…

nigerian_stock_exchange

Nigerian Bourse: Local Investors’ reposition investments

Activities at the Nigerian Stock Exchange (NSE), rebounded marginally last week, as some domestic investors exhibited greater optimism, even as crude oil prices dipped by about 75 per cent from its July 2014 price. While investors, especially local market players, remain sceptical about NSE guided protection of equity prices free…

Naira in free-fall, sells N280 to $1 at parallel market

The Nigerian currency on Monday depreciated further at the parallel market, following implementation of the Central Bank of Nigeria’s downward review of foreign exchange sales to Bureau De-Change. The CBN had earlier reviewed downward the 150,000 dollars offered weekly to BDCs to 10,000 dollars, while the number of licensed operators…

Damning audit report questions John Holt’s capacity to remain in business

As the organised private sector mulls how to overcome the challenges imposed on businesses by the Nigeria's economic environment, John Holt Plc has been handed a damning report questioning its capacity and those of its subsidiary companies to continue in business. John Holt Plc is one of Nigeria’s legacy companies…

nigerian_stock_exchange

NSE: Investors’ cumulative gain dips by 5.6% in first week of 2016

Investors’ cummulative returns on investment at the Nigerian bourse dipped by 5.6 per cent, an all time low in 2016, as first week trading closed on Friday. At the end of trading, the Nigerian Stock Exchange's All-Share Index fell by 1,613.86 points. The market capitalization or the cumulative net worth…

nigerian_stock_exchange

NSE investors’ fund gets new board chair after Onosode’s death

The Board of Trustees of the Investors Protection Fund of the Nigerian Stock Exchange on Tuesday appointed Lawrence Anga as the chairperson of the board. The appointment followed the death of the chairman, Gamaliel Onosode. Mr. Anga, a partner at AELEX, a leading commercial and litigation law firm, joined the…

288 workers lose job nationwide as firms fail SEC recapitalisation deadline

At least 288 workers from 24 capital market firms across the country have lost their jobs, following their companies’ inability to meet the new minimum operational capital set by the federal government for all market operators. Investigations by PREMIUM TIMES showed that the hope of the workers to regain their…

Forex Crisis: Nigerian Banks pay customers only lower denominations of dollar, pound

Commercial banks in Lagos on Monday offered only lower denominations of foreign currency to customers. The banks’ offer, aimed at stemming round tripping and money laundering, starved major parallel market across Lagos of the much needed funds, especially dollars and pound sterling. A PREMIUM TIMES correspondent who visited First Bank…

Nigerian Capital Market in 2015: Dashed expectations, aspirations In wealth creation

The year 2015 will go down in the history of the Nigerian capital market as a year the regulators, for the first time in five and half decades, appreciated investors’ by espousing new paradigm for domestic shareholders. The paradigm followed the approval by the Securities and Exchange Commission and the…

nigerian_stock_exchange

Nigerian Stock Exchange: Transactions remain up-beat as market closes for 2015

Hopes on future quality returns on investments characterised securities (equities and bonds) transactions on the Nigerian Stock Exchange, as the market closed for 2015 on Thursday, December 31. At the end of the three days of transactions in the last week of 2015, the All -Share Index and Market Capitalization…

SEC, NSE approve investors’ direct cash settlement for securities

The Securities and Exchange. Commission, SEC, and the Nigerian Stock Exchange, NSE, have approved the take-off of direct cash settlement of securities system for payment of sale proceeds into an investor’s nominated bank account. The capital market regulators changed from the 55-year analogue settlement payment system to automated real time…

Godwin Emefiele

Manufacturers want FOREX allocation to bureau de-change operators abolished

The Manufacturers Association of Nigeria has made a strong demand to the Central Bank of Nigeria, CBN, for the abolition of foreign currency allocation to Bureau de-Change operators as part of measures to strengthen the Naira. The association also wants direct foreign exchange support to the manufacturing sector to promote…

Financial reporting council to unveil corporate governance code for private sector

As part of efforts to improve Nigeria’s business and investment terrain, the Financial Reporting Council of Nigeria, FRC, on Tuesday, said that two moderating codes of corporate governance for the organised private sector, and Not- for-Profit organisation, would be operational in the first quarter of 2016. Jim Obazee, Executive Secretary…

Naira stronger at parallel market, appreciates by N2

The Nigerian currency, the Naira, on Monday rallied stronger and appreciated by N2, amid sustained slide in the price of crude oil at the international market. The Central Bank of Nigeria closure of the foreign exchange trading window for Bureau de-Change increased the pressure on the Naira. In spite of…

Godwin Emefiele

Int’l Finance Corp deepens Nigeria’s microfinance liquidity with N2billion

The International Finance Corporation, a member of the World Bank Group, on Monday deepened further the nation’s microfinance liquidity with the signing of a N2billion partnership agreement with LAPO Microfinance Bank Ltd. The funding agreement will enable the Edo-based microfinance bank to pilot and roll out agent banking that will…

Lagos revenue agency to shut more tax-evading companies in 2016

As governments move to shore up their internally generated revenue and surmount the national economic challenges, the Lagos State government has resolved to shut more companies evading payment of company and workers’ income tax. A unit head at the Lagos State Internal Service, Ajibike Oshodi-Sholola, said the closure option would…

Guinness acquires distribution rights of Diageo spirits in Nigeria

Guinness Nigeria Plc, one of Nigeria’s leading beverage makers, has acquired the distribution rights of Diageo Plc’s International Premium Spirits (IPS) brands in Nigeria. The acquisition, worth N2.35 billion, is considered a strategic move in the company’s effort to deepen its operations and grow its balance sheet in 2016 and…

Minister of Budget and National Planning Senator Udoma Udo Udoma

MTEF: Nigeria’s roadmap towards budgeting for ‘Change’

On December 7, 2015, Udoma Udoma, the Minister of Budget and National Planning, said that the Federal Executive Council has agreed on a N6 trillion (30 billion dollars) budget for 2016. An overview of the Federal Government projected total spending showed that its N1.4 trillion higher than N4.6trillion approved for…

nigerian_stock_exchange

Investors increase interests in shares of financial services industry

Investors on the Nigerian Stock Exchange, NSE, in the outgone week increased their interest in the Financial Services Industry shares, as the Federal Government unveiled its fiscal policy through the Medium Term Expenditure Framework, MTEF In the week under review, investors' appetite for the financial services industry shares, measured by…

​​Oando Plc ​to raise N80bn from existing shareholders

Oando Plc board​'s​ plans to, once again, make the integrated energy and oil company profitable has received a boost, as shareholders approved the proposal to raise fresh N80 billion ($402 million) through rights issues. Rights issues, which is the offer of shares at a price to only existing shareholders, is…

Naira goes weaker against dollar at parallel market

The global economic and financial challenges on the Nigerian currency, the naira, persisted on Monday, as the gap between the official and unofficial foreign exchange rate continued to widen. PREMIUM TIMES gathered that at the close of currency trading on Monday, the naira depreciated further to N250 from earlier N248…

nigerian_stock_exchange

Scramble for shares pushes NSE market indicators higher

Investors’ yearlong scramble for the shares of quoted financial institutions remains very high at the Nigerian Stock Exchange, in spite of their noticeable net profit shortfalls, posted in the nine months to September 31, 2015. At the close of transactions Friday, investors committed N9.89 billion in 1.07 billion shares of…

MTN Nigeria office

How Nigeria committed “N106 billion error” in MTN fine letter

The Nigerian government on Friday admitted responsibility for an embarrassing N106 billion discrepancy in fines imposed on telecoms firm, MTN. The Nigerian Communications Commission had on Thursday asked the South African operator to pay 35 per cent less N1.04 trillion ($5.2 billion) fine earlier charged the company for failing to…

Nigerian government pledges to address concerns of retail stock market investors

The Federal Government has empathised with Nigerian shareholders over the situation of their portfolio investments. Nigerian investors had over the years raised concerns about government's nonchalant attitude to their huge losses following regulatory induced policy and inconsistent fiscal economic blueprints. Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria, ISAN,…

nigerian_stock_exchange

Nigeria Stock Exchange: Return on Equity Investment slips further

Returns on equity investments on the Nigerian Stock Exchange, NSE, nosedived further in the outgone week by 1.81 per cent, as investors and other financial stakeholders wait for the nation’s fiscal policies. The Central Bank of Nigeria in the outgone week reduced the Monetary Policy Rate to 11 per cent…