olisa

Posts by olisa:

SEC expands investors’ security, floats N5bn investors protection fund

The Securities and Exchange Commission (SEC), has leveraged further investors’ confidence and mitigation of losses on the nation’s bourse with the inauguration of a National Investors Protection Fund (NIPF). The quasi investors’ insurance scheme worth, N5 billion, would serve as a buffer for compensating investors for pecuniary losses, liquidation, insolvency,…

El-Rufai denies complicity in MTN ​N1.04 trn ​fine saga

​The ​Kaduna State governor, Nasir El-Rufai, has ​denied any role in the N1.04 trillion fine imposed on ​one of ​Nigeria​’s major mobile telephone service providers, MTN​.​ The Nigerian Communications Commission, NCC, had fined MTN Nigeria a staggering N1.04 trillion ($5.2 billion) for failing to disconnect 5.1 million unregistered subscribers. Following…

nigerian_stock_exchange

Nigeria Stock Exchange records first cumulative gains after seven days of losses

Investors on listed equities at the Nigeria Stock Exchange on Wednesday heaved a sigh of relief as their returns on investments appreciated by 0.53 per cent compared a deprecation of with 0.80 per cent achieved on Tuesday. The market breather came after seven days of recorded losses at the nation’s…

Winner of Nigeria Stock Exchange essay competition emerges

A student of Sacred Heart College in Apapa, Lagos, Chiamaka Nwajiaku, Apapa, has won the first prize at the the Nigerian Stock Exchange 2015 Essay Competition for Senior Secondary School Students. She emerged winner ahead of more than 4,000 students across the country and went away N500,000 in scholarship fund…

nigerian_stock_exchange

Investors’ cumulative net worth dips further by 2.5% at Nigeria Stock Exchange

The cumulative net worth of investors on the Nigerian Stock Exchange dipped further by 2.5 per cent in the week ended November 20, 2015, as stakeholders scramble to locate the economic direction of the President Muhammadu Buhari administration. PREMIUM TIMES checks shows that while most investors continued to seekcapital gains…

CBN

CBN approves International Mobile Phone Money transfer

Nigeria has further leveraged her foray into global financial inclusion policy with the Central Bank of Nigeria (CBN) approving mobile money as part of international money transfer services nationwide. The CBN explained that the approval followed series of representations by financial stakeholders on the need to facilitate foreign exchange transactions…

Ecobank Transnational Incorporated announces minor board changes in Ecobank Nigeria

African continental financial bank group, Ecobank Transnational Incorporated, late Wednesday, announced minor board changes in its largest subsidiary, Ecobank Nigeria Limited. In the changes, Jibril Aku, the current Managing Director of Ecobank Nigeria, will be stepping down from the subsidiary by the end of December 2015, after a five-year tenure.…

Aliko Dangote

Dangote resigns from board of Dangote Flour Mills

Aliko Dangote, Africa’s richest man and Chairman, Dangote Group, has resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills. Mr. Dangote resigned alongside three other directors - Olakunle Alake, Asue Ighodalo and Arnold Ekpe, a former group managing director of Ecobank Transnational Incorporated.…

nigerian_stock_exchange

Equity transactions close flat, as investors’ track Nigeria’s fiscal policy

Equity transactions on the Nigerian Stock Exchange (NSE), on Friday, closed low as local and foreign investors track the Federal Government's fiscal policy direction. Although President Muhammadu Buhari gave significant indications to the nation’s economic blueprint content at the recent swearing-in of new permanent secretaries and ministers, investors’, especially domestic…

Minister of Budget and National Planning Senator Udoma Udo Udoma

UAC gets new chairman after Udo Udoma’s exit

UAC of Nigeria, one of Nigeria’s manufacturing and trading conglomerates, late Friday announced the reconstitution of its board with the appointment of Daniel Owohor Aghor as chairman. Mr. Aghor was appointed to replace Udoma Udo Udoma, recently appointed Minister of Budget and National Planning. The company also appointed Okechukwu John…

NAFDAC fines Guinness Nigeria N1 billion for alleged regulatory infractions

One of Nigeria’s brewing giants, Guinness Nigeria Plc, has been fined N1 billion (5 million dollars) by the National Agency for Food and Drug Administration and Control (NAFDAC). Guinness, in a letter Thursday, informed the management of the Nigerian Stock Exchange (NSE) of the fine. In the letter, signed by…

Nigerians protest harsh electricity policies, task Fashola to scrap service charge

Members of the Electricity Consumer Protection Forum, a nongovernmental organization (NGO), on Thursday at Ikeja, Lagos, welcomed new power minister, Babatunde Fashola, with a protest walk against proposed hike in electricity tariff. Mr. Fashola, the immediate governor of Lagos State, was on Wednesday in Abuja, Nigeria's capital, sworn in as…

Manufacturing sector bane of Nigeria’s economy – UN official

The United Nations Industrial Development Organisation Country Representative to Nigeria, David Tommy, says the bane of the nation’s economy is rooted in its dismal manufacturing sector. Mr. Tommy, in a keynote address, said the nation's inability to absorb the shocks of the slide in the international crude oil prices, is…

STUDENTS WRITING THE NECO EXAMS

Nigeria internet users highly vulnerable to cyber-attacks –– Kaspersky

International cyber policing company, Kaspersky Laboratory Solution, says internet operations witnessed increased mobile threats, financial theft from online banking and targeted cyber-attacks in the first nine months of 2015. The company, in a statement, specifically identified Nigerian internet users as highly vulnerable to cyber-attacks. It said that 14 per cent…

‘Sixty thousand Nigerians get temporary jobs at Lagos Trade Fair’

Temporary relief has come the ways of numerous unemployed as a lot of companies participating at the ongoing Lagos International Trade Fair offered them jobs. According to Segun Alabi, the spokesperson of the Lagos Chamber of Commerce and Industry, the 10-day fair has provided temporary jobs for about 50,000 youth…

nigerian_stock_exchange

Mixed reactions characterise weekly equity trading on NSE

Equities trading on the Nigerian Stock Exchange (NSE) rebounded marginally between November 2 and 6, as foreign and domestic portfolio investors evaluate the medium and long term implications of regulatory sanctions on quoted companies. Although most domestic investors showed high level of apathy toward equity investments, the market indicators recorded…

Aliko Dangote

Dangote Sugar gets new Managing Director

Abdullahi Sule has been appointed the acting Group Managing Director of Dangote Sugar Refinery Plc, the nation’s biggest sugar company. The appointment, which became effective October 23, was contained in the company’s notice to the Nigerian Stock Exchange on Friday. The company said the appointment was approved by its board…

Lagos Chamber of Commerce advocates urgent diversification of Nigeria’s economy

The Lagos Chamber of Commerce and Industry on Friday warned of serious national economic consequences, if the Nigerian government fails to diversify the country's economy. The President of LCCI, Remi Bello, during the opening ceremony of the 29th Lagos International Trade Fair, themed “Enhancing Value Addition in the Non oil…

CBN Governor, Godwin Emefiele used to illustrate the story.

CBN hailed for overruling Stanbic IBTC sanctions

The Central Bank of Nigeria (CBN) and the Federal High Court, Lagos, have been commended for their intervention in safeguarding the nation’s economic and investment climate. Some shareholders told PREMIUM TIMES in separate interviews that CBN’s overruling of the Financial Reporting Council of Nigeria (FRC) and Federal High Court Lagos…

nigerian_stock_exchange

Economic crisis: Foreign investors cut commitment at Nigeria Stock Exchange

Activities of foreign portfolio investors, the main drivers of the Nigeria Stock Exchange (NSE), dipped significantly in September, as the nation’s economic and financial challenges persisted. An analysis of foreign portfolio investments (FPI) at the NSE in September indicated a significant decline of 14. 5 per cent, amid moves by…

Nine stockbroking firms concludes merger under SEC’s recapitalization programme

Available statistics from the Securities and Exchange Commission (SEC) indicates that nine stockbroking firms in the nation’s capital market have consolidated their operations through mergers. According to SEC, the firms which received regulatory and court sanction approvals are Woodland Capital Plc, Covenant Securities & Asset Management Ltd, and Cradle Trust…

Nigeria Stock Exchange

Concerns, fears envelope Nigerian Stock Excange, as market reopens for November trading

Equity transanctions reopens at the Nigerian Stock Exchange (NSE) for the month of November on Monday under serious market operators and investors’ concerns that revolves around risk management and corporate confidence issues. The concerns, which some dealers termed very serious hovers around Oando Plc huge losses, Stanbic IBTC holdings’ indictment…