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Tag Archives: business news

BREAKING NEWS… SEC Suspends Trading In Oando’s Shares Over Alleged Financial Mismanagement, Insider Trading


The Securities & Exchange Commission (SEC) yesterday directed the Nigerian Stock Exchange (NSE) to place the shares of Oando Plc be placed on a full suspension for 48 hours, effective Wednesday, and technical suspension from Friday, October 20. The suspension, according to SEC, is to enable it conduct a forensic audit into the affairs of Oando Plc following two petitions from Alhaji Dahiru Barau Mangal and ... Read More »

CBN Maintains Market Liquidity With $195 Million


The Central Bank of Nigeria (CBN) on Monday injected a fresh $195 million into the interbank foreign exchange market, as part of its continued bid to maintain liquidity in the market. Figures released by the bank show that it offered a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The ... Read More »

NLNG Demands $315m Judgement Debt From NIMASA


The Nigeria LNG Limited, on Monday, said it had formally issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency. The NLNG said in a statement that the sum represented the payments it made under protest to the agency since 2013, as well as direct and shipping losses it incurred due to the initial two-day blockade of the Bonny ... Read More »

How Can Anyone Go To Bed, Sleep Soundly When Workers Have Not Been Paid – Buhari


President Muhammadu Buhari on Tuesday expressed concern on the growing complaints and agitations by workers in states over unpaid salaries and allowances, in spite of interventions by the Federal Government. The President made his feelings known when he received a group of governors led by the Chairman of the Nigerian Governors’ Forum, Abdul’Aziz Yari, at the State House, Abuja. The Federal government had on May ... Read More »

CBN Pumps $306 Million Into Forex Market


Players in the retail segment of the Nigerian interbank foreign exchange (forex) market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from forex dealers by the Bank. This is just as the naira appreciated by 21 kobo week-on-week to close at N360.43 kobo on the NAFEX. The central bank on Friday indicated that the deals in the retail window represent requests ... Read More »

N13.5bn Of Shares Traded Last Week – NSE


A total turnover of 1.555 billion shares worth N13.504bn in 18,409 deals were traded last week by investors on the floor of the Nigerian Stock Exchange, according to the bourse’s weekly report. This was in contrast to a total of 1.493 billion shares valued at N15.107bn that exchanged hands the penultimate week in 14,549 deals. The financial services industry (measured by volume) led the activity ... Read More »

We Must Borrow More To Deliver Infrastructure —Adeosun


The Minister of Finance, Mrs. Kemi Adeosun, on Sunday, said the nation must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power. According to her, Nigeria currently has one of the lowest debt-to-Gross Domestic Product figures in the world and the administration has no plan to go into massive borrowing that it cannot sustain. Adeosun spoke at ... Read More »

Interbank Lending Rate Drops To 20% Amid Cash Squeeze


The nation’s overnight lending rate dropped to 20 per cent on Thursday on expectation that a cash squeeze will ease after money market rates more than doubled previous session. The Central Bank of Nigeria has kept liquidity tight to support the currency, leaving its benchmark interest rate on hold at 14 per cent this year. The CBN also aims to keep rates high to attract ... Read More »

NERC Fines IBEDC N50m For Inappropriate Transactions


The Nigerian Electricity Regulatory Commission on Thursday announced a fine of N50m against the Ibadan Electricity Distribution Company as a result of inappropriate financial transactions conducted by the Disco. According to the power sector regulator, the IBEDC violated its directives in Order 173 with respect to the financial transaction in question, a development that attracted the N50m fine as a punitive measure. In a statement ... Read More »

Government Proposes Model To End Estimated Electricity Billing in Three Years


The Federal Government has initiated a business model to end estimated billing for every electricity customers in the next three years. The proposed business model provides for the licensing of Meter Services Providers (MSP) by the Commission who would, on a competitive basis, provide for the financing, procurement, installation, maintenance and replacement of electronic prepaid meters for end-users of electricity. This was contained in a ... Read More »

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