Category: Featured

NGX opens week negative with N83bn loss

Admin

The Nigerian equities market yesterday halted last Friday’s gain to begin the trading week negative following sustained sell pressure. The market breadth closed positive with 21 losers and 18 gainers. Key market indicators, the NGX ASI, declined by 0.40 per cent as bargain hunters sustained profit takings. Consequently, the NGX All-Share Index dropped by 158.98 basis points or 0.40 per cent from 39,485.65 index points last Friday to 39,326.67 while the market capitalisation of equities depreciated by N83 billion to close at N20.489 trillion from N20.572 trillion. On the activity…

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Digital currency: CBN picks technical partner

JUSTINA EMMANUEL OKPARA

Preparations for the unveiling of digital currency ( e-Naira) by the Central Bank of Nigeria (CBN) has commenced in earnest with the engagement of Bitt Incorporated, a Fintech company, as technical partner by apex bank. This comes as CBN Governor, Mr. Godwin Emefiele, listed benefits of the proposed digital currency billed to take off before end of 2021, to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection. A…

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Transfer: CBN Pegs Limits As e-Naira Takes Off October 1

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The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1. In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline. As a means to transact value, the wallet doesn’t compete with…

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Poly student, one other killed by gunmen in Rivers

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Two persons were killed and one injured early on Sunday when gunmen suspected to be cultists invaded Ka-Bori community in the Khana Local Government Area of Rivers State. Newsfieldglobal gathered that the gunmen stormed the community at 6am, shot indiscriminately and killed a man and a female student identified as Burabari Sunday, of Ken Saro Wiwa Polytechnic in Bori. Reacting to the incident, the Chairman of Khana council, Dr. Thomas Bariere, described it as an act of terrorism. According to him, “the persons confirmed dead are from Gokana LGA. One…

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Na’Allah’s son murdered, not killed by bandits—Kaduna govt

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Kaduna State Government has said the murder of Senator Bala ibn Na’Allah’s son, Abdulkarim Na’Allah, appeared to be a case of culpable homicide as he was strangled with a rope. This is contrary to speculations on social media that the deceased was killed by bandits. A statement issued by the Kaduna State Commissioner of Internal Security and Home Affairs, Samuel Aruwan, stated that the state government had been informed by security agencies that the remains of one Captain Abdulkarim Ibn Na’Allah were found in his Kaduna home. “In what appears…

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My Son’s Life Not Better Than Any Nigerian’s – Senator Na’Allah

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Senator Bala Ibn Na’Allah, whose eldest son, Abdulkareem, was murdered at his Malali home in Kaduna State, has said his son’s life is not better than that of any other Nigerian. In a statement he issued on Monday, Na’Allah expressed hope that his death will play a major role in finding solutions to Nigeria’s problems. Senator Na’Allah who was outside Nigeria when the incident occurred, said his son’s attackers were not armed with guns. “They simply gained access to his house through the roof and strangulated him. As a family,…

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Again, Emirates Extends Suspension Of Flights To Nigeria

JUSTINA EMMANUEL OKPARA

The Dubai, United Arab Emirates (UAE) flag carrier, Emirates, has further extended suspension of its flights to Nigeria till September 5, fueling uncertainty on resumption of travels between the two countries. The extension of flight cessation is coming despite the decision by the United Arab Emirates (UAE) to open its borders to welcome fully vaccinated tourists from all countries. Flights between both countries have been halted since March this year following diplomatic spat fueled by the COVID-19 protocols. Since then, efforts to reinstate the flights have not yielded results as…

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FCMB, Mercy Corps to uplift farmers, vulnerable in North East

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About 500,000 farmers and vulnerable people in Nigeria’s North-East zone can now access farming friendly and demand-driven financial services.  It is the result of First City Monument Bank’s (FCMB) partnership with Mercy Corps, a frontline international aid organisation.  A bold and landmark intervention, the partnership supported by USAID-funded Feed the Future Nigeria Rural Resilience Activity, will deliver funding and capacity-building support to smallholder farmers and vulnerable people living in the conflict-affected states of Adamawa, Borno, Gombe and Yobe. The Feed the Future Nigeria Rural Resilience Activity aims to facilitate and…

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Power: NERC faults report on ECR suspension

Dorothy Ewa

Following reports making the rounds that the Eligible Customer Regulation (ECR) has been suspended, the Nigerian Electricity Regulatory Commission (NERC) said that it was not true and that at no time had the commission issued a directive for discontinuation of service to any customer. In a statement made available to journalists yesterday, the commission said that its attention was drawn to the report in both electronic and print media that the ECR issued by the commission in 2018 had been suspended. The ECR was designed to provide a very simple process…

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H1: Zenith Bank posts N117bn pre-tax profit

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Zenith Bank Plc has announced its audited results for half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by COVID 19. According to the financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of three per cent from N114 billion reported in H1’20 to N117 billion in H1’21. The Group also recorded a nine per cent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021. Overall, the…

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