Flooding: Forestalling farmers’ battle with annual losses

admin

  As the raining gradually gets to its peak with attendant disasters from flooding, stakeholders in agric and insurance sectors are expected to step up efforts to minimise losses that are peculiar to the season. Sunday Ojeme reports     Last year, some agric sector stakeholders in the country lamented the grave losses by farmers to attacks on various crops and livestock attacks.   Although they put the estimated loss from livestocks alone at over N20 billion annually, efforts to stem the tide appear not to be enough as agric…

Read More

CBN to ABCON: Play greater role in BDC sub-sector

admin

  The Central Bank of Nigeria (CBN) has advised the Association of Bureaux De Change Operators of Nigeria (ABCON) to play a stronger role in the sub-sector by embracing effective self-regulation.   Speaking during the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Mutual Evaluation Exercise Sensitisation workshop for South West Bureaux de Change (BDCs) in Lagos, CBN Deputy Director, Other Financial Institutions Supervision Department, Mustafa Haruna, said there was need for BDCs to ensure compliance with extant Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws  and  regulations  to  mitigate  the  risks  and vulnerabilities in…

Read More

NSE ends first week of September bearish

admin

  Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed the first trading week of September on the downside as the NSE All-Share Index and market capitalisation both depreciated by 1.38 per cent to close last week at 27,146.57 and N13.207 trillion respectively.   Similarly, all other indices finished lower with the exception of NSE Banking, NSE Pension, NSE Insurance, NSE-AFR Bank Value, NSE AFR Div Yield, NSE MERI Value, and NSE Industrial Goods Indices, which appreciated by 0.20 per cent, 0.84 per cent, 0.83 per cent,…

Read More

Trader, others win in Access Bank’s DiamondXtra promo

admin

Nwogu Ijeoma, a trader at the Alaba International Market, Lagos and 1,015 customers across Nigeria emerged winners at the second quarterly draw of the DiamondXtra season 11 reward scheme powered by Access Bank Plc.   Speaking shortly after receiving the N1 million prize cheque, Ijeoma, while expressing excitement at winning, told newsmen that she had been a customer of Access Bank for years, adding that Nigerians should partake in the initiative as it was real.   She said: “I have been banking with Access Bank for a long time now.…

Read More

CBN scraps interest rate cap for mortgage financing

Tony Chukwunyem

  The Central Bank of Nigeria (CBN) has removed the interest rate cap regulation on interest rate and lending fees for mortgage financing in the country.   In a circular to Other Financial Institutions (OFIs) and mortgage sector stakeholders posted on its website at the weekend, the CBN said that the move was due to “some implementation challenges” regarding the mortgage finance section of its 2017 “Guide to Charges by Banks and Other Financial Institutions in Nigeria.”   The apex bank stated that henceforth the section of the document that…

Read More

FDC: External reserves to slide below $43bn

admin

Nigeria’s foreign exchange reserves will fall to $42 billion this month, analysts at Financial Derivatives Company Limited (FDC) have projected.   The analysts stated this in the September edition of the firm’s “Lagos Business School (LBS) Breakfast Session” presentation obtained by New Telegraph at the weekend.   According to the presentation by the Chief Executive Officer, FDC, Mr. Bismarck Rewane, the projected drop in external reserves will be caused by lower oil prices as well as “increased activities at the Investors and Exporters’ (I&E) window.”   Latest data obtained from…

Read More

NSE set for market data workshop

admin

  The Nigerian Stock Exchange (NSE) is set to host the 4th edition of NSE Market Data Workshop. According to a statement from the exchange, the 2019 NSE Market Data Workshop,  which is scheduled to hold on September 11, in Lagos, will bring together investors, market data aggregators, exchanges, market regulators, government agencies, broker dealers, media and other capital market stakeholders to discuss market data products and partnerships opportunities available to launch customer-centric products, while leveraging on strategic synergies and technologies to drive market participation.   The one-day event with the…

Read More

MTN Nigeria returns as most valuable stock

admin

Overtakes Dangote Cement by N39bn gain MTN Nigeria Plc yesterday returned as the biggest listed firm on the Nigerian Stock Exchange as sell-offs was witnessed in Dangote Cement Plc’s shares.  On Monday, August 19 , MTN Nigeria had gone ahead of Dangote Cement, becoming the most capitalised company on the NSE just three months after being listed, as its share price increased to N138.70 from N135 on Friday. However, yesterday, Dangote Cement saw a 0.91 per cent increase in its share price from N164.50 on Monday to N166 on Tuesday,…

Read More

Imperial logistics increases stake in MDS

admin

UAC of Nigeria Plc has notified the Nigerian Stock Exchange (NSE) and its shareholders and stakeholders that the company has entered into an agreement with Imperial Logistics Limited. Under the deal, Imperial Logistics proposes to increase its shareholding in MDS Logistics Limited from 49 per cent to 57 per cent, by acquiring additional eight per cent shareholding . The Transaction is subject to relevant regulatory approvals. Under the terms of the transaction, Imperial Logistics will transfer selected profitable contracts to MDS and pay $2.4 million in cash. The transaction is…

Read More

Standard Bank invests $4m in fintech firm

admin

South Africa’s Standard Bank has taken a stake in local fintech firm, Nomanini, to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited access to banking services. Africa’s biggest bank by assets has invested $4 million in Nomanini, which connects informal merchants with distributors via an e-wallet, and aims to roll the service out across 14 African countries by early 2021. Nine out of 10 retail transactions in Africa are conducted in cash or via informal channels like kiosks and open-air…

Read More