IOSCO issues statement on benchmark transition

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The Board of the International Organization of Securities Commissions (IOSCO) has published the statement on communication and outreach to inform relevant stakeholders regarding benchmarks transition.   The statement seeks to inform relevant market participants of how an early transition to Risk Free Rates (RFRs) can mitigate potential risks arising from the expected cessation of LIBOR.   IOSCO in a notice obtained by Newsfieldglobal said it wished to raise awareness of the impact of LIBOR’s likely cessation and the need for relevant stakeholders to transition from the widely used USD LIBOR…

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Presco reports 24% drop in profit

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    Presco Plc has posted 24.39 per cent drop in profit after tax for the half year ended June 2019.       According to a report obtained from the Nigerian Stock Exchange (NSE), the unaudited financial result for the first half showed profit after tax of N3.016 billion from N3.989 billion recorded in 2018, accounting for a drop of 24.39 per cent.       Profit before tax stood at N3.882 billion in 2019 from N5718 billion a year earlier, representing a decline of 32.1 per cent.  …

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Shareholders seek friendly policies, regulation

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        Some shareholders of quoted companies listed on the capital market have stressed the need for regulators to always seek for friendly policies and regulations to encourage new listings and bring back investors.       Capital market shareholders, who made the call on enquiry, said the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) should review penalties imposed on quoted companies to attract new listings.       They noted that incessant penalties was discouraging companies from seeking quotation on the nation’s bourse,…

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Telcos kick against NITDA’s regulations

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          Telecoms operators in the country have expressed dissatisfaction over recent regulations put in place by the National information Technology Development Agencies (NITDA), noting that the agency’s move to regulate communications was out of place.   The operators expressed worries that with the existence of Nigerian Communications Commission (NCC) as the telecoms regulator, NITDA would be adding to the problem of multiple regulations in the sector through its recent instruments.   The operators under the aegis of Association of License Telecommunications Operators of Nigeria (ALTON) in…

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AfCFTA: Nigeria, others record 5.6% imports

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  There are indications that Nigeria’s volume of trade in terms of total imports coming from African countries in the last 10 years was only 5.6 per cent, a survey emanating from the Manufacturers Association of Nigeria (MAN) has revealed.       Particularly, the MAN report explained that the country’s trade integration within Africa was so small compared to bilateral trade with other countries, thus signifying that the recent passage of African Continental Free Trade Agreement (AfCFTA) needs policy framework to achieve the proposed trillion dollars continental trade revenue.…

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Inactive GSM lines rise to 84.7m

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Despite the monthly growth in subscriptions across the GSM networks, 84.7 million mobile lines have become inactive, New Telegraph has learnt. This means less revenue for the Mobile Network Operators (MNOs) amidst aggressive push for SIM sales.   According to the latest data posted by Nigerian Communications Commission (NCC), telephone lines so far sold by the MNOS hit 258.5 million as at June this year.   However, only 173.7 million of the 258.5 million mobile lines are still actively being used by telecoms consumers to access voice services from their…

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Cashew exporters’ earnings to drop by N52bn

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There is strong indication that earnings from unprocessed cashew nuts by Nigerian exporters will fall this year by 60 per cent, following the sharp decline in the global price of the nuts. However, processed cashew nuts will still attract N759.2billion but the country lacks machines and skill to process the commodity. Parts of the challenges facing the exporters in the country include lacks machine and equipment to process the nuts, poor handling, pilferage, defective packaging and delay on the port road. It was learnt that proceed from the projected export…

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Premium on workmen compensation drops by N900m

Sunday Ojeme

Following regulatory directives, which transferred the management of Workmen Compensation and Employers Liability Insurance to the Nigerian Social Insurance Trust Fund (NSITF) under the Employers Compensation Act 2010, premium accruable to insurers has gradually declined by 88.5 per cent from N1.70 billion to N196 million in the last nine years. According to details in the current edition of Nigeria Insurance Digest, a Nigerian Insurers Association (NIA) compendium of insurance business transaction,, the industry recorded N1.70 billion in 2009 and followed with N903.24 million in 2010. The gradual decline continued in…

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Nigerian traders seek review of Ghana’s retail laws

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Nigerian traders in Ghana are calling for a review of Ghana’s trade laws, to complement already existing ECOWAS treaties that permit free trade among African economies. Ghanaweb quoted the President, Association of Nigerian Traders in Ghana, Chief Chukwuemeka Nnaji, as saying that a review of existing trade laws in Ghana could help tone down “unnecessary tensions between foreign and retail traders.” “I’m still surprised that the Ghanaian Parliament has still not amended the laws. Let that law be amended to suit the ECOWAS Trade Treaty. I think we have to…

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NNPC, Dangote parley over $12bn refinery

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The Nigerian National Petroleum Corporation (NNPC), owner of ailing refineries in Nigeria, on Wednesday agreed to a collaboration with Africa’s richest man, Alhaji Aliko Dangote over his $12 billion refinery. The Group Managing Director of NNPC, Mallam Mele Kyari, and Dangote made this know when President and Chief Executive Officer of the Dangote Group paid a courtesy visit at the NNPC Towers in Abuja. The national oil company, Kyari said according to a statement, was not in contest for market share with the forthcoming Dangote Refinery but rather providing support…

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