Judiciary Must Help AMCON Recover N5trillion Bad Debt

The successful recovery of the debt owed the country's 'bad bank' would depend on the cooperation and support from received by the corporation from sister agencies as well as critical stakeholders especially the judiciary, Chief Judge if the Federal High Court has said. Justice A.A. Kafarati stated this at an annual seminar for Hon. Judges of the Federal High Court organised by the Asset Management Corporation of Nigeria (AMCON).“The success of...

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Made-in-Africa Key To Success Of Free-Trade Deal, Says Buhari

President Mohammadu Buhari has said for the continental trade agreement to succeed, African nations must develop policies that promote African production, among other benefits. Buhari noted that the success of the Africa Continental Free Trade Area (AfCFTA) deal hinges on Africa developing its manufacturing base. The AfCFTA agreement will only succeed if the continent develops policies that promote production, he said while receiving the report of a committee set up to consider whether the country should join the trade pact. The African Union Heads...

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NCC Warns Telecoms Firms Against Disclosing Customers' Data

Nigeria's telecoms industry regulator has said that it is unlawful for operators to disclose the database of subscribers on their network to anyone without permission. Umar Danbatta, Executive Vice Chairman, Nigerian Communications Commission (NCC) said such practice is illegal and subscribers should escalate such matter to the attention of the regulator for necessary action.“It is wrong for telecommunications operators to disclose any data of subscribers...

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Uber Plans to Provide Boat Service In Lagos, Expands Operations To Other W/African Countries

Global ride-hailing firm Uber Technologies Inc is in talks with regulators over plans to expand into two West African countries and provide a boat service in Nigerian megacity Lagos, a company executive said on Thursday. In much of sub-Saharan Africa there are low levels of personal car ownership, rapidly expanding populations and a lack of efficient mass transport systems in fast-growing cities.Uber, which said it has 36,000 active drivers in sub-Saharan...

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MTN Nigeria Share Falls 2.4 % As Tax Dispute Litigation Lingers

Investors sold down their shares in MTN Nigeria on the floor of the Nigerian Stock Exchange (NSE) on Thurrsday, forcing down the price of the stock by 2.4 percent to its lowest level since May 21.MTN Nigeria shares fell to 128.75 naira per unit on Thursday in what analysts described as the impact created by litigations over a tax dispute with Nigeria authority. A Federal High Court adjourned the $2 billion tax dispute between the telecoms firm and...

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Proposed Banking Sector Recapitalization: How prepared are the listed banks?

Recently, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, unveiled his plan for the second term in the office.  Among others, the CBN’s plan to recapitalize the banks was the major highlight of the speech and this brought back the memory of the 2004 banking sector recapitalization wherein the banking sector minimum capital base was revised up from N2.0bn to N25.0bn.  Notably, the most rational basis for newly planned recapitalization can be linked to the drop in the value of the naira against the dollar (N100/$ in...

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SEC Set To Implement Report On Commodities Market Development

The Securities and Exchange Commission (SEC) has commenced the implementation of the report of its Technical Committee on Commodities Trading Ecosystem. The Acting Executive Commissioner (Operations) of SEC, Isyaku Tilde, disclosed this when a delegation of the Commodity Brokers Association of Nigeria (CBAN) led by its Registrar, Saleh Kwaru, visited the Commission in Abuja on Wednesday.The committee’s report, published on SEC’s website, contains...

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Nigeria Sells 110.34 Bln Naira Bonds At Higher Yields, Despite Strong Demands

Nigeria sold 110.34 billion naira worth of bonds at its regular monthly debt auction on Wednesday, the sixth this year, at higher returns than the previous month's auction. According to the results of the auction released on Wednesday by the Debt Management Office (DMO), the 5-year paper was sold at 14.30 percent compared with 14.11 percent the same tenor debt sold at the previous auction. The debt office sold the 10-year bond at 14.50 percent...

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President Buhari Appoints Acting Alternate Chairman For NNPC

President Mohammadu Buhari has appointed Thomas M John as Acting Alternate Chairman of the state-run oil giant Nigerian National Petroleum Corporation (NNPC) Governing Board, a statement by the oil firm said on Wednesday. John appointment was meant to fill the vacancy left behind by former minister of state for petroleum, Emmanuel Ibe Kachikwu, whose tenure expired on May 28, when the president dissolved his cabinet. The new acting chairman was...

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Nigeria Court Fixes Oct 22 For MTN Vs Attorney-General $2 Bln Tax Dispute

A Federal High Court sitting in Lagos on Wednesday adjourned the case of tax evasion against MTN Nigeria by the office of the Attorney General of the federation to October 29. The office of attorney general has demanded that MTN should pay $2 billion in outstanding tax arrears in September. However, MTN has said the tax demand is without merit and the attorney general has exceeded his powers in making the request.Lawyers for the government requested...

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NIGERIAN MARKET DEVELOPMENT: Of SEC New Board, CBN Banking Sector Reform

New SEC board inaugurated and works ahead Four years after the last board of the capital market regulator led by Peter Obi was dissolved by President Mohammadu Buhari, a new board was constituted for the Securities and Exchange Commission (SEC) this week. The new board is headed by a commercial lawyer, Olufemi Lijadu and also comprise of the representatives of the Central Bank of Nigeria (CBN) and the finance ministry in accordance with the SEC...

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First Bank Opts To Repays $450 Mln Eurobond Ahead Of Maturity

First Bank, Nigeria's oldest lender on Tuesday said it has decided to exercise the option of repaying a $450 million Eurobond ahead of its due date. In a regulatory filing on Tuesday, the bank said it "will exercise its option to call the $450 million 8 percent subordinated notes, raised from the International Debt Markets, due in July 2021.""The bank seeks to call and pre-pay holders of the Note at the next callable date of July 23, 2019," the...

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Nigerian Breweries To Raise 15 Bln Naira From Commercial Paper

Nigerian Breweries PLC, local unit of Heineken Brewer has again approached the market to raise up to 15 billion naira through 91-day and 172-day tenor commercial paper.The offer which opened on Monday has an implied yield of 13.50 percent for the 91-day paper and 13.75 percent for the 172-day debt. According to the notice of the offer, bids will close on June 28, while settlement day is June 31.The commercial paper was the third and fourth series...

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MTN Nigeria Says Launches 4G+ Data Service in Lagos, Abuja, P/Harcourt

MTN Nigeria has launched 4G+ mobile data services in three Nigerian cities to enhance customer's experience in Lagos, Abuja and Port Harcourt.The telecoms firm revealed this in a regulatory filing with the Nigerian Stock Exchange (NSE) on Tuesday. MTN said the 4G+ runs on 4G LTE advanced technology using a combination of its recently acquired 800 MHZ spectrum and 2600 MHZ."The added spectrum and advanced technology extend the reach and capacity...

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How Amosun, Ex-Ogun State Gov Left Empty Treasury For His Successor

Dapo Abiodun, the Ogun State Governor has narrated how his predecessor in office, Ibikunle Amossu now a Senator left empty treasury behind compelling him to borrow 7 billion naira barely two days in office to enable him to pay worker's salary. Abiodun told the leaders of the ruling All Progressives Congress (APC) in the state, that he has chosen to concentrate on rebranding and rebuilding the state and ignore some of the past misdeeds of his predecessor.“I...

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Elumelu Seeks Changes In Finance Training Curriculum To Reflects Tech Development

Tony Elumelu, Chairman of United Bank for Africa (UBA) has called for the overhaul of the finance training curriculum to reflect current technological influences. Elumelu in his paper titled: “The Future of Finance – Technology at Play,” at the Faculty of Management Sciences, Lagos State University (LASU) said it was not enough for tertiary institutions to train students in the techniques of traditional accounting without exposing them to realities...

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Lijadu Heads SEC New Board As Chairman

Nigeria has finally constituted the board of its capital market regulator four years after the last board headed by Peter Obi was dissolved by President Mohamadu Buhari. The Securities and Exchange Commission (SEC) new board is headed by Olufemi Lijadu as Chairman. Lijadu, who hails from Ogun state, and a leading commercial lawyer with over thirty years’ experience, was also Executive Director of one of Nigeria’s top four banking institution, United...

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Court Now To Hear Oando Case Against SEC On July 22

A Federal Court in Lagos has fixed July 22 as a new adjourned date for the case filed against the Securities and Exchange Commission (SEC) by oil company Oando Plc to stop the capital market regulator from removing its chief executive and his deputy from office. Last month, Oando has obtained the court approval to stop SEC from carrying out its sanction against its chief executive Wale Tinubu and his deputy Omamofe Boyo who were indicted by the...

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Nigeria Needs More Reciprocal External Trades

A one-sided relationship is rarely good or sustainable for individuals, organisations or countries. Most enduring relationships are anchored on mutually beneficial tenets. Our review of Nigeria's external trade figures over the years and the relationships with her trading partners show that there is a need to negotiate more reciprocal trading relationships that benefit Nigeria. One of the principles governing international trade is that a country...

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Lagos, 10 Other States Remain Opaque Tn Budget Spending

Lagos top the list of 11 States that have failed to publish details of their 2019 budget online despite incentive created by the World Bank to encourage public finance transparency in the top Africa’s economy. The other states in the list are Cross River, Akwa Ibom, Bayelsa, Ebonyi, Imo, Nasarawa, Oyo, Rivers, Sokoto and Zamfara, according to finding by BudgIT. “This contravenes the ideals of openness and transparency in the management of public...

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CBN To Order Fresh Recapitalisation In Banking sector

Nigeria central bank is mulling fresh recapitalization programme for the banking sector, coming 14 years after the major reform by ex-governor of the regulatory bank, Charles Soludo. Godwin Emefiele, who unveiled his five-year roadmap for the CBN on Monday said the recapitalisation process to be carried out within the next five years was to make the banking industry contribute significantly to country's economic growth."In the next five years, we...

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Cement Produces More Pollution Than All the Trucks In the World

The most astonishing thing about cement is how much air pollution it produces. Manufacturing the stone-like building material is responsible for 7 percent of global carbon dioxide emissions, more than what comes from all the trucks in the world. And with that in mind, it’s surprising that leading cement makers from LafargeHolcim Ltd. in Switzerland to Votorantim Cimentos SA in Brazil are finding customers slow to embrace a greener alternative. Their...

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Peace Air Overshot Port Harcourt Airport Runway, Averts Crash

Nigeria's domestic flight Air Peace on Saturday overshot the runway at the Port Harcourt International Airport in Rivers State under heavy rainfall. According to one of the passengers on board, the incident occurred as the plane was landing at the airport. The plane came to a halt some 200 meters in the bush by the runway.The incident, which was said to have happened about 4pm, caused panic among airport officials.The witness said all of the passengers...

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Rice Disease Threatens Production Capacity In Nigeria Bauchi State

Nigeria drive to increase local production of rice is under threat with a fresh attack of disease suspected to be Rice Blast in some farmland in Bauchi state. The disease which was said to have ravaged farmlands in Ayaya near Adabda in Gamawa Local Government Area of the State is threatening production of the commodity.The District Head of Gamawa, Alhaji Adamu Abdulkadir Dahuwa, disclosed on Saturday that the disease, noticed in the area in the...

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MultiChoice, Owners Of DSTV To Cut 2,200 Jobs

MultiChoice Group, owners of DSTV is planning to lay off close to 2,200 workers in a shake-up of its customer care service, the company said on Friday.The axing will affect workers in South Africa.MultiChoice, which competes with Netflix in online streaming via Showmax, said in a statement it is launching a consultation process to cut 2,194 positions in MultiChoice South Africa’s customer care call centres and walk-in centres.“This has not been an...

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Vodacom To Sell Operations In Nigeria, Four Other Countries

South African mobile phone operator Vodacom Group Ltd said on Friday it had entered into agreements to sell some of its Business Africa operations, which offer business-managed services to enterprises. Vodacom, which is majority-owned by Vodafone Group Plc , said it had agreed to sell the Angolan assets of its Business Africa unit to Internet Technologies Angola.It has also agreed to sell Business Africa’s operations in Nigeria, Zambia and Ivory...

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Nigeria Restores Teaching Of History In Schools From September

Nigeria government has directed the restoration of the teaching of History in all basic and secondary schools across the country as a standalone subject from the next academic calendar in September.Sonny Echono, Permanent Secretary, Ministry of Education made this known on Friday in an interview with the News Agency of Nigeria (NAN) in Abuja. According to Echono, the directive has already been given and it is automatic that all the schools should...

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What Nigerian Investors Need To Know About Airtel IPO ~United Capital

Earlier, Airtel Africa Plc ("the Company") released the prospectus for a global Initial Public Offer (IPO) of ordinary shares worth $780mn (or N270.0bn). The expected price of the offer is set at a range of 80 pence and 100 pence/share or (£0.8-£1.0/share). The Company is expected to be admitted to the premium listing segment of the main board of the London Stock Exchange (LSE) at the end of the transaction. Additionally, a Nigerian offer of the...

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Ex-President Obasanjo Accuses Buhari Of Corruption, Says President Condones Nepotism

Ex-President Olusegun Obasanjo has described nepotism as a form of corruption that is impeding the current fight against graft in Africa's biggest economy. Obasanjo, who spoke to investors at the ongoing yearly meeting of the African Export-Import Bank (Afreximbank) in Moscow, accused the administration of President Muhammadu Buhari of fiscal indiscipline and bias in the fight against corruption.While describing corruption and development as strange...

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New Owners Effect Changes In Forte Oil, Appoint New CEO, CFO

Nigeria's Forte Oil Plc has announced the appointment of new chief executive officers and chief financial officer as new owners take charge of their investment in the oil marketing company. Billionaire businessman, Femi Otedolar this week announced his exit from the oil marketing company after he successfully transferred his majority holding to Prudent Energy in a crossed deal on the floor of the Nigerian Stock Exchange (NSE).The deal worth 64.9...

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Nigeria To Borrow $2.7 Bln From External Sources In 2019

Nigeria will raise $2.7 billion from external sources finance part of the 2019 budget deficit, the Debt Mangement Office (DMO) has said. In a statement on Thursday, the debt office said contrary to reports in the media the country intend to sources for money to bridge the 2019 budget gap this year from both local and external sources.According to the DMO, the 2019 budget provides for nex external borrowing of around 824.82 billion naira."Consistent...

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Otedola Finally Exit Forte Oil, Takes Over Geregu Power Plc

Femi Otedola, has sold his stake in Nigeria's energy firm Forte Oil Plc, the billionaire businessman took to social media to announce his exit from the company on Wednesday. Otedola in a message posted on his verified Instagram page said he has divested from the business and will now concentrate on his power generation business.“In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from...

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