Author: Ogochukwu Ndubuisi

Mega Financial Fraud Impossible Without Lawyers’ Support — EFCC The Chairman, Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, says no mega financial fraud, especially illicit financial flows, is possible without lawyers’ support. Olukoyede stated this during the opening of the 6th Annual Criminal Law Review Conference in Abuja titled: “Optimising the Administration of Criminal Justice in Nigeria: How to Navigate Emerging and Systemic Challenges of Insecurity and Economic Hardship.” According to the EFCC chairman, the transfer of huge funds into offshore accounts, preferable in tax haven are aided by lawyers. “The most traumatic discovery of the EFCC in…

Reps Seek Intervention for Federal Mortgage Bank of Nigeria House Committee on Housing and Habitat has called for urgent intervention and support for the Federal Mortgage Bank of Nigeria (FMBN), to deliver on its mandate of providing affordable housing to Nigerians. The Chairman of the committee, Abdulmumin Jibrin made this known after an oversight visit to FMBN on Monday in Abuja. Jibrin said the committee having examined the presentation of the management, have decided to call for more support so the bank would work effectively to serve the nation. “As a committee I wish to actually state that FMBN is…

CBN Warns Against Fraudulent Contracts, Project Funding Claims The Central Bank of Nigeria (CBN) has issued a warning regarding fraudsters who claim to have received award letters for contracts related to construction works and special financial interventions on its behalf. CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in a statement on Monday, warned members of the public to disregard the fraudsters out to cheat them. “The Central Bank of Nigeria (CBN) wishes to alert members of the public to the activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works and…

Equities Market Index Rises as Investors Gain N15bn The equities market index rose as investors recorded N15 billion gain on the Nigerian Exchange (NGX) trading platform. Following an improved buying sentiment, the key performance indicators of the Nigerian bourse increased by 0.03%. The All-Share Index inched higher by 24.99 basis points session on Monday, reflecting a 0.03% uptick, to close at 97,747.27. This positive performance, building on last Friday’s momentum, was driven by investors renewed buying interest in some medium and large-scale stocks. Top performers on NGX include WAPCO, OANDO, and others. However, market activities were mixed, as the total…

UBA, Mastercard Introduce Anniversary Card with Exclusive Benefits, Discounts As part of activities to mark its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mastercard to introduce a special commemorative debit card. This exclusive card offers UBA customers exciting deals and attractive discounts across multiple platforms, enhancing their banking experience in a memorable way. The commemorative card which was unveiled at the bank’s corporate head office in Marina, Lagos, on Wednesday, is a custom-built card created with the intention of appreciating customers and other users for their loyalty throughout the seven and half…

Nigerian Exchange Enlarges as Investors Gain N295bn The Nigerian Exchange (NGX) market capitalisation expanded as investors that traded highs and the lows gained N295 billion on the local bourse. The equities market rebounded from the previous week’s decline, as the All-Share Index (ASI) rose by 0.50% to close at 97,722.28 points point. Stockbrokers at Cowry Asset Limited said the positive performance was driven by sector rotation and portfolio rebalancing activities. This reflects optimism from third quarter of 2024 earnings releases and the undervalued nature of many stocks with strong upside potential, stockbrokers said. NGX year-to-date return increased to 30.69%, though…

Central Bank to Penalise Banks Aiding, Abetting Naira Hawking The Central Bank of Nigeria (CBN) says it will heavily penalise deposit money banks (DMBs) found supporting the hawking of Naira notes. Mr Solaja Olayemi, Acting Director, Currency Operations Department, CBN, said this in a memo to DMBs on Friday in Abuja. Olayemi said that the CBN would engage in “mystery shopping” exercise and periodic “spot checks” on cash distribution and disbursement activities of DMBs to ascertain the source of such Naira notes. He said that the initiatives were introduced to monitor and prevent practices that facilitate the flow of mint…

NGX Rises by N295bn as OANDO, FLOURMILL, WAPCO Rally The equities market capitalisation of the Nigerian Exchange (NGX) rose by more than N294.96 billion on Friday as investors shook off inflation rate pressure during the trading activities. NGX performance indicators improved 50 basis points today after the downturn. The market witnessed investors renewed buying interest across all the major market sectors, led by the insurance sector, whose growth bolstered the market’s performance. Stockbrokers noted that NGX week’s transaction was on a high note, even as the headline inflation rate surged to 33.88% in October. On the back of bullish dominance,…

Heirs Insurance Group Receives ISO 27001 Certification Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has received the ISO 27001 certification from the Management System Certification Body (MSECB), a globally recognised provider of Information Security Management audit and certification. This is a testament of its commitment to ensuring the highest level of security across all its digital channels, the group said in a statement. This milestone follows a rigorous evaluation of the Group’s Information Security Management System (ISMS), encompassing operational processes, workforce practices, and adherence to comprehensive security policies. ISO 27001 is an internationally recognised benchmark for managing information security, ensuring…

The equities market trading activities trending positively during intraday session on Nigerian Exchange (NGX) platform. With the strong buying side, there is hope the local bourse would reverse downward trend.