Author: Marketforces Africa

Expected credit loss amid aftermath of the coronavirus outbreak. At transition date in 2018, Deloitte Nigeria in one of its reports faulted application of the International Financial Reporting Standard 9 by the Nigerian Banks.

Finance Minister Presents Draft 2021/23 MTEF to Economic Council. Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Thursday presented the draft 2021 to 2023 Medium Term Expenditure Framework(MTEF) as well as the Fiscal Strategy Paper to the National Economic Council(NEC).

Money Market Funding Pressure Eased on OMO Repayment. At the money market, funding pressures eased slightly today, as open market operations (OMO) repayments of ₦92.5 billion hit the system.

FMDQ Exchange Admits Axxela’s ₦11.50bn Series 1 Funding Bond. The FMDQ Holdings has admitted the Axxela Funding 1 PLC ₦11.50 billion Series 1 Bond under its ₦50 billion Bond Programme platform.

NSE Warns Investors to Trade with Caution Shares of 13 Companies. The Nigerian Stock Exchange (NSE) has urged investors to trade with caution on the shares of 13 companies for failing to submit financial statements without any explanation

Access Bank to acquire 100% stake in Zambian Bank. As part of strategic efforts to deepen footprint in Africa, Access Bank Plc has announced plans to acquire 100% of Cavmont Bank Limited, a Zambia-based financial institution

Deregulation: It is unrealistic to continue subsidy – FG The Federal Government of Nigeria has said that it is unrealistic to continue with Petroleum Motor Spirit subsidy. Chief Timipre Sylva, the Minister of State for Petroleum made this known in a statement in Abuja, on Thursday. Sylva says the deregulation of the downstream oil sector was to ensure economic growth and development of the country. He said it was unrealistic to continue to subsidise the Premium Motor Spirit (PMS) also known as petrol as it had no economic value. He urged Nigerians to ignore recent misguided comments and innuendos on the issue. “It has become expedient for the…

FMDQ Securities Exchange posts ₦11.78 trillion turnover in May. FMDQ Securities Exchange has posted a turnover of ₦11.78 trillion in fixed income and currency (FIC) markets in May, 2020.

AMCON Takes Over Deap Capital Management & Trust Limited. The Asset Management Corporation, AMCON, has taken over the Deap Capital Management and Trust over an unpaid N1.6 billion debt.

Startups, SMEs Loans: DBN Rolls Out Contacts for Applications. The Development Bank of Nigeria (DBN) is one of the easiest way for your business to re-integrate after COVID-19 disruption.