Author: Marketforces Africa

Profit Taking Plunged Domestic Equities Market by ₦50 Billion. The Nigerian Stock Exchange (NSE) market indicators succumbed to profit taking on Thursday, dropping by 0.38 per cent.

Ex-Diamond Bank CEO Launches Digital Banking Startup. Following his exit from the commercial banking space, the former Chief Executive Officer at the defunct Diamond Bank Plc, Uzoma Dozie has launched Sparkle – a digital banking startup.

WHO to Resume Trial of Hydroxychloroquine on COVID-19. The World Health Organisation (WHO) says it will resume its trial of Hydroxychloroquine for the treatment of coronavirus (COVID-19) patients.

Goldman Sachs Establishes Fund for Racial Equity. Goldman Sachs today announced it has created the Goldman Sachs Fund for Racial Equity. It said the fund objective is to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity.

NAICOM extends full recapitalisation of insurance companies to 2021 National Insurance Commission (NAICOM) has directed insurance and re-insurance companies to comply with approved minimum paid-up capital not later than Sept. 30, 2021 as against recapitalisation deadline of Dec.  31, 2020. Mr Pius Agboola, NAICOM Director, Policy and Regulation, on behalf of the Commissioner for Insurance in a circular dated June 3, said that the incidences of the COVID-19 pandemic made it difficult to proceed with the Dec. 31, 2020 deadline. Agboola explained that in order to mitigate likely negative consequences of the pandemic, the commission extended and segmented the recapitalisation…

Afreximbank, ITC Partner to Enhance Businesses in Africa.The African Import-Export Bank (Afreximbank), says it is collaborating with International Trade Centre (ITC), to help businesses make the most of the African Continental Free Trade Area.

Brent oil rises to $40 amid hopes for output cuts. Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand.

UPDC Lists ₦16 Billion Rights Issue On Nigerian Stock Exchange. UACN Property Development Company (UPDC) Plc on Tuesday, listed ₦16 billion rights issue of 15.96 billion ordinary shares at ₦1 per share on the Nigerian Stock Exchange (NSE).

Nigerian Senate Up Oil Price Benchmark For Budget 2020 to $28. In what looks like improved optimism about global prices of oil, the Nigerian Senate on Tuesday raised oil price benchmark for budget 2020. The Senate on Tuesday lifted the price outlook from $25 per barrel oil price benchmark proposed by the executive.

Lagos Licenses 184 Mini-Micro Money Lenders. The Lagos State Government says it has licensed 184 money lenders to enhance money lending activities in the state.