Author: Marketforces Africa

Cash: CBN Issues Ultimatum against Banks, ATM Delays The Central Bank of Nigeria (CBN) on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1. CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers’ dinner in Lagos organised by the Chattered Institute of Bankers of Nigeria (CIBN) He urged customers to make reports through designated phone numbers and email addresses for their respective states. Cardoso, who was conferred fellowship of the CIBN, said the guidelines would be distributed widely to raise public awareness. He called for…

NASD Advocates Compliance with SEC Rules on Securities Trading The NASD Over-the-Counter (OTC) Exchange has urged public limited companies to adhere to the Securities and Exchange Commission (SEC) rules that mandate public unlisted companies to trade their securities on SEC-registered OTC Exchanges. NASD advocated this in a statement on Friday in Lagos. The OTC Exchange explained that many unlisted public companies currently do not trade their securities on SEC-registered OTC platforms. It said that this prevents SEC from monitoring the activities of these companies as part of its investor protection mechanism. According to NASD, by the rule, purchase, sale and…

Equities investors lose about N168 billion on the Nigerian Exchange (NGX) due to huge selloffs ….

The Nigerian Exchange (NGX) is trading negative due to sell pressure in Seplat Energy and Access Bank Plc, among others.

The average yield on Nigerian Eurobonds decreased slightly following a moderate buying interest by offshore investors in the market. The yield contracted as foreign portfolio investors increased their position amidst uncertainties in the Nigerian economy.

The prices of crude oil in the global commodities market increased on Friday as the US dollar weakened amidst a ceasefire

Local investors in the Nigerian bond market scaled back as portfolio rebalancing efforts persisted. Investors trimmed their positions or holdings in FGN bonds in the secondary market. Notably, sell-side action transactions outpaced moderate buying experience.

$4.5bn Alleged Fraud: How I Collected $400,000 on Behalf of Emefiele – Witness The seventh prosecution witness, Mr John Adetola, in the ongoing trial of ex-governor of Central Bank, Godwin Emefiele, narrated how he collected the sum of $400,000 on behalf of the ex-governor. Adetola, who was the former personal assistant to Emefiele, made the revelation on Thursday while giving evidence before an Ikeja Special Offences Court. Emefiele is standing trial for alleged abuse of office and $4.5 billion and N2.8 billion fraud, while in office. He is being prosecuted by the Economic and Financial Crimes Commission (EFCC), alongside his…

Tax Reform Bills Propose New Sharing Formula The Senate, on Thursday, resumed its debate on the Tax Reform Bills. The bills are a set of four legislative proposals to increase Value-Added Tax (VAT) distributable to the sub national governments to 55 per cent while reducing the federal government’s share to 10 per cent. These far-reaching initiatives were contained in the lead debate of the Leader of the Senate, Sen. Opeyemi Bamidele on the Tax Reform Bills presented during plenary. Bamidele said that the new legislative regimes also proposed zero VAT on exports and essential consumptions by the masses. Leading the…

GCR Affirms Fidelity Banks Ratings with Stable Outlook GCR Ratings has affirmed Fidelity Bank Plc’s national scale long- and short-term issuer ratings of A(NG) and A1(NG) respectively, with a stable outlook. Fidelity bank Plc rating affirmation balances a sound competitive position, good capitalisation, stable funding structure, and liquidity, against pressured risk profile due to the adverse impact of Naira devaluation, the rating note said. According to GCR, Fidelity Bank’s competitive position is a positive rating factor, underpinned by long track record, strong domestic franchise, and market share, being the sixth largest banking group in Nigeria. With a balance sheet size…