Top Financial News   

11 July 2018 ( Lagos ) 

AfDB rolls out plan to close $130bn infrastructure gap: The African Development Bank on Tuesday unveiled a plan to close the $130bn gap in infrastructure financing in Nigeria and other African countries. (Source: Punch)


Court order required to reveal customers’ BVN, CBN tells banks, others: The Central Bank of Nigeria (CBN) has released an amended regulatory framework for Bank Verification Number (BVN) operations and watch-lists, saying a valid court order is a requirement for all banks, switches, mobile money operators, payment solution providers, microfinance banks and others, to have access to a customer’s BVN. (Source: Thisday)


FG hasn’t paid N9bn counterpart funding for Abuja light rail – Contractor: The China Civil Engineering Construction Corporation (CCECC) has stated that the federal government has not provided its N9bn (US$24.9m) counterpart funding for the Abuja light rail project. The first phase of the project is to be inaugurated for commercial services by President Muhammadu Buhari on Thursday. Giving a background to the project, the CCECC Managing Director, Jack Li, explained that it was fully funded with the US$500m loan advanced by the China EXIM Bank. (Source: Punch)


Debt: FG may cut power supply to Benin, Niger, Togo: President Muhammadu Buhari has joined operators in the power sector to call on international customers who receive electricity from Nigeria to either pay their bills or be disconnected. (Source: Punch)


Reps probe N100bn underpayment by NNPC: The House of Representatives has ordered an investigation into the alleged underpayment of over N100bn to the Federation Account by the Nigerian National Petroleum Corporation. (Source: Punch)


National Assembly transmits PIGB to Buhari: The National Assembly has transmitted the Petroleum Industry Governance Bill (PIGB) to President Muhammadu Buhari for signing into law. The bill was said to have been transmitted to the President for assent on July 3, 2018 after the Senate had on March 28, 2018, passed the harmonised version of the PIGB. (Source: Punch)


Exchange Traded Funds gain N1.34b in one year: Exchange Traded Funds (ETFs) listed on the Nigerian Stock Exchange (NSE) recorded average gain of 20.2 per cent, equivalent to net capital gain of more than N1.3 billion in the past one year. Seven of the nine ETFs recorded double-digit gain over the 12-month period, with gains between 13 per cent and 72 per cent. (Source: TheNation)


Nigeria central bank injects US$210m into currency market: Nigeria’s central bank said on Tuesday it had injected US$210m into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages. (Source: Reuters)


Why we picketed MTN, by NLC: The Nigeria Labour Congress (NLC) yesterday said it decided to picket all MTN offices nationwide because of the unfriendly labour practices of the company, saying no amount of blackmail will deter the union from continuing with the action. (Source: TheNation)


Ngige threatens to revoke oil firms’ licences: The Minister of Labour and Employment Chris Ngige has warned that the government will revoke the licence of contractors operating in the oil and gas sector if they continue to promote unfair labour practices. (Source: TheNation)


Equities lose N82b as selloff worsens: There were more than two losing stocks for every gaining stock yesterday at the Nigerian Stock Exchange (NSE) as investors opened up their offers to lower prices to attract buyers. (Source: TheNation)


Naira appreciates to N361.91/$: The Naira, yesterday, appreciated slightly by nine kobo to N361.91 per dollar in the Investors and Exporters (I&E) window due to 30 percent increase in the volume of dollars traded. (Source: Vanguard)


Less than 1% MfBs has national licences: Less than one percent of Microfinance Banks, MfBs, licenced by the Central Bank of Nigeria, CBN, have national licence to operate in the country (Source: Vanguard).

NIMASA, CBN in talks on intervention fund for development of maritime infrastructure: The Nigerian Maritime Administration and safety Agency (NIMASA) is currently in talks with officials of the CBN to create an intervention fund for the development of infrastructure in the maritime sector. Some of the funds will be used to acquire fast moving boats, special mission aircraft and helicopters to checkmate the rising wave of pirate attacks on vessels. (Source: Vanguard)

N6bn illegal loan: NERC insists IBEDC mgt, board remain suspended: The Nigerian Electricity Regulatory Commission (NERC) still insists that the board and management of the Ibadan Electricity Distribution Company (IBEDC) remain suspended for giving an unauthorised loan of N6 billion to its core investor. (Source:Daily Trust)


Fuel loading threatened as PEF withdraws staff from debtor depots: Loading and distribution of petroleum products may suffer hitches in the days to come as the Petroleum Equalization Fund (Management) Board (PEFMB) will today withdraw its staff from outlets belonging to members of the Depot and Petroleum Products Marketers Association (DAPPMA) that are indebted to it. (Source:Daily Trust)


CBN approves direct disbursement of lower Naira notes to marketers: The Central Bank Of Nigeria (CBN) has approved the disbursement of lower banknotes denomination to market associations, merchants, shopping malls among other business outlets to address the inadequate in circulation and the difficulties encountered by economic agents. (Source:Daily Trust)


Regulatory Approval Delays Teleology’s Final Payment for 9Mobile: With barely two weeks to the deadline given Teleology Holdings to pay the balance of $251 million to acquire 9mobile, the company is said to be ready to make the payment, but still waiting for regulatory approval from the Nigerian Communications Commission (NCC) and the Security and Exchange Commission (SEC). (Source:Thisday)

Bonny Light still under force majeure: Force majeure remains in place on exports of Nigeria’s Bonny Light crude, a Shell spokesman said on Tuesday. Shell’s Nigerian venture, Shell Petroleum Development Co of Nigeria Ltd, declared force majeure on Bonny Light exports on May 17 following the shutdown of the Nembe Creek Trunk line. (Source: Reuters)

World Bank, CBN seek new law for model mortgage regime: The World Bank and the CBN have initiated collaborations in efforts to review the existing Land Use Act laws and create an enabling environment for mortgage activities to thrive in the country. (Source: Guardian)

Reporting for EasyKobo on Wednesday, 11 July 2018 in Lagos, Nigeria

Copyright @ 2010-2019 by Naija infotech & solar energy ltd. All rights reserved