Top Financial News   

08 October 2018 :

CBN may cut MTN’s $8.1bn repatriation demand –Emefiele: The Central Bank of Nigeria may reduce the amount it has ordered MTN Nigeria to repatriate.(Source:Punch)


Refineries lose N20bn in one month, says NNPC: The nation’s refineries, which have been operating below their installed capacities for many years, made a record loss of N20.08bn in May, the highest in at least three years.(Source:Punch)


FG wants operators to refine 20% of oil locally: The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the Federal Government will soon announce a policy that will require operating companies to refine locally at least 20 per cent of the crude oil they produce in the country.(Source:Punch)


BoI gives N2.8bn to 20,550 small businesses: The Bank of Industry has announced the disbursement of N2.8bn intervention funds to 20,550 Micro, Small and Medium Enterprises.(Source:Punch)


Probe Skye Bank directors, minister orders CBN, NDIC:  The Minister of Finance, Zainab Ahmed, has directed the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation to fully investigate and prosecute all the directors and executive management members, who contributed to the collapse of the defunct Skye Bank Plc as well as other Deposit Money Banks in liquidation.(Source:Punch)


Insurance stakeholders seek govt’s support on tax issues:  Stakeholders in the nation’s insurance sector have called on the government to support the industry’s growth and development by collaborating with stakeholders to work out ways of streamlining the taxation applicable to the sector.(Source:Punch)


SEC pledges capital market reforms to protect investors: The Securities and Exchange Commission has promised to build the capital market architecture through reforms driven by its capital market master plan initiatives.(Source:Punch)


Nigerians transfer N216bn via mobile devices in nine months: The value of transactions via mobile devices rose by 56 per cent in the first nine months of this year to N216bn from the 2017 figure of N138bn, as banks, fintechs and telecommunications companies intensify efforts to deepen financial inclusion.(Source:Punch)


Despite N1.8tn Bailout, 17 States Owe Workers’ Salaries, Pensions:   Despite the whooping N1.8 trillion bailout fund distributed to state governments by the federal government to settle workers’ salaries and pension liabilities, about 17 states are said to be still owing workers’ salaries and pensioners’ entitlements.(Source:Thisday)


NCC Vows to Protect Telecom Consumers: The Executive Vice Chairman, Nigerian Communications Commission(NCC) Professor Umar Garba Dantatta has said the commission will continue to serve as a feedback mechanism for telecom consumers so as to avoid being exploited by service providers(Source:Thisday)

Banks’ bad debt portfolio drops by 26.1% to N263bn:  As 12 banks record marginal growth of 0.02 percent to N920.4 billion from N920.2 billion in H1’17, stakeholders and operators in the capital market have frowned at the low interest income recorded by leading banks in the  first half of 2018 (HI’18).(Source:Vanguard)


e-IPO platform under-way, says NSE President:  THE Nigerian Stock Exchange, NSE, has commenced move towards introducing electronic-Initial Public Offering, e-IPO, in the Nigerian capital market, just as stock broking firms were charged to adopt technology in their services to clients to boost market participation.(Source:Vanguard)

Funding gap for FG’s budget widens as revenues still under-perform by N2.9trn:  The gross revenue of the Federal Government has significantly improved by 35.8 per cent to N6.0 trillion for the first eight months of the year, from N4.4 trillion the previous year. However, when compared with budget expectation of N8.9 trllion, this represents a shortfall of 31.2 per cent.(Source:Daily Trust)

Reporting for EasyKobo on Monday , 08 October 2018 in Lagos, Nigeria

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