Arrest, prosecution await illegal users of GSM boosters, NCC threatens

Arrest, prosecution await illegal users of GSM boosters, NCC threatens

The Nigerian Communications Commission (NCC) has threatened to arrest and prosecute individual users of GSM booster without following due process. According to the commission in a notice issues Tuesday and signed by Ikechukwu Adinde, its director of public affairs. The commission said its attention had been drawn to the fact that GSM Boosters are being illegally used by individuals in Nigeria. It directed that individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators. The statement read: “For general information,…

Read more

Profit booking imminent, as August inflation data worsens investors’ returns

Profit booking imminent, as august inflation data worsens investors’ returns

By Investdata Analysts After sessions of marginal gains, the benchmark All-Share index of the Nigerian Stock Exchange (NSE) turned negative on Tuesday when trading was mixed and volatile on mixed sentiment and high traded volume. This was occasioned by profit booking in oil, banking and consumer goods stocks which dragged the index down, even ahead of the oncoming price adjustment in the shares of UBA, Stanbic IBTC and Guaranty Trust Bank for interim dividends of 17 kobo, 40 kobo and 30 kobo respectively recommended by their boards. There was also…

Read more

Zenith, UBA, GTB, 4 others spend N258.13bn on personnel

Seven deposit money banks (DMBs) in the country spent a total of N258.13billion on personnel in the first six months of the year, H1’20 results released by the lenders show. The figure is 4.1 per cent (N10.7billion) more than the N247.47billion the lenders spent on staff in the corresponding period of last year. The seven banks are Access Bank, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank, Ecobank Transnational Incorporated, Stanbic IBTC Bank and FCMB. New Telegraph’s analysis of the banks’ H1’20 results shows that only ETI reported…

Read more

Fitch: Outlook for $438.9bn global reinsurance sector remains negative

global reinsurance sector, fitch rating

Citing losses from the coronavirus (COVID-19) pandemic, Fitch Ratings has said that the outlook for $438.9 billion global reinsurance sector remains negative for 2021. In a new report, the credit rating agency said that the mounting losses from the pandemic, the effect of the global economic contraction on premium volumes, and ultra-low interest rates, will weigh on the financial performance of the sector. However, it said Fitch-rated reinsurers were generally well-positioned to absorb pandemic- related losses – helped by strong capital – and most rating actions over the next 12…

Read more

Oil price rises to $40

oil price and equities

Business Metrics with Agency Report _________________________ Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or 2.3 per cent, to settle at $40.53 a barrel, while U.S. West Texas Intermediate crude futures rose $1.02, or 2.7 per cent, to settle at $38.28 a barrel. Both contracts fell on Monday, according to Reuters. Futures gained ahead of Hurricane Sally’s expected landfall…

Read more

Again, FG blames naira woes on oil price, capital inflow declines

Emefiele MPR, MPC rate cut

As local currency plunges further to N460/1$ _____________________________ Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has blamed loss of value by the country’s local currency, naira, on the declining oil price in the global market and the fall in capital inflow into the country. He said this during the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria (CIBN) with the theme, “Facilitating a sustainable future: The role of banking and finance,” on Tuesday. On the same say, the naira…

Read more

Cost of living rises as August inflation hits 13.22%

Cost of living Rising inflation correlates with weak economy, CBN survey

The consumer price index, (CPI) which measures inflation increased by 13.22 per cent Year-on-year (YoY) in August 2020 according to the latest report by the National Bureau of Statistics (NBS). This is 0.40 per cent points higher than the rate recorded in July 2020 when its stood at 12.82 per cent, as increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index. On a month-on-month (MoM) basis, the headline index increased by 1.34 per cent in August 2020, 0.09 per cent…

Read more

2.5m new jobs underway as CBN rolls out N200bn housing facility

Family Homes Financing Initiative

The federal government of Nigeria is working to create at 1.5 million construction jobs and 1 million supply jobs in the next five years via a housing financing initiative by the Central Bank of Nigeria (CBN) valued at N200 billion. The apex bank stated this in the Framework for the Implementation of Family Homes Financing Initiative it released on Tuesday, saying that mass housing construction is among the key economic activities with potentials to create significant number of jobs rapidly. “It is in the light of this that the Bank…

Read more

FG targets N7bn VAT revenue, $10m import substitution with solar power initiative

Solar Connection Intervention Facility

The federal government of Nigeria has launched an initiative as part of the Economic Sustainability Plan (ESP) to achieve the roll out of 5 million new solar-based connections in communities that are not grid connected. The Central Bank of Nigeria (CBN), stated in the released the Framework for Implementation of the Solar Connection Facility that the project is part of efforts by the federal government to support the economic recovery in response to the COVID-19 pandemic. The apex bank stated that the pathways to energy access, financial inclusion and poverty…

Read more

Google partners ministry to help Nigerian SMEs, youths recover from pandemic effects

Tech giant, Google, has announced plans to help businesses, job seekers, educational institutions and vulnerable populations as they grapple with the “new normal” and begin to rebuild and recover from the impact of the COVID-19 crisis locally and across the continent. The tech company’s initiatives will address the need for funding, training and services across identified sectors, including support for 500,000 SMBs and 25,000 teachers. This support includes a partnership with the Nigerian Ministry of Youth and Sports Development. The partnership will provide support for youth-owned SMBs. It will also…

Read more