My Bank. My Wife and The New Social Order

Paternity scandal

My Bank. My Wife and The New Social Order   Let me first out myself. I am a former Employee of FCMB. I worked there for a bit in the securities trading arm, CSL. CSL is a legendary institution that continues to be the corner piece of the Nigerian Capital Market. I was the Head of Local Business. One thing that attracted me to the firm was its legacy. Its founder, Chief Subomi Balogun was a hero of sorts to young Stockbrokers like myself. He had built the institution from…

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In Numbers: 50 million Nigerians now have NIN

Why we ask NIN holders for N15,000 payment

In Numbers: 50 million Nigerians now have NIN As FG increases enrolment centres by 900%   No fewer than 50 million Nigerians have so far obtained their National Identity Numbers (NIN), an official of the federal government has revealed. This disclosure was made as the federal government raised the number of National Identification Number (NIN) enrolment centres in the country by 900 per cent by adding new 9,000 centres to hitherto 1,000 in across the country. According to findings, the newly added centres are to commence operation with immediate effect…

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Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1

Linkage Assurance targets N291.09m profit in Q1

Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1 Expects N4.92bn gross premium   Linkage Assurance Plc has projected to make N291.08 million as its profit after tax (PAT) for the first quarter of 2021, while it expects N4.92 billion gross premium written for the period. In its Q1 earning forecast filed on Nigerian Stock Exchange (NSE), the insurance firm also projected N291.09 m as profit after tax and N415.85 million as profit before tax for the period. For the fourth quarter ended December 31, 2019, the underwriting firm’s unaudited…

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NSE admits 4.36bn Ordinary Shares of AIICO Insurance

NSE admits 4.36bn Ordinary Shares of AIICO Insurance About 4.36 billion ordinary shares of AIICO Insurance Plc were listed on the daily official list of the Nigerian Stock Exchange, according a report obtained from the NSE at the weekend. The additional shares listed arose from the company’s Rights Issue of 4.36 billion ordinary shares of 50 kobo each at 80 Kobo per share on the basis of five new ordinary shares for every 13 ordinary shares held as at Monday, June 15, 2020. The Rights Issue was 100 per cent…

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2021’s First Trading Week: Experts predict equity performance

First Trading Week

2021’s First Trading Week: Experts predict equity performance   As equity investors return to the trading floor of the Nigerian Stock Exchange (NSE) this morning to commence not just a new trading week but indeed another year, analysts in the market have predicted how equities will perform. Recall that the market closed last week, the last trading week of 2020, strongly in the green territory with N778 billion profit, equivalent to 3.79 per cent growth in the benchmark index, the All-Share Index (ASI). Consequently, the market will be going life…

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AfCFTA implementation: Analysts see respite for Nigeria’s FX pressure

AfCFTA implementation

AfCFTA implementation: Analysts see respite for Nigeria’s FX pressure   Analysts at PFI Capital Limited have said that the huge demand for foreign exchange in Nigeria will ease if there is an effective implementation of African Continental Free Trade Area (AfCFTA) agreement and a significant increase in the country’s export earnings. The analysts, who stated this in a report obtained by Business Metrics, noted that the surge in demand for forex resulted in naira losing close to 30 per cent in value within the last one year, and more than…

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What investors need to know about crypto-asset risks, by IOSCO

Bitcoin extends tumble

What investors need to know about crypto-asset risks, by IOSCO   The Board of the International Organization of Securities Commissions has published a report that seeks to help regulators inform retail investors about the risks and characteristics of crypto-assets. Crypto-assets carry risks that retail investors may not fully understand, increasing skepticism and the chance of losses on investments in these assets. The IOSCO report titled Investor Education on CryptoAssets identifies an array of possible risks to investors, including such things as lack of market liquidity, volatility, partial or total loss…

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2020: Investors gain N8.21trn as NSE posts best result in 12 years

Investors gain N8.21trn

2020: Investors gain N8.21trn as NSE posts best result in 12 years   Amidst turbulent events that rocked the year 2020 to its very foundation, the Nigerian Stock Exchange (NSE) has posted a positive performance described as phenomenal by analysts in the country’s capital market. Moving against the current of Coronavirus pandemic’s economic disruption, the civil unrest triggered by a ubiquitous protest in many parts of the country and other economic headwinds in 2020, Nigerian equity market recorded N8.21 trillion profit to close the year in the green territory. Firstly,…

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Nigeria’s public debt profile hits N32.22trn

Nigeria's public debt profile

Nigeria’s public debt profile hits N32.22trn As debt servicing costs N1.99trn in 9 months Revenue shortfalls, COVID-19 trigger aggressive borrowing Analysts’s fear comes true   Aggregate public debt stock in Nigeria has soared by N1.21 trillion in the third quarter of last year to hit N32.22 trillion amid revenue shortfalls. This is as the country spent almost N1.99 trillion on debt servicing payments from January to September 2020, the latest data obtained from the Debt Management Office (DMO) have shown. The debt stock is made up of the domestic and…

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NIN: Heads rolling at NIMC as FG suspends officials over extortion

FG suspends officials over extortion

NIN: Heads rolling at NIMC as FG suspends officials over extortion   Heads have started rolling at the National Identity Management Commission (NIMC) as the federal government suspended workers implicated in reported extortion cases at the NIMC enrollment centres. It was gathered that the Minister of Communications and Digital Economy, Isa Pantami, ordered the immediate suspension of the staff members involved in extortion of applicants at the NIMC Bauchi and Kaduna state offices. The NIMC on Sunday said the directive came on the heels of public outcry that some personnel…

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