Jan 6, 2021 - Business Metrics

Guinness Nigeria’s board picks date to examine financial results, others

Jan 6, 2021 Banjo Olaniran

Guinness Nigeria’s board picks date to examine financial results, others A meeting of the Board of Directors of Guinness Nigeria Plc has been slated for Wednesday, 27th January 2021 for the purpose of considering and approving the half year financial results for the period ending 31st December 2020, amongst other matters. The company informed the exchange and the investing public of the plan via a corporate filling at the Nigerian Stock Exchange (NSE) signed by Rotimi Odusola, its company secretary and legal director. Accordingly, in compliance with the NSE…

Peace Mass Transit acquires 55.82% shares of C&I Leasing

Jan 6, 2021 Ugochi Emmanuel

Peace Mass Transit acquires 55.82% shares of C&I Leasing C&I Leasing Plc has announced the purchase of 313,326,316 units of the Neoma Africa Fund L.L.C by Peace Mass Transit Limited. This was disclosed by the company in a statement signed by the Company Secretary, Mbanugo Udenze & Co, a copy of which was posted on the Nigerian Stock Exchange website. “C&I Leasing Plc notifies the Exchange and the investing public of the purchase of 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) unsecured variable…

Forex inflow through CBN declines to $6.97bn in Q3 2020

Jan 6, 2021Jan 6, 2021 Business Metrics

External reserves rise by $930m in two weeks

Forex inflow through CBN declines to $6.97bn Q3 2020 Foreign exchange inflow through the Central Bank of Nigeria (CBN) in the third quarter of 2020 stood at $6.97 billion. The CBN disclosed this in the third quarter economic report. It said, “Foreign exchange inflow through the Central Bank of Nigeria decreased in the third quarter of 2020, largely due to a reduction in non-oil inflow. “During the review period, aggregate foreign exchange inflow through the CBN stood at $6.97bn, a decrease of 30.7 per cent and 43.6 per cent…

NIN: NCC allays fears of mass disconnection of telephone subscribers

Jan 6, 2021 Banjo Olaniran

NCC allays fears of mass disconnection of telephone subscribers The Nigerian Communications Commission (NCC) has described as unfounded fears over allegations in numerous publications in both print and electronic media regarding mass disconnection of telephone subscribers as a result of the ongoing linkage of SIM Registration Records with the National Identity Number (NIN) The NCC, in a statement by Ikechukwu Adinde, director, Public Affairs, on Wednesday, said the clarification was necessary to allay the fears of subscribers and the general public. “Most of these publications are based on the…

FG disburses N166 million to 239 beneficiaries

Jan 6, 2021 Umar Suleiman

FG disburses N166 million to 239 beneficiaries Ahead of the processing of the over three million applications so far received, the Nigeria Youth Investment Fund (NYIF) of the Federal Government has completed its pilot disbursement of loans totaling N165.7 million to 239 beneficiaries. The money, approved by the Federal Executive Council on July 22 2020, is being implemented in partnership with the Central Bank of Nigeria (CBN), Ministry of Finance, Budget and National Planning and disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank. A…

Access Bank acquires another bank in Zambia

Jan 6, 2021 Banjo Olaniran

Access Bank acquires another bank in Zambia Access Bank Plc has announced the completion by it’s Zambian subsidiary of Cavmont Bank Limited (Cavmont ppl), following fulfillment of the key conditions precedent including regulatory approvals. In a statement on Wednesday, the lender explained that the merger of Cavmont into Access Bank Zambia is expected to take place before the end of January 2021. After then, “Access Bank Zambia will emerge as a stronger and well-capitalized banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in…

Why we ask NIN holders for N15000 payment – NIMC

Jan 6, 2021 Banjo Olaniran

Why we ask NIN holders for N15000 payment – NIMC The National Identity Management Commission (NIMC) has explained why holders of the National Identity Number (NIN) are required to make certain payment ranging from N5,000 to N15,000. Mrs Funmi Opesanwo, NIMC Regional Coordinator, explained that NIN holders are required to pay N15,000 to correct their dates of birth on the database of NIMC. She said this on Wednesday at the commission’s office in the Alausa area of Lagos State, adding that NIN holders are also required to pay a…

2020: Nigeria ranks fourth in Islamic finance research papers globally

Jan 6, 2021 Banjo Olaniran

2020: Nigeria ranks fourth in Islamic finance research papers globally According to the Islamic Finance Development Report (IFDR) 2020, Nigeria ranked fourth among nations in Islamic finance research papers. According to the report Indonesia, Malaysia, UK, UAE, and Pakistan were the top countries in Islamic finance education. The 2020 IFDR was a collaborative effort of the Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv, one of the world’s largest providers of financial markets data and infrastructure. ICD is the private sector development arm of the Islamic Development Bank (IsDB). From the report, it was clear that for the…

Demutualisation: NSE announces chief executives for emerging entities

Jan 6, 2021Jan 6, 2021 Banjo Olaniran

How local investors stimulate N1.03trn share deals in 2020 – Onyema

Demutualisation: NSE announces Chief executives for emerging entities The National Council of The Nigerian Stock Exchange (NSE) has announced three principal executives to head the three subsidiaries of demutualised Nigerian Stock Exchange (NSE) upon the completion of its ongoing demutualisation. The three non-operating Companies are the Exchange Group Plc, Nigerian Exchange Limited and NGX Regulation Limited. According to a statement from the exchange on Wednesday, Oscar Onyema has emerged the Group Chief Executive Officer of the Exchange Group Plc. While Temi Popoola emerged as the Chief Executive Officer of the…

World Bank cuts Nigeria’s 2021 growth forecast; explains why

Jan 6, 2021 Ugochi Emmanuel

World Bank cuts Nigeria’s 2021 growth forecast; explains why The World Bank has revised downwards Nigeria’s 2021 growth forecast to 1.1 per cent from the 1.7 per cent it projected for the country in June last year. The bank, which made the forecast in its semiannual Global Economic Prospects report released on Tuesday, said it cut Nigeria’s growth forecast for this year by 0.6 per cent because it expects economic activity in the country to be “dampened by low oil prices, falling public investment due to weak government revenue,…