Mixed session ahead, as investors bet on MPC outcome, full-year earnings

Mixed session ahead, as investors bet on MPC outcome, full-year earnings   By Investdata Analysts   Profit taking on the Nigerian Stock Exchange continued Tuesday, in the midst of volatility and selling sentiment, as traders cashed out profit from the recent rally, amidst permutations as to options open to members of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) when they meet for the first time this year, next week. This is just as there are talks around what to expect from various sectors and companies as they…

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Financial Inclusion: FirstBank’s 86,000 banking agents process N9.6trn transactions

FirstBank SMEConnect

Financial Inclusion: FirstBank’s 86,000 banking agents process N9.6trn transactions Runs largest agent banking network in 772 local governments   At present, there are over 86,000 banking agents across 772 out of the 774 local government areas in Nigeria, a demonstration of FirstBank’s commitment to deepening financial inclusion and ensuring the unbanked are adequately catered for. In an interview with the press, Adesola Adeduntan, FirstBank’s chief executive officer noted that over N9.6 trillion had been processed through the bank’s agent network. As he explained, FirstMonie agents have supported several government and…

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A cautious start to a busy week

A cautious start to a busy week

A cautious start to a busy week   By Hussein Sayed, FXTM Analyst Following a solid start to the year, investors are turning more cautious as data continues to be released, corporates present their outlook for 2021, President-Elect Joe Biden sets out his economic plan, and most importantly developments around Covid-19 continue. Asian stocks traded mixed today despite data showing that China’s economy bounced back strongly in the final quarter of 2020. The world’s second-largest economy reported 6.5% growth in Q4, well above estimates of 6.1%. Industrial production also beat…

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Samsung boss Lee Jae-yong faces jail time over corruption

Samsung

Samsung boss Lee Jae-yong faces jail time over corruption   The de facto chief of South Korea’s Samsung business empire faces the verdict Monday in his retrial over a sprawling corruption scandal, a ruling that could see him jailed for years, depriving the tech giant of its top decision-maker. Officially, Lee Jae-yong is the vice-chairman of Samsung Electronics, the world’s biggest smartphone, and memory chip maker, but he has effectively been at the head of the massive Samsung group for several years after his father was left bedridden by a…

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NNPC rakes in $120.49m crude oil revenue in September

oil export proceeds

NNPC rakes in $120.49m crude oil revenue in September   The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the…

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Competition toughens as MTN, Airtel, Glo, 9Mobile trade 181,377 customers

mobile number portability

Competition toughens as MTN, Airtel, Glo, 9Mobile trade 181,377 customers   Porting rises 56.5% YoY 9Mobile emerges highest gainer, Airtel highest loser   In a race to attract more telecoms consumers, Mobile Network Operators (MNOs) in Nigeria have exchanged among themselves a total of 181,377 subscribers via mobile number portability between January and November, 2020. Porting activities on the four MNOs, namely MTN, Globacom, Airtel and 9mobile, within the 11-month period were 56.5 per cent higher than 115,887 recorded in the same period of 2019. Also, the 11 months porting…

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COVID-19: IOSCO releases insights to help capital market regulators contain risks

IOSCO logo

COVID-19: IOSCO releases insights to help capital market regulators contain risks   The Board of International Organisation of Securities Commissions has published a report that seeks to assist regulators in responding to the retail market conduct issues caused by stress events such as the current COVID-19 crisis. According to the commissions, enhancing investor protection and investor confidence in the integrity of securities markets are fundamental objectives for IOSCO. The report examines common retail misconduct risks that have arisen in the financial services industry during the pandemic and sets out measures…

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COVID-19: Subscriber group calls for immediate suspension of NIN Registration

NIN-SIM linkage

COVID-19: Subscriber group calls for immediate suspension of NIN Registration   The Association of Telephone, Cable TV and Internet Subscribers of Nigeria (ATCIS) has urged the Federal government to suspend the ongoing NIN registration by telephone subscribers nationwide immediately. Making the call while addressing newsmen in Lagos recently, Prince Sina Bilesanmi, the national president of the association, said the suspension becomes necessary as more Nigerians are on daily basis being exposed to the dangers of the dreaded Covid-19 pandemic as they throng the National Identity Management Commission (NIMC) offices in…

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E.F. Network Ltd, new indigenous ISP promises Nigerians lower cost of data

E.F. Network Ltd

E.F. Network Ltd, New indigenous ISP promises Nigerians lower cost of data   An indigenous technology firm, E. F. Network Limited, yesterday said it had gotten approval from the sector’s regulatory agency, the Nigerian Communications Commission (NCC) to provide Internet services in the country. A statement by the company’s director of corporate communications, Ameh Ochojila, said the approval came after meeting all requirements and qualifications stipulated by NCC for the license. F. Network Limited promised it would offer customers quality service at affordable cost, adding that its market entry strategy…

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CAC raked in N19bn IGR in 2020

CAC raked in N19bn IGR in 2020

CAC raked in N19bn IGR in 2020   Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) last year. Abubakar made this known in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja. According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded increase in the registration of businesses and other corporate entities during the year. “The year 2020 was one of our best years in terms…

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