The Securities and Exchange Commission (SEC) has suspended the regularisation deadline put in place for shareholders that opened multiple accounts for the purchase of shares with different names.This was part of the decisions reached on Thursday at the third capital market committee (CMC) meeting that held in Lagos.Mary Uduk, SEC's acting director-general, said this would enable shareholders having challenges with [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says there is no cause for alarm in the drop in the country's foreign reserves.Emefiele was answering questions from journalists at the end of the two-day meeting of the monetary policy committee (MPC) in Abuja on Tuesday.The foreign reserves have dropped to $39.8 billion dollars on Monday from $40.6 billion [...]
The monetary committee of the Central Bank of Nigeria (CBN) has announced its decision to maintain the monetary policy rate (MPR), which measures interest rate at 13.5%.Addressing journalists on Tuesday after the committee's two-day meeting, Godwin Emefiele, the CBN governor, said the upward movement in inflation was expected.Saying the decision was made to protect prices, Emefiele said the cash reserve [...]
Uche Orji, managing director of the Nigeria Sovereign Investment Authority (NSIA), says the country's sovereign wealth fund is safe with JP Morgan in the UK. Orji said this while speaking at the 2019 leadership forum of Pilot Newspaper in Abuja on Monday."Risk management is something we take seriously. We keep our funds with JP Morgan in the United Kingdom. So, in [...]
Forte Oil Plc will be changing its name to Ardova Plc -- if approval is given by shareholders.In a notice sent to the Nigerian Stock Exchange on Monday, the company said shareholders' approval for the name change will be sought at the upcoming extraordinary general meeting scheduled to hold on December 17.The notice read: "Notice is hereby given that an [...]
Data made available by the National Bureau of Statistics (NBS) on Monday showed that foreign inflow into Nigeria decreased from $5.82 billion in Q2 2019 to $5.36 billion in Q3 2019, a difference of $460 million.In its report titled Nigerian Capital Importation (Q3 2019), the NBS said the figure represents a decrease of 7.78 percent compared to the previous quarter.The [...]
Yewande Sadiku, executive secretary of the Nigerian Investment Promotion Commission (NIPC), has challenged the senior management of the commission to drive proactive investor engagements.Sadiku threw the challenge in a meeting with the NIPC senior management team, where she shared her vision for targeted investment promotion as an extension of the ongoing efforts at improving the proactive delivery of NIPC’s mandate.She said [...]
Aliko Dangote, president of the Dangote Group, says the first phase construction of the road leading from the seaport in Apapa to the Lagos-Ibadan Expressway Toll Gate will be completed before the end of December 2019.Dangote was speaking during an inspection of the construction site with Godwin Emefiele, governor of the Central Bank of Nigeria.According to the billionaire businessman, the [...]
Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says Nigeria and South Africa are making plans to reach an agreement on assets recovery and repatriation.Magu was speaking at the closing ceremony of the two-week capacity-building and mentorship programme for 10 officials of the Liberian Anti-Corruption Commission (LACC) at the EFCC Academy in Abuja.Under the agreement, assets [...]
The National Economic Council (NEC) has approved that an additional $250 million be made available to the Nigeria Sovereign Investment Authority (NSIA).The council made the decision at its meeting on Thursday which was presided over by Vice President Yemi Osinbajo (pictured).Addressing journalists at the end of the meeting, Uchechi Orji, the NSIA managing director, said the authority generated N68.3 billion [...]
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