Monday, January 16, 2017
MARKET UPDATE
JANUARY 13, 2017 NIGERIA STOCK EXCHANGE (Market Closed) SUMMARY: All Share Index 26,325.93 Deals 2,653.00 Volume 148,569,099.00 Value 3,758,383,446.99Market Cap 9,058,131,259,973.59TOP GAINERS CONOIL 37.35 (0.85) STANBIC 15.52 (0.49) NB 142.18 (0.18) TOURIST 3.68 (0.17) ACCESS 6.69 (0.12) TOP LOSERS MOBIL 249.86 (-13.15) SEPLAT 370 (-9.99) TOTAL 300 (-4) PRESCO 42.16 (-2.03) JBERGER 34.83 (-1.83) CBN EXCHANGE RATE(NGN)Buying:$USD 304 £GBP 373.5248 EURO 324.1248 SWISS FRANC 301.8268 YEN 2.6611 Selling:$USD 305 £GBP 374.7535 EURO 325.191 SWISS FRANC 302.8197 YEN 2.6698 CNBC COMMODITY PRICES (USD)Crude Oil (Bonny light) 53.25 Natural Gas 3.304 (0.031) Gold 1195.90 (-3.90) Silver 16.785 (-0.04) Copper 2.6905 (-0.019) Wheat 424.25 (-2.00) Coffee 149.10 (-0.50) Cotton 72.30 (-0.04) Cocoa 2213.00 (-17.00)

Tag "AMCON"

    Fuel scarcity looms as NUPENG commences nationwide strike

Fuel scarcity looms as NUPENG commences nationwide strike

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has commenced a three-day warning strike across the nation, raising concerns on the likelihood of fuel scarcity.Achese Igwe, president of the union, announced this after a national executive committee (NEC) meeting of NUPENG.The strike, which will affect the flow of petrol to filling stations, has shut down seven crude flow [...]

0 comment Read Full Article
    We have over N1.7trn worth of assets in litigation, says AMCON

We have over N1.7trn worth of assets in litigation, says AMCON

Ahmed Kuru, managing director and chief executive officer (CEO) of the Assets Management Company of Nigeria (AMCON), says the company has over N1.7 trillion worth of assets locked up in litigation.Speaking at a one-day conference at the Ceremonial Hall of the Appeal Court in Abuja, Kuru said the refusal and arrogance of top AMCON obligors had become a source of concern, consequently compelling [...]

0 comment Read Full Article
    Senate charts framework for speedy AMCON debt recovery

Senate charts framework for speedy AMCON debt recovery

The senate has begun charting a fresh framework to strengthen the drive of the Asset Management Corporation of Nigeria (AMCON) in debt recovery.This was disclosed by Rafiu Ibrahim, chairman of senate committee on Banking, Insurance and other Financial Institutions in Uyo during a three-day retreat with the theme “Economic Rebuilding through Eligible Assets Recovery”.“This retreat for the Senate Committee on Banking, Insurance [...]

0 comment Read Full Article
    20 people owing Nigeria N1.2trn, says house spokesman

20 people owing Nigeria N1.2trn, says house spokesman

Abdulrazak Namdas, chairman house of representatives committee on media and publicity, says 20 individuals are owing the federal government N1.2 trillion.Addressing journalists on Thursday, Namdas said recovery of the money would help the country in its time of recession."As we all know we are in a recession AMCON was established between 2007 and 2009 as a response to the global [...]

0 comment Read Full Article
    Recession has made AMCON’s job harder, legislator laments

Recession has made AMCON’s job harder, legislator laments

Jones Onyereri, chairman of the house of representatives’ committee on banking and currency, says the current economic situation has made it harder for the Asset Management Corporation of Nigeria (AMCON) to recover outstanding debts.Onyereri disclosed this at a three-day retreat in Sokoto, aimed at building capacity of members of the committee on the emerging issues in the financial sector and [...]

0 comment Read Full Article
    Agabi to Judges: AMCON needs your support to get Nigeria out of recession

Agabi to Judges: AMCON needs your support to get Nigeria out of recession

Kanu Agabi, two-time attorney general of the federation, says the Asset Management Corporation of Nigeria (AMCON) needs decisive action from judges to get Nigeria out of recession.Speaking at the judges’ forum of the federal high court in Abuja, Agabi called on judges handling cases concerning asset and its debtors to pile pressure on the obligors to repay the huge debts, [...]

0 comment Read Full Article
    Aero Contractors suspends operations indefinitely

Aero Contractors suspends operations indefinitely

Aero Contractors, one of Nigeria’s airlines, says it will suspend its operations indefinitely on Thursday.The management of the airline announced this in a statement by Simon Tumba, its media consultant, on Wednesday, stating that it will refund all customers with valid tickets.It said that its decision was informed by the need to re-position the airline for profitability.“The impact of the [...]

0 comment Read Full Article
    AMCON: Challenging economy has made us adjust our recovery tactics

AMCON: Challenging economy has made us adjust our recovery tactics

Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), says Nigeria’s economic challenges has made the corporation adjust its recovery tactics.Kuru said the fresh tactics have led to a barrage of sponsored media attacks that are intended to distract the corporation from its increased tempo of debt recovery.He added that he had been accused of suddenly becoming [...]

0 comment Read Full Article
    AMCON recovers N644bn, says it’s out to protect the economy

AMCON recovers N644bn, says it’s out to protect the economy

Ahmed Kuru, managing director (MD) of the Asset Management Corporation of Nigeria (AMCON), says the corporation has succeeded in recovering N644 billion.Kuru disclosed this at a media briefing in Lagos, stating that the financial institution is on its way to achieving its objective of protecting the economy and retrieving acquired bad debts in the Nigerian financial system."We have so far [...]

0 comment Read Full Article
    Ben Bruce bounces back… Silverbird, RHYTHM FM back on air

Ben Bruce bounces back… Silverbird, RHYTHM FM back on air

Rhythm FM and Silverbird television have resumed operation after a “break in transmission".The electronic media platforms owned by the family of Ben Bruce, a senator from Bayelsa east, went off air on Thursday after officials of the Asset Management Company of Nigeria (AMCON) sealed off the company’s buildings in Abuja, Lagos and Port Harcourt.The Bruce family allegedly defaulted in paying [...]

3 comments Read Full Article
    AMCON takes over Ben Bruce’s companies in Abuja, PH, Lagos

AMCON takes over Ben Bruce’s companies in Abuja, PH, Lagos

The Asset Management Corporation of Nigeria (AMCON) has taken over the properties of Ben Murray Bruce, top businessman and lawmaker representing Bayelsa east senatorial district.Citing an order from a federal high court in Lagos, the agency sealed three companies operated by the famous Bruce family.The companies are: Silverbird Galleria Limited located at 133 Ahmadu Bello Way, Victoria Island, Lagos; Silverbird [...]

3 comments Read Full Article
    We are not indebted to AMCON, says Bi-Courtney

We are not indebted to AMCON, says Bi-Courtney

The Bi-Courtney Group has faulted its listing on the Debtors’ List of the Asset Management Corporation of Nigeria (AMCON).Tolu Oshobi, partner at Babalakin & Co Legal Practitioners, debunked the claim, describing it as “an act of extreme bad faith”.Oshobi said the federal government was owing Bi-Courtney to the tune of N132 billion, and demanded that the alleged debt be settled [...]

0 comment Read Full Article
    Babalakin: We lost N80bn to government’s dishonesty

Babalakin: We lost N80bn to government’s dishonesty

Wale Babalakin, chief executive officer of Resort International Ltd, the company that won the concessional rights to the federal secretariat project conversion, says his company lost N80bn to government’s inability to keep its word.Speaking at the infrastructure policy commission of the Nigeria Economic Summit Group (NESG) moderated by Philips Oduoza, the managing director of UBA, Babalakin lamented what he called [...]

0 comment Read Full Article
    Kuru takes over from Chike-Obi as AMCON MD

Kuru takes over from Chike-Obi as AMCON MD

President Muhammadu Buhari has replaced Mustafa Chike-Obi with Ahmed Lawan Kuru as the chief executive of the Asset Management Corporation of Nigeria (AMCON).Buhari also dissolved the executive management team, whose five-year has ended.Femi Adesina, special adviser to the president on media and publicity, revealed this in a statement issued on Tuesday.Adesina also said the president has approved the reconstitution of management team of the [...]

0 comment Read Full Article
    Again, AMCON loses bid to take over Bi-Courtney’s assets

Again, AMCON loses bid to take over Bi-Courtney’s assets

The Asset Management Corporation of Nigeria (AMCON) has lost its bid to take over the assets of Wale babalakin's Bi-Courtney Group.Okon Abang, a justice of the federal high court in Lagos, had ordered AMCON to take over the assets of the company, including Terminal II of Murtala Mohammed International Airport, Ikeja, over an alleged debt of N50 billion.But Ibrahim Buba, [...]

0 comment Read Full Article
    Cecilia Ibru ‘reacquires’ forfeited N569bn assets

Cecilia Ibru ‘reacquires’ forfeited N569bn assets

Cecilia Ibru, former CEO of Oceanic Bank International Plc (now part of Ecobank), may have reacquired the properties, assets and shares she forfeited to the federal government.This was disclosed by Victor Lar, chairman of the senate committee on drugs, narcotics, financial crimes and anti-corruption, at its sitting with the management of Securities and Exchange Commission (SEC), Economic and Financial Crimes Commission (EFCC), [...]

1 comment Read Full Article

Exchange Rates

January 14, 2017USDGBPEUR
INTERBANK316.13385.11336.46
LAGOS491600515
KANO487595510
PH491600518
ABUJA492600516
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement