MTN Nigeria says it will use the report of the 2016 senate investigation against the Central Bank of Nigeria in court. The court hearing of the case is already before the federal high court in Ikoyi. Saliu Saidu, the judge presiding over the case, after hearing submissions from lawyers on both sides on Tuesday adjourned the matter till December 4, 2018. "At the adjourned hearing in [...]
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First Bank of Nigeria FC defeated Securities and Exchange Commission FC to emerge champions of the All Financial Institutions Football Competition (AFIFC).FBN FC won the 32nd edition of the tournament via penalties at the Lekan Salami Stadium, Oyo, after the scoreline stood at 1-1 at the end of regulation time.In the third-place match, Azabe Zinariya MFB FC spanked Balogun Fulani [...]
The National Association of Microfinance Banks says that nine out of the 34 microfinance banks in Niger have lost their operational banking licences.Sado Daniel, North Central secretary of the association made the remark in Bida on Monday while inaugurating a micro-finance bank established by the Federal Polytechnic, Bida."These micro-finance banks lost their licences because they fell short during the regulation [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves.Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment."We are going to need to build buffers but unfortunately I must say that we are [...]
The Central Bank of Nigeria (CBN) and commercial banks have resolved to introduce mobile courts to arrest currency hawkers and people who spray at parties.Hamda Ambah, managing director, FSDH Merchant Bank, made this known on Thursday while briefing journalists on the resolutions of the Bankers' Committee."We are going to be disseminating information on the right way to handle the naira [...]
MTN Nigeria is exploring ways of getting the public to trade its shares without listing on the Nigerian Stock Exchange (NSE) via the initial public offering (IPO).Ralph Mupita, MTN's chief financial officer, said the company will not get a fair price for its shares under the current market conditions.MTN recently had a dispute with the Central Bank of Nigeria (CBN) [...]
The monetary policy committee of the Central Bank of Nigeria says the economy's exit from recession may be under threat.While reading out the outcome of the two-day meeting of the committee to reporters on Tuesday, Godwin Emefiele, CBN governor, said: "The Committee was concerned that the exit from recession may be under threat as the economy slowed to 1.95 and [...]
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has kept the monetary policy rate at 14 percent.Godwin Emefiele, CBN governor, announced the committee’s decision at the end of its 263rd meeting held at the bank’s headquarters in Abuja on Tuesday.The MPR has been set at a record high 14 percent since July 2016 to combat rising [...]
The Central Bank of Nigeria (CBN) recently called out MTN, Nigeria’s largest telecommunications company, over repatriation of dividends, asking the telco to refund the $8.1 billion.Four banks were fined N5.8 billion for allegedly issuing irregular certificates of capital importation (CCI) to the company which made the repatriation possible.There seems to be some form of resolution in sight as the CBN is now reviewing [...]
The Central Bank of Nigeria (CBN) says it is reviewing the recent sanctions placed on MTN and four commercial banks.In a statement released on Wednesday, the apex bank said the parties involved have submitted fresh documents in response to the sanctions.CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular certificates of capital importation.It [...]
The Central Bank of Nigeria (CBN) says banks will pay a fine of N10,000 for every money transfer that exceeds four minutes.The apex bank made this known in a circular, 'Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria' issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, [...]
The monetary policy committee of the Central Bank of Nigeria has kept interest rate at 14% for two years.Analysts and businesses alike have expected that the committee to cut rates and reduce the cost of borrowing.In this interview with TheCable, Lukman Otunuga, an economic analyst with FXTM, explains why the committee cannot reduce interest rates yet.TheCable: Do you think the [...]
It has certainly been an explosively volatile trading quarter thus far as investors juggled with global trade tensions, dollar strength and chaos across emerging markets.The simmering trade dispute between the world’s two largest economies fuelled global risk aversion while a brutal sell-off in the EM space rattled investor confidence.Fears remain elevated over the turmoil in Turkey and Argentina spreading like [...]
The Nigerian Communications Commission (NCC) says it hopes that there will be an amicable resolution between the Central Bank of Nigeria and MTN.The financial regulator had ordered MTN to refund the $8.1 billion it repatriated from the country, saying the funds were allegedly taken out of the country using irregular certificates of capital importation.Speaking on Tuesday at the ongoing ITU [...]
Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]
The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]
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