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ASSETS & FINANCIALS

Assets and Financial is MMS Plus featured news items on the capital and money market. It takes you into the financial and stock world, with company performance measurement

Inflation may rise in coming months, LCCI warns

Inflation may rise in coming months, LCCI warns

The Lagos Chamber of Commerce and Industry has warned that the nation’s inflationary trend may move higher in the coming months from the current 11.25 per cent as the nation continues to shut its borders to its West African neighbours. ...

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External reserves drop by $4.9bn in nine months

External reserves drop by $4.9bn in nine months

Between March and November this year, the country’s external reserves dropped by $4.99bn from $44.79bn to $39.8bn, the Central Bank of Nigeria has said. The $4.99bn according to data obtained from the CBN represents a decline of 10.65 per cent. ...

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Debt servicing takes N2.7tn as National Assembly passes N10.6tn budget

Debt servicing takes N2.7tn as National Assembly passes N10.6tn budget

APC, NECA, LCCI commend timely passage of budget The Senate and the House of Representatives on Thursday concurrently passed the 2020 Appropriation Bill, raising the total estimates from the proposed N10.33tn to about N10.6tn. The passage followed the consideration and ...

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NNPC, DPR, FIRS illegally deducted N1.5tn — Auditor-General

NNPC, DPR, FIRS illegally deducted N1.5tn — Auditor-General

Out of the N6.4tn generated by revenue collection agencies in 2017, about N1.5tn was deducted and not remitted into the federation account in violation of the provisions of the Constitution. The Office of the Auditor-General for the Federation, disclosed this ...

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Banks’ non-performing loans decline by N1.14tn

Banks’ non-performing loans decline by N1.14tn

Between the third quarter of 2018 and the third quarter of this year, the Non-Performing Loan portfolio of the banking sector dropped from N2.24tn to N1.1tn. This shows a decline of N1.14tn or 50.89 per cent reduction in the banks’ ...

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CBN to tackle N1.3tn food imports

CBN to tackle N1.3tn food imports

The Central Bank of Nigeria says it is currently implementing various intervention programmes that will catalyse funding to critical sectors of the economy such as agriculture and manufacturing. The CBN Deputy Governor, Corporate Services, Mr Edward Adamu, said this on ...

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Equities market reopen negative as index depreciates by 0.04%

Equities market reopen negative as index depreciates by 0.04%

The Nigerian equities market reopened on a bearish note yesterday, occasioned by losses in some bellwethers, as the All- Share Index (ASI) depreciated marginally by 0.04 percent. At the close of transactions, the ASI decreased by 11.56 absolute points or ...

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FG, states, others share N2.3 trillion

FG, states, others share N2.3 trillion

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the Federation Account Allocation Committee (FAAC) disbursed N2.273 trillion to the three tiers of government and other statutory bodies between July and September this year. The details, contained in the ...

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W’Bank to FG: Reform now to stop further slide into extreme poverty

W’Bank to FG: Reform now to stop further slide into extreme poverty

The World Bank has said the number of Nigerians living in extreme poverty may increase by more than 30 million by 2030 and the country will be home to 25 per cent of the world’s destitute people if the government ...

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In 2020, tight monetary policy retains top spot

In 2020, tight monetary policy retains top spot

The hawkish stance of the Central Bank of Nigeria (CBN) over the years will crossover to 2020 and still retain its grip on the financial market. The apex bank, in its assessment of the global and domestic economies, will remain ...

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Border closure, forex restriction’ll boost capital market –Minister

Border closure, forex restriction’ll boost capital market –Minister

The Minister of Industry, Trade and Investment, Niyi Adebayo, has said the gains being recorded from the border closure and the foreign exchange restriction on 44 items will increase domestic business’ activities and make the capital market more active. Adebayo, ...

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Reduce $57 budget oil benchmark, MPC tells FG

Reduce $57 budget oil benchmark, MPC tells FG

The Monetary Policy Committee of the Central Bank of Nigeria has called on the Federal Government to review downwards the 2020 budget oil price benchmark of $57 per barrel to stimulate fiscal buffers. The CBN Governor, Mr Godwin Emefiele, said ...

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Devaluation calls loom as reserves fall below $40 billion

Devaluation calls loom as reserves fall below $40 billion

• Nigeria faces ‘busy’ week with data, policy decision • Foreign investments fall by eight percent Nigeria’s foreign exchange reserves fell below $40 billion for the first time in 23 months, as the country’s crude oil earnings remain under pressure in ...

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NSIA indicates interest to revive Ajaokuta Steel, others

NSIA indicates interest to revive Ajaokuta Steel, others

The Nigeria Sovereign Investment Authority says it is interested in reviving the Ajaokuta Steel Company. Apart from the Ajaokuta Steel Company, the agency is also interested in reviving other moribund assets to enable the country to reap the benefits of ...

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CBN set to establish large-scale poultry in Benue

External reserves drop by $4.9bn in nine months

The Central Bank of Nigeria has selected the Federal University of Agriculture Makurdi to set up a large-scale poultry farm that would enhance poultry production in the country. The Vice Chancellor of the university, Prof. Richard Kimbir, disclosed this at ...

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FG pledges to aid creative industry’s growth

Border closure: Benin, Niger haven’t met our conditions – FG

Minister of Information and Culture, Alhaji Lai Mohammed has said that the Federal Government will remove all impediments to the growth of the creative industry. The minister gave the assurance in Lagos yesterday at the All Africa Music Awards (AFRIMA). ...

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FG to ban single use of plastic materials in 2024

FG to ban single use of plastic materials in 2024

Following its plans to ban the single-use of plastic materials, the Federal Government has advised that a moratorium of 2024 be given to formulating policy guidelines on its implementation and management. In addition, there is the need to ensure that ...

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FG secures €500m loan for BoI

FG secures €500m loan for BoI

The Federal Government has sourced a fresh €500m loan for the Bank of Industry from Credit Suisse AG, London branch, and a syndicate of international lenders. The facility (about N200bn) was approved at Wednesday’s Federal Executive Council meeting presided over ...

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NSE gets recognition for CSR

NSE gets recognition for CSR

The Nigerian Stock Exchange says it has received the ‘Best Corporate Social Responsibility Initiative’ and the ‘Capital Market In-House Team of the Year awards at the 2019 Marketing World Awards and the ESQ Nigerian Legal Awards, respectively. The NSE said ...

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40% of African countries in debt crisis – IMF

40% of African countries in debt crisis – IMF

The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to ...

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