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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

Fitch Affirms Nigeria’s ‘B+’ Rating, Negative Outlook

Fitch Affirms Nigeria’s ‘B+’ Rating, Negative Outlook

Fitch Ratings has affirmed Nigeria’s long-term foreign-currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook. This is just as the country’s external reserves recorded a second consecutive day drop to $47.787 billion as of May 15 compared with ...

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…Mulls Amendment of Procurement Act to Support Small Businesses

…Mulls Amendment of Procurement Act to Support Small Businesses

The federal government yesterday disclosed plan to amend some section of the Procurement Act in order to support operators of small businesses in the country. The Vice President, Prof. Yemi Osinbajo revealed this in a keynote address at a Policy ...

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Again, CBN Urges Nigerians to Treat Naira with Respect

Again, CBN Urges Nigerians to Treat Naira with Respect

The Central Bank of Nigeria (CBN) has again admonished Nigerians to treat the naira with utmost respect, noting that the national currency symbolises ‘our national pride.’ The central bank also reminded Nigerians that Section 21 of the CBN Act 2007, ...

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2018 Budget to Be Passed May 16, Says Senate

2018 Budget to Be Passed May 16, Says Senate

The Senate has said the report of the N8.612 trillion appropriation bill will be considered and passed next week May 16, 2018, six months after it was laid by President Muhammadu Buhari. Senate spokesman, Senator Aliyu Sabi Abdullahi, while speaking ...

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NASCON to grow tomato business through backward integration process

NASCON to grow tomato business through backward integration process

Shareholders’ laud firm’s 2017 performance To consolidate its performance and sustain growth trajectory in the next financial year, NASCON Allied Industries has assured shareholders that the firm would prioritise its tomato paste business through the adoption of backward integration process ...

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Dangote Cement Lifts Market as Trading Resumes on Bullish Note

Dangote Cement Lifts Market as Trading Resumes on Bullish Note

The stock market resumed on positive note on monday as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.05 per cent to close at 41,233.42. Similarly, market capitalisation added N16.6 billion to close at N14.9 trillion. However, the activity ...

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Capital Flight: Nigeria, Others Lose N2.89tn to Foreign Insurers

Capital Flight: Nigeria, Others Lose N2.89tn to Foreign Insurers

Nigeria, Ghana and other regional insurance markets annually lose a whooping N2.89 trillion($8billion) to offshore insurance markets mainly in Europe and America, due to fragmented nature of African insurance markets. This, had resulted to the inability of firms in the ...

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PenCom to boost economy with micro-pension

PenCom to boost economy with micro-pension

The National Pension Commission (Pencom), has revealed plans to extend the Contributory Pension Scheme (CPS), to underserved sectors of the economy through the creation of a Micro Pension Scheme. Speaking at a workshop in Uyo, the Akwa Ibom State capital,‎ ...

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Access Bank Empowers 500 Female SME Operators

Access Bank Empowers 500 Female SME Operators

Access Bank Plc has disclosed that its ‘W’ Academy, in partnership with the Enterprise Development Centre (EDC) of the Lagos Business School (LBS), recently organised a professional business capacity-building workshop for 500 female entrepreneurs in Port-Harcourt, Abuja and Lagos. These capacity ...

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Inflation Rate Seen Heading Towards Single-digit

Inflation Rate Seen Heading Towards Single-digit

Inflation rate in the country has been projected to drop further in April, thereby inching towards a single-digit rate. Analysts at FSDH Merchant Bank Limited stated this in a report. They anticipated that inflation rate (year-on-year) would drop to 12.43 per ...

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MTN Nigeria Records Increase in Revenue, Subscriber Base in Q1

MTN Nigeria Records Increase in Revenue, Subscriber Base in Q1

MTN Nigeria Communications Limited has announced its quarterly results for the period ended 31 March 2018, with an increase in its revenue and subscriber number. According to the results, MTN Nigeria subscribers increased by 4.3 per cent quarter-on-quarter to 54.5 ...

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Nigeria, China sign currency swap deal

Nigeria, China sign currency swap deal

China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria. The agreement will allow the two sides to swap a total of 15 billion Chinese yuan (2.35 billion dollars) for 720 billion ...

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Revealed: Teleology Offered $301m to Win 9mobile Bid

Revealed: Teleology Offered $301m to Win 9mobile Bid

Facts have emerged that Teleology Holdings Limited actually offered to pay $301 million during the bid process for the sale of 9mobile to emerge as the preferred bidder, as against the $500 million that was widely reported. The public was ...

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Fidelity Bank Rewards Customers with N250m in Two Years

Fidelity Bank Rewards Customers with N250m in Two Years

Fidelity Bank on Monday disclosed that it had in the last two years, through its various promotions, rewarded its customers with over N250 million in cash prizes to 140 customers. This was revealed at the grand finale draw of its ...

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CBN Introduces New Anti-money Laundering Rules

CBN Introduces New Anti-money Laundering Rules

The Central Bank of Nigeria (CBN) has rolled out a new set of penalties for organisations that flout its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) rules. The central bank stated this in a circular titled: “CBN Anti-Money ...

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CBN Unveils Regulatory Framework for USSD

CBN Unveils Regulatory Framework for USSD

In furtherance of its mandate to develop and enhance the security of the electronic payments system, the Central Bank of Nigeria (CBN) thursday released the framework for the use of the Unstructured Supplementary Service Data (USSD). The implementation of the ...

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World Bank Group’s shareholders okay $13b for subsidiaries

World Bank Group’s shareholders okay $13b for subsidiaries

A fresh hope of more development financing for middle and lower income countries, including Nigeria, has been raised, as the World Bank Group’s shareholders overwhelmingly approved a new Paid-in Capital of $13 billion for its subsidiaries- International Bank for Reconstruction ...

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DMO’s April bond auction records 292% over-subscription

DMO’s April bond auction records 292% over-subscription

The April bond auction of the Debt Management Office (DMO) has been over-subscribed by 292 per cent. This was disclosed in a statement by the office yesterday. It said the over-subscription was a measure of the level of confidence that ...

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IMF Harps on Reforms to Strengthen Financial Sector Resilience

The International Monetary Fund (IMF) has stressed the importance of a timely and consistent implementation of the financial sector reform agenda as soon as possible to further strengthen financial sector resilience across the world. The Fund also said there was need to continue to monitor and, ...

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SEC Moves to Halt De-listing of Quoted Companies

SEC Moves to Halt De-listing of Quoted Companies

Extends forbearance window for multiple account investors to Sept Afraid of the potential threats  de-listing quoted companies from the capital market could portend to Nigeria’s economy, the Securities and Exchange Commission (SEC) yesterday disclosed that it had initiated moves to halt ...

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