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

Buhari signs anti-money laundering, counter-terrorism, crime proceeds bills

Buhari signs anti-money laundering, counter-terrorism, crime proceeds bills

The President Major General Muhammadu Buhari (retd.), on Thursday, signed into law, three bills; the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022. According …

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Nigerians’ spending on household consumption rises to N108tn – NBS

Nigerians’ spending on household consumption rises to N108tn – NBS

The National Bureau of Statistics has said that Nigerian residents spent N108.47tn on household consumption in 2021 in nominal terms. The figure is higher than the N97.72tn recorded in 2020, showing an increase of 11 per cent amid double-digit inflation. …

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Nigerian paper mills collapse, imports hit N297bn in six months

Nigerian paper mills collapse, imports hit N297bn in six months

…country loses N180bn from collapse yearly Nigerian paper mills have collapsed years after privatisation, forcing the economy to depend on imported paper for its needs. According to data from the National Bureau of Statistics data, Nigeria imported paper and its …

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FG’s debt servicing jumps to $101m – CBN

FG’s debt servicing jumps to $101m – CBN

NIGERIA’S monthly debt service rose by $31.46m in one month to $101.29m in January, figures obtained from the Central Bank of Nigeria have revealed. This indicates a 45 per cent increase month-on-month. The CBN disclosed in its data on debt …

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Nigeria, others’ debts relief request at advanced stage – FG

Nigeria, others’ debts relief request at advanced stage – FG

  The President, Major General Muhammadu Buhari (retd.), has said efforts to get debt relief for African countries and Special Drawing Rights of about $650bn, especially with the impact of the COVID-19 pandemic, have reached an advanced stage. Buhari, who …

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Naira slumps to N595/dollar, forex shortage lingers

Naira slumps to N595/dollar, forex shortage lingers

The naira slumped further and exchanged to the dollar at 595 on Friday at the parallel market. Some Bureau de Change operators who spoke with our correspondent said the dollar was bought and sold at 585 and 595 on Friday. …

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Neglect of economy for politics crippling manufacturing sector – Association

Neglect of economy for politics crippling manufacturing sector – Association

The Aggregate Manufacturers CEO Confidence Index score declined to 53.9 points in the first quarter of 2022, from 55.4 points recorded in the fourth quarter of 2021, latest report from the Manufacturers CEOs Confidence Index shows. According to the report, the …

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Recapitalisation: PenCom probes PFAs’ funds as deadline ends Saturday

Recapitalisation: PenCom probes PFAs’ funds as deadline ends Saturday

THE National Pension Commission is investigating the nation’s Pension Fund Administrators evidence of meeting its new capital requirements ahead of the April 30, 2022 recapitalisation deadline, findings have revealed. Sources among the operators said many of the PFAs submitted their …

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FG targets N2.06bn, 5,800 jobs from ports projects

FG targets N2.06bn, 5,800 jobs from ports projects

The Infrastructure Concession Regulatory Commission has issued two Full Business Case Certificates of Compliance for new infrastructure projects. The FBCs which were presented to the Minister of Transportation, Rotimi Amaechi, were for the concession of the Badagry Deep Seaport and …

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Subsidy may hamper Nigeria’s gain from rising oil prices – IMF

Subsidy may hamper Nigeria’s gain from rising oil prices – IMF

The International Monetary Fund has said Nigeria may not benefit from rising oil prices if the government doesn’t restrain the level of fuel subsidy it offers to the citizenry. The IMF added that Nigeria and other nations in sub-Saharan Africa …

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NNPC, three others generate N28.02tn in three years – NEITI

NNPC, three others generate N28.02tn in three years – NEITI

Four revenue-generating agencies of the Federal Government generated a total of N28.02tn between 2017 and 2019, the Nigeria Extractive Industries Transparency Initiative announced on Thursday. NEITI outlined the agencies to include the Nigerian National Petroleum Company Limited; Federal Inland Revenue …

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CBN grants Airtel approval to operate mobile money banking

CBN grants Airtel approval to operate mobile money banking

Airtel Africa has confirmed that the Central Bank of Nigeria has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence. According to the firm, this licence will allow it to create an agency network that can …

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Economic crisis worsens as forex inflows fall by $9.58bn

Economic crisis worsens as forex inflows fall by $9.58bn

Foreign exchange inflows into the economy declined in the fourth quarter of 2021, owing to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest …

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FG targets 21 million jobs from investments

FG targets 21 million jobs from investments

  The Federal Government is planning to generate 21 million full-time jobs through massive investment in social infrastructure and services, the Minister of State, Finance, Budget and National Planning, Prince Clem Agba, said on Monday. According to him, the decision …

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AB InBev opens application for 2022 programme

AB InBev opens application for 2022 programme

The 100+ Accelerator, an incubator program founded in 2018 by AB InBev, has announced that applications for its 2022 Cohort 4 are open. According to the company, its application is for companies providing sustainable solutions such as capturing atmospheric CO2; …

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Local production of 42.7 billion MT bitumen deposit begins

Local production of 42.7 billion MT bitumen deposit begins

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will soon begin production of 42.74 billion metric tonne (MT) bitumen, which has been left fallow for years. He said the cost of road construction in the …

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Twitter, Nigeria agreement suffers setback as Musk buys microblogging platform

Twitter, Nigeria agreement suffers setback as Musk buys microblogging platform

There are indications that Twitter’s agreement with the Nigerian government will be reviewed in the months as Elon Musk sealed a takeover deal with the firm yesterday at a transaction value of $44 billion. Musk had earlier proposed to buy …

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Bakers hike bread price again, cite forex crisis, others

Bakers hike bread price again, cite forex crisis, others

Bakers under the aegis of the Premium Breadmakers Association of Nigeria have said they will increase the price of bread, effective Monday (today). The President of the association, Emmanuel Onuorah, who made the disclosure in an interview with our correspondent …

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Equities market remains bullish as investors gain N486bn

Equities market remains bullish as investors gain N486bn

Investors gained N486bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The market opened for four trading days last week as the Federal Government of Nigeria declared Monday a public holiday to commemorate …

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FG records N2.23tn fiscal deficit in three months – CBN report

Emefiele’s 2023 ‘aspiration’ rattles financial experts, lawyers

  The Federal Government recorded N2.23tn fiscal deficit in the fourth quarter of 2021. This was revealed by figures obtained from the Central Bank of Nigeria’s economic report for the fourth quarter of 2021. The report stated, “Federation receipts in …

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