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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

Reps Summon NNPC, CBN, FIRS, EFCC, Probe Illicit Financial Flows

Reps Summon NNPC, CBN, FIRS, EFCC, Probe Illicit Financial Flows

The House of Representatives has resolved to invite various departments and agencies of the Federal Government over illicit financial flows in Nigeria. At the plenary on Thursday, the House specifically mandated its committees on Finance; Anti-Corruption; Financial Crimes; Banking and ...

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Stocks shed N190bn as Stanbic, 21 others record losses

Stocks shed N190bn as Stanbic, 21 others record losses

Nigerian stocks fell on Wednesday as price losses recorded by Stanbic IBTC Holdings Plc and 21 other companies led to a decline of N190bn in total market value. The All-Share Index of the Nigerian Exchange Limited fell by 0.92 per ...

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Foreign Direct Investment declined by $30m in January – CBN

Foreign Direct Investment declined by $30m in January – CBN

Foreign Direct Investment dipped by 33.3 per cent which amounted to $30m in January, latest statistics obtained from the Central Bank of Nigeria revealed on Wednesday. According to figures obtained from the CBN’s January report on capital importation and capital ...

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BUA Group to build polypropylene plant, targets 2024

BUA Group to build polypropylene plant, targets 2024

BUA Group says it has entered into a contract with Lummus Technology to establish a polypropylene plant in its proposed refinery. Lummus Technology is an American licensor of proprietary petrochemical, refining, gasification and gas processing technologies, and a supplier of ...

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Banks owe MTN N40 billion as digital revenue climbs by 101%

Banks owe MTN N40 billion as digital revenue climbs by 101%

MTN Nigeria has said that banks are indebted to it to the tune of N40.3 billion as of the end of first quarter 2021 on the account of unstructured supplementary service data (USSD). MTN informed that its digital revenue grew ...

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Naira abusers risk six months jail, CBN warns

Naira abusers risk six months jail, CBN warns

The Central Bank of Nigeria (CBN) has cautioned the public against abuse of the country’s currency, describing naira as pride of the nation. Speaking at the CBN Fair at Dora Akunyili Women Development Centre, Awka, Anambra State, yesterday, the Principal ...

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Foreign investment in Nigerian stocks falls to N60.11bn

Foreign investment in Nigerian stocks falls to N60.11bn

Foreign portfolio investment in the Nigerian stock market dropped by eight per cent in the first quarter of 2021 to N60.11bn from N65.27bn in the same period of 2020. Foreign investors injected N16.73bn into the stock market in January; N23.02bn ...

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External reserves lost $350m in two weeks, says CBN

External reserves lost $350m in two weeks, says CBN

The country’s external reserves lost $350m in two weeks, falling to $34.9bn on April 29 from a high of $35.25bn as of April 16. Figures obtained from the Central Bank of Nigeria on Monday revealed that the reserves, which had ...

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Bitcoin loses market share

Bitcoin loses market share

Ethereum is giving Bitcoin, the world’s most popular cryptocurrency, a hard chase in the crypto market. Ethereum is now valued at $3,000 and makes up 15 per cent of the crypto market, according to tracker CoinGecko. Bitcoin is valued above ...

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Review export proceeds repatriation policy, LCCI tells CBN

Review export proceeds repatriation policy, LCCI tells CBN

It has become imperative for the Central Bank of Nigeria to review its policy on repatriation of export proceeds, the Lagos Chamber of Commerce and Industry has said. Director-General of LCCI, Dr Muda Yusuf, said this at an interactive session ...

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First Bank directors fired to protect customers, minority shareholders – CBN

External reserves lost $350m in two weeks, says CBN

The Central Bank of Nigeria on Thursday fired all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc and appointed new persons to fill the positions. CBN Governor, Godwin Emefiele, announced the removal of ...

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NAFDAC, NERC, NIGCOMSAT, others opt for of self-funding

NAFDAC, NERC, NIGCOMSAT, others opt for of self-funding

Some government agencies on Wednesday opted out of funding from the federal budget and refunded millions of revenues due to the Consolidated Revenue of the Federation. They took the decision at the ongoing investigation by the Senate Committee Finance on ...

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Investors lose N280bn as 23 firms’ share prices fall

Stocks shed N190bn as Stanbic, 21 others record losses

Investors in the Nigerian stock market lost N274bn on Wednesday as 23 firms saw their share prices drop at the end of trading. The Nigerian Stock Exchange All-Share Index fell by 1.33 per cent to 38,781.48 basis points from 39,305.48bps. ...

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Osinbajo chairs panel to address worsening poverty

Osinbajo chairs panel to address worsening poverty

The Federal Executive Council on Wednesday approved the National Poverty Reduction with Growth Strategy submitted by the Presidential Economic Advisory Council. The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu ...

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Tough times ahead for states as FG insists on bailout repayment

Tough times ahead for states as FG insists on bailout repayment

• States will push the burden to citizens, says Ajibola • Nigeria needs tough policy decisions, say economists • Many states not generating enough Like a repeat of the 2016 and 2018 era when many states were unable to pay salaries ...

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CBN injects $1.47bn into forex market in one month

Foreign Direct Investment declined by $30m in January – CBN

The Central Bank of Nigeria injected $1.47bn into the foreign exchange segment of the market as part of its efforts to stabilise the naira in January. According to figures from the CBN’s January report on its foreign exchange market developments, ...

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Nigeria now our biggest market –Crypto trading platform

Nigeria now our biggest market –Crypto trading platform

Paxful, a global peer-to-peer fintech, has said Nigeria is now its biggest market with a volume of $1.5bn. It disclosed this on Tuesday in a statement, titled ‘Nigeria emerges as Paxful’s biggest market, hits $1.5bn in volume with over 1.5 ...

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FG spends N568.5bn annually on power tariff shortfalls – World Bank

FG spends N568.5bn annually on power tariff shortfalls – World Bank

• FG questions bank data accuracy The Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount could further ...

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Financial institutions will fund N1.8tn COVID-19 stimulus package – FG

Financial institutions will fund N1.8tn COVID-19 stimulus package – FG

The Federal Government on Thursday said about N1.8tn of its N2.3tn COVID-19 economic stimulus package would be funded by financial institutions. It also disclosed that about N288bn from the N500bn of the package funded through the 2021 budget has so ...

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NESG submits economy revival report to Buhari soon – Minister

NESG submits economy revival report to Buhari soon – Minister

The President, Major General Muhammadu Buhari (retd.), is to receive the recommendations of the Nigerian Economic Summit Group on how to revamp the economy soon, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Tuesday. She said ...

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