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

Airtel suffers service disruption, compensates customers

Airtel suffers service disruption, compensates customers

On Monday, social media was agog with information that Airtel was sharing free N1,000 airtime to its subscribers. While many of the subscribers did not know the reason for the rare gesture by the network provider, they claimed it was …

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FG begins N75bn support fund disbursement this week

Osinbajo chairs panel to address worsening poverty

Beginning from this week, the Federal Government will start paying grants to Micro, Small and Medium Enterprises that are successful to partake in the N75bn COVID-19 support schemes. On September 10, 2020, the Federal Government inaugurated two schemes to financially …

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Lagos loses N234m to tollgates’ closure

#EndSARS protest disruption costs economy N1.5tn – FDC

The Lagos State Government has lost at least N234m to the closure of tollgates as the #EndSARS protests on the Island enters its 9th day, media has learnt. However, the state has continued to generate money from adverts at the …

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Alleged cyber attack on CBN causes stir in banks, others

Awaiting CBN’s foreign exchange rate unification

• Executives hold emergency meetings • Economies may lose $6tr to attacks, expert warns • Experts call for proactive measures Reported cyber attack on Central Bank of Nigeria (CBN) on Friday night has caused jitters among banks and other financial …

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Nigeria’s September inflation rate hits 13.71%, highest in 30 months

Nigeria’s September inflation rate hits 13.71%, highest in 30 months

Nigeria’s inflation rose to 13.71 per cent in September, hitting its highest level since its 13.34 per cent rate of March 2018. The National Bureau of Statistics disclosed this in its Consumer Price Index report for September on Thursday. Part …

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FG to offer N30bn bonds in October

FG to auction N150bn bonds in May

The Debt Management Office has said that the Federal Government would auction N30bn worth of bonds by subscription on October 21. A circular by the DMO on Thursday showed the breakdown of the figure to include a N15bn 15-year reopening …

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FG commences application for N75bn youth investment fund

FG commences application for N75bn youth investment fund

The Minister of Youth and Sports Development Minister, Mr Sunday Dare, on Thursday, inaugurated the application for the Nigeria Youth Investment Fund in Abuja. This was disclosed in a statement titled ‘Minister flags off application for Nigeria Youth Investment Fund’. …

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Border closure boosts rice sufficiency, manufacturing, says FG

Mambilla: FG directs NSIA to source $200m judgment debt for Chinese firm

‌ The Federal Government on Thursday said the closure of Nigeria’s land borders was good for the economy as the country was now close to attaining self sufficiency in rice production. Minister of Finance, Budget and National Planning, Zainab Ahmed, …

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American firm acquires Nigerian start-up, Paystack, for $200m

American firm acquires Nigerian start-up, Paystack, for $200m

Stripe, is acquiring Paystack, a technology company based in Lagos for  $200m. This alliance will allow the two companies to accelerate online and offline commerce across Africa,  Paystack’s Co-founder and Chief Executive Officer, Shola Akinlade,  said in a blog post …

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NEPC facilitates trade formalisation at Okerete/Seme border corridors

Freight forwarders seek reopening of borders

The Nigerian Export Promotion Council (NEPC) has presented working tools to facilitate formalisation of trade along Okerete/Seme trade border corridors. The tools – motorcycles, computers, and data books – were handed over to representatives of 21 trade associations in the …

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NCC prepares to test safety of 5G

NCC prepares to test safety of 5G

The Nigerian Communications Commission says it is working in partnership with stakeholders to ensure the safety of 5G networks in Nigeria in preparation for the launch of the technology. The Executive Vice President, NCC, Prof. Umar Danbatta, said the government …

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External reserves drop by $50.84m in 10 days

‘Money transfer providers may lose $400m to bitcoin wallet’

The country’s external reserves dropped by $50.84m from $35.75bn as of October 2 to $35.69bn as of October 12, figures from the Central Bank of Nigeria have revealed. The CBN disclosed that the reserves, which had continued to rise and …

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N1.2tr capital expenditure misses in minister’s 2021 budget breakdown

Our debts will keep rising, revenues declining

Capital votes for the 2020 fiscal year amounting to N1.2tr was not captured when the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed presented details of the N13.08tr 2021 proposed expenditure in President Muhammadu Buhari’s appropriation bill to …

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Buhari assures Okonjo-Iweala of support to clinch WTO job

Buhari assures Okonjo-Iweala of support to clinch WTO job

The President, Major General Muhammadu Buhari (retd.), on Monday assured former Minister of Finance and Economy, Ngozi Okonjo-Iweala, that he would do all within his power to ensure that she became the Director-General of World Trade Organisation. According to a …

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New salary structure for teachers’ll create crisis – Wike

Defection: Wike fumes as Umahi blames injustice in PDP

The Rivers State Governor, Nyesom Wike, said on Monday that the new structure for teachers announced by the Federal Government would create crisis for the country’s educational system. Wike stated this during a courtesy visit on him by representatives of …

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Retirement age increase worsens youth unemployment –ABCON

Retirement age increase worsens youth unemployment –ABCON

The Association of Bureaux De Change Operators of Nigeria has cautioned the government against increasing the retirement age. ABCON stated that this would work against policies to reduce youth unemployment in the country. The association stated this in its quarterly economic …

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CBN warns against fraudulent loan offers, investment schemes

CBN unveils guidelines for payments system firms

The Central Bank of Nigeria has asked the public to beware of fraudulent loan offers and investment schemes. The acting Director, Corporate Communications, CBN, Osita Nwanisobi, said this in a statement on Thursday entitled ‘Beware of fraudulent loan offers, investment …

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CBN disburses $13.99bn forex in six months

CBN disburses $13.99bn forex in six months

The Central Bank of Nigeria supplied $13.99bn into the market between January and June. The bank disclosed this in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June. According to the CBN, the forex were supplied …

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Senate probes commercial banks over illicit, excess charges

Senate tears apart NSITF management, alleges agency embezzles N84bn

The Senate on Wednesday mandated its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illicit and excess bank charges by commercial banks operating in the country. The upper chamber urged the Central Bank of Nigeria to …

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79 million Nigerians extremely poor in 2018 –World Bank

Nigeria’s revenue-to-GDP ratio lowest, private sector choking – World Bank

Nigeria has the largest poor population in sub-Saharan Africa, with 79 million extremely poor in 2018, the World Bank said in a new report on Wednesday. The country accounts for 20 per cent of the total poor in the region, …

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