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

Banks Involved In 70% Of Financial Crimes – EFCC

RMAFC, EFCC uncovers oil firms’ $205m unremitted funds

The Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria. EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and …

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Senate Summons CBN Officials Over N30tn Loans

The Senate has said it will quiz some officials of the Central Bank of Nigeria on how the N30tn Ways and Means loan was obtained and spent by the Federal Government during the Muhammadu Buhari-led administration. The Chairman of the …

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NDIC Refunds Depositors Of 179 Liquidated Banks

Ten Banks Accounted For 87% Of Banking Sector Fraud — NDIC

The Nigeria Insurance Corporation has said that it has reimbursed depositors of 179 rested microfinance and four mortgage banks across the country. The Managing Director of the NDIC, Dr Bello Hassan, stated this at the NDIC Special Day during the …

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FX Debt: CBN Owing Only Five Banks, Says Cardoso

CBN’ Governor, Dr Olayemi Cardoso The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that foreign exchange backlogs have been cleared in all the banks except for five of them. Cardoso said this on Thursday during an …

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CBN Sells Over $300m To Banks As Naira Gains

CBN forex ban: Nigerians imported N18tn cooking oil, meat, others in seven years – Report

The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo …

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Foreign Loans Make Up 59% Of $4bn Capital Importation – NBS

Diaspora Nigerians remitted $168bn in eight years – World Bank report

No less than 59.1 per cent of capital importation into the country in 2023, amounting to $2.31bn, was foreign loans, according to the latest capital importation report released by the National Bureau of Statistics. According to the report, foreign capital …

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N500bn Recapitalisation: FMBN Extends Loans To NHF Contributors

FMBN begins zero equity for housing loan subscribers

The Federal Government has assured the Federal Mortgage Bank of Nigeria (FMBN) of legislative amendments of relevant housing industry laws that will pave the way for its recapitalisation to N500 billion to enable the bank carry out its cardinal objectives. …

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Minimum Wage: Private Sector, States Fault Labour’s Push For N1m

Joe Ajaero, NLC President The organised private sector, Ekiti, Sokoto, and other states have faulted the demand by the Nigeria Labour Congress for N1m minimum wage, stating that it is not realistic. The NLC President, Joe Ajaero, in an interview …

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Nigeria Facing Worsening Economic Crisis, Says IMF

FG projects 82% of revenue for debt servicing – Report

The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The global lender said …

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Ban On Sachet Spirits, PET Bottles Threatens N800bn Investments – MAN

25 companies affected   5.5m direct, indirect jobs at risk The Manufacturers Association of Nigeria (MAN) said the ban imposed on the production and sales of alcoholic drinks in sachets and PET bottles threatens investments worth over N800 billion. This was …

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Naira Weakens At Parallel Market, Rises At Official Window

Naira slumps to N595/dollar, forex shortage lingers

The naira strengthened at the official window on Monday, after the Central Bank of Nigeria Governor, Olayemi Cardoso, reassured that the apex bank was making efforts to tackle the volatility of the currency. The local currency appreciated by 1.09 per …

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FIRS To Tax Social Media Influencers, Content Creators

The Federal Inland Revenue Service (FIRS) has concluded plans to enforce tax payment for social media content creators and influencers, alleging that social media content creators and influencers constituted a major block of tax evaders. “They are not paying,” Dare …

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CBN Cautions FX Dealers Against Market Manipulation As Naira Slides To N1,500

Naira slumps to N595/dollar, forex shortage lingers

Offsets ‘verified’ aviation FX backlog, pays $64.4mAmid sustained slide of naira, which currently trades around N1,500 in exchange to a dollar, the Central Bank of Nigeria (CBN) has warned authorised dealers to ensure that transactions are conducted transparently. The apex …

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1,500 Redeployed CBN Staff Resume At Lagos Office

FG borrowed N6tn from CBN in 2022 – Report

At least 1,500 members of staff of the Central Bank of Nigeria will on Friday resume at its Lagos office following their redeployment from the headquarters. A source at the apex bank told our correspondent exclusively that the plan, though …

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Equity Market Cap Nears N60tn

Stocks investors record N136bn loss in one week

Trading Floor of NSE The market capitalisation of the Nigerian Exchange gained about N1.24tn at the end of Monday’s trading to close at N57.28tn, bringing it closer to the historic N60tn mark. That was as the market value of Dangote …

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Naira Falls To All-Time Low On Official Window, Trades 1348/$

The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to …

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Sanusi Backs CBN On Departments Relocation

NNPC, marketers inflated imported petrol figures under Buhari, Jonathan – Sanusi

Sanusi The former Emir of Kano, Sanusi Lamido, has urged the Central Bank of Nigeria to go ignore noise against the relocation of some departments from the Abuja office to Lagos. The former CBN Governor, in a statement on Thursday, …

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Why OPay Will Remove Accounts Without BVN, NIN

Being a top mobile-based payments platform, OPay has pledged to implement a thorough removal process for accounts lacking a Bank Verification Number (BVN) and/or National Identification Number (NIN) starting March 1, 2024. This is as a result of a recent …

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FX Crisis Plunges Nigeria’s Non-Oil Exports To $4.5bn

NEPC To Honour Dr. Madu, CEO Multimix Academy, Others

The value of Nigeria’s non-oil export revenue recorded a marginal decrease to $4.5bn in 2023, the Nigerian Export Promotion Council has said. The drop represents a $300m or 6.3 per cent decline from the $4.8bn revenue accrued to government coffers …

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CBN To Tackle Forex Infractions With Heavy Sanctions

The Central Bank of Nigeria has uncovered infractions, gross abuses, and non-compliance with foreign exchange market regulations. Consequently, the apex bank vowed it would punish those responsible for these abuses in collaboration with relevant agencies. The CBN Acting Director of …

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