Wed, Dec

SEC Declares Chaka, Bamboo, Others Illegal Trading Platforms

The Security and Exchange Commission (SEC) has declared operations of some Nigerian fintech platforms including Chaka, Trove, Bamboo, and Risevest as illegal, saying the platforms allow Nigerians to trade and invest in stocks listed on the Nigerian foreign stock exchanges without necessary registrations. The commission disclosed this in a statement issued on Thursday, explaining that “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on Securities Exchanges registered in other jurisdictions.

Traders Lose Millions To Midnight Fire At Araromi Market Ibadan

The largest auto parts market in Ibadan, Araromi market at Agodi Gate, has been gutted by fire leaving several shops and properties destroyed. Traders wailed as the fire which started about 11.00 pm on Friday night raged on for many hours. The cause of the fire that destroyed tires, engines, and car materials is yet to be ascertained.

Monetary Policy, Corporate Results Spur Equity Performance

The stock market swung back into positive territory yesterday following the retention of the Monetary Policy Rate, MPR, at 11.5 percent by the Central Bank of Nigeria, CBN, in its second Monetary Policy Committee, MPC meeting of the year.

Economy Biting Hard, Introduce Stimulus – Tinibu Urges Buhari

The National Leader of All Progressive Congress (APC), Asiwaju Bola Tinibu says Nigerians are tired of fasting, urged President Buhari to introduce a stimulus package into the economy instead of preaching austerity measure.

BUA Group Launches $100M Africa Endowment Fund

Chairman of the BUA Group, Isyaku Rabiu has announced the establishment of a $100 million Africa Endowment Fund aimed at aiding social development, education, and renewal. In a statement, Rabiu said the Abdul Samad Rabiu Initiative Africa Fund Endowment will mainly focus on health, education, and social development including infrastructure and capacity development. He explained that the initiative will annually commit $50 million to Nigeria and $50 million across other African Nations. The BUA Group Chairman said, “Over the years as a corporate, and through the BUA Foundation, we have been actively involved in corporate philanthropy in various sectors – from health, education, community development, water & sanitation, sports, and even more recently, our work on COVID-19.

NNPC Records N24.19BN Trading Surplus In December

The Nigeria National Petroleum Corporation (NNPC) has on Thursday said it recorded an increase of N24.19 billion trading surplus in December 2020, compared to the N13. 43 billion surplus in November of the same year. The National oil corporation made this known in its Monthly Financial and Operation Report (MFOR) on Thursday, saying the amount represented about 80.12 per cent trading surplus. The operating revenue of NNPC in December 2020 as compared to November increased by 33.44 per cent or N137 billion, making it N546,65 billion.

Senate Moves To Empower AMCON Against Economic Sabotage By Debtors

The Senate on Tuesday considered a bill seeking to empower the Asset Management Corporation of Nigeria (AMCON) in the aspect of assets recovery and strengthen it against economic sabotage by debtors with unpaid loans to the tune of about N16 trillion Naira. Sponsored by Senator Michael Opeyemi Bamidele (APC, Ekiti Central), the AMCON Amendment Bill 2021 scaled the second reading on the floor of the house. The bill is an act to amend the Asset Management Corporation of Nigeria Act No.3, 2014 to extend the tenor of the resolution cost fund and for related matters 2021. A total of 350 obligors are reportedly holding on to debts worth N3.6 trillion out of AMCON’s total N4.4 trillion exposure. Leading the debate on the bill Bamidele said, “The main aim of the proposed amendment is to update a few clauses in the Act that have been hampering the Operations of the Asset Management Corporation of Nigeria.”

Aviation Sector Gobbled Over N100 Billion In Five Years – Minister, Hadi Sirika

The federal government on Thursday, March, 25, revealed that the aviation sector has gulped more than N100 billion in the last five years, which they said was used for airport equipment’s, staff training, emolument, as well as for finishing some projects which were abandoned by the last administration. The Minister of Aviation, Hadi Sirika who was represented by the Minister of State for Science and Technology, Barr. Mohammed Abdullahi made this known during the 8th edition of the aviation workers week in Abuja themed; ‘The challenges of COVID-19 pandemic to the Nigerian Aviation industry: The path to recovery.’

CBN Approves 48 International Money Transfer Operators

The Central Bank of Nigeria after the introduction of the Naira 4 Dollar Scheme has approved and released the list of international money transfer operators (IMTOs) for diaspora remittances.

Petroleum Subsidy: N120bn Monthly Is Not Sustainable – NNPC

The Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), Mele Kyari has disclosed that petroleum subsidy under the Buhari administration has been going between N100 to N120 billion every month and is not sustainable.

FG Discovers Gold Deposit Along Abuja-Nasarawa Border

The Minister of Mines and Steel Development, Olamilekan Adegbite has announced that the recently discovered gold deposits along the Abuja-Nasarawa axis would be developed in Nasarawa State. Adegbite said this on Wednesday while visiting Governor Abdullahi Sule of Nasarawa State in Abuja. The minister said the discovery was during a National Integrated Mineral Exploration Programme (NIMEP) project along the Abuja-Nasarawa axis. “We have done this exploration across the country and we have discovered a very nice track of gold deposit especially between Abuja and Nasarawa where we share borders,” Adegbite said.

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