Tuesday , February 28 2017

Capital Market

SEC Says Tine God Networks Operation a Ponzi Scheme

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (Tine God Networks Limited). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and also issues bonds to raise funds ...

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Zenith Bank Plc: 23% EPS Growth in 2016FY

Click here to download Zenith Bank Plc Annual Report-31 December, 2016 Zenith Bank Plc (ZENITHBANK) just released its twelve months earnings report for the year ended December 2016. The Bank reported an increase in earnings per share (EPS) to N4.12 for the period, compared with an EPS of N3.36 in ...

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Money Market

More financial succor to MSMEs as DBN takes-off

The Federal Ministry of Finance has confirmed the completion of the recruitment exercise for the Executive Management team of the Development Bank of Nigeria (DBN), and has formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently.  The DBN, was conceived in 2014  however, its take-off had been fraught with delays. The President Muhammadu ...

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CBN to auction $100 million in currency forwards

  CENTRAL Bank of Nigeria (CBN) said on Monday it will auction $100 million in forward contracts after selling the U.S. currency last week to boost dollar liquidity and help close the gap between the official and black market exchange rates. The bank sold $370 million in 60-day contracts last ...

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Brand News

FirstBank honoured at the Global Brands Awards

Nigerian’s most valuable bank brand, First Bank of Nigeria limited has won the “Best Banking Brand, Nigeria 2016”& “Best Banking Performer, Nigeria 2016” in the Global Brands Awards. The awards are instituted to identify and recognise the significance of exceptional service delivery and reward performance with the ultimate global recognition. ...

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Business Wheels

Industry

LASG canvasses increased attention for manufacturing sector

Lagos State Government has called for increased attention for Nigeria’s manufacturing sector, in view of its potentials to contribute 50 per cent of the country’s Gross Domestic Product, GDP. Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye made the call at the celebration of the Year 2016 Africa Industrialization ...

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BoI projects N1.150trn for MSMEs funding in three years

  Bank of Industry (BoI) has projected N1.150trillion in three years for the funding of micro, small and medium enterprises (MSMEs) sector. Speaking at 2017 budget defence on Wednesday, Waheed Olagunju, acting Managing Director of BoI, gave the breakdown as follows N250 billion is to be disbursed in 2017, N400 ...

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Politics

Pension

Kaduna Govt Commences Implementation of New Pension Scheme

The Kaduna State Government is to commence the implementation of the new pension scheme on Tuesday by paying pension benefits to its retirees scheme. The Executive Secretary of the tate Pension Bureau, Mr. Dan Ndackson, who disclosed this at a news conference in Kaduna yesterday, said the state government introduced ...

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Ghana: Pension funds seen boosting GSE activities

Financial analysts have tipped the stock market to continue its strong recovery on the back of an expected increase in activity on the pension funds market. Benjamin Amoah-Adjei, a financial research analyst at FirstBanC Financial Services: “We have seen a very strong recovery in the stock market since December last ...

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News from Nigeria

WHY LAGOS NEEDS NEW WASTE MANAGEMENT POLICY- AMBODE

Lagos State Governor, Mr. Akinwunmi Ambode on Monday underscored the need for the State to evolve a new waste management policy that would not only be befitting for a mega city State but ensure that the State remains clean and safe for healthy living. The Governor, who spoke at a ...

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Africa News

AfDB to open field offices in Benin, Guinea and Niger

Benin, Guinea and Niger will benefit significantly from the development support provided by the African Development Bank Group (AfDB) following the Board’s approval to open offices in the three countries in order to strengthen its operational presence, visibility and address their needs effectively. In line with the Bank’s decentralization action ...

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Crime Reports

Soldier To Serve Seven Year Jail Term For Manslaughter

The General Court Marshal of 7 Division sitting in Maiduguri, Borno state, has sentenced a serving soldier to seven years imprisonment for manslaughter. The soldier is being prosecuted for shooting and killing one Mr Umar Alkali within the popular Monday Market in Maiduguri metropolis on December 23 2015. The soldier ...

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Rivers State Commissioner Of Police Dies At 56

The Rivers State Police Commissioner, CP. Francis Mobolaji Odesanya, has died at the age of 56 years after a brief illness. The Inspector General of Police, IGP Ibrahim Idris, announced this in a statement signed by newly appointed Police PRO, CSP Jimoh Moshood on Tuesday. The late Commissioner of Police passed ...

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