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Index rises by 0.85% in 6 months |
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The Nigerian Stock market on Thursday ended the first half of the year with a growth of 0.85 percent compared with a growth of 20.9 [percent in the first half of 2010. The benchmark gauge of the aggregate performance of the market, closed at 24,980.20 up from 24,770.52 at which it opened the year … THISDAY, Friday July 1, 2011. P76 |
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OTC: NASD to commence operations August |
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The NASD Limited, which was granted approval-in-principle by the Securities and Exchange Commission last March to operate the Over-the-counter market in Nigeria, will soon become operational. It was gathered that a Project Manager has already been appointed for the company while its capital is being enhanced through a private placement that has been very successful…THISDAY, THISDAY, Wednesday June 29, 2011. P29 |
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Insurance industry writes N200bn business, says NIA |
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Chairman of Nigeria Insurers Association said the total value of business written by the industry in 2010 stood at N200 billion, an increase of 18 percent over the N178 billion recorded in 2009. The insurance penetration in the country remains at 0.5%, which is still very low. “The insurance penetration is a measure of the relationship between premiums earned and the nation’s GDP …BUSINESSDAY, Friday July 1, 2011. P5 |
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Naira rides on new investment policy to four-month high |
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The Naira rose to a 4-month high of N151.79 to the dollar on expectation of inflow of foreign currency after the Central Bank of Nigeria (CBN) lifted restriction earlier placed on foreign investors from trading on government securities. The naira strengthened to N153.70 to the dollar on the inter-bank market, its strongest since early March, from N153.95 at Tuesday’s close. But the currency depreciated at the parallel market where it exchanged for N159.50 yesterday from N158.30 to the dollar the previous day. …BUSINESSDAY, Thursday June 30, 2011. P1 |
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NSE targets $1tr market capitalization in 2016 |
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The Nigerian Stock Exchange is targeting a market capitalization of $1 trillion in five years – that is, in 2016, the Chief Executive Officer of the Exchange, Oscar Onyema has said. Market capitalization stood at N8.01 trillion (about $53 billion)…THISDAY, Wednesday June 29, 2011. P58 |
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SEC to unveil new guidelines for AGMs |
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New modalities to guide the activities of quoted companies during yearly general meetings would be unveiled before the end of this year by the Securities and Exchange Commission …THE GURADIAN, Wednesday June 29, 2011. P50 |
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CBN issues new guideline, categorizes microfinance banks |
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In a bid properly monitor the activities of Microfinance Banks (MFBs) operating in the country, the Central Bank of Nigeria has classified the banks into three: Unit, State and Microfinance MFBs. MFBs that fall under the “Unit’ category will have minimum paid-up capital of N20 million, ‘State’ category will have paid-up capital of N100 million, and those under National will have capital base of N2 billion. A Unit microfinance bank is authorized to operate in one location and is prohibited from having branches or cash centres, while a State MFB is authorized to operate within the same state or the Federal Capital Territory and is allowed to open branches within the same state of FCT. The national MFB is meanwhile authorized to operate in more than one state, including the FCT…BUSINESSDAY, Wednesday June 29, 2011. P1 |
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NSE suspends 48 firms over financial results |
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The Nigerian Stock Exchange, on Thursday placed the shares of 48 companies on technical suspension for failing to submit their financial statements, the companies have violated the Post-Listing rules of the Exchange which states that audited annual accounts of companies ought to be submitted within three months of the year-end… THISDAY, Friday July 1, 2011. P7 |
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CBN: Fixing Nigeria's finance sector to cost N1.7tr |
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The Central Bank of Nigeria (CBN) Wednesday said it would cost about N1.7 trillion to resolve the recent financial crisis and stabilize the Nigerian financial system. …THISDAY, Thursday June 29, 2011. P1 |
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AMCON to create new debt recovery strategy |
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AMCON would terminate all existing contracts the banks had with debt recovery agents, noting that it will re-appoint the ones that needed to be appointed. Chike-Obi said, “We will have a new debt recovery strategy, which will be based on our debt recovery philosophy, which will be in line with the laws. We believe that people who borrowed money to buy jets and because they don’t want to pay back offer directors 10 percent of the loan should not be treated in the same way as those who borrowed for good reasons should be treated. “Our debt collection philosophy is that we are going to offer those who borrowed money with sincerity of purpose another interest rate; compared to those who borrowed money to lavish and with the intention of not paying back”…THISDAY, Thursday June 30, 2011. P62 |
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PenCom sets fresh hurdles for PFAs with over N100bn assets |
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The National Pension Commission has issued fresh guidelines to Pension Fund Administrators managing N100 billion and above in assets, which makes it compulsory for new appointees to board and management be based on cognate experience and the fact that line of reporting should henceforth be decentralized to avoid concentration of power that the undoing of the financial market. Also, companies that have up to 10,000 contributors must open a branch for proper coordination and management of funds. Affected PFAs should immediately create at least 11 departments to include contribution/collection; investment; benefit administration; business development/relationship management; fiancé, information technology; internal audit; administration/human resources and legal/company secretary …BUSINESSDAY, Thursday June 30, 2011. P8 |
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Stanbic-IBTC Bank Plc |
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On behalf of Sanlam, SIM Capital Alliance Limited, announces the result of the Initial Public Offering of 50,000,000 units of N100 each at N103.50 per unit with respect of the Prospectus dated 30 August, 2010, a total of 16 applications for 32,096,786 units in the SIM Capital Alliance value Fund were received in connection with the offer. Under the terms of the Offer, all the applications received were found to be valid, accepted, and processed accordingly. The Offer was therefore 64.19% subscribed …BUSINESSDAY, Wednesday June 29, 2011. P7 |
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CBN to leverage N450bn in bank lending to agriculture |
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The Central Bank of Nigeria said on Monday that it planned to leverage about N450 in bank lending to the agriculture sector and narrow the existing 60 percent financing gap in the segment. It also said it was determined to raise total bank lending to the agricultural sector to 10 percent from the current 2 percent within the next five years …THISDAY, Tuesday June 28, 2011. P3 |
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External reserves depletes on JVC leakages |
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Nigeria’s external reserves fell on Monday to $31.784 billion due to leakages in the country’s Joint Venture Cash calls. A total of $1.772 billion was wiped out of the value of the external reserves compared with $33.556 billion it stood as at April 20 … THISDAY, Friday July 1, 2011. P74 |
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Expect tough economic policies, Jonathan tells Nigerians |
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Specific industry focused incentives and waivers will soon be unfolded in support of local firms engaged in the production of indigenous goods and products, as government is set to take some determined measures which may appear painful but will turn out to be very rewarding. Announcing this at the commissioning of the N4 billion May and baker Pharma Centre in Otta, Ogun State on Monday, President Goodluck Jonathan said government is set to roll out policies, including waivers, that will ensure that local manufacturing firms that are critical to the areas of need have an edge over foreign firms operating in the country… BUSINESSDAY, Tuesday June 28, 2011. P1 |
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Nigeria’s Interconnect rate’s the highest in the world |
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As subscribers groan over the poor network services and high cost of making calls in the country, it has been revealed that operators in the country charge the highest percentage of interconnect rate in the world, against the background of the tough operating conditions of the CDMA networks in the country. With all the CDMA networks put together controlling less than 10 percent of the telecom market, operating in a lopsided competition gains the GSM networks, there is need for constructive measures by both the CDMA networks and the regulators…THISDAY, Tuesday June 28, 2011. P3 |
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Kerosene: Scarcity lingers as NNPC allocates to only major marketers |
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“Over 6,000 marketers are registered with the Department of Petroleum Resources but PPMC recognizes only those that have bulk purchase agreement with it. So, majority of the marketers don’t get direct allocation from the NNPC …THISDAY, Tuesday June 28, 2011. P29 |
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France’s Lagarde elected new IMF chief |
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French Finance Minister, Christine Lagarde on Tuesday was elected the managing director of the International Monetary Fund, maintaining Europe’s grasp on the top job at the global lender. Lagarde, 55, is the3 first female to lead the IMF …BUSINESSDAY, Wednesday June 29, 2011. P2 |
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Interest rates must worldwide, says BIS rise |
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The Bank of International Settlements (BIS) has warned that low interest rates across the globe are a threat to stability. The BIS warned that low cost of borrowing had resulted in a credit and property price boom that was fuelling inflation, especially in emerging economies… BUSINESSDAY, Friday July 1, 2011. P28 |
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AGM Notifications |
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JULIUS BERGER NIGERIA PLC: The Annual General Meeting is scheduled to hold on Thursday July 7, 2011 at the Shehu Musa Yar’Adua Center, Abuja by 11.00 a.m. |
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