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Oando Group to offer investors 49% of marketing arm in strategy shift |
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Oando Group to offer investors 49% of marketing arm in strategy shift – A major shift in strategy is on the cards at Oando Group with a plan by the indigenous oil company to hive off 49 percent stakes in its marketing arm, Oando Marketing, to investors. BusinessDay learnt that the company will release as much as 49 percent to the investing public in Nigeria, a move that will eventually lead to the listing of Oando Marketing on the Nigerian Stock Exchange. The move is likely to be interpreted by the market as a clear effort by the company to create an understandable distinction between its upstream and downstream businesses … BUSINESS DAY, Monday August 23, 2010. P1 |
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Operators blame tumbling stocks on CBN’s directive |
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Operators blame tumbling stocks on CBN’s directive – Operators in the Nigerian capital market have attributed the massive offloading and depreciation in share prices of companies at the Nigerian Stock Exchange to the directive by CBN that banks’ risk asset portfolio in the market must not exceed 10 percent before September 1, 2010 …THE GUARDIAN, Thursday, August 26, 2010. P15 |
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First Bank Implements New Operating Structure |
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First Bank Implements New Operating Structure – First Bank of Nigeria Plc is set to commence its earlier proposed restructuring exercise from next month. The CBN had given banks up to 18 months to seek fresh licenses for their banks and subsidiaries to operate as mono-line or specialised banking entities. The apex bank had also proposed in the draft guideline, that such banks must comply with its requirements for the establishment of holding companies (HoldCos), which will include a detailed business case for engaging in any non-core banking operation. THISDAY had reported that First Bank’s new structure would result in the floating of five groups under a holding company (HoldCo).FBN Emerging Business; Insurance Group; Offshore Banking and First Bank of Nigeria Ltd, which will stand alone.…THISDAY, Tuesday, August 24, 2010. P56 |
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SEC: Workers petition FG over DG's alleged N200m hotel expenses |
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SEC: Workers petition FG over DG's alleged N200m hotel expenses – Aggrieved workers of the Securities and Exchange Commission (SEC) have petitioned the Federal Government over allegations that the commission's Director-General, Ms. Arunma Oteh may have spent about N200 million on hotel accommodation at the Transcorp Hilton Abuja, 6 months after her appointment. However, the SEC’s spokesman, Lanre Oloyi described the petition as frivolous …THISDAY, Monday August 23, 2010. P11 |
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AMCON: stakeholders propose tenure extension |
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AMCON: stakeholders propose tenure extension – There are indications that the 10 year tenure, which the Assets Management Corporation of Nigeria (AMCON) has been pegged, may be extended. A group in the financial market would present a proposal to that effect to the Central Bank of Nigeria (CBN) and the Ministry of Finance before the end of next month…THISDAY, Monday August 23, 2010. P52 |
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Unusual stock price movements halt trading at LSE |
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Unusual stock price movements halt trading at LSE – Trading was temporarily halted, Thursday on five stocks on the London Stock Exchange after unusual price moves triggered circuit breakers meant to prevent excessive volatility. The circuit breakers went into effect at around 2 p.m. yesterday in London after each of the stocks rose or fell more than 5 percent from their opening price. After trading resumed, none of the stocks closed more than 1.3 percent higher or lower. LSE’s existing circuit breaker rules came into effect in 2007. U.S. exchanges in June introduced circuit breakers on individual securities that temporarily halt trading across markets when shares move 10 percent in five minutes. The rule was implemented in response to the May 6 crash that erased $862 billion in equity value in 20 minutes…THE GUARDIAN, Thursday August 26, 2010. P15 |
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CBN declines PMI's request for N3bn capital base |
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CBN declines PMI's request for N3bn capital base – There are indications that the Central Bank of Nigeria (CBN) has rejected the request that the capital base of Primary Mortgage Institutions (PMIs) be pegged at N3 billion. The Mortgage Banks’ Association of Nigeria (MBAN), which is the umbrella body of PMIs in Nigeria, had solicited that the capital base be reduced to N3 billion from the N5 billion proposed by the apex bank…VANGUARD, Monday August 23, 2010. P350 |
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