AfCFTA: Buhari okays national action panel for implementation

A national action committee to begin the implementation of the African Continental Free Trade Area Agreement has been established by President Muhammadu Buhari. Buhari had signed the controversial AfCFTA Agreement on behalf of Nigeria in Niamey, Niger Republic, during the 12th Extraordinary Session of the African Union Heads of State held on 7. Click here for more.

No going back on Lagos-Ibadan road four-month closure – FG

Despite concerns raised by motorists and other road users, the Federal Government has said there is no going back on the four-month planned partial closure of sections of the Lagos-Ibadan Expressway for reconstruction. Click here for more.

FG Spends N851.4bn On JV Oil Assets

The Federal Government, through the Nigerian National Petroleum Corporation, spent a total of N851.38bn ($2.79bn) on joint venture oil and gas assets in the first five months of 2019. The government has said it will reduce its stakes in the JV assets to 40 per cent this year but no time frame has been announced.  Click here for more.

Backward integration strategy will save $1.2b from milk import

Nigerians were caught unawares at the dawn of second quarter of 2015, when the Central Bank of Nigeria (CBN) stopped foreign exchange (forex) funding of some goods and services at its official window, popularly known as the “41 Items”. Click here for more.

Investors Lose N444.64bn WoW As NSEASI Dips By -0.003% To Close The Week Negative

Equities market closed today on a negative note, as NSEASI depreciated by 0.26% to close at 27,918.59 points as against 0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.17%. Click here for more.

Recapitalisation: NAICOM gives a new directive to insurance firms

Sequel to its directive that mandated insurance and reinsurance firms to raise their capital base, the National Insurance Commission (NAICOM) has issued a circular, which carries a new directive. In the circular, NAICOM directed both insurance and reinsurance firms to submit their recapitalisation plans on or before Tuesday, August 20, 2019. Click here for more.

SEC goes tough on operators defaulting in fidelity bond

The Securities and Exchange Commission, SEC, is set to penalize capital market operators, CMOs, that fail to file its fidelity bond to the Commission. The Acting Director General of SEC, Ms Mary Uduk, disclosed this in a media chat in Lagos last week saying, “By virtue of Rule 27 (1) of SEC Rules and Regulations, (made pursuant to the Investments and Securities Act, 2007). Click here for more.

Access Bank Issues Tier II N30bn Local Bond

To further strengthen its funding base, Access Bank Plc at the weekend announced that it has successfully issued a Tier II N30 billion fixed rate subordinated unsecured bond. The bond was oversubscribed, which according to a statement from the bank, further buttressed the confidence investors reposed in it. Click here for more.

Oando’s growth unhindered by SEC tussle, as its revenue for HY increased by 6%

Oando Plc has announced its unaudited financial results for the Half-Year period ended June 30, 2019. The indigenous energy group reported an 8% increase in production while its turnover for the six months increased by 6%. Click here for more.

SON Prepared for AfCFTA, Says DG

The Standards Organisation of Nigeria (SON) has said it is prepared for the imminent implications of Nigeria’s signing of the African Continental Free Trade Area (AfCFTA) agreement recently by the President. Click here for more.

Militants Kill More Than 60 Mourners in Northeast Nigeria Attack

Suspected militants killed at least 60 people and injured 11 others in Badu village of Nigeria’s northern Borno state. The villagers were in a mourning procession when the assailants laid a siege on Saturday, a local administrative official, Muhammad Bulama, told reporters on Sunday. Click here for more.

U.S. House Speaker Nancy Pelosi Leads Delegation to Ghana

A Congressional delegation led by the Speaker of the United States House of Representatives, Nancy Pelosi, has arrived in Ghana. The delegation includes Chairperson of the Congressional Black Caucus Karen Bass and the legendary civil rights leader John Lewis. Click here for more.