FEC approves €500m facility for BOI to support industry

Federal Executive Council (FEC) on Wednesday approved the issuance of a Sovereign Guarantee of €500 million (N200bn) from the Credit Suisse AG London Branch. The Council approved a syndicate of international lenders as collateral for the facility. Click here for more.

P&ID: Nigeria appeals $200m order, Abuja trial begin

Nigeria has appealed an order to pay $200m to a British court for a stay of execution in the $9.6bn award in favour of Process and Industrial Development Limited, the Minister of Justice and Attorney General of  the Federation, Abubakar Malami, has said. Click here for more.

FAAC: FG, States, LGs Share N702.058bn for October

The Federation Accounts Allocation Committee (FAAC) wednesday shared a total of N702.058 billion to the three tiers of government for the month of October. Click here for more.

Investors Gain N17.72bn As NSEASI Inches Up Further By 0.14%

Equities market closed yesterday on a positive note, as NSEASI appreciated by +0.14% to close at 26,776.15 points as against +0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.81%.  Click here for more.

CBN plans intervention fund for Nigerian rice farmers

The Central Bank of Nigeria (CBN) said it is set to avail rice farmers with access to funding which will facilitate their activities and reduce the cost of producing the commodity. This comes as the government’s decision to shut down Nigeria’s land borders. Click here for more.

SEC, Operators Mull Framework For Derivative Market By 2020

Experts in Nigeria’s derivative market have disclosed plans by the Securities and Exchange Commission (SEC) Nigeria, to roll out a regulatory framework for the market by 2020. Click here for more.

NCC inaugurates multi-sectorial committee on e-Fraud

The Nigerian Communications Commission (NCC), has inaugurated a multi-sectorial Committee on e-Fraud, to help in combating financial fraud through telecommunications. To this end, the Commission has stressed the need for Customer Service and Fraud Operations teams in banks and mobile network operators to put in place. Click here for more.

40% of African countries in debt crisis – IMF

The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world. Click here for more.

Experts laud Google’s decision to offer banking services 

Experts have lauded Google‘s decision to offer checking accounts by next year, noting that the service could assist Deposit Money Banks (DMBs) looking to attract more deposits from the general public. Click here for more.

Bank of Zambia Raises Key Interest Rate to Curb Inflation

Zambia’s central bank raised its key interest rate for a second time this year, bucking a global easing trend, in a bid to support its currency and tame inflation. Click here for more.

Alibaba Raises Up To $12.9 Billion In Landmark Hong Kong Listing – HONG KONG (Reuters)

Chinese e-commerce giant Alibaba Group (BABA.N) raised up to $12.9 billion in a landmark listing in Hong Kong, the largest share sale in the city in nine years and a world record for a cross-border secondary share sale. Click here for more.