Business

The National Pension Commission (PenCom) has lifted its suspension on investments in commercial papers (CPs) by Licensed Pension Fund Administrators (LPFAs) where non-bank capital market operators act as Issuing and Paying Agents (IPAs). This decision comes after the Securities and Exchange Commission (SEC) took steps to address regulatory concerns related to the role of these non-bank operators in CP transactions.…

The stock price of Lafarge Africa Plc on Monday gained 10 per cent to close at per share on the Nigerian Exchange Limited (NGX) following the cement manufacturing takeover by Huaxin Cement next year.  Lafarge Africa on the Exchange closed trading at N63.8 per share, after gaining 10 per cent or N5.8 per share from N58 per share the stock…

The Federal Government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others. The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer…

The Central Bank of Nigeria (CBN) has announced the launch of a newly redesigned website (www.cbn.gov.ng), expected to be operational on Monday, December 2, 2024. Ag. Director, Corporate Communications, CBN, Mrs. Hakama Ali in a signed statement on Sunday said, “The Bank has developed a contemporary Web API that operates on Microsoft .NET Core 8 (the most recent and stable…

Investor sentiment remained cautious last week as the Nigerian Exchange Limited All-share Index (NGX ASI) declined by 0.33 per cent week-on-week to close at 97,506.87 basis points. Similarly, the overall market capitalisation decreased by N185 billion to close the week at N59.107 trillion. Sectoral performance painted a varied landscape. The NGX Oil & Gas index dropped by 1.93 per cent…

The Securities and Exchange Commission (SEC) has restated its commitment to investors’ protection, especially with the increasing use of Fintech. Speaking at the one-day capacity training for financial journalists in Abuja, the Director General of the SEC, Dr. Emomotimi Agama, said the Commission will enforce regulations in the fintech ecosystem to curb mismanagement of funds and align operators with existing…

The Federal Competition and Consumer Protection Commission (FCCPC) has launched a major inquiry into widespread consumer complaints against leading players in the banking, telecommunications, and aviation sectors. The inquisitions, which will begin on December 3rd, 4th, and 5th respectively, are intended to address issues of poor service delivery, exploitative practices, and potential consumer rights violations. In the banking sector, the…

Poised to consolidate the gains made in the facilitation of exports, the Management of Nigerian Ports Authority (NPA) has assured of providing the technical guidance and allied support necessary for operationalization of Burutu Port in Delta State. The Managing Director/CEO of NPA, Dr. Abubakar  Dantsoho gave the assurances when he received the Chairman and Executives of Akewa Colmar Terminal Limited…

The NNPC Ltd.’s new Executive Vice President, Upstream (EVP), Mr. Udobong Ntia, has called on upstream stakeholders in the nation’s oil and gas industry to strengthen corporate governance, transparency, and efficiency in their operations. Ntia, spoke during an Upstream Governance, Risk and Compliance Workshop themed “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector” held in Lagos recently. Chief Corporate…

Nigeria has reaffirmed its leadership in African aviation with the re-election of Ms. Adefunke Adeyemi as Secretary General of the African Civil Aviation Commission (AFCAC). Her victory was confirmed during the 35th Ordinary Plenary Session held in Brazzaville, Congo, where she garnered 22 votes against seven, solidifying the confidence of AFCAC member states in her visionary leadership. The Honourable Minister…