Economy
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Kenyan court freezes Flutterwave bank accounts over alleged money laundering
A high court in Kenya has granted an exparte motion which sought temporary freezing of bank accounts belonging to Nigerian fintech Flutterwave and four Kenyans on the request of the Assets Recovery Agency (ARA), the agency said. According to reports, the deposit of Sh7 billion ($59 million) from 56 accounts in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative…
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Equities market appreciates by N12bn over gains in large/medium capitalised stocks
Equities trading at the Nigerian Exchange Limited (NGX) on Thursday posted its first gain this week as capitalisation gained by N12 billion. In summary, the All-Share Index (ASI) grew by 7.19 basis points or 0.01 per cent to close at 51,563.73 basis points. Similarly, the overall market capitalisation value gained N12 billion to close at N27.807 trillion. The market positive…
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Flutterwave denies money laundering allegations in Kenya
Fintech company Flutterwave has denied allegations of money laundering levelled against the Kenya arm of the company. The company denied the allegations in a statement released on Monday. Kenyan newspaper, The Star, had reported that the country’s high court had frozen 56 bank accounts, including Flutterwave’s, holding a whopping Sh7 billion ($59 million) suspected to have been laundered by foreign…
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We’ll ensure changes in DisCos don’t disrupt service – FG
Minister of Power, Mr Abubakar Aliyu says the ministry will ensure that the changes in corporate governance do not impact on the service and stability of the Distribution Companies (DisCos). Mal Isa Sanusi, Special Adviser on Media to the minister, made this known in a statement in Abuja on Wednesday. Sanusi said that the minister had reassured electricity consumers that…
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FIRS boss charges professional bodies on contribution to Nigeria’s tax devt
Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has called on professional bodies in the regulation of tax practice to lead conversations on matters of tax policy and tax laws in the country. Nami made the call on Wednesday while hosting a meeting of the Council Members of the Chartered Institute of Taxation of Nigeria (CITN), the Institute…
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Equities market drops by N16bn as Champion Breweries, NEM Insurance lead losers table
The equities market of the Nigerian Exchange Limited (NGX) extended its losing streak for the third consecutive session as market capitalisation shed N16 billion. The NGX All Share Index (ASI) decreased by 29.96 basis points or 0.06 per cent to close at 51,556.54 basis points. Similarly, the market capitalisation lost N16 billion to close at N27.795 trillion. The downturn was impacted by…
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Nigeria, Ghana to promote efficiency in regulatory oversight
In recognition of the importance of enhanced coordination and cooperation concerning issues of common regulatory interest, the Securities and Exchange Commission (SEC) Nigeria has pledged to work with her Ghanaian counterpart to achieve desired results. This is in order to nurture market innovation and fair competition as well as to promote efficiency in regulatory oversight within the west African sub…
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Fidelity Bank to take over Kano, Benin, Kaduna DISCOs
Fidelity Bank is to take over the boards of Kano, Benin and Kaduna distribution companies (DISCOs) and collateralise their shares. Bureau of Public Enterprise (BPE) director-general Alex Okoh and executive chairman of the Nigerian Electricity Regulatory Commission (NERC) Sanusi Garba disclosed this in a joint statement on Wednesday. “Today, we were informed by Fidelity Bank that they have activated the…
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Nigeria can’t abandon oil yet – Sylva
Minister of State for Petroleum Resources, Chief Timipre Sylva says Nigeria can’t abandon its hydrocarbon yet. He said this while giving his opening remarks at the 21st Nigeria Oil and Gas conference in Abuja. According to him, the commodity will constitute the country’s energy mix. “The oil producing countries are currently having conversations around moving away from fossil fuels to…
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Equities market down by N110bn over investors sell-off in BUA Foods, 15 others
Bearish sentiments drove the domestic equities market of The Nigerian Exchange Limited (NGX) yesterday down by N110 billion, following profit taking in BUA Foods PLC and 15 others. The All Share Index (ASI) decreased by 204.95 absolute points, representing a dip of 0.40 per cent to close at 51,586.50 points. Similarly, the market capitalisation lost N110 billion to close at N27.811…
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