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Mr. Bawa Usman, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry.

The Finance Act 2019 ("the Finance Act") made significant changes to the tax regime in Nigeria, with broad implications for doing business, investment strategies and tax planning in Nigeria. Changes introduced by the Finance Act include those made to the Stamp Duties Act, Cap. S8, L.F.N. 2004 ("SDA"), amongst others.

Section 20 of the Banks and Other Financial Institutions Act (BOFIA), 2020 provides two ways banks may acquire or hold shares in other entities. It provides that banks may hold shares in small and medium scale enterprises for business purposes, and banks may also hold shares acquired in satisfaction of a debt.

Dr Martin Tallhause looked out of his 15th-floor office window at the busy façade of the hustle and bustle of Ikoyi. He looked like he had just seen a ghost; worst still, he looked like he had just seen red; red on the bank account he maintains jointly with his business partner, Mr Chip Munk. His account officer had just informed him on the phone that pursuant to the Central bank of Nigeria's Operational Guidelines on Global Standing Instruction (GSI) Individual, ("GSI Guidelines" or the "Guidelines") [1] the joint account he maintains with Mr Munk for the purpose of pooling resources for their tech start-up has been debited.

The Central Bank of Nigeria (CBN) has turned down First Bank of Nigeria’s (FBN’s) loan restructuring for Honeywell Flour Mills and subsequently directed the bank to recover the loan granted the company immediately. The sum of the loan could not be ascertained last night but the flour mill is the brainchild of Mr. Oba Otudeko who was sacked from the board of FBN Holdco on Thursday.

Nigeria’s total debt stock is in the process of hitting N34 trillion from N33 trillion following the recent approval of a fresh foreign loan of N1.1 trillion for the federal government by the National Assembly. In this special report, Correspondents Nduka Chiejina, Sanni Onogu and Tony Akowe capture the state of Nigeria’s debt portfolio and institutional involvement.

With the recent decision of the Central Bank of Nigeria (CBN) to remove the Boards of FBNH and FirstBank and replace them with newly constituted alternatives, several issues creep behind the facade of finicky corporate ethics. The banking windowpanes appear clear behind dusty operational curtains.

The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill. This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday.

Many countries are experiencing a combination of high public debt and low interest rates. This was already the case in advanced economies even prior to the pandemic but has become even starker in its aftermath. A growing number of emerging market and developing economies are likewise enjoying a period of negative real rates—the interest rate minus inflation—on government debt.

As part of the efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system. With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrollment of Other Financial Institutions (OFIs) on the CRMS Platform.

We really do not enjoy Joining issues with the current Administration in Ogun State. However, the State Government, in its wisdom, chose to call us out with Its tons of lies and misinformation carelessly crafted to obfuscate issues and concerns raised by the Debt Management Office (DMO) In the just released Data on Debt Figures of the 36 States of the Federation and the FCT, where the figures showed the Ogun State's skyrocketing debt at a time when by general acclaim, nothing is on ground to justify such huge debt.

Today, more than half of low-income countries eligible for relief under the Debt Service Suspension Initiative (DSSI) are either in debt distress or at high risk. Several emerging markets have either recently restructured (Argentina and Ecuador) or remain in default (Lebanon, Surinam, and Venezuela). In this context, we review some of the features of external sovereign debt restructurings. We show that default spells are lengthy and that the road to debt-crisis resolution is often littered with serial restructuring agreements.

The Executive Board of the International Monetary Fund (IMF) approved on April 1, 2021 a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). This approval follows two prior tranches approved on April 13, 2020 and October 2, 2020, respectively (see Press Releases 20/165 and 20/304).

Northern Ireland firms applying for new government-backed Covid recovery loans will have to do so within EU subsidy rules. Some firms in Great Britain may also be covered by EU rules depending on the extent of their business in NI. Under the Recovery Loan Scheme (RLS) UK firms can borrow between £25,001 and £10m.

The Central Bank of Nigeria has urged banks to bring down the sector’s non-performing loans below five per cent, which is the prudential benchmark. It noted that the current ratio of 6.3 per cent was above the prudential benchmark as of February. Reports obtained from the CBN after its recent Monetary Policy Committee showed on Tuesday.

Following articles published by some Nigerian media over an alleged dispute between StarTimes and beIN Media Group, StarTimes wants to clarify the following points: StarTimes has not been subjected to any court order, in Nigeria or anywhere else, in relation to a dispute with beIN Media Group.

GlobalData Sport, a data and intelligence services platform, has revealed that StarTimes, the Chinese-owned Pay-TV operator with tentacles across Africa, is at "serious risk" of receiving a court-mandated "winding-up" order after it has "repeatedly failed to pay" for sports rights to the BeIn Media Group concerning the French football Ligue1.

Fitch Ratings has been creating value for global markets and challenging conventional thinking since 1923, when it invented its now-familiar AAA to D ratings scale.

In 2018 when Access Bank took over Diamond Bank, in what is the largest merger in Nigeria’s banking history, they knew it was not a match made in heaven like their PR agencies will make you believe.

Ecobank Transnational Incorporated (ETI) Plc released its 9month 2020 result in November 2020 with sufficient optimism about its strong short-term outlook.

Supply of Credit: The availability of secured credit to households increased in Q4 2020 and is expected to increase in the Q1 2021. Changing economic outlook and increased market share objectives were major factors responsible for the increase in supply of secured credit.

In a judgement given today by Justice R.M. Aikawa of the Federal High Court (FHC) sitting in Lagos in the case between Access Bank Plc vs Seplat Petroleum Development Company and others, the FHC upheld an earlier Mareva injunction by allowing Access Bank to hold onto the assets of SEPLAT.

With the naira stuttering over the last twelve months, corporations with dual listings in domestic and foreign markets and have Eurobond Issues outstanding may find themselves in a bit of a jam.

Counsel to Honeywell Group, Mr Olabode Olanipekun (SAN), Monday 14th December 2020, said that his client would be seeking a Supreme Court intervention and review of the Court of Appeal judgement on its protracted case with Ecobank.

Nigerian bank asset quality is expected to weaken over the next 12 months-18 months, Fitch Ratings says in a new report, What Investors Want to Know: Nigerian Banks.

MAJORITY raises $19 million for its mobile banking service for migrants - TechCrunch

More than a million people migrate to the U.S. each year. Upon their arrival, they face challenges in opening a local bank account and accessing financial services at regular rates. These challenges for migrants, a significant portion of whom also need to sen…

Award-Winning Technology Firm mIQrotech Oversubscribes Series A Funding Round - Business Wire

mIQrotech oversubscribed its Series A funding, a huge stride toward disrupting the oil and gas industry through digital transformation.

mHealth Apps Market to Garner Growth at 43.9% by 2027 - GlobeNewswire

The global mHealth Apps market is expected to garner growth at a CAGR of 43.9% during the forecast period and is predicted to reach USD 240.65 billion...

Everything you need to know about the Cristiano Ronaldo Coca-Cola controversy - Goal.com

Conor Coady admits Jadon Sancho and Marcus Rashford are giving him nightmares in England training, with the Wolves defender saying: "I’m a sucker for getting megged when I come here – like you wouldn’t believe!"

Stocks making the biggest moves midday: Peloton, GameStop, MicroVision and more - CNBC

These are the stocks posting the largest moves in midday trading.

Philip Morris to Move Corporate Headquarters to Connecticut from New York - NBC Connecticut

Philip Morris International is moving its corporate headquarters to Connecticut from New York in 2022—and is bringing 200 jobs with it.

The best Amazon Prime Day 2021 deals you can still get, including 50% off a Vitamix Blender - Business Insider

Amazon Prime Day ends tonight, but you can still snag some incredible deals. We're updating the best Amazon Prime Day deals every 20 minutes so you know exactly what's still available.

London hedge fund shuts after big losses shorting GameStop - FT - Seeking Alpha

London-based White Square Capital is closing its doors after getting hit hard by the GameStop (GME) bulls, the Financial Times reports.

South Africans left without Internet as Vumatel cuts off ISP - MyBroadband

Former Fibrestream subscribers have informed MyBroadband that their broadband connections stopped working at 11:00 on Monday and have still not come back online.

Popia registration deadline scrapped - TechCentral

No responsible party will be held liable for not registering by 30 June under the Protection of Personal Information Act, the Information Regulator said on Tuesday.

Good news for graphics card crunch - MyBroadband

There are early indications that the troublesome global GPU shortage is improving, with more stock and lower prices on the cards.

Takealot is close to turning a profit, and may sell groceries next | Fin24 - News24

The Takealot Group grew its revenue by 65% to R8.7 billion in a single year, said owner Naspers. The ecommerce company is now very close to break-even.

Former CannTrust executives, director charged in 2019 cannabis growing scheme at Ontario facility - The Globe and Mail

The charges follow a two-year joint investigation by the Ontario Securities Commission and the RCMP’s Integrated Market Enforcement Team

Australian pot company Little Green Pharma buys Canopy Growth facility in Denmark - Business News - Castanet.net

An Australian cannabis company says it has purchased a Canopy Growth Corp. property in Europe.

Gold price under pressure as U.S. existing home sales drop for a fourth straight month in May - Kitco NEWS

Gold, silver see price pauses as Fed Chair Powell on deck - Kitco NEWS

Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments

Landlords push FTSE higher on summer reopening hopes - live updates - Telegraph.co.uk

Britain's Senior has rejected a $1.

Billionaire Reuben brothers revealed as new owners of Newcastle's prime shopping centre - Chronicle Live

A company acting for the Reuben brothers is also spearheading the nearby regeneration of East Pilgrim Street

Man hits £1billion jackpot after launching bathroom business from his parents' shed - The Mirror

Mark Radcliffe, now the incredibly wealthy founder of Victorian Plumbing, hit his first million on eBay after founding a mobile phone shop at the age of 30

Petition urges Jeff Bezos to blast into space – and stay there - The Guardian

Change.org effort that says ‘billionaires should not exist’ has gathered tens of thousands of signatures