News

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.

On Wednesday, December 02, 2020, the head office of Seplat Petroleum Development Company Plc was closed to business based on a court order which permitted a receiver/manager, Messrs Kunle Ogunba & Co to enforce an ex parte motion requesting that Access Bank Plc take over SEPLAT's head office premises.

Can a Bank legitimately disclose the names of individual debtors or obligors in the newspapers as a naming and shaming strategy for debt recovery? Does the NDPR provide any relief for such individual debtors or obligors?

This is a rejoinder to the post 'The CBN Directive on Publication of Delinquent Bank Debtors: Some Data Privacy Ramifications' refers.

Over the week the Corporate Headquarters of Seplat Petroleum Development Company Plc (SEPLAT) at No. 16A Temple Road, Ikoyi, Lagos was sealed by policemen on Wednesday, December 2, 2020, ostensibly on behalf of a Receiver/Manager appointed by one of Nigeria's tier-1 lending institutions, Access Bank Nigeria Plc. According to a manager at the company, the sealing order prevented the company's staff and other tenants from accessing the building.

O&O Networks Limited is appealing an unfavourable Court of Appeal Judgment that was delivered today and relating to shares that it previously owned in Airtel Networks Limited.

Following the order of Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken possession of twelve prime assets belonging to Barrister Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja over a staggering indebtedness of nearly N70billion.

Recent statements by the Central Bank of Nigeria's (CBN's) asset resolution company, AMCON, and in particular, the Managing Director (MD) on the matter/in regards to the likelihood of public sector resources being used to clean-up N5trn in toxic banking sector loan assets. Analysts have noted that AMCON's conjecture may have been propped by a mistaken premise.

Fitch Ratings - Hong Kong - 30 Sep 2020: Fitch Ratings has revised the Outlook on Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B'.

Following the order of Justice M.S. Hassan of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over an indebtedness of over N4bn.

The attention of the Debt Management Office (DMO), has been drawn to statements and reports credited to several persons on the subject of Loans obtained from China and has considered it necessary to provide a sequel to its Press Release on the same subject dated September 11, 2018.

The relationship between Nigeria and China with regard to loans obtained from the latter to fund Nigeria's infrastructural projects suddenly became a matter of legislative intervention and public scrutiny last week when the House of Representatives summoned the Minister of Transportation, the Minister of Finance, Budget and National Planning and the Minister of Communications and Digital Economy to appear before it on August 17.

From 01 August 2020, the Central Bank of Nigeria (CBN) gave effect to a new policy that will have major ramification for banking services in Nigeria. The new Global Standard Instruction (GSI) policy provide that at the point of executing loan agreements:

Banks’ non-performing loans stood at N1.2tn as of the end of June according to figures obtained from the Central Bank of Nigeria on Monday. This amounted to about 6.4 per cent of the gross credit of the banks to the economy which stood at N18.9tn as of the period under review.

Justice Rilwan Aikawa of the Federal High Court in Lagos, has adjourned till August 12 for report of settlement in a $14million debt lawsuit between Sahara Group Limited and Ecobank Nigeria Limited.

The Debt Management Office (DMO) which is the agency of the Government charged with the management of the public debt, has in its almost twenty (20) years of existence supported the Federal Government of Nigeria (FGN) by raising funds to finance various capital projects as approved in the Appropriation Acts.

Recent statements by the Central Bank of Nigeria's (CBN's) asset resolution company, AMCON, and in particular, the Managing Director (MD) on the matter/in regards to the likelihood of public sector resources being used to clean-up N5trn in toxic banking sector loan assets. Analysts have noted that AMCON's conjecture may have been propped by a mistaken premise.

An FCT High Court, in Kubwa on Monday, dismissed a N5 billion libel suit filed by a Chartered Accountant, Nixon Alanza, against THISDAY Newspaper Limited and Diamond Bank Plc.

The Central Bank of Nigeria (CBN), this week, issued the Global Standing Instruction (GSI) for the various eligible individual accounts such as Savings, Current and domiciliary accounts. Accounts also included in the GSI are joint accounts, investment/deposit accounts and electronic wallets. The GSI which will be managed by the Nigeria Inter-Bank Settlement System (NIBSS) is expected to kick-off on August 1, 2020.

The Bankers' Committee at its meeting of February 18, 2020 approved the Go-Live on the Global Standing Instruction (GSI), which is aimed at: i. Facilitating an improved credit repayment culture; ii. Reducing Non-Performing Loans in the Nigerian Banking System; and iii. Watch-listing consistent loan defaulters.

Lottery sales at an all-time high as Mega Millions, Powerball set records - WHAS11

Both games had jackpot winners within 24 hours of each other in the fall, but there hasn't been a winner of either since then.

Janet Yellen: Defeating the pandemic and providing relief to Americans are key to economic recovery - Yahoo Finance

Yahoo Finance's Brian Cheung reports on the key takeaways from the confirmation hearings for Secretary of Treasury nominee Janet Yellen.For 2020 election res...

Nigeria Can Store Up To 400000 Doses Of Pfizer COVID 19 Vaccine – FG - Channels Television

Don't forget to subscribe: https://bit.ly/2Hb8hjxWatch more interesting videos: https://bit.ly/34ogCawFollow Channels Television On: Facebook: https://www.f...

Netflix says borrowing to end as global membership tops 200 million - Reuters

Netflix Inc said on Tuesday its global subscriber rolls crossed 200 million at the end of 2020 and projected it will no longer need to borrow billions of dollars to finance its broad slate of TV shows and movies.

Netflix and Disney are trading places: Disney is the upstart, Netflix the old guard - CNBC

Investors want Disney to use excess capital for more streaming video, while Netflix suggests it may start buying back stock as it turns cash-flow positive.

Is Rivian the Next Tesla? Investors Bet Big on Electric Truck Maker - The New York Times

Rivian, which has raised another $2.65 billion, plans to sell a pickup truck and S.U.V. it has worked on for more than a decade.

Biden aims for best stock-market rally in 92 years ahead of inauguration - MarketWatch

Supporters might point to President-elect Joe Biden's bullish impact on the stock market since the Nov. election as an early accomplishment, even if it's...

You can now buy a Porsche Taycan in the US for under $80,000 - Electrek.co

Before today, buying a Porsche Taycan in the US was a six-figure layout. Porsche is now offering a base model starting at $79,900.

Sibanye's head of SA gold operations dies from Covid-19 complications - News24

The precious metals mining company said that Shadwick Bessit passed away on Saturday, 16 January 2021, from Covid-19 related complications

Investor bets against the dollar are at their biggest in almost 10 years, but rising Treasury yields are .. - Business Insider

Bets against the dollar have risen to their highest level in almost a decade, but analysts say rising Treasury yields could cause problems for bears.

Heineken SA becomes first major company to cut jobs due to alcohol sales ban - Business Day

Seventy workers out of a workforce of 1,000 will lose their jobs as brewer laments that the decision was ‘not an easy one to make’

Electronics Giant Mitsubishi Building Blockchain Platform To Power Peer-to-Peer Energy Trading - The Daily Hodl

Mitsubishi Electric is teaming up with Japan's leading science and technology university Tokyo Tech to build a blockchain-based platform for peer-to-peer (P2P) energy trading.

Netflix soars after subscriptions blow past 200 million - BNN

Netflix Inc. ended its biggest year in company history with a bang, adding more customers than expected and saying it no longer needs to borrow money to build its entertainment empire.

Parler moves to hosting service owned by Russians after ban - Aljazeera.com

Parler was dropped by big tech companies after it was used by members to incite violence at the US Capitol.

British Columbia is getting rid of enhanced driver’s licence and enhanced identification card - Globalnews.ca

The application process was temporarily stopped in March 2020, at the start of the pandemic due to the requirement for a lengthy in-person appointment.

Barricade comes down at Windsor Assembly Plant - Windsor Star

Former AWC workers return to jobs at Windsor assembly while two sides negotiate.

Netflix signals stock buybacks to come as subscribers hit 200m - Financial Times

Shares jump as streaming pioneer says it no longer needs junk debt to fund programming

UK government accused of discriminating against maternity leave-takers - The Guardian

Charity brings judicial review and says payment calculations breach Human Rights Act

Wetherspoons expects pubs to stay closed until April - Liverpool Echo

The company has made "zero" sales in 2021 and expects sites to stay closed until at least the end of March

‘Brexodus’ of jobs from City of London to continue, says EU commissioner - The Irish Times

Mairead McGuinness has launched a plan to strengthen EU’s financial system post-Brexit