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Insider Connections Facilitate Most Banking Frauds
Wednesday, 26 May 2021
Insider Connections Facilitate Most Banking Frauds

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.

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Payment of Stamp Duties on Loan Agreements - Implication of the Finance Act 2019
Friday, 14 May 2021
Payment of Stamp Duties on Loan Agreements - Implication of the Finance Act 2019

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.

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Banks Taking Security Over Shares - A Review of the Consent Requirements Under the BOFIA 2020
Friday, 14 May 2021
Banks Taking Security Over Shares - A Review of the Consent Requirements Under the BOFIA 2020

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.

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The Right of Creditors to Attach a Joint Account Where Only One Party is Indebted
Tuesday, 11 May 2021
The Right of Creditors to Attach a Joint Account Where Only One Party is Indebted

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.

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CBN orders First Bank to recover loans from Honeywell Flour Mills
Sunday, 02 May 2021
CBN orders First Bank to recover loans from Honeywell Flour Mills

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.

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Nigeria’s debt stock approaches N34 trillion
Sunday, 02 May 2021
Nigeria’s debt stock approaches N34 trillion

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.

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Of First Bank and Bad Debtors; A System's Throbbing Headache
Friday, 30 April 2021
Of First Bank and Bad Debtors; A System's Throbbing Headache

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.

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Senate Passes AMCON Amendment Bill to Aid Quicker Assets Disposal
Thursday, 29 April 2021
Senate Passes AMCON Amendment Bill to Aid Quicker Assets Disposal

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.

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A Future with High Public Debt: Low-for-Long Is Not Low Forever
Monday, 26 April 2021
A Future with High Public Debt: Low-for-Long Is Not Low Forever

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.

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CBN to Commence Enrolment of All DFIs, MFBs, PMBs and FCs on the CRMS Platform
Wednesday, 14 April 2021
CBN to Commence Enrolment of All DFIs, MFBs, PMBs and FCs on the CRMS Platform

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.

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Ogun State Debt Figures - Understanding the Facts, Fiction and Black Spots
Friday, 09 April 2021
Ogun State Debt Figures - Understanding the Facts, Fiction and Black Spots

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.

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External sovereign debt restructurings: Delay and replay
Wednesday, 07 April 2021
External sovereign debt restructurings: Delay and replay

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.

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IMF Executive Board Extends Debt Service Relief for 28 Eligible Low-Income Countries
Wednesday, 07 April 2021
IMF Executive Board Extends Debt Service Relief for 28 Eligible Low-Income Countries

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).

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NI firms to use EU subsidy rules for Covid recovery loans
Wednesday, 07 April 2021
NI firms to use EU subsidy rules for Covid recovery loans

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.

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CBN urges banks to reduce non-performing loans
Wednesday, 07 April 2021
CBN urges banks to reduce non-performing loans

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.

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No Wind-up Court Order on StarTimes in Nigeria, Legal Proceedings Ongoing in Hong Kong
Wednesday, 07 April 2021
No Wind-up Court Order on StarTimes in Nigeria, Legal Proceedings Ongoing in Hong Kong

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.

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StarTimes Facing a Winding-Up Court Order for Rights Debts
Friday, 26 February 2021
StarTimes Facing a Winding-Up Court Order for Rights Debts

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.

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Credit Where It's Due: Fitch Wrote the Book on this one
Friday, 05 February 2021
Credit Where It's Due: Fitch Wrote the Book on this one

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.

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How Access Bank got Japaul to pay up N37 billion loan that had gone bad
Thursday, 21 January 2021
How Access Bank got Japaul to pay up N37 billion loan that had gone bad

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.

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The Ecobank and Airtel Story: Surviving a Contingent Liability and Equity Sale
Tuesday, 05 January 2021
The Ecobank and Airtel Story: Surviving a Contingent Liability and Equity Sale

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

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CBN Poll: Availability of Secured Credit to Households Increased in Q4 2020
Wednesday, 30 December 2020
CBN Poll: Availability of Secured Credit to Households Increased in Q4 2020

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.

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FHC Upholds Mareva Injunction in Access Bank Case, Bank to Hold Onto SEPLAT's Assets
Monday, 28 December 2020
FHC Upholds Mareva Injunction in Access Bank Case, Bank to Hold Onto SEPLAT's Assets

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.

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Seplat's Navigation of Funding Options, Dual Listings, Eurobond and the Cardinal Drilling Loan
Sunday, 20 December 2020
Seplat's Navigation of Funding Options, Dual Listings, Eurobond and the Cardinal Drilling Loan

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.

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Honeywell to Seek Supreme Court's Review of Court of Appeal Decision on Ecobank Credit
Wednesday, 16 December 2020
Honeywell to Seek Supreme Court's Review of Court of Appeal Decision on Ecobank Credit

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.

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Risks to Nigerian Banks' Asset Quality Loom in 2021 and Beyond
Thursday, 10 December 2020
Risks to Nigerian Banks' Asset Quality Loom in 2021 and Beyond

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.

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Other News

MAJORITY raises $19 million for its mobile banking service for migrants - TechCrunch
Tuesday, 22 June 2021

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…

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Award-Winning Technology Firm mIQrotech Oversubscribes Series A Funding Round - Business Wire
Tuesday, 22 June 2021

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.

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mHealth Apps Market to Garner Growth at 43.9% by 2027 - GlobeNewswire
Tuesday, 22 June 2021

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...

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Everything you need to know about the Cristiano Ronaldo Coca-Cola controversy - Goal.com
Tuesday, 22 June 2021

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!"

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Stocks making the biggest moves midday: Peloton, GameStop, MicroVision and more - CNBC
Tuesday, 22 June 2021

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

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

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Philip Morris to Move Corporate Headquarters to Connecticut from New York - NBC Connecticut
Tuesday, 22 June 2021

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.

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The best Amazon Prime Day 2021 deals you can still get, including 50% off a Vitamix Blender - Business Insider
Tuesday, 22 June 2021

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.

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London hedge fund shuts after big losses shorting GameStop - FT - Seeking Alpha
Tuesday, 22 June 2021

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.

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South Africans left without Internet as Vumatel cuts off ISP - MyBroadband
Tuesday, 22 June 2021

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.

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Popia registration deadline scrapped - TechCentral
Tuesday, 22 June 2021

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.

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Good news for graphics card crunch - MyBroadband
Tuesday, 22 June 2021

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.

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Takealot is close to turning a profit, and may sell groceries next | Fin24 - News24
Tuesday, 22 June 2021

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.

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Former CannTrust executives, director charged in 2019 cannabis growing scheme at Ontario facility - The Globe and Mail
Tuesday, 22 June 2021

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

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Australian pot company Little Green Pharma buys Canopy Growth facility in Denmark - Business News - Castanet.net
Tuesday, 22 June 2021

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.

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Gold, silver see price pauses as Fed Chair Powell on deck - Kitco NEWS
Tuesday, 22 June 2021

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

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Billionaire Reuben brothers revealed as new owners of Newcastle's prime shopping centre - Chronicle Live
Tuesday, 22 June 2021

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

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Man hits £1billion jackpot after launching bathroom business from his parents' shed - The Mirror
Tuesday, 22 June 2021

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

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Petition urges Jeff Bezos to blast into space – and stay there - The Guardian
Tuesday, 22 June 2021

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

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