News

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.

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.

Worldwide Vaginal Laxity Industry to 2025 - Postmenopausal Hormonal Changes in Women are Driving Growth - PRNewswire

/PRNewswire/ -- The "Global Vaginal Laxity Market: Size, Trends & Forecasts (2021-2025 Edition)" report has been added to ResearchAndMarkets.com's offering....

Worldwide Probe Card Industry to 2025 - Emergence of TSV Technology is Driving Growth - PRNewswire

/PRNewswire/ -- The "Global Probe Card Market: Size, Trends & Forecasts (2021-2025 Edition)" report has been added to ResearchAndMarkets.com's offering. This...

Iata slams Spanish airports authority AENA - Travel Weekly UK

Increase in charges ‘irresponsible’ says Walsh

Global Surgical Robotics Market Report 2021: Intuitive Surgical Dominated the Market by Holding 79.82% Market Share in 2020 - Long-term Forecast to 2031 - PRNewswire

/PRNewswire/ -- The "Global Surgical Robotics Market 2021-2031: Focus on Vendor Analysis, Key Enabling Technologies, Emerging Platforms in Pipeline, 26 Company...

Bill, Melinda Gates' split after 27 years of marriage was due to a ‘combo of things’: report - Fox News

Throughout their decades together, the billionaire couple had a “combo of things “ that prompted the split and the fact that their youngest child, Phoebe, is now an adult – the Gateses, Bill and Melinda -- simply felt now was the right time to end things for …

Five takeaways on a surprisingly poor jobs report | TheHill - The Hill

Economists and politicians alike were shocked by the unexpectedly tepid April jobs report release...

Cruise line CEO says ships may avoid Florida over COVID-19 passport ban | TheHill - The Hill

The CEO of Norwegian Cruise Line Holdings Ltd. is hinting that Florida's new ban&n...

A mom panicked when her 4-year-old bought $2,600 in SpongeBob Popsicles. Good Samaritans are paying. - The Washington Post

GoFundMe donors raised more than enough to cover Noah Ruiz's Popsicle spree.

Good news for WhatsApp users in South Africa - MyBroadband

WhatsApp has provided an update on its privacy policy deadline.

PowerBall results: Friday, 7 May 2021 - The Citizen

R51 million up for grabs tonight. Here are your PowerBall and PowerBall Plus results for Friday 7 May 2021, brought to you by The Citizen.

Rand rockets to best level in 16 months ahead of Moody’s review - News24

The local currency received support from rallying commodity prices, the weaker dollar and the better-than-expected state of SA government finances.

SARS is coming after these 3 tax streams - BusinessTech

Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market, and approximately R6.5 billion for the South Africa…

Montreal bars and restaurants to receive $4M from city for reopening - Montreal Gazette

The money can be used to add a terrasse in time for summer, help with costs related to public health measures or improve online services.

Vaccines offered for those 30 and older in Rutland, Summerland - Kelowna News - Castanet.net

The COVID-19 vaccine is now available for anyone 30 or older who live in Rutland or Summerland, after Interior Health announced these are considered “high transmission neighbourhoods.”

New case of COVID-19, new public exposure sites on P.E.I. Friday - CBC.ca

Public health officials on Prince Edward Island reported one new case of COVID-19 and three new possible exposure sites in a news release issued late Friday afternoon.

B.C. residents likely to be given choice for second dose following AstraZeneca vaccine - Global News

Dr. Bonnie Henry says officials hope to give people who had the AstraZeneca shot a choice for their second -- whether that is AstraZeneca, Pfizer or Moderna.

Britons should work from home indefinitely, say Government officials - Daily Mail

Government sources believe that employees should continue working from home even after June 21, when Boris Johnson hopes to lift nearly all restrictions.

New York boy stuns family with $2,618 Amazon order for SpongeBob popsicles - The Guardian

Noah Bryant, four, who is on the autism spectrum, sent a 51-case order of SpongeBob treats to his aunt’s house

Inquest to be held into Covid death of rail worker allegedly spat at by customer - The Guardian

Senior coroner says there needs to be an investigation into what may have been the ‘unnatural’ death of Belly Mujinga

Melinda Gates ‘warned Bill about Jeffrey Epstein in 2013’ - The Independent

Melinda Gates is ‘haunted’ by Microsoft founder’s association with sex offender, sources say