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SEPLAT and Its Access Bank Nemesis - Plugging the Governance Gap
Sunday, 06 December 2020
SEPLAT and Its Access Bank Nemesis - Plugging the Governance Gap

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.

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The CBN Directive on Publication of Delinquent Bank Debtors: Some Data Privacy Ramifications
Sunday, 06 December 2020
The CBN Directive on Publication of Delinquent Bank Debtors: Some Data Privacy Ramifications

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?

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Why Publishing Names of Delinquent Bank Debtors is in the Public Interest
Sunday, 06 December 2020
Why Publishing Names of Delinquent Bank Debtors is in the Public Interest

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

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SEPLAT Plc Refutes Being Party to Cardinal Drilling Services Loan with Access Bank
Thursday, 03 December 2020
SEPLAT Plc Refutes Being Party to Cardinal Drilling Services Loan with Access Bank

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.

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O and O Networks Limited and ETI Appeal Court of Appeal Judgement on Disputed Airtel Shares
Wednesday, 25 November 2020
O and O Networks Limited and ETI Appeal Court of Appeal Judgement on Disputed Airtel Shares

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.

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AMCON Takes Over Jimoh Ibrahim's Prime Assets Over N69.4bn Debt
Thursday, 19 November 2020
AMCON Takes Over Jimoh Ibrahim's Prime Assets Over N69.4bn Debt

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.

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Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt
Monday, 09 November 2020
Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt

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.

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Fitch Revises Nigeria's Outlook to Stable, Affirms at 'B'
Monday, 05 October 2020
Fitch Revises Nigeria's Outlook to Stable, Affirms at 'B'

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'.

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N4bn Debt: Court Grants AMCON's Request to Take Over Firm's Asset
Tuesday, 15 September 2020
N4bn Debt: Court Grants AMCON's Request to Take Over Firm's Asset

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.

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DMO Clarifies China's Loans to Nigeria; Economic Viability and Revenue Issues Left Out
Wednesday, 12 August 2020
DMO Clarifies China's Loans to Nigeria; Economic Viability and Revenue Issues Left Out

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.

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Thoughts on Nigeria and Chinese Loans - Reuben Abati
Wednesday, 12 August 2020
Thoughts on Nigeria and Chinese Loans - Reuben Abati

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.

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The CBN's New GSI Policy - Dangers Ahead and Recommendations
Friday, 07 August 2020
The CBN's New GSI Policy - Dangers Ahead and Recommendations

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:

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Banks’ non-performing loans now N1.2tn – CBN
Tuesday, 28 July 2020
Banks’ non-performing loans now N1.2tn – CBN

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.

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$14m Debt: Court to Hear Sahara Group, Ecobank Settlement Report
Tuesday, 28 July 2020
$14m Debt: Court to Hear Sahara Group, Ecobank Settlement Report

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.

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The Debt Management Office as a Catalyst for The Development of Infrastructure
Tuesday, 28 July 2020
The Debt Management Office as a Catalyst for The Development of Infrastructure

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.

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Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt
Thursday, 23 July 2020
Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt

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.

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For Publishing Debtors List - Court Dismisses N5bn Libel Suit against THISDAY, Diamond Bank
Friday, 17 July 2020
For Publishing Debtors List - Court Dismisses N5bn Libel Suit against THISDAY, Diamond Bank

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.

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Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach
Thursday, 16 July 2020
Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach

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.

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CBN Issues Operational Guidelines On GSI to Facilitate Improved Credit Repayment Culture
Wednesday, 15 July 2020
CBN Issues Operational Guidelines On GSI to Facilitate Improved Credit Repayment Culture

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.

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CBN Orders Seizure of Loan Defaulters Funds Across Banks
Tuesday, 14 July 2020
CBN Orders Seizure of Loan Defaulters Funds Across Banks

...As GSI guidelines takes off 1st August The Central Bank of Nigeria (CBN) today moved a step ahead of bank loan defaulters with a new guideline that allows seizing of their funds in other accounts.

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AMCON Takes over Pan Ocean’s Assets over N240bn Debt
Friday, 03 July 2020
AMCON Takes over Pan Ocean’s Assets over N240bn Debt

The Asset Management Corporation of Nigeria (AMCON) has taken over all assets belonging to Pan Ocean Group and its subsidiaries.

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Sectorial Analysis of Nigeria's Finance and Insurance Sector
Friday, 26 June 2020
Sectorial Analysis of Nigeria's Finance and Insurance Sector

Despite the spread of COVID-19, the finance and insurance sector grew remarkably in the Q1 2020. The sector grew by 20.79% in Q1 2020, an improvement from 20.18% in Q4 2019. Financial institutions grew by 24.0% in Q1 2020 from 22.33% in Q4 2019 and -9.21% in Q1 2019. The insurance sector grew by 2.94% in Q1 2020 from 3.21% in Q4 2019 and 2.58% in Q1 2019.

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Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom
Friday, 26 June 2020
Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom

The Global Financial Stability Update at a Glance: Risk asset prices have rebounded following the precipitous fall early in the year, while benchmark interest rates have declined, leading to an overall easing of financial conditions.

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The Twin Shock: COVID-19 Pandemic and The Oil Price War and Implications for the Banking Sector
Friday, 26 June 2020
The Twin Shock: COVID-19 Pandemic and The Oil Price War and Implications for the Banking Sector

COVID-19 is in the first place, a pandemic with potential serious implications for people's health. It is an unprecedented challenge for our modern societies and health systems. The consequences of the pandemic for our global economy and financial sector are unpredictable.

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World Bank Says Lenders at Risk as Nigeria Heads to Recession
Friday, 26 June 2020
World Bank Says Lenders at Risk as Nigeria Heads to Recession

Nigeria’s banking system is at risk of being destabilized as the coronavirus pandemic triggers what might be the worst recession in four decades for Africa’s largest economy, according to the World Bank.

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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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