SEC, Fintech and Nigeria’s investment landscape: Tackling competition, disruption and regulation

Adesola AfolabiAugust 26, 2019

The Nigerian Securities and Exchange Commission (SEC) has declared its support towards encouraging financial technology (Fintech) firms contribute towards the growth in Nigeria’s investment landscape. According to Mary Uduk, the SEC’s acting director general, the SEC has begun engaging with the investment community by setting up a Fintech committee to come up with a road […]

Banks’ software investment rises 55% to N120bn

Adesola AfolabiAugust 26, 2019

The investment of 10 Nigerian Deposit Money Banks in software, which has accrued over the years, reached N120bn as of December 31, 2018, investigation has shown. This investment grew by 55 per cent in two years from the N77.35bn the banks collectively reported in their financial report ended December 31, 2016. The software is regarded […]

Fiscal initiatives, boosting revenue base, debt containing/management strategies are imperatives for Ahmed, Finance minister

August 25, 2019

Moses Obajemu Almost 90 days after his inauguration as president of Nigeria for the second time, president Mohammadu Buhari finally swore in his cabinet ministers and assigned portfolios to them last week. About 12 former ministers in the president’s first term made it into the newly inaugurated cabinet to continue doing what they were doing […]

Investors sustain appetite for FGN bonds

Businessam StaffAugust 22, 2019

In spite of the prevailing tight liquidity experienced in the financial market, investors have continued to show strong appetite for the FGN Bonds offered by the Debt Management Office (DMO) At the FGN bond auction held on Wednesday, the DMO issued N59.53 billion bonds for the three tenors offered to various investors, with N40 billion […]

Trump heaps pressure on Fed and its chairman Powell to cut rates

Businessam StaffAugust 21, 2019

President Donald Trump on Wednesday continued to pressure the Federal Reserve and the central bank’s chairman to lower interest rates, saying its policies were hampering U.S. growth and reducing the country’s ability to compete economically. “Doing great with China and other Trade Deals. The only problem we have is Jay Powell and the Fed. He’s […]

Humbled Deutsche Bank faces battle in its own backyard

Businessam StaffAugust 20, 2019

Online retailer Zalando is just the kind of fast-growing German business with foreign expansion plans that Deutsche Bank chief executive Christian Sewing needs to help drive the struggling lender’s recovery. In an attempt to draw a line under years of scandals and heavy losses, Sewing is pulling back from investment banking and rebuilding Deutsche Bank’s […]

Money laundering: FATF to screen banks, BDC, others

Businessam StaffAugust 20, 2019

The global body that sets standard for anti money laundering (AML/CFT) efforts, the Financial Action Task Force team, will assess banks and other financial institutions’ compliance with the Anti-Money Laundering and Counter Financing of terrorism measures. The team also plans to carry out checks at the branches of selected banks and Bureau De Change offices […]

Naira exchanges at N359 to dollar at parallel market

Businessam StaffAugust 20, 2019

The naira on Monday traded at N358.6 to the dollar at the parallel market in Lagos. The pound sterling and the euro closed at N445 and N396, respectively. At the bureau de change segment, the naira was sold at N358.6, while the pound sterling and the euro closed at N445 and N396, respectively. Trading at […]

Fayemi mulls listing Ekiti State’s health, knowledge and tourism assets

Adesola AfolabiAugust 19, 2019

…as brokerage community urges synergy between state spending and private capital Olukayode Fayemi, the executive governor of Ekiti State has hinted on the possibility of offering the state’s tourism, health and knowledge assets for investment from the public through Nigerian Stock Exchange (NSE). The governor was at the Exchange last weekend, for dual purposes, which […]