My Blog

Category: Business

  • Fraudsters fleece Nigerian banks of N9.5bn in 7 months -Report

    The Nigeria Electronic Fraud Forum reported at the weekend said that Nigeria’s banking industry lost about N9.5 billion to electronic frauds between January and August 2023.

    According to the forum, the digital infrastructure in the financial system is still subject to manipulation by cybercriminals.

    Worried by the negative implications of the surging rate of e-fraud for the economy, the Forum has called for new measures and increased collaboration of all stakeholders, particularly the banks and the Ministry of Communications, Innovation and Digital Economy, to combat the rising trend.

    The Forum made this disclosure at its 3rd Quarter 2023 meeting in Lagos with the theme “New Strategies for Combating e-Fraud in a Cashless Environment”.

    Delivering his paper at the meeting, the Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, reflected on the disturbing trend of e-frauds in the country, especially through betting platforms.

    The NIBSS boss, who was represented by the Chief Risk Officer at the meeting, Temidayo Adekanye, said: “Recently, we had the cashless policies from CBN, which was incurring a dramatic increase in the volume of transactions in the industry which variably as the impact of the volume of fraud in the industry itself. Now, the increased efficiency has also meant that fraud has dramatically increased across industry.

    “For Q1 2023, the total fraud reported through the industry forum portal was at N5.1 billion. For fraud trends over the last five years, in 2019, we’re looking at about N3 billion and currently 2023, we are looking at about N9.5 billion to date. Fraud losses have increased dramatically over the last five years.

    “So, as you can see also from the current perspective, from January to July 2023, there has been a slight jump between June and July, a 39 per cent increase with 8,649 with the actual fraud losses in July 2023, we’re looking at N1.2 billion which is a 54 per cent increase over the period. Now as you can see from January in general, we recorded about N2.7 billion in actual fraud losses.”

    “What we see most is the fact that the primary channels are the betting platforms. So once the money hits the betting platform or a wallet account or in some cases POS agents once it’s cashed out, it is a black hole. There is no way you can recover that money. We’re talking about potentially five per cent recovery rates across the industry. So, we all have to identify those betting and wallets accounts, POS agents, cryptocurrency accounts, and in some cases purchases,” Oiwoh added.

    In his remarks at the meeting, the NeFF Chairman and CBN’s Director, Payment Systems, Musa Jimoh, said: “Today, we are here to continue that conversation to look at new strategies by which we can combat E-fraud. If we don’t combat the cyber criminals, they will weigh us down and disrupt the entire system. So, we all need to work together to see how we can make life extremely difficult for cybercriminals.

    “We need to look at new ways, new techniques, and more efficient manners by which we can improve and guard against the banking and payment infrastructure and educate ourselves on how we can safeguard our bank credentials or tokens and all the information that the banks have provided to us to safeguard.

  • CBN opens FX price verification system portal

    *Vows to sanction infractors  

    In a bid to address the constraints that has bedeviled the foreign exchange market, the Central Bank of Nigeria has introduced a foreign exchange price verification system, specifically for importers to access forex.

    The portal is scheduled to begin on August 31, 2023.

    The CBN’s Trade and Exchange Department said in statement that the price verification report from the portal is now mandatory for all ‘Form M’ requests.

    “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.

    “All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

    “For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M,” the statement said.

    The Apex Bank insisted that it would not fail to sanction any case of infraction.

    “Please, ensure compliance,” the Bank said.

  • No truth in UK properties’ acquisition allegation, says NIMASA

    The Nigerian Maritime Administration and Safety Agency (NIMASA), has debunked allegations that it recently acquired three properties in the United Kingdom.

    Femi Falana SAN, speaking on ChannelsTV flagship programme, Sunrise Daily had alleged that the agency recently acquired properties in the UK.

    But the Assistant Director, Public Relations, NIMASA Osagie Edward, in a statement to journalists on Friday, said there was no truth in the allegation as the agency has not acquired any property in the last 30 years.

    “Our attention has been drawn to the allegation by Femi Falana, a Senior Advocate of Nigeria, SAN, leveled against the Management of the Nigerian Maritime Administration and Safety Agency NIMASA, bordering on acquiring three properties in England under this regime.

    “We wish to state that there is no truth in the allegations, as NIMASA did not acquire any property in England, as claimed by Femi Falana.

    “Furthermore, the Agency has not acquired any property in any foreign country in over 30 years.

    “While we respect the views of the learned silk on public matters, NIMASA demands that he takes responsibility and retract this false claim.

    “We also use this medium to caution that he and other members of the public should verify their facts before going public with any information. 

    “The public is hereby advised to disregard the statement by Femi Falana SAN,” the statement read.

  • Chinese Yuan strengthens to 7.2006 against dollar

    The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 70 pips to 7.2006 against the U.S dollar Friday.

    This is according to the China Foreign Exchange Trade System.

    In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.

    The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

  • MTN Nigeria secures N100bn funding to bolster operations

    MTN Nigeria, a leading telecommunications provider, has successfully initiated a funding drive to raise N100 billion as part of its strategic efforts to enhance operational capabilities.

    This funding is being secured through the issuance of Series 6 and 7 under the company’s established commercial paper programme.

    The capital infusion is slated to fortify the company’s working capital reserves and serve various general corporate objectives.

    A statement from Afrinvest, a prominent financial advisory firm, announced the commencement of the MTN Nigeria Communications PLC Series 6 & 7 Commercial Paper offering.

    The offering, which commenced on August 16, 2023, is scheduled to conclude on August 21, 2023. Investors are presented with a compelling opportunity, with a yield of 10.88% for Series 6 and 11.25% for Series 7, resulting in yields of 115% and 12.25% respectively.

    MTN Nigeria, a telecommunications powerhouse, holds a preeminent position in Nigeria’s communications landscape, boasting a subscriber base of over 77.1 million mobile users as of H1 2023.

    This colossal market presence is underpinned by substantial investments in cutting-edge infrastructure, including an expansive 2G, 3G, and 4G network that covers 92.5% of 2G, 86.3% of 3G, and 80.0% of 4G population coverage.

    Furthermore, the company boasts an extensive fiber network spanning over 35,000 kilometers and a diverse range of valuable spectrum holdings.

    MTN Nigeria has consistently demonstrated its commitment to innovation by spearheading the launch of Nigeria’s first-ever 5G network.

    This pioneering move has resulted in 5G coverage across key cities in all six geopolitical regions, achieving a population coverage of 5.5%.

    The company’s influence extends to digital and financial inclusion, evidenced by a substantial user base of approximately 41 million active data users and 7 million active fintech users. This demographic engagement is particularly significant within Nigeria’s youthful and rapidly expanding population.

    Notably, MTN Nigeria sustains its AAA rating from GCR, the highest attainable corporate rating, underscoring its robust competitive stance, strong earnings, and reliable cash flows.

    The company also garners an Aa+ rating from Agusto, further validating its sound financial standing. These commendations are reflective of MTN Nigeria’s adept management team and its symbiotic association with the broader MTN Group.

    The capital garnered from this offering will play a pivotal role in reinforcing MTN Nigeria’s working capital provisions and fulfilling overarching corporate objectives. The transaction underscores MTN Nigeria’s ongoing commitment to sustainable growth and resilience within the telecommunications sector.

  • Again, equity market sheds N96bn

    The local stock market closed trading on Thursday on a negative note, shedding N96 billion with the anticipated rise in exchange rate and fuel prices.
    The market capitalisation of listed equities declined further by 0.27 per cent to N35.273 trillion from N35.369 trillion reported the previous day.
    The decline led the benchmark index, NGX ASI, to witness a decline of 176.32 basis points, concluding at 64448.96 points from 64,625.28 points reported on Wednesday.
    An analysis of the investment showed that JohnHolt led gainers table in percentage terms, gaining 10 per cent to close at N1.32 per share, CWG followed with a gain of 9.76 per cent to close at N3.60 per share, Prestige insurance gained 8.33 per cent to close at N0.52 per unit, Cutix Plc added 8.00 per cent to close at N2.70 while Linkage Assurance gained 7.69 per cent to close at N0.98 per unit.
    On the contrary Guinness Nigeria Plc topped losers chart, dropping by 8.57 per cent to close at N0.32 per unit, RTBriscoe trailed with 8.16 per cent to close at N0.45 per unit, Chi Plc loss 7.61 per cent to close at N0.85 per share, SUNU Assurance dipped by 6.98 per cent to close at N0.80 per unit, Deep Capital declined by 6.67 per cent to close at N0.28 per share.
    The volume of trades increased by 28.63 million, representing 9.82 per cent as investors traded 320.346 million shares valued at N3.729 billion in 5176 deals against 291.714 million shares costing N7.432 billion in 6213 deals.
    Transactions in the shares of Fidelity Bank led market activities with 80.045 million shares valued at N595.543 million, Transnational Corporation of Nigeria followed with 34.268 million shares worth N137.206 million, United Bank for Africa traded 24.398 million shares cost N340.020 million , Universal Insurance traded 22.429 million shares worth N5.062 million , FBNHoldings exchanged 19.096 million shares cost N353.481 million.

  • Uwaleke appointed SA to Senate C’ttee Chair on Capital Market

    The first Professor of the Capital Market in Nigeria, Uche Uwaleke has been appointed as Special Adviser to the Chairman of the Senate Committee on Capital Market.

    A letter signed by Chairman of the committee Senator Osita Izunaso, and titled: “Appointment as Special Adviser to the Chairman Senate Committee on Capital Market, and seen by the NIGERIAN ANCHOR on Thursday morning, read:

    “It is my pleasure to offer you appointment as Special adviser to the Chairman of Senate Committee on Capital Market and Institutions.

    “Having followed with keen interest your display of deep knowledge of the capital market through numerous media engagement and academic publications some of which I have come across.

    “As Chairman of the Senate Committee on Capital Market and Institutions, I have no doubt that your advice will assist me and members of my committee to exercise adequate oversight on the Nigerian Capital Market.”

    A Professor of Finance and the Capital Market at the Nasarawa State University and President of Association of Market Academics of Nigeria (ACMAN), Uwaleke has vast years of experience in the finance and the capital market.

    A former commissioner of finance in Imo and one-time chief economist at the Securities and Exchange Commission (SEC), analysts are confident that he would bring his experience to bear in the Nigerian capital market. 

  • Oil Rig Incident: NIMASA dispatches search and rescue team

    In line with the mandate of the Nigerian Maritime Administration and Safety Agency, NIMASA, which includes safe shipping and cleaner oceans, a team comprising of Search and Rescue and marine accident investigation officers have been dispatched to the scene of an incident involving the Majestic Rig belonging to Depthwize Nigeria Limited, which capsized at Ovhor in Warri, Delta State.

    Assistant Director, Public Relations of NIMASA Osagie Edward, in a statement on Wednesday evening stated that “initial findings has confirmed that the ill-fated Rig is Panama Flagged and has been operating on Nigerian waters since 2016 without requisite approvals from the Agency.

    “The ABS Classed inland Water Drilling 232 feet-long Barge, with a rated drilling depth of 30,000 feet collapsed where it was been towed from N04, 30:34 / E00543:57 enroute Ovhor 21 that belongs to SEPLAT Oil field in Delta State.

    “NIMASA has initiated contact with the Clean Nigerian Associate, a conglomerate of all International Oil Companies (IOCs’) responsible for the cleaning of Tier 2 oil spill, to establish the level of spillage at the scene of the incident.

    “In addition, the Agency is in communication with officials of SEPLAT Energy Limited chatterers of the ill-fated Rig who are expected to officially report the incident within 24 hours in line with the provisions of the Merchant Shipping Act 2007,” the statement read.

  • Market operators hail NGX’s N32.74m fine on Unity Bank, 7 others

    Market operators have commended the Nigerian Exchange Limited (NGX) for the recent N32.74 million fine slammed on Unity Bank, Conoil and six other quoted companies for failure to file their unaudited financial statement after the regulatory due date.  

    The companies were sanctioned during the current year 2023 for their inability to meet the regulatory requirements during the first quarter of 2023.


    The companies include Presco Plc, Ardova Plc, Briclinks Africa Plc, Universal Insurance Plc, Unity Bank Plc, Conoil Oil Plc, FBNH Plc, and Caverton Offshore Support Plc.

    Also, Presco Plc was fined N9.4 million, Ardova, N7.2 million, and Universal Insurance Plc will pay N4.7 million as fine accounting for a cumulative fine of N21.3 million and represented 65.05 per cent of the total fines levied on defaulters.

    The Managing Director of Crane Securities Limited, Mr. Mike Eze, while reacting to the development said the action of NGX would boost investor confidence in the market because it is sending a signal for investors to get companies’ financial reports as at when due.

    He added that investors needed to make informed decisions before choosing which stock to buy and this can only be achieved if there is adherence to good corporate governance by the quoted companies.


    “It is not a new thing, and it does not come to us as a surprise. We have constantly written to the exchange and raised the issue at annual general meetings that there is a need to know the status of these companies to enable us to take investment positions,” he noted.

    Also, the President of Progressive Shareholders Association, Mr Boniface Okezie, said it was better for Nigerians to have a few companies that are ready to play by the rules than to have all the companies in the world that are not ready to satisfy post-listing requirements.

    Okezie said that penalizing companies for non-compliance with the rules of listing on NGX was a welcome development, as it will lead to more appropriate pricing of securities.

    “We must always abide by the rules, sanctions would make the companies sit up and post their results as and when due, thereby providing investors, analysts, and stockbrokers the platform to predict the real value of the companies”.

    The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.

    “Financial information which is periodic disclosure and ongoing material events disclosure should be released to The Exchange promptly to enable it efficiently perform its function of maintaining an orderly market”.

  • Investors trade N7.432bn worth of shares

    The volume of transactions on the floor of Nigerian Exchange (NGX) on Wednesday increased as investors traded 291.714 million shares valued at N7.432 billion in 6213 deals.

    This is against 280.468 million shares worth N4.645 billion in 6296 deals on Tuesday.

    The market capitalisation of listed equities at the close of trading appreciated   by N13 billion or 0.04 per cent to N35.369 trillion from N35.356 trillion reported the previous day. But the NGX All Share Index depreciated by 303.70 basis points to 64625.28 points from 64928.98 points traded on Tuesday.

    An analysis of the investment for the day showed that  Eterna Plc led gainers table, increasing by 10 per cent to close at N17.60 per share, CWG followed with a gain of 8.61 per cent to close at N3.28 per unit, FTNCocoa gained 6.97 per cent to close at N2.15 per share, Livestock added 5.56 per cent to close at N1.90 while Vitafoam Nigeria Plc grew by 4.78 per cent to close at N21.90 per unit.

    On the contrary, NEM Insurance topped losers chart, dropping 10 per cent to close at N5.40 per share, SUNU Assurance trailed with a loss 8.51 per cent to close at N0.86 per share, Guinness Nigeria Plc down by 7.89 per cent to close at N0.35 per unit, Cornerstone Insurance 7.09 per cent to close at N1.31 per share, Omatek fell by 5.88 per cent to close at N0.32 per share.


    The result further showed that transactions in the shares of  GTCO Plc led activities with 41.746 million shares valued at N1.552 billion, Universal insurance followed with account of 22.841 million worth N5.169 million, United Bank for Africa exchanged 22.553 million shares cost N315.379 million, Sterling Bank traded 21.642 million shares worth N76.981 million Transcorp traded 15.703 million shares valued at N62.652 million.