Wealth.ng

Nigeria’s public officials receive N675 billion bribe in 2019 

The National Bureau of Statistics (NBS) by Nairametrics showed that the Federal Government is far from reaching its goal on corruption.
Nigeria’s Pension Asset increased by N228 billion in October, PFAs increase investment in infrastructure to N40.52 billion   

Nigeria’s Pension Asset increased by N228 billion in October

Nigeria’s pension asset grew by N228 billion in October 2019 to end the month with an asset value of N9.81 trillion.
Ten States in Nigeria, Foreign Investors abandoned 27 States, as Lagos and Abuja attracted $5.8 billion, tax revenue, Foreign investors dump 29 states in Nigeria, as Lagos attracts $4.97 billion in 3-month , Foreign investors ship $21.14 billion to 22 States in 10-month 

Foreign investors ship $21.14 billion to 22 States in 10-month 

22 states in Nigeria attracted the sum of $21.14 billion foreign investment between January and October 2019, as investors abandoned others. #Lagos #FDI
Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November 

Top 10 stockbrokers trade N120.4 billion on stocks

As the NSE maintained a bearish trend into December, data showed that the top ten stockbroking firms traded N120.4 billion shares in November 2019. #NSE #CIS @nsenigeria
AMCON takes over Cedar Oil & Gas

N29 billion debt: AMCON appoints new Receiver, takes over Cedar Oil & Gas

AMCON takes over another company Cedar Oil & Gas
ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019 , Dangote Refinery would help save $10 billion in forex - FG,, FG monitoring ‘Eco’ adoption by ECOWAS members amidst threat to Naira, CBN, Economy: Will the FG tax reforms support revenues in 2020? , FG exempt tuition fees, basic food items and others from 7.5% VAT  

ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019  

The economy of ECOWAS grew by 3.1% as at the end of the second quarter of 2019 and it’s expected to hit 3.3% by the end of the year.
Air Peace gets rights to commence daily flights to South Africa , Air Peace Founder, Onyema indicted for bank fraud, money laundering , Air Peace’s Onyema saga: EFCC seizes passport, as Northern Youths plan rally at US embassy

Air Peace Founder, Onyema indicted for bank fraud, money laundering 

The United States’ Attorney’s Office has charged the Founder and Chairman, Air Peace Nigeria (@flyairpeace), Allen Onyema, with bank fraud and money laundering.
To protect margins, Nigeria’s top brewers are set to increase prices , Nigerian Breweries

Nigerian Breweries: Lower profit estimates on higher Opex; HOLD rating retained

Nigerian Breweries (NB) announced a 1.0% y/y decline in Net Revenue to N235.7 billion in 9M 2019 from N238.1 billion in 9M 2018.
Nigeria's Inflation, Headline inflation jumps to 11.61% in October on border closure

Nigeria’s inflation rose to 11.61% in October 2019, highest in 17 months

Nigeria’s  inflation increased to 11.61% in October 2019. According to the NBS report, inflation rose by 0.37% points, higher than the 11.24% recorded in September and 11.02% for August 2019.
CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, CBN, Bankers Committee move to revive National Theatre with N25 billion , Nigeria’s 3.46 trillion fiscal deficit a source of concern – MPC Member , CBN says Nigerian banks assets and liabilities is now at N41.42 trillion , BVN: CBN to link 100 million banks accounts through proactive means, Foreign reserves drops $4.45 billion, edges closer to $30 billion devaluation benchmark, Payment system framework: CBN provides guidelines to address systemic risk, others, CBN retains Loan to Deposit Ratio at 65% as against increment to 70% , Federal High Court could jail Emefiele over $53 million judgment debt, CBN strongly denies establishing a poultry farm to support its monetary policies, Analysts explain when, why CBN could devalue naira by 5-10%

Implications of the new CBN stance on treasury bill sale to individuals

CBN has directed banks and other financial institutions to stop selling treasury bills to individuals and small firms with effect from November 29th.
Nigeria Customs Service shuts 272 car marts over smuggled car sales , Automobile dealers, Customs at loggerheads over vehicle smuggling, import duty , January 2020 is no terminal date; Borders will remain shut after then - Customs , FG bans fuel supply to border petrol stations, order threatens businesses, jobs, Ban on fuel distribution to border filling station begins to affect network providers , Nigeria Customs Service wants FG to impose this tax on petrol importers , Experts lament rising inflation over border closure, Closure of border petrol stations lowers fuel consumption by 30% - Customs Boss , Customs redeploys officers in charge of anti-smuggling at border , Nigerian customs records N1.3tr revenue in 2019, exceeds target by N404bn , Customs denies spending N1.6 billion on recruitment exercise alone, Customs officers must declare their assets annually – Customs boss 

Economy: Still on the border closure

Col. Hameed Ali has ordered that petroleum products should no longer be supplied to filling stations within 20 kilometres to all Nigerian borders.
border closure, Border closure might collapse economies of African countries - Trade expert, Bamidele Ayemibo

Border closure might collapse economies of African countries – Trade expert, Bamidele Ayemibo

Bamidele Ayemibo, a trade finance expert, has thrown more light on why Nigerians need to support Buhari’s decision to close Nigeria’s borders.
To protect margins, Nigeria’s top brewers are set to increase prices , Nigerian Breweries

To protect margins, Nigeria’s top brewers are set to increase prices 

Nigeria’s top brewers are considering increasing the prices of their products in a bid to survive.
Cadbury’s Hot Chocolate Drink is scarce, and border closure could be responsible 

Cadbury’s Hot Chocolate Drink is scarce, and border closure could be responsible 

Over the past couple of weeks, consumers across Lagos and beyond have been in search of Cadbury’s Hot Chocolate Drink beverage.
Sarah Alade

Buhari appoints former deputy CBN Governor as Special Adviser on Finance, Economy

Buhari appoints former deputy CBN Governor as Special Adviser on Finance, Economy
Wapic to raise N15 billion share capital ahead of NAICOM's deadline

Analysis: WAPIC is running out of time

In its latest results, Return on Average Equity was a paltry 6% (8% annualized), significantly poor when you consider the company’s potentials.
Live and work in Canada

How to Apply for Canadian Permanent Residency from Nigeria on Your Own

How to Apply for Canadian Permanent Residency from Nigeria on Your Own
FG owes DisCos over N500 billion to electricity Subsidy - PwC 

FG owes DisCos over N500 billion in electricity Subsidy – PwC 

The Federal Government owes the 11 DisCos in Nigeria over N500 billion in what is described as tariff shortfall from electricity subsidy.
prices of chickens poultry owners

Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods 

Poultry owners are reportedly jacking up prices of chickens, turkeys and other farm produce.
Like Oando, SEC investigates, SEC’s e-dividend mandate criticised for being difficult  Lafarge Africa, Do not put all your eggs in one basket - SEC warns investors , E-Dividend: 2.820 million investors enrolled on e-DMMS in Q3’19, SEC reaffirms commitment to promote Commodities Trading, SEC threatens to suspend outdated accounts, move to address unclaimed dividends 

SEC’s e-dividend mandate criticised for being difficult 

Nigeria’s capital market investors are not happy with the e-dividend mandate which was imposed by the market’s regulator, the SEC.
charges, USSD, code, Banks, CBN, LDR, CRC Credit Bureau, Disrupting Nigerian banks, MTN’s USSD charge is not with our consent - Banks’ CEOs 

Fraud Cases hit major payment channels across Nigerian Banks 

Major payment channels in Nigeria were hit with the high reported fraud incidences in 2018, according to the Central Bank of Nigeria (CBN),
Divergent Enterprise. Glory Osei

Divergent vs ex-employees: Two sides to allegations against Glory Osei, Folorunso Muyiwa 

Divergent Enterprise has been the name currently trending on social media in the last 48 hours, but it’s not for good reasons.
NEC Inauguration: Buhari tells Governors "no more bail-outs", Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, States receive N2.53 trillion allocation in 2019 

States’ debt stock hits N5.27 trillion, as Imo, Rivers borrowed the biggest 

The debt stock of states in Nigeria rose to N5.27 trillion in June 2019. This is reflected in the report released by the DMO for the Q2 2019. 
Independence Day: Online transactions hit 2.8 million

Banks’ online transactions rise by N12.8 trillion  

The value of online transaction made in Nigeria has increased from N36.49 trillion between January and June 2018 to N49.35 trillion in 2019.
Xenophobia, FG returns tollgates sixteen years after Obasanjo scrapped it from federal roads

President Buhari presents 2020 federal budget to national assembly 

Nigeria’s President, Muhammadu Buhari, has presented the 2020 appropriation bill before a joint session of the national assembly.
Cashless Policy, This is when CBN will cut Monetary Policy Rate – Emefiele, Nigeria’s External Reserves depleted by $2.9 billion, hit 10 months low , CBN to fight piracy in Creative Industry , CBN projects macroeconomy confidence to rise by 118.3% in November, Emefiele addresses stable naira

CBN grants approval for banks to debit accounts of loan defaulters 

The CBN has finally granted DMBs the approval to directly debit bank accounts belonging to loan defaulters across all banks in the country.
Contract staffing in Nigeria Banks, Nigerian Banks, Number of contract staff across Nigerian banks drop by 3,083, biggest in 4 years  

Contract Staff across Nigerian Banks hit 46,263 in half year 2019 

Contract staff across Nigerian banks hit a record 46,263 in June 2019. This is revealed in the latest banking sector report released by the National Bureau of Statistics (NBS).  
Contract staffing in Nigeria Banks, Nigerian Banks, Number of contract staff across Nigerian banks drop by 3,083, biggest in 4 years  

Non-Performing loans hit 4-year low as Banks recover N496 billion

Non-Performing Loans in Nigerian banks dropped to a record N1.44 trillion in the second quarter of 2019.
price of rice, Scarcity of imported rice hits major markets, as dealers pack local rice in foreign bags 

Household Survey: Nigerians dump imported rice, others, as prices jump high 

Latest reports have shown that Nigerians are now patronizing Made-in-Nigeria rice and other locally produced food items.
Cashless Policy, This is when CBN will cut Monetary Policy Rate – Emefiele, Nigeria’s External Reserves depleted by $2.9 billion, hit 10 months low , CBN to fight piracy in Creative Industry , CBN projects macroeconomy confidence to rise by 118.3% in November, Emefiele addresses stable naira

This is when CBN will cut Monetary Policy Rate – Emefiele 

CBN Governor, Godwin Emefiele, has disclosed that the apex bank would move to further cut the MPR if inflation drops to a single digit.