Category: Finance
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Be Agents Of Positive Change, AGF Ahmed Idris Admonishes Corps Members
The Accountant General of the Federation, Ahmed Idris has charged the outgoing 2020 Batch A Corps Members that served in the Treasury House to be agents of positive change in the country. Idris addressed the Corps Members in his office when they went to commend him for the conducive working environment and the hospitality, they…
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Christine Lagarde Congratulates Okonjo-Iweala On WTO Job
The President of the European Central Bank, Christine Lagarde has congratulated Dr. Ngozi Okonjo-Iweala on her selection as the first female and the first African to be chosen as the Director-General of the World Trade Organisation (WTO). Lagarde who was the former Managing Director of the International Monetary Fund (IMF) from 2011 to 2019, expressed…
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Cryptocurrency Regulation: Between The CBN And The SEC
Scholars interested in Decentralized finance are quite familiar with the debate regarding the true identity of cryptocurrency: is it a currency, a commodity or an asset class? Its many controversies notwithstanding, it is this amorphous nature that further complicates attempts by regulators to exert any control over digital tokens. To the extent that it can…
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Cryptocurrencies Largely Untraceable, Used For Money Laundering, Terrorism Financing -CBN
The Central Bank of Nigeria (CBN) has clarified why it directed Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in / and with entities dealing in cryptocurrencies. CBN said, due to the fact that cryptocurrencies are largely speculative, anonymous and untraceable they are increasingly being used for money laundering, terrorism financing…
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Prof. Uwaleke Faults CBN On Cryptocurrency Circular
Uche Uwaleke, a financial Economist and Professor of Capital Market at the Nasarawa State University, has faulted the Central Bank of Nigeria (CBN) over the recent circular to Banks in Nigeria on Cryptocurrency transactions. Prof. Uwaleke said, given the weighty nature of the directive, he believes, CBN must have consulted relevant stakeholders especially the Bankers…
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CBN Bars Banks From Cryptocurrency Transactions
The Central Bank of Nigeria (CBN) has once again reminded the Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. In a letter signed by the Director, Banking Supervision, CBN, Bello Hassan, and Director, Payments System Management Department, CBN, Musa…
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Fraudsters: CBN Alerts Nigerians, As Impersonators Nabbed By Police In Edo
The Police in Lagos, in a joint operation with the Edo State Command, have nabbed the mastermind behind the syndicate group, comprising over ten fraud groups impersonating the Central Bank of Nigeria (CBN), under the name “CBN Helping Hands Investment Scheme,” to defraud unsuspecting members of the public. The recent arrest of the head of…
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SEC Releases New Rules For Collective Investment Scheme
The Securities and Exchange Commission has released general rules for Collective Investment Schemes prescribing that all units/securities of a collective investment scheme shall be registered by the Commission. The Rule which is on the Commission’s website, also states that all units/securities subject to registration by the Commission may be offered through the following methods: (a)…
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Fidelity Bank Commended For Supporting MSMEs
Fidelity Bank Plc, top Nigerian lender has reaffirmed its commitment to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country by providing capacity building and advisory services, innovative funding options and other forms of relevant support that would significantly improve their overall contributions to national development. Fidelity CEO, Mrs.…
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Trans Niger Gets Afreximbank’s US$250m For 45% Stake in OML 17
African Export-Import Bank (Afreximbank) has disbursed US$250 million of the US$1.1 billion that supported the acquisition by Trans Niger Oil and Gas Limited (TNOG) of a 45% stake in OML 17 onshore oilfield. With this US$250-million Reserve Based Lending facility, Afreximbank was the largest lender, underwriting about a quarter of the financing that enabled TNOG to…