ZAR X has been granted a stock exchange licence by the Financial Service Board (FSB) of South Africa, the first company to do so in more than 100 years. The licence enables the company to operate a fully-fledged, independent stock exchange and provides what it calls an exciting “alternative to companies that want to list their securities on a licensed exchange”. South Africa’s first, and until now, only bourse, the JSE, was formed in 1887 during the first South African gold rush. After the first legislation covering financial markets in 1947, the JSE joined the World Federation of Exchanges in…
Author: Pride Team
The specter of high debt is raising its head again in Africa, analysts say, as sub-Saharan nations that borrowed cheaply on global markets are now squeezed by a commodities crash. The return of debt troubles in Africa has caught some by surprise, 20 years after a global campaign was mounted to offer debt relief to the world’s most impoverished nations. “It is clearly a source of concern. People did not see it coming,” said Julien Marcilly, chief economist at French group Coface, which offers worldwide insurance to protect firms from the risk of clients defaulting. An IMF-World Bank programme launched…
Henceforth, any motor or vehicle tyres dealer who goes to China or elsewhere to order for the importation of fake tyres into Nigeria would be apprehended to face murder charges. Again, the Standards Organisation of Nigeria [SON] has been on the trail of the dealer on the tyre that recently killed the Minister of State, Labour and Productivity, James Ocholi [SAN], his wife and son as well as an army general. These were some of the disclosures of SON’s Acting Director General, Dr. Paul Angya at an expanded stakeholders’ sensitization forum on tyres in Lagos recently. At the end of…
It was a joyous moment as six Past Council Presidents of the Nigerian Stock Exchange (NSE) came to commend stockbrokers during their trading session in Lagos. The former president includes Alhaji Aliko Dangote, Mallam Ballama Manu, Dr Oba Otudeko, Dr Raymond Obieri, Mr Goodie Ibru and Alhaji Aliko Mohammed. Commenting on their visit, the incumbent President Mr. Aigboje Aig Imoukhuede said the council members and the past Presidents discussed market issues in the past five years. According to him some of the issues are demutualisation of the exchange, derivatives market and the present downward trends as shown in the key…
Electricity distribution companies in Nigeria are not only facing challenges of energy theft from illegal consumers but their operations are highly challenged by huge debts from various government agencies and departments. Despite the assurances by Minister of Power and Housing Babatunde Fashola that such debts would be verified and paid the Association of Nigerian Electricity Distributors (ANED) has just revealed that ministries, departments, agencies and the Nigerian Army are still owing the Distribution Companies (DISCOs) about N60 billion. Mr. Sunday Oduntan, the Executive Director of ANED, who made the revelation said in Abuja the army owed Benin DISCO N2.3 billion; Eko,…
Italian prosecutors are investigating Royal Dutch Shell as part of a probe into the acquisition of an offshore oil field in Nigeria. “We can confirm we have received notice of proceedings from the Public Prosecutor in Italy a judicial source told Reuters that Shell was under investigation by Milan-based judges for alleged international corruption. Dutch police and prosecutors searched shell headquarters in the Hague in February as part of this new strand of investigations. In 2014 a Milan court placed Eni under investigation over the $1.3 billion (901 million pounds) purchase in 2011 of Nigeria’s OPL-245 offshore oil block by…
The Nigerian Deposit Insurance Corporation (NDIC) has advised depositors of the four banks whose licences were revoked to file their claims for payment. Managing Director/Chief Executive of NDIC, Alhaji Umaru Ibrahim made the statement during the NDIC Special Day at the 27th Enugu International Trade Fair. Ibrahim who was represented by the South East zonal Coordinator of the organisation, Nicholas Ayuba Ibrahim assured the depositors of the closed banks that they would paid after they have filled their claims. According to him, the three Microfinance Banks (MFB’s) whose licences were revoked include Crown, First Omasi, and Tri-Star respectively, stating that Harvard…
The International Monetary Fund has again cut its growth forecast for Nigeria as the country faces “substantial challenges” from low crude prices. In its annual review of Nigeria’s economic situation, the IMF said that gross domestic product growth would slow to 2.3 per cent in 2016 from an estimated 2.7 per cent in 2015. In February, after IMF officials visited the country, the Fund had forecast 3.2 per cent growth for Nigeria in 2016. “Key risks to the outlook include lower oil prices, shortfalls in non-oil revenues, a further deterioration in finances of state and local Governments, deepening disruptions in private…
The Lagos State Government has assured the Nigeria Police and other security agencies of its maximum support towards ensuring the safety of lives and property of residents in the state. Executive Secretary of the Lagos State Security Trust Fund (LSSTF), Dr. Abdulrazaq Balogun gave the assurance at the presentation of a brand new Hilux vehicle to the Aguda Police Command to aid effective policing of the area. He said the state government would continue to provide security agencies with the requisite support in areas of logistics; equipment and welfare, to enable them carry out their duties effectively. “The Lagos State…
Afprint premises in Isolo, Lagos, were today (Friday) razed down by an inferno destroying in the process equipment estimated at about N3.5 billion. But no life was lost at press time. According to sources, the fire started at Ranona Limited, the fruit juice producing company in the conglomerate at about 2pm and raged ferociously. Sympathizers watched helplessly as the fire spread from one section to other, destroying equipment and property.xosotin chelseathông tin chuyển nhượngcâu lạc bộ bóng đá arsenalbóng đá atalantabundesligacầu thủ haalandUEFAevertonxosokeonhacaiketquabongdalichthidau7m.newskqbdtysokeobongdabongdalufutebol ao vivofutemaxmulticanaisonbethttps://bsport.fithttps://onbet88.ooohttps://i9bet.bizhttps://hi88.ooohttps://okvip.athttps://f8bet.athttps://fb88.cashhttps://vn88.cashhttps://shbet.atbóng đá world cupbóng đá inter milantin juventusbenzemala ligaclb leicester cityMUman citymessi lionelsalahnapolineymarpsgronaldoserie atottenhamvalenciaAS ROMALeverkusenac milanmbappenapolinewcastleaston…