Category: Capital Market
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Zuckerberg’s net worth falls by N5 trillion as Facebook shares drop by 18%
Worlds’ fifth richest person and founder of Facebook, Mark Zuckerberg, valued at $71 billion (roughly N25 trillion) has reportedly lost about $14 billion (roughly N5 trillion) of his net worth. This is as a result of 18% fall in Facebook market shares especially after Zuckerberg agreed to testify before Congress on the recent crisis rocking…
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Facebook shares dip as U.S. regulator announces privacy probe
Facebook Inc shares fell to 6.5 per cent on Monday after United States-consumer-protection-regulator said it was investigating how the social-network allowed data of 50 million users to get into the hands of a political-consultancy. Scrutiny by the U.S. Federal Trade Commission, which generally confirms the existence of an investigation only in cases of significant public…
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SEC to resume forensic audit of Oando Plc
Dr Abdul Zubair, Acting Director-General, Securities and Exchange Commission (SEC) says it will resume forensic audit to probe Oando Plc based on petitions received by the commission from shareholders of the company. He disclosed this during a news conference on Tuesday in Abuja. Zubair noted that a forensic audit was initiated in 2017, and preliminary…
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CBN injects $210m into foreign exchange market
The Central Bank of Nigeria (CBN) has injected another 210 million dollars into the inter-bank Foreign Exchange Market to meet customers’ requests in various segments. Giving a breakdown of the intervention, the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor on Monday in Abuja said that 100 million dollars was offered to authorised dealers in…
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MoneyGram announces partnership with Bitcoin rival, Ripple
Money transfer company, MoneyGram International, has announced partnership with blockchain firm and Bitcoin rival, Ripple. MoneyGram will test the use of Ripple’s cryptocurrency, XRP, to move funds in a faster and cheaper way as part of the arrangement. Ripple, created by the founder of Bitcoin exchange Mt Gox, has risen 31,000 percent over the past…
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NHF Act: FMBN blames banks, insurance companies for non -compliance
The Federal Mortgage Bank of Nigeria (FMBN) has blamed banks and insurance companies for non-compliance with provisions of the National Housing Fund (NHF) Act since its inception. The FMBN Managing Director, Mr Ahmed Dangiwa spoke on Tuesday in Abuja at a public hearing on “A Motion on the Need to Ensure Full Compliance with the…
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CBN injects $210m into currency market
The interbank window of the nation’s foreign exchange market on Tuesday received a boost of $210m from the Central Bank of Nigeria. The interventions were made at the wholesale, the Small and Medium-scale Enterprises, and invisibles segments of the market. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said the bank offered the sum…
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Capital market operators seek single license from CBN, SEC to boost liquidity
Capital market operators on Sunday called on the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to grant them single dealing license to access discount window. Mr Sonnie Ayere, the Group Managing Director, Dunn Loren Merrifield, stated this at the annual workshop of the Capital Market Association of Nigeria (CAMCAN) in…
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Nigerian capital market issuances hit N1.55trn in September – SEC DG
The Securities and Exchange Commission (SEC) on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September. Dr Abdul Zubair, SEC Acting Director-General, made the disclosure at the 2017 annual conference of Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos. Zubair said that the issuances…