News Update

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OIL PRICES CROSSES A $100 PER BARREL FOR THE FIRST TIME IN 7 YEARS

For the first time since 2014, Brent oil prices has moved past $100 a barrel, as Russia-Ukraine crises continue to escalate. These tensions subsequently sparked fears of disruption to the region’s critical energy exports. Russia is a major energy supplier to a number of countries, distributing about ¼ of Europe’s oil requirements and 1/3 of …

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Solar

Federal govt push-Up Disbursement of CBN’s N140bn Solar Intervention Fund

The federal government of Nigeria is pushing up the disbursement of the N140 billion solar intervention fund, this is being facilitated by the Central Bank of Nigeria (CBN) to close the wide gap in the energy sector, especially in Nigeria’s rural communities. During the last quarter of 2020, the CBN had presented the fund that …

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SEC Should be the only Capital Markets Regulator – Reps

The Chairman, House of Representatives Committee on Capital Market and Institutions, Babangida Ibrahim (APC, Katsina) has disclosed that the proposed Bill to make the Securities and Exchange Commission (SEC) the sole Nigerian Capital Market regulator was to eliminate unethical practices and overlapping responsibilities. He disclosed this while shedding more light on what the bill seeks …

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Terrorist groups

The Securities and Exchange Commission (SEC) has issued a warning to CMOs against interacting with clients who are related to banned terrorist groups

Capital Market Operators (CMOs) in Nigeria have been warned not to interact with clients linked to outlawed terrorist groups in any area of the country, according to the Nigerian Security and Exchange Commission. After Nigeria’s Justice Ministry published a gazette classifying bandit organizations operating in any region of the country as terrorists, the SEC issued a circular. They also stated that beginning January 17th, existing CMOs would be examined prior to finalizing any transaction. The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Prescription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any …

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Parallex bank

PARALLEX BANK TRANSITIONS FROM MICROFINANCE BANK TO COMMERCIAL BANK

Parallex bank unveiled its new brand entity, over the weekend on Friday, January 14th, 2022 at its corporate head office in Victoria Island, Lagos state. According to the bank, its transformation into a commercial bank is a first-of-its-kind achievement in the Nigerian banking space. Parallex Bank Limited was incorporated as a limited liability company on …

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International Monetary Fund predicts new relationship between crypto prices and stock prices will cause financial instability

Crypto link with equity markets, according to the International Monetary Fund (IMF), will pose significant dangers to financial stability. In a blog post titled ‘Crypto Prices Move More in Sync With Stocks, Posing New Risks,’ the IMF revealed this.  According to the analysis, before the pandemic, cryptoassets like Bitcoin and Ether had only a minor correlation with major stock indices. They were thought to aid risk diversification and serve as a buffer against asset class volatility. This function, however, changed after the catastrophic central bank crisis responses of early 2020. As a result of easy global financial conditions and increasing investor risk appetite, both cryptocurrency and stock values have risen in the United States. According to the Fund, the rising and significant movement and spillovers between crypto and equities markets show a growing connectivity between the two asset classes, which allows shocks to destabilize financial markets to be transmitted. According to new IMF research, the correlation of crypto assets with traditional holdings like equities has risen considerably as adoption has surged, reducing their claimed risk diversification benefits and heightening the danger of financial market contagion. http://Deutschepartners.com

Nigeria’s DMO posts N1.31 billion profit, records 144.1% increase

The Debt Management Office of Nigeria (DMO) reported a surplus of N1.31 billion for the 2019 financial year. This represents a 144.1% increase in profit compared to N538.4 million recorded in the previous year. This is according to its recently published financial statement, released on its website. The agency recorded growth in profit despite a 5.5% …

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COMMODITY NEWS

Government Urged to Provide Investments Platform for Indigenous Iron, Steel Manufacturers   The federal government has been advised to provide investment platforms that would assist indigenous manufacturers of iron and steel doing business in Nigeria, boost production to foster economic growth in the nation. The Chairman, Basic Metal, Fabricated Iron and Steel Products, Mr. Kamoru …

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