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In an aggressive move to combat inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) to  15.5 percent from 14 percent.Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, made the announcement yesterday during a press conference  following the conclusion of the 5th Monetary Policy Committee meeting in 2022 in Abuja. He announced an increase in the  Cash Reserve Ratio (CRR) to a minimum of 32.5% from 22.5 percent in July, while keeping the Liquidity Ratio at 30%.”Mr. Emefiele stated, “The committee unanimously voted to raise the MPR…The MPC voted to increase the MPR to 15.5, while maintaining the asymmetric corridor at +100 -700 basis points around the MPR. On why the rate was raised, he said, “Members deliberated the impact of the widening margin between the current policy rate of 14 percent and the inflation rate of 20.52 percent. “At this meeting, the option of reducing the policy rate was not considered as this would be gravely detrimental to …

CBN COMBATS INFLATION BY RAISING INTEREST RATES TO 15.5% Read More »

This was revealed in a press release signed by the Company Secretary, titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS.” In November 2021 MTN Nigeria and Airtel Africa received “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks …

The CBN Has Approved MTN To Begin Banking Operations As Momo PSB Read More »

The Securities and Exchange Commission (SEC), declares that it is working with the National Orientation Agency (NOA) and various government agencies to combat the operations of Ponzi schemes, illegitimate fund managers and operators. The Director-General of SEC revealed this in a goodwill message at the opening ceremony of the NOA’s National Fact-Checking Course in the …

S.E.C joins forces with N.O.A and others to Eliminate Ponzi schemes Read More »

Dangote Cement Plc has announced that the second tranche of its share repurchase program has begun.  The move was accepted by the company’s shareholders during the Annual General Meeting in May 2021. The company’s disclosure, which was signed by Edward Imoedemhe, the company’s secretary, and submitted with the Nigerian Exchange Limited, disclosed this. Up to 170,003,074 fully paidup ordinary shares of 50 Kobo each, representing 1% of the presently issued shares, less treasury shares, will be repurchased under the second tranche of the program. The program will begin on the 19th Wednesday of January 2022 and run for two days, ending on the 20th Thursday of January 2022 or whenever the entire tranche size has been purchased. It is crucial to note that the shares will be purchased in the open market during the program, and will be subject to current market conditions as well as the NGX’s current daily trading guidelines. The repurchased shares, on the other hand, will be retained as treasury shares by the firm. Shareholders of Dangote Cement Plc who wish to participate in the program may contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the Securities and Exchange Commission for further guidance.  Deutschepartners.com