Category: Finance
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IMF in Article IV Consultation With Nigeria’s Petroleum Ministry, NNPC
PRESS RELEASE April 11, 2025 – The Ministry of Petroleum Resources (MPR), alongside three agencies under its supervision—the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Company Limited (NNPCL), recently participated in the ongoing International Monetary Fund (IMF)…
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CBN Prohibits Use of Foreign-Currency Denominated Collaterals for Naira Loans
LETTER TO ALL BANKS Abuja, April 8 – THE USE OF FOREIGN-CURRENCY-DENOMINATED COLLATERALS FOR NAIRA LOANS The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans. Consequently, the current practice of using foreign currency-denominatedcollaterals for Naira loans is…
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CBN Revokes Operational Licenses of 4,173 BDCs
Abuja, March 1 – The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux…
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President Tinubu Appoints New AMCON Management Team
STATE HOUSE PRESS RELEASE Abuja, Feb. 22 – President Bola Tinubu has approved the appointment of a new management team for the Asset Management Corporation of Nigeria (AMCON), pending their confirmation by the Nigerian Senate: (1) Gbenga Alade — Managing Director/CEO (2) Aminu Ismail — Executive Director (3) Adeshola Lamidi…
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Royal Exchange Assurance Statement on Anticipated Late Submission of Audited Financial Statements
Statement on Anticipated Late Submission of Audited Financial Statements for the Year Ended 31st December 2023 and Unaudited Financial Statements for the Period Ending 31st March 2024 Lagos, Feb. 21 – The Management of Royal Exchange Pic (the Company) wishes ot inform the Company’s esteemed shareholders, key stakeholders, and the…
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Africa Finance Corporation Commits up to US$40 Million Equity Investment in the African Medical Centre of Excellence (AMCE Abuja) to Revolutionise Healthcare Advancements in West Africa
Abuja, Feb. 21 – Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading instrumental infrastructure solutions provider, today signed an equity investment term sheet, pledging up to US$40 million towards the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital. The visionary 500-bed medical health facility is currently being…
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Compliance Of Public Companies With Sections 60-63 Of The Investments And Securities Act (2007)
Abuja, Feb. 19 – Further to the Commission’s circular dated 8th November, 2021 on the compliance by Public Companies with the requirements of Sections 60 to 63 of the Investments and Securities Act 2007 on Internal Control over Financial Reporting, the Commission hereby notifies the reporting entities that the Directors…
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Access Holdings Plc Announces the Appointment if Ms. Bolaji Agbese as Acting Group Chief Executive Officer
Lagos, Feb. 12 – Further to its announcement dated February 1, 2024, the Board of Directors of Access Holdings Pic (‘the Company’) has today announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief…
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CBN Says No Plans to Convert Domicilliary Account Holdings to Naira
Abuja, Feb. 3 – The attention of the Central Bank of Nigeria (CBN) has been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira. This allegation is absolutely false and aims to trigger panic in the foreign…
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NGX, PenCom to deepen PFAs equity participation with Pension Broad Index
Lagos, Jan. 4 – Nigerian Exchange Limited (“NGX or “The Exchange”), in collaboration with the National Pension Commission (PenCom) launched the NGX Pension Broad Index (NGXPENBRD) on 15 June 2023, which provides a broader benchmark for equities investment by the pension industry. The NGX Pension Broad Index is designed to…
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