NIBSS: Active bank accounts rise by 8.07m

Growing Banks intensify efforts to attract customers     Tony Chukwunyem T he number of active bank accounts in the country rose by 8.06 million or 11.33 per cent to 79.28 million in 2019 from 71.21 million at the end of the previous year, latest data released by the Nigeria Interbank Settlement System (NIBSS) shows.     According to the Central Bank of Nigeria (CBN), “a bank account is classified as inactive if there has been no customer or depositor-initiated transaction in it for a period of six months after…

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Gridlock: Operators at crossroads over endless congestion

Failure by shipping companies and jetty operators to abide by government’s directives to provide holding bays for their trucks has rendered the efforts of various taskforces on port roads useless, BAYO AKOMOLAFE reports     A s inefficient traffic management system, corruption and lack of compliance among stakeholders assume a new dimension along port roads, experts have said that unless the Federal Government compels shipping companies and petroleum jetty operators to provide waiting bays for their vehicles, perennial gridlock will continue to impede trade facilitation.     For instance, in…

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Collective investment vital for retail investors

Central Bank of Nigeria

Collective Investment Scheme (CIS) is the right platform for numerous retail investors to grow investments. Chris Ugwu reports     T he massive depletion in the price of securities in the Nigerian stock market has resulted in most stocks becoming penny stocks.   This is following the financial crisis and other peculiar local factors that have made investors experience heavy losses in their investments.   This consequently affected investor confidence adversely, leading to apathy by and lull in activities at the stock exchange.   That is why the investment portfolio…

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Central banks, BIS partner to study digital currencies

Central Bank of Nigeria

Tony Chukwunyem T he Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Sveriges Riksbank and Swiss National Bank, together with the Bank for International Settlements (BIS) have created a group to share experiences as they assess the potential cases for Central Bank Digital Currency (CBDC) in their home jurisdictions. In a press release, the BIS said the group would assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. The group is also expected to…

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NSE records N127bn loss on profit taking

Chris Ugwu T rading activities on the floor of the Nigerian Stock Exchange yesterday witnessed considerable drop in share prices as bears overwhelmed bulls following profit taking by investors. Market breadth closed negative as Law Union and Rock Insurance Plc led 15 gainers as against 16 losers topped by Arbico Plc at the end of the trading session.     Consequently, the All-Share Index dipped 247.8 basis points or 0.83 per cent to close at 29,462.76 index points as against 29.710.56 recorded the previous trading session while market capitalisation of…

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NPA seeks berthing space for barge operations

N igerian Ports Authority (NPA) has urged port concessionaires at Lagos and Tincan Island ports to create spaces for barge operations for the large volume of cargo movement through  waterway transportation. The authority said that it would further boost trade facilitation and check existing gridlock within the port community.   The Port Manager of the Lagos Ports Complex (LPC), NPA, Mrs. Funmilayo Olotu, described barge operations in port activities as a panacea to the lingering gridlock in Apapa and environs.   Also, she called on the concessionaires to acquire more…

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Fixed income market hits N13trn

Chris Ugwu   T he fixed income market capitalisation increased by 20.42 per cent to N12.92 trillion in 2019 from N10.72 trillion in 2018, according to a document obtained from the Nigerian Stock Exchange (NSE).       Its turnover also increased by 389.26 per cent when compared to 2018, although capital raising was dominated by the Federal Government, being responsible for 60 per cent of bond issuances during the period in a bid to finance fiscal and infrastructure deficits.   According to the report, some of the ground breaking…

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Ghana, Nigeria move to integrate payments systems

A s an initial step towards the implementation of an integrated payment system for West African states, Ghana and Nigeria will pilot, by the end of 2020, the linkage of their respective payments systems, Ghanaweb.com reported at the weekend.     According to the website, Ghana’s end of this project will be undertaken by the Bank of Ghana, Ministry of Finance and the Ghana Interbank Payment and Settlement Systems (GhIPSS).   It stated that this would be the first phase of an initiative that will subsequently be expanded to facilitate…

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Chandlers create taskforce to curb N1.28trn loss

A taskforce has been set up by the Association of Chandlers and Ship Suppliers of Nigeria (ACSSN) to tackle illegal practice on-board ships and platforms in the oil and gas sector.     The Association noted that the country was losing N1.28 trillion ($3.5 billion) annually to touts and non-professional chandlers, who have invaded Nigerian ship chandelling sector.     Ship chandelling is the supply of essential provisions and services needed to shipping lines.   It was gathered that chandelling services had been taken over by foreigners and non-licensed Nigerians,…

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Customs boss tasks officers on asset declaration

T he Comptroller General of Nigeria Customs Service (NCS), Retired Col. Hameed Ali, has directed officers of the service to henceforth declare their assets every year. Ali gave the order when members of the Board of Code of Conduct Bureau (CCB), led by its Chairman, Prof. Mohammed Isah, paid him a courtesy visit yesterday in Abuja. Ali stated that the declaration of assets was compulsory for its officers, to lead by example, as they were part of the enforcers of the nation’s laws. “The law that governs Nigeria Customs Service…

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