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Daily Business News Brief Wednesday, September 8th, 2021.


ASHON Expresses Confidence as NGX Holds Post-demutualisation AGM – Thisday

Members of the Association of Securities Dealing Houses of Nigeria (ASHON) have expressed confidence in the Nigerian Exchange Group Plc (NGX Group) and its new structure.  This is coming as the NGX has announced that it is set for its maiden Annual General Meeting (AGM) after its demutualisation.  Members of the Association of Securities Dealing Houses of Nigeria (ASHON) have expressed confidence in the Nigerian Exchange Group Plc (NGX Group) and its new structure.  This is coming as the NGX has announced that it is set for its maiden Annual General Meeting (AGM) after its demutualisation…………………read more

Shareholders Demand Reduction in CRR as 10 Banks’ Restricted Deposit with CBN Hits N12.73trn in Two Years – Thisday

Following the negative impact the Cash Reserve Requirement (CRR) requirement by the Central Bank of Nigeria (CBN) is having on banks’ profitability, shareholders of banks have expressed displeasure over N12.73trillion restricted deposits with the CBN that is not available for banking operations.  In a chat with THISDAY, leaders of shareholders’ rights groups called on the CBN to reduce the CRR drastically or pay interest on the restricted deposits to the banks…………………read more

Oil, gas GDP contribution drops by N3.25tn in two years – Punch

The contribution of crude petroleum and natural gas sector, which is a sub-sector under the mining and quarrying sector, to Nigeria’s Gross Domestic Product dropped from N13.45tn in 2018 to N10.2tn in 2020, signifying a N3.25tn or 24.16 per cent decrease.  This is according to data from the National Bureau of Statistics for the years under review obtained and analysed by our correspondent.  Despite being the main contributor to the mining and quarrying sector for the years under review, the contribution of the crude petroleum and natural gas sector decreased in 2019 and 2020…………………read more

Bitcoin drops 18%, El Salvador makes crypto legal tender – Punch

Crypto markets experienced a momentary tumble on Tuesday that resulted in some of the most popular digital-assets registering double-digit losses, until staging a mini recovery.  MarketWatch reported that at last check, Bitcoin was changing hands $46,964.65, down 9.1 per cent but had sunk to an intra-session 24-hour nadir at $42,921.27 on CoinDesk.  Ethereum, the number-two largest crypto by market value, was down 12 per cent at $3,461.97, but had hit a low at $3,036.30………………..read more


CBN, SEC Fines Access Bank, Stanbic IBTC Holdings N423.15m In H1 – Thisday

The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) fined Access bank Plc and Stanbic IBTC Holdings Plc a total sum of N423.15 million in half year ended June 30, 2021.  According to the banks result released at the Nigerian Exchange Limited (NGX), the financial institutions in the first half year of this year contravene about 11 market infractions with Access bank sanctioned a sum of N190 million and Stanbic IBTC Holdings N233million……………..read more


Banks set to implement CBN directive on forex defaulters – Punch

Banks are set to implement the Central Bank of Nigeria’s directive to publish the names and Bank Verification Numbers of customers that flout its forex rules.  In a mail to its customers, the United Bank for Africa said, “In line with our promise to keep you up to date on policies that may affect you, please note that the CBN has directed all banks to publish a list of PTA/BTA defaulters on their website…………………read more

Access Bank bags best banking CEO award – Punch

Access Bank Plc has said its Chief Executive Officer, Herbert Wigwe, was awarded the ‘Best Banking CEO Award’ at the 2021 Global Brands Magazine Awards.  Wigwe was quoted in a statement as saying, “This feat would not have been possible without the incredible team at Access Bank who have consistently put in their best to ensure that we achieve our vision of becoming the world’s most respected African bank.  “Together, we have made decisions, taken risks, and taken on challenges that have led to this recognition. Once again, I deeply appreciate this award and I am confident that this is the beginning of many more giant strides for Access Bank………………….read more

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