Business

Nigeria’s Securities and Exchange Commission (SEC) has disclosed that it has reached an agreement with the Central Bank of Nigeria (CBN) to develop an appropriate regulatory framework for digital assets in line with the mandates of the two institutions.

This agreement coincides with the aftermath of the recent controversies around the CBN’s ban on cryptocurrency bank accounts.

SEC stated that while the Commission has a key mandate of investor protection the apex bank also has a core mandate of maintaining financial system stability, two common mandates that require collaborative efforts by the institutions.

Read Also: SEC Joins CBN, Bans Crypto

Nigerian Banking heavyweight, Fidelity Bank Plc says it has successfully issued 10-year ₦41.21bn in fixed-rate unsecured subordinated bond at an 8.5 percent coupon rate due in 2031.

This was made known in a statement on Sunday titled ‘Fidelity Bank Plc successfully issued the largest ticket Tier II local bonds in Nigeria’.

The bank stated, ‘The bond issuance, which was fully subscribed, given that total investor interest and commitments in the bonds were ₦56.6bn, adds to the impressive portfolio of landmark transactions structured by the bank, and underscores its capacity to successfully execute debt capital market transactions.

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The Securities and Exchange Commission (SEC) has joined the Central Bank of Nigeria (CBN) to ban crypto trading.

SEC has stopped admittance of affected persons into its Regulatory Incubation Framework for Fintech firms.

In a statement on Thursday, SEC said it received inquiries on a perceived policy conflict between its September 11 statement on Digital Assets, Classification and Treatment and the February 5 CBN circular.

The commission stressed that there were no contradictions or inconsistencies.

It clarified that last year’s statement was to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows.

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Following the recent ban of Cryptocurrency transactions in Nigeria by the Central Bank of Nigeria, the Nigerian Senate has summoned the Governor of Central Bank, Godwin Emefiele, and Securities Exchange Commission to provide an explanation following the backlash.

The Senate is inviting the apex bank and SEC through its Committees on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market to brief the Committees on the opportunities and threats of the Cryptocurrency on the nation’s economy and security and to report back findings within two weeks.

The resolution was sequel to the consideration of a motion and …

Following the protest carried out on Tuesday by residents of Cottage Area, Ede against officials of the Ibadan Electricity Distribution Company (IBEDC), Ede Business Hub, where the company was accused of extortion, epileptic power supply and deliberately imposing blackout on the town, the distribution company has appealed to customers in the town to exercise patience.

In a press release by the Osun Spokesperson, Kikelomo Owoeye, IBEDC explained that their customers ‘on Cottage feeder are on Band C 12H according to the implementation of the Service Reflective Tariff (SRT) and classification of feeders on minimum of 12 hours to maximum of

Nigerian Banking Giant, Ecobank Nigeria has unveiled a new app for transferring funds by email, SMS, and WhatsApp.

Head, Consumer Banking Ecobank Olukorede Mrs. Demola-Adenyi said this was part of the bank’s innovation in digital banking.

According to her: ‘This opportunity couldn’t have come at a better time when many people are self-isolating and keeping social distance due to the COVID-19. We have the responsibility as a bank to continue to innovate for the benefit of our teeming customers. We encourage our customers and others to utilise this new addition to our digital self-service solutions.

Read Also: Ecobank Group Posts

He also said it could help the country diversify and ends its reliance on oil.

Jamoh also tipped Lagos State as the best in maritime safety in the country.

Read Also: Court convicts Ex-NIMASA Acting DG for fraud

Jamoh, who stated when he led top management of the agency on a courtesy visit to Lagos State Governor, Mr. Babajide Sanwo-Olu, at the Lagos House, Ikeja, emphasized that …

The World Trade Organisation (WTO) has revealed that it will ratify the appointment of Nigeria’s former Finance Minister, Ngozi Okonjo-Iweala, next week.

The global body made this known in a statement posted on its website on Tuesday.

‘The WTO’s General Council will hold a special meeting on 15 February at 15:00 Geneva time to consider the appointment of the next Director-General. The meeting will take place in virtual form,’ the brief statement read.

Read Also: WTO: Buhari Thanks US For Okonjo-Iweala’s Endorsement

The development comes after South Korean Trade Minister Yoo Myung-hee, who was Okonjo-Iweala’s main opponent, withdrew from …

The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil.

Read Also: Oil Benchmark Lowered Over Expected Crude Glut – Zainab

Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel as of 12.26 pm Nigerian time on Monday, its highest …

Nigeria’s Apex Bank – the Central Bank of Nigeria (CBN) has justified its widely condemned ban on cryptocurrencies, saying it fuels illicit financial flow and terrorism.

In a statement, Osita Nwanisobi, Acting Director, Corporate Communications, CBN, said the ban on cryptocurrencies will not have any negative impact on Fintechs as there are other robust platforms they can thrive on.

He said in light of the fact that cryptocurrencies are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN.

Read Also: Nigeria Must Discontinue Dependence On Crude Oil – Emefiele

‘The use …

The World Bank has approved a total sum of $500 million for Nigeria to support the federal government’s effort in improving the country’s electricity distribution companies’ (Discos) operations.

This disclosure was made by the institution based in Washington in a statement Friday.

It anticipated that the project would help boost electricity access by improving the performance of the Discos through a large-scale metering program desired by Nigerians for a long time.

Read Also: Niger, Benin, Togo Pay Nigeria N2.04bn Electricity Bill

In addition, it pointed out that financial support would be provided to private distribution companies only on achievement of …

US president, Joe Biden, has been asked to endorse former Nigeria Finance Minister, Ngozi Okonjo-Iweala, for the World Trade Organisation (WTO) top job.

Dozens of former US government officials have urged Biden to endorse Okonjo-Iweala, after the Trump administration blocked her selection.

The opposition halted the selection process because WTO decisions are made on the basis of a consensus of its members.

South Korean Trade Minister, Yoo Myung-hee, on Friday also withdrew her bid to lead the WTO, leaving Okonjo-Iweala as the only remaining candidate for the job.

Yoo made the …