| Financial News |
Capital Market |
| Asset management company unlikely this year |
The Asset Management Company guaranteed by the Central Bank to absorb the provisioned bad debts of the rescued banks may not be set up this year,as promised by the regulatory body.
SOURCE:NEXT: 05/03/2010 |
Fri - Mar - 2010 |
| Sanusi’s banking reform to wait |
In what seems a blow to the Central Bank governor,Sanusi Lamido Sanusi's much touted banking reforms the senate yesterday suspended, indefinately, a debate ona bill seeking to establish the Asset management.
SOURCE: 05/03/2010 |
Fri - Mar - 2010 |
| CBN Wants FG to Implement Deregulation |
The Central Bank Of Nigeria <CBN> yesterday called on the federal government to implement the planned deregulation of the downstream sector of the petroleum industry and put a stop to undue advantages enjoyed by fuel marketers at the expense of ordinary nigerians.
source:THIS DAY 03/03/2010 |
Wed - Mar - 2010 |
| Money Market |
Bailed banks’ return to profitability may take thr |
| •Projection contrasts with CBN’s September target
Full recovery to profitability of the embattled banks under the management of the Central Bank of Nigeria (CBN) is likely to take up to three years.
Source:Businessday 10/3/2010 |
Wed - Mar - 2010 |
European central banks stand pat |
The European Central Bank and the Bank of England left their benchmark interest rates unchanged at historic lows Thursday, as both worried about the strength of the economic recovery.
The European Central Bank, which sets monetary policy for the 16 countries in the euro zone, left its benchmark interest rate at 1 per cent, where it has been since May. The bank believes that the euro-zone economy remains too weak to create an imminent danger of inflation.
Source: Next 8/3/2010 |
Mon - Mar - 2010 |
House Seeks Reversal of CBN’s Policy on Bank CEOs |
The House of Representatives Comm-ittee on Capital Market has asked the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi to reconsider his new policy banning retired chief executives of banks from being members of the board of directors of their banks until after three years of their exit.
Chairman of the House Committee on Capital markets, Honourable Ahmed Wadada expressed reservations about the policy insisting that such retiring CEOs who have served their institutions diligently for ten years should be allowed to remain on the board as the banks stand to benefit from their wealth of experience.
Source: Thisday 8/3/2010 |
Mon - Mar - 2010 |
| Real Estate |
| Property price drop in Ikoyi, others averages 29% |
| •Price decline opens more options for buyers
Property prices in highbrow neighbourhoods of Ikoyi, Victoria Island, Lekki and the (Government Reservation Areas) GRAs have seen an average drop of 29.2 percent. The drop which specifically relates to residential properties put in the market for outright sale is being attributed to the lingering global economic downturn that has slowed down activities, especially in the real estate sector in the past 24 months.
Source: Businessday 9/3/2010 |
Tue - Mar - 2010 |
| Senate seeks social housing policy as government g |
Given the sky rocketing prices of building materials and housing rents across the country, the senate leadership has called for appropriate policies that would enable government provide houses for the poor under a social housing scheme.
Source: Guardian 22/2/2010 |
Mon - Feb - 2010 |
| 10% further drop in high end property prices proje |
| •As mid-lower end remains upbeat
Experts in the property market say there is likelihood of a further 10 percent drop in the prices of high end properties in high brow areas owing to the lingering credit crisis that has sent effective demand for these properties on prolonged holiday.
Source: Businessday 16/2/2010 |
Tue - Feb - 2010 |
| Private Equity |
| NSE creates special private placements' listing wi |
There are strong indications that the Council of The Nigerian Stock Exchange (NSE) has approved a special window for listing new issues done through private placements recently.
A capital market source close to the NSE said the special window is coming on the heels of the re-designation of the NSE’s Emerging Market as Alternative Investment Market/Private Placement Exchange (AIM/PRIPEX).
Source:FinancialStandardNews 22/2/2010 |
Mon - Feb - 2010 |
| MTN, Globacom, 11 Others Express Interest in Nitel |
A week after a 60-day ultimatum was issued to the board of Nigerian Telecommunications Limited (NITEL) to find a core investor, 11 firms have expressed interest in the acquisition of at least 75 per cent equity in the company.
The Bureau of Public Enterprises (BPE) disclosed yesterday that it had received Expressions of Interest (EOIs) applications from MTN and Globacom.
Source: Thisday 02/09/09
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Wed - Sep - 2009 |
| Foreign Exchange Market |
| Euro hurt by European woes; China data boosts oil |
The euro and sterling were under pressure on Wednesday after renewed concerns about Europe's fiscal problems but oil, copper and the Australian dollar were supported by China's strong export and import data.
Source:Reuters 10/3/2010 |
Wed - Mar - 2010 |
| World markets mostly higher as dollar weakens |
HONG KONG (AP) -- Most global markets advanced Tuesday as the dollar weakened amid growing confidence the U.S. would continue to hold down borrowing rates to revive its economy.
Most Asian bourses, down early following declines overnight in the U.S., rebounded later in the day, with European shares following them higher. Oil prices were little changed near $80.
Source: YahooFinance 23/2/2010 |
Tue - Feb - 2010 |
| Naira loses 17kobo as forex demand drops |
The declining fortunes of the naira continued yesterday as it depreciated by 17 kobo against the dollar in spite 50 per cent drop in foreign exchange demand. Source: Vanguard newspapers 3.2.2010 |
Wed - Feb - 2010 |
