CBN unveils new FX guidelines, approves cash movement of $50,000
By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]
Japanese company to invest N7b in manganese mining
A Japanese conglomerate, African Economy and Development (AFRECO), plans to establish a N7 billion manganese plant in Nigeria.
Insurance professionals set to dump market agreement
Insurance professionals have decided to dump the market agreement entered into by underwriters in 2009 and consider other means of doing business.
ValuCard gets CBN license on PTSP
ValuCard Nigeria Limited has been granted license by the Central Bank of Nigeria, CBN, to operate as Payment Terminal Service Provider, PTSP in Nigeria.
SEC alleges insider trading in Global Industries
The Securities and Exchange Commission filed an insider trading lawsuit in connection with the recent purchase of U.S. underwater oil services company Global Industries Limited by France’s Technip SA.
ACCA launches 10 new forums
The Association of Chartered Certified Accountants, ACCA, has launched ten new global forums to further the thinking on current and future issues in a number of specific technical subject areas in the accountancy and finance profession.
Analyst raises concerns on nationalized banks’ unclaimed dividends
Concerns have been raised over the status of the unclaimed dividends of shareholders in the three nationalised banks -Afribank, BankPHB and Spring Bank.
PenCom plans flexible investment regulation
The National Pension Commission, PenCom, said that it will adopt a flexible investment regulation for Pension Funds Administrators in the country, allowing them to invest in a wide range of investment outlets in the years ahead.
Union Bank’s shareholders to get 3 for 16 shares
Existing shareholders of Union Bank of Nigeria (UBN) Plc stand to gain more than any of the rescued banks, according to the exchange ratios and other details of the schemes of arrangement of the four quoted rescued banks.
Why insurance industry should brace up to challenges of climate change
In recent times, Nigeria has witnessed series of natural disasters, but the insurance industry has played little or no part in assuaging the losses suffered by victims affected by these disasters. The presence of the sector is yet to be felt in the recent flooding experienced in some parts of the country and a major reason for that is the fact that most of the victims do not have insurance cover.
Textile firm seeks approval to diversify into cement sector
United Nigeria Textiles Plc (UNTL) has sought for Federal Government’s approval to diversify into the cement sector of the economy.
