Good Morning, welcome to Bizwatchnigeria latest Nigeria business and other top trending news roundups for today, Tuesday, December 1st, 2020.
Airtel Africa Leads Stock Market, Investors Gain ₦81 billion
The All-Share Index and Market Capitalization for Monday 30th, November 2020 appreciated at the close of trading on the Nigerian Stock Exchange Market at 35,042.14 and ₦18,309 trillion respectively.
The All-Share-Index (ASI) and market capital appreciated on Monday by 156.63 and ₦81 billion respectively. At the close of the market on Monday, 5,267 deals were recorded, the value stood at ₦4,897 million and volume at 415,531 million. Read More...
OPEC Member Countries Meet Over Oil Production Cuts
Members of the Organization of the Petroleum Exporting Countries (OPEC) held a virtual meeting over an extension to oil production cuts as the coronavirus pandemic continues to weigh on global demand.
Ministers from the cartel commenced the meeting via video conference at 1 pm GMT on Monday as the 13 members of OPEC want to avoid a repeat of the collapse in prices seen in April at the beginning of the pandemic.
On Tuesday they will be joined by their allies, including Russia, who form the OPEC+ grouping in order to keep afloat a crude market devastated by the Covid-19 pandemic and which is slowly recovering from the depths into which prices plunged at the end of April.
According to the current deal, a cut of 7.7 million barrels per day (bpd) is meant to be eased to 5.8 million bpd in January 2021, but most observers expect this to be extended by between three and six months. Read More…
CBN Approves Dollar Payment To Beneficiaries of Diaspora Remittances
Beneficiaries of diaspora remittances transferred through the international monetary transfer operators (IMTO) will now be able to receive their inflows in foreign currency (US Dollar). This was disclosed on Monday by the Central Bank of Nigeria’s Director of trade and exchange, O.S Nnaji.
Recipients of such funds may opt for either cash payment in foreign currency or the money be paid into the designated domiciliary account He said, “These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria,” the statement read.
“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.” Read More…
Fugitive Maina Arrested In Niger Republic
Security agencies in Niger Republic have arrested the former Chairman of the defunct Pension Reform Task Team (PRTT), Abdulrasheed Maina.
Punch reports that a top security officer made this known saying Maina was arrested by Nigerian Security agencies in the country on Monday.
Maina, who is being prosecuted on 12 counts of money laundering to the tune of N2bn by the Economic and Financial Crimes Commission (EFCC), jumped bail, forcing the trial judge, Justice Abang Okon, to issue a warrant for his arrest. Read More…
Court Jails Former Unity Bank Employee For ₦11 million ATM Fraud
A former Unity Bank employee, Adam Adam was on Monday sentenced to one-year imprisonment by Justice Ibrahim Jauco of the Yobe State High Court. This is according to a statement credited to the spokesman of EFCC, Wilson Uwujaren.
Adam was prosecuted on a one-count charge of theft to the tune of N11,657,500
The convict who was formerly in charge of the Damaturu branch’s Vault Room and Automated Teller Machine (ATM) was accused of diverting money meant for the ATM. Read More…
Jimoh Ibrahim Challenges Decision To Seize His Asset
The Federal High Court sitting in Lagos State will on Tuesday hear an application by Jimoh Ibrahim on asset forfeiture to Asset Management Corporation of Nigeria (AMCON) over an alleged N69.4 billion debt.
The case was adjourned on Monday by the presiding judge, Justice Rilwan Aikawa after hearing arguments by Ibrahim’s lawyer Niyi Akintola (SAN). Read More…
Alleged Money Laundering: EFCC Rearraigns Former SGF, Babachir Lawal
The Economic and Financial Crimes Commission, (EFCC) on Monday, November 30, 2020, re-arraigned former Secretary to the Government of the Federation, Babachir Lawal before Justice Charles Agbaza of the Federal Capital Territory High Court, Jabi.
Lawal is facing criminal prosecution alongside three others namely: Hamidu David Lawal (his younger brother), Sulaiman Abubakar, Apeh John Monday and two companies, Rholavision Engineering Ltd and Josmon Technologies Ltd.
Their re-arraignment on Monday followed the demise of the former trial judge, Justice Jude Okeke of the Federal Capital Territory High Court, Maitama, Abuja. Read More…
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