CBN To Unite Rates – Emefiele
The Central Bank of Nigeria (CBN) said its intervention is to bring about a convergence of all the rates. Many have doubted the CBN’s ability to sustain its intervention, but the CBN insisted that it has the muscle to sustain its battle to stop the Naira from falling out of control. Addressing reporters at the end of the Monetary Policy Committee (MPC) meeting in Abuja yesterday, CBN Governor Godwin Emefiele warned doubting Thomases that “they are taking a risk and they will lose in this bid to want to place the wrong bet on the direction we are going”.
Oil Slides On Output Cut Extension Talk
Oil prices yesterday fell close to its lowest in a week as the market discounted the latest talk by the Organisation of Petroleum Exporting Countries (OPEC) that it would extend output cuts beyond June. Brent futures for May delivery were down 53 cents, or 1 per cent, at $51.09 a barrel. U.S. West Texas Intermediate crude was down 68 cents, or 1.4 per cent, at $47.54 per barrel on the last day the April contract is the front-month, its lowest level since March 14. That decline also came ahead of the release of weekly United States (U.S.) crude inventory data that is expected to show a crude stock build of 2.6 million barrels, according to a Reuters poll.
‘Knowledge About Cyber Attack, Defence Methods Vital’
A cyber security expert, Mr. Rotimi Akinyele, has advised individuals and businesses to update their knowledge about cyberattacks and defence methods as the world comes to terms with the ravages of cybercrooks. Speaking with reporters in Lagos ahead this year’s Nigeria Security Conference 2017 (NaijaSecCon’17) being organised to educate participants on the techniques deployed by hackers, he lamented that a recent report by Trend Micro Incorporated, a global leader in cyber security solutions, in collaboration with INTERPOL, research result on cybercriminal activity in West Africa, showed that scams targeting individuals and businesses have grown exponentially since 2013.
PenCom Seeks Closer Ties With RSAs, Retirees With Construction Of 6 Offices
In its efforts to be closer to Retirement Saving Account (RSA) holders and retirees, the National Pension Commission (PenCom) has planned to construct six office buildings , its Director-General, Mrs Chinelo Anohu-Amazu, has said. She disclosed this in a memorandum presented to the National Assembly. According to her, the commission hopes to construct four zonal office buildings, acquire land for offices in Northcentral, Northwest and Southwest Zones and construct office buildings in Northcentral and Southwest.
Fed Govt Urges NCC Board On Innovation, Others
The Federal Government has advised the new Board of the Nigerian Communications Commission (NCC) to be innovative as they seek ways of improving the contributions of the telecoms sector in line with the diversification agenda of the government. The Minister of Communication, Mr Adebayo Shittu who gave this advice during the presentation of the new board to stakeholders at Transcorp Hotel, Abuja, also advised them to work with the Commission to address the challenge of service quality.
Auditors Raise Red Flag On RT Briscoe
External auditors might again express concerns over the going concern status and ability of RT Briscoe (Nigeria) Plc to meet its continuous financial obligations. In the latest audit on the company for the year ended December 31, 2016, external auditors KPMG Professional Services, have indicated that preliminary reports point to the facts that there could be material uncertainty on the future survival of RT Briscoe. The company, say the auditors, technically lacks the ability to meet emerging financial obligations and working capital; its continuing survival depends on its bankers.
Afriland Properties To Distribute 125m Shares To Shareholders
The Board of Directors of Afriland Properties Plc has recommended distribution of about 124.9 million ordinary shares of 50 kobo each to shareholders of the company as bonus shares for the immediate past business year. Shareholders in the book of the company as at the close of business on Tuesday, March 7, 2017 will receive one bonus share for every 10 ordinary shares of 50 kobo each held as at the qualification date. The company plans to capitalise a total sum of N62.45 million from the balance standing to the credit of its share premium account by December 31, 2016 to create the bonus shares.
Cadbury Nigeria Posts N296.4m Loss
Cadbury Nigeria Plc recorded a modest growth in sales in 2016, but increased cost of sales and operating expenses constrained the bottom-line to a net loss of N296.4 million. Following the development, the Board of Directors will not be recommending any dividend payment to shareholders. The company had distributed N1.22 billion as cash dividends for the 2015 business year. Key extracts of the audited report and accounts of Cadbury Nigeria Plc for the year ended December 31, 2016 released yesterday, showed that total sales rose by eight per cent from N27.83 billion in 2015 to N29.98 billion in 2016.
Skye Bank Begins Sale Of 2017 JAMB/UTME E-Pins
Joint Admission and Matriculation Board (JAMB), has accredited Skye Bank as one of the selling banks for this year’s Unified Tertiary Matriculation Examination (UTME) E-Pins. The choice of Skye Bank amongst other banks selected for this exercise, followed a resolution reached recently at a stakeholders meeting held between the management of JAMB and Deposit Money Banks (DMBs), Nigeria Postal Services (NIPOST) and Computer Based Test (CBT) Centres.
