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Proshare Partners Dunn Loren Merrifield

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Proshare, Nigerian’s foremost financial information and analyst platform announces its partnership with Dunn Loren Merrifield, the highly regarded full-service investment house with a global focus, to deliver a strategic and investor engaging information service for the Nigerian Bond Market. Whilst identifying the huge service and information gap in this sector and the urgent need for hands-on professionals to conduct effectively its operations, it is undeniably glaring that the bond market is in its virgin state compared to the equity market, and has not earned enough reportage cum necessary exposure that it deserves for investors to engage. The objective of this engagement is to create a platform backed by veritable professional competence and market savvy – the provision of daily/weekly/periodical data and market performance information on the Nigerian bond market to a discerning public as a way of bringing attention to and focusing on the key activities in the market – for onward reporting by the media pack to the target audiences. It is also to deliver an informed analyst opinion and commentary on developments in the bond market to regulators, government and the investing public with a view to increasing the rigor that goes into decision making related to the bond market and the viability of the market. The objective is also to maintain the discerning pedigree of this market by ensuring that the participants are able to engage for wealth building in a structured, informed, sophisticated and professional manner through the structured platforms put in place. Of importance must be the point that this service is primarily positioned as a complement to the investment market in such a way as enhance the activities of the Nigerian capital market to support a competitive platform for both the equity and bond markets respectively leaving the investor to make intelligent decisions based on their own realities. In a statement made by the partnership coordinator from ‘Dunn Loren Merrifield’; Tola Odukoya, “This market is hinged on the propeller of the Federal Government through the provision of its monthly bond auctions, therefore investors are assured of their periodic interest payments and principal at maturity date. Also, a liquid secondary market exists for investors who want to buy and sell their securities in line with their respective investment decisions.” Speaking in the same vein, Taiwo Ologbon- Ori; Senior Analyst, Proshare Nigeria said that, ‘this partnership reaffirms the core for the existence of Proshare as an independent platform dedicated to identify world class competence and capacity in the local market and yielding its platform to intelligent sources of data, analysis and service capabilities that would aid the business of investment in the Nigerian Capital Market. He goes on to add, I am rest assured that both firms will work together to use this platform as a means of creating awareness, understanding and education to the investing public with respect to the workings of the Bond market in Nigeria, most especially the development of the corporate bond market. The infusion of the new Bond Market Portal, has necessitated some adjustments to the proshare website which will equally reflect some other local and international partnerships that have been signed on, reflecting our flexibility and adaptability to a changing market place where competence aggregation offers a more inclusive approach to restoring market confidence.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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