Category Archives: Finance

Nigeria Ranked 3rd Richest Country In Africa, Lagos 4th Richest City

The AfrAsia Bank Africa Wealth Report 2018 provides insights gathered by AfrAsia and New World Wealth, on wealth trends in Africa over the past 10 years.

According to The AfrAsia Bank Wealth Report 2018, Lagos is the fourth richest city in Africa.

Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs

The Central Bank of Nigeria (CBN) has issued a new directive that Nigeria banks will pay a fine of N10,000 for every money transfer that exceeds four minutes.

The apex bank made this known in a circular, ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’ issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders.

Samsung SDS to Power World’s First Exports Customs Clearance Blockchain in Korea

The Korea Customs Service (KCS) has entered an agreement with Samsung SDS to implement the latter’s blockchain technology for an export customs clearance system.

Samsung SDS, the IT subsidiary and technology provider of Korea’s largest conglomerate Samsung, will develop the world’s first blockchain-based export customs logistics service for the Korea Customs Service to enable efficiency and curb fraud in the industry.

LG Mobile to Commence Blockchain Payments for International Travelers

LG Uplus, the cellular carrier subsidiary of South Korean conglomerate LG Corp., is set to trial a cross-carrier blockchain payments service for overseas travelers.

Dubbed the ‘Cross-Carrier Payment System’ (CCPS), the project sees the LG mobile carrier arm collaborate with partners in Japan, Taiwan and the United States to enable global mobile payment services among global telecommunication carriers, LG Uplus said on Sunday.

Nasdaq To Acquire Crypto-Friendly Swedish Exchange Cinnober

Nasdaq, the world’s second-largest stock exchange, announced Friday that it is in the works to acquire Cinnober, a trading solution provider based in Sweden.

Cinnober has a history for bullishness towards digital assets and making it easier for institutions to invest in them. One of those efforts is the partnership with BitGo, a behemoth for institutional-grade cryptocurrency custody security. BitGo itself has built partnerships and acquisitions over its history, which have helped it firm up its mission, including the acquisition of Kingdom Trust and a partnership with the South Korea exchange Korbit.

Stock market’s indices dip further by 0.5%

Equity transactions sustained sliding profile for the fifth consecutive trading sessions, occasioned by heavy profit taking, causing the All-Share Index (ASI) to plummet further by 0.5 per cent.
Specifically, at the close of transactions yesterday, ASI shed 162.52 absolute points, representing a decline of 0.48 per cent to close at 33,449.17 points, while the market capitalisation declined by N59 billion to close at N12.212 trillion.

Lagos settles N720m accrued pension right

The Lagos State Government has delighted retirees from the state’s public service with the release of N720.445 million into the Retirement Savings Accounts (RSA) of 190 Contributory Pension Scheme retirees in the month of August 2018.
Addressing the retirees at the 54th Retirement Benefit Bond Certificate Presentation at Ikeja, Lagos, the Commissioner for Establishment, Training and Pensions, Dr. Akintola Benson Oke, said that 9,591 retirees have had accrued rights of N39.45 billion paid into their Retirement Savings Accounts in the last 36 months- August 2015 – August 2018.

Sterling Bank sees opportunities in non-interest banking

Sterling Bank Plc has said the Non-Interest Banking model, currently gaining prominence in the country, will provide lawyers with huge opportunities in the near future, as it is one of the fastest growing financial products in the world.