Category Archives: Finance

AMCON Seizes Doggi Group’s Assets over N440m Debt

The Asset Management Corporation of Nigeria has taken over assets belonging to the Chief Promoter of Doggi Group Limited, Alhaji Umaru Abdullahi, over an indebtedness of more than N440m, following the order of Honourable Justice A.I. Chikere of the Federal High Court, Abuja division.

A statement from AMCON on Thursday said the justice gave the order on June 5.

Nigeria Mutual Funds Hit N1.26 Trillion In 5 Months

Total net asset of collective investment schemes and funds in Nigeria has risen to N1.257 trillion in the first five months of the year.

There is no doubt that COVID-19 has affected various parts of the Nigerian economy and indeed, the world economy. One industry in Nigeria that has remained resilient in spite of it all, is the mutual fund industry.

Nigerian fintechs bridging financial inclusion gap – Report

Nigerian financial technology companies are branching out from payments into the provision of other services to bridge financial inclusion gap in the country, a new report has said.

The Economist Intelligence Unit disclosed this in a report, titled ‘State of play: Fintech in Nigeria’, which was sponsored by Mastercard and MTN Group.

Top Israeli model Bar Rafaeli to serve 9 months of community service in addition to paying $4.8m fine over tax evasion

Israeli model Bar Refaeli has agreed to pay $4.8million and do community service as part of a plea bargain which ends a long-running tax evasion case against her.The 35-year-old, who previously dated Leonardo DiCaprio, agreed to do nine months of community service, and pay a $750,000 fine along with $2.8million in back taxes.

Flour Mills lists N30b CPs on FMDQ

Flour Mills of Nigeria Plc has listed two commercial papers (CPs) worth N30 billion on the FMDQ Securities Exchange, paving the way for holders of the CPs to trade on their holdings.

Flour Mills listed its N10 billion Series 13 and N20 billion Series 14 CP notes on the FMDQ. The CPs were issued under the flour-milling company’s N100 billion CP issuance programme. Flour Mills has a short-term rating of A2 and long-term rating of BBB+ from Global Credit Rating (GCR).

Status Money founder: Millennials not equipped to make fundamental financial decisions

In a recent interview with Status Money chief executive Majd Maksad has stated that the United States millennials are not well equipped to make key financial decisions. According to Majd, this shortcoming should not be blamed on the millennials.

Political leadership to blame for financial illiteracy 

Majd noted that political leadership is responsible for tackling the issue. According to Majd:

GoFundMe created for George Floyd has received nearly $13 million, the most donations of all time with more people still donating

A GoFundMe campaign to help the family of George Floyd, the black man who died after a white Minneapolis police officer forcefully kneeled on his neck during his arrest, has received nearly $13 million, the most donations of all time.

The campaign, ‘Official George Floyd Memorial Fund’ created by Floyd’s brother, Philonise Floyd, has received more than 450,000 donations totaling to $12,987,100, as of Friday morning (June 5). The initial goal was to raise $1.5 million.

Nigeria’s External reserves now $36.57 billion

Nigeria’s external reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020.

This development has given the Central Bank of Nigeria the fire power to defend the Naira exchange rate as promised by Central Bank Governor Mr. Godwin Emefiele.

Investors lose N50bn as stocks suffer decline

Investors lost N50bn on Thursday as the nation’s stock market closed in the red.

The Nigerian Stock Exchange All-Share Index and the market capitalisation of equities dropped by 0.38 per cent to pare the gains recorded in recent trading days.

GeorgeFloyd: Family’s GoFundMe raises over $10.3million

A GoFundMe fundraiser set up by the brother of the slain Minneapolis African-American, George Floyd, has raised more than seven times its $1.5 million goal.

The online fundraiser was meant to cover the cost of a memorial service for Floyd.