Category: Capital Market

SEC Nigeria Warns Against Activities of ‘MMM Federal Republic of Nigeria’ Operator

 The Securities and Exchange Commission (SEC) has raised the alarm over the activities of an investment fund tagged ‘MMM Federal Republic of Nigeria’ declaring it to be fraudulent. The statement posted on SEC website, described the facilitators as online fraudsters, who carry out their illegitimate business via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment…

CBN readmits suspended banks to forex market

The Central Bank of Nigeria on Wednesday said it had readmitted to the foreign exchange market banks that were suspended last week for non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation. They are FirstBank of Nigeria ($469m); Diamond Bank ($287m); Sterling Bank ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139m);…

Online fraudsters hit capital market, Sec warns

The Securities and Exchange Commission has raised the alarm over the activities of some online fraudsters, who are currently running an online investment scheme tagged ‘MMM Federal Republic of Nigeria’. The fraudsters, according to SEC, carry out their illegitimate business via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.…

Stock Market Indices Drop 0.72% In One Week

Lead indices of the Nigerian Stock Exchange, NSE, the All-Share Index and Market Capitalisation slid by 0.72% to close the week at 27,450.91 points and N9.428 trillion respectively. Similarly, four other Indices finished lower during the week, with the exception of the NSE Main Board, NSE 30, NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil and…