The Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law with the aim of preventing an economic collapse post the global meltdown in 2008.
Earlier on Friday, September 12, 2014, the Asset Management Company of Nigeria (AMCON) announced its financial results for 2013 in which it complied with the stringent International Financial Reporting Standards (IFRS).
In the recent case of Hotel De Island Ltd v Central Bank of Nigeria (FHC/L/CS/273/2013), the Federal High Court has upheld the complaints of certain Nigerian companies against the procedure which the Central Bank of Nigeria (CBN) has adopted for the designation of debts which they owe to Nigerian bank Ecobank as eligible assets pursuant to the Asset Management Corporation of Nigeria (AMCON) Act 2010, and the subsequent acquisition of those assets on that basis by AMCON.
The International Organization of Securities Commissions today issued the report Implementation of the Principles for Oil Price Reporting Agencies (The IOSCO Oil PRA Principles), prepared in collaboration with the International Energy Association (IEA), International Energy Forum (IEF) and Organization of Petroleum Exporting Countries (OPEC).
A total of 1,312,444,260 ordinary shares of ASHAKA CEMENT PLC at N30.95 were crossed today via Off-Market. The buyer was LAFARGE AFRICA PLC while the seller was LAFARGE NIGERIA (UK) PLC. This is part of the on-going process to consolidate the South African Assets and the Nigeria Assets
Nigeria Energy Sector Fund has notified The Nigerian Stock Exchange of the declaration of a coupon payment of N32.00 per note to be paid on 12th September 2014 to investors whose names appear on the Register of Note holders as at 10th September 2014.
Global output was estimated to have grown by 3.0 per cent in 2013, compared with the 3.1 per cent achieved in 2012. However, in the second half of the year, growth achieved was higher than the 2.9 per cent projected for the half year, driven mainly by growth in advanced economies. In Nigeria, real GDP growth was estimated at 6.7 per cent in 2013, compared to 6.6 per cent in 2012. In advanced economies, inflation decreased in 2013 owing to declining commodity prices caused by improved supply and reduced demand from major consuming nations, such as China. In Nigeria, headline inflation decelerated to 8.0 per cent at end-December 2013, from 8.4 per cent at end-June 2013.
On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). The table below shows an analysis of transactions on The Exchange at the end of July 2014.