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Showing posts with the label Money

ECONOMIC FAILURE: Nigerian Stock Exchange Halt Trading

The fall in the prices of stocks at the Nigerian Stock Exchange has hit an all-time Nigerian low, necessitating the activation of the Index Circuit breaker by the NSE. This implies that on Monday 18th January, the Stock exchange did not trade.  Approved since May 19, 2014 by the Nigerian Securities and Exchange Commission, the Circuit Breaker has never before been applied in Nigeria. And that is because the economy of the nation had never before fallen this low. The Nigerian stock market lost a fearsome amount of N1.8 trillion in capitalisation within two weeks, an d N1.4 trillion in 10 days.  The market capitalisation has also depressed from N9.86 trillion at the beginning of 2016 to N8.09 trillion as at Friday 15th January. The Stock market lost 17.4% in 2015, but there has been a dip by 17.9% in January 2016. This failure situation at the Nigerian stock market has been caused by the mass exodus of foreign investors away from Nigeria, due to a well documented u

Umana Mega-Loot Revelations: AEC Works, Civil Service Funds, Sister In-law Named

Incriminating details have emerged concerning Mr Umana Okon Umana’s long mysterious source of wealth, for which his boisterous spokespersons have sa dly kept a tight-lip on, an d it is a long suspecte d multi million dollar heist of public funds. These revelations will certainly warrant a response from standard bearer of the APC in Akwa Ibom state an d former commissioner for Finance and Secretary of the State Government. It has already been a much talked about topic the mystery of Mr Umana’s wealth. He is said to have bought over the APC in Akwa Ibom and became their flag bearer after being a member in the party for just 11 days; which led to his long-running battle with Senator John Udoedeghe, the de facto political leader of the party and founding father. His ability to single-handedly bankroll the fiery resurgence of APC campaigns in Akwa Ibom has only gone to baffle people. Scuttlebutt has it that the former SSG, who is popularly believed to have become generous as