Subsidiary
Digital Currency Group halts dividends in an effort to preserve liquidity
Venture capital firm Digital Currency Group (DCG) has told shareholders it is halting its quarterly dividend payments until further notice as it attempts to preserve liquidity. According to the letter sent to shareholders on Jan. 17, the firm is focused on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.” DCG said it was also considering selling some of the assets within its portfolio. Its financial issues are derived from the woes of a subsidiary, crypto broker Genesis Global Trading, which reportedly owes creditors more than $3 billion. Customers are currently unable to withdraw funds from Genesis after it halted withdrawals on Nov. 16, which has prompted Cameron Winklevoss — on behalf of his exchange Gemini and its users with fund...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
Report: Jack Ma’s Ant Group considers overhaul due to regulatory pressure
Chinese financial technology giant Ant Group plans reorganisation that would allow it to be regulated more like a bank, Bloomberg reports. Jack Ma’s besieged Ant Group Co. is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units. The fintech giant is planning to move any unit that would require a financial license into the holding company, pending regulatory approval, said the people, who asked not be named because the matter is private. The plans are still under discussion and subject to change, the people said. Ant declined to comment. The operations that Ant is looking to fold into the holding company include wealth managemen...
Troops raid terrorists’ hideouts, eliminate five in Borno
Troops of Operation Fire Ball have eliminated five Boko Haram (BHT)/ISWAP terrorists and recovered a cache of arms and ammunition as well as bags of assorted grains in recent attacks on their hideouts in Borno. The Acting Director, Defence Media Operations, Brig.-Gen. Benard Onyeuko, disclosed this in statement on Sunday. Onyeuko said that Operation Fire Ball, a subsidiary of Operation Lafiya Dole, had continued to clear terrorists from their identified enclaves in the North East. He said the troops of Army Super Camp 11 Gamboru-Ngala, on Nov. 27, overran the terrorists’ hideout at Garal and Bulankesa Villages. He said that the troops eliminated two terrorists in the encounter while others fled in disarray with fatal injuries. Onyeuko said that troops deployed in Pulka also raided a terror...
NAICOM issues operating licenses to 4 insurers, 1 reinsurance firms
File Photo The National Insurance Commission (NAICOM) has granted operating licenses to four insurance firms and one reinsurance company to operate in the nation’s insurance industry. The four insurance firms are Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Company Nigeria Limited; and FBS Reinsurance Limited. The Commissioner for Insurance, Sunday Thomas, while presenting the licenses to the companies in Abuja, said that they have met the statutory requirements to carry out insurance business in Nigeria. Meanwhile, Heirs Insurance Limited (general) has appointed Olaniyi Stephen Onifade as its Managing Director; Stanbic IBTC Insurance Limited appointed Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited a...
Military air strikes knock out more terrorists’ hideouts in Borno
Air Task Force of Operation Lafiya Dole has knocked out more hideouts of the Islamic State of West Africa Province (ISWAP) terrorists, killing scores in Borno, Defence Headquarters says. The Coordinator, Defence Media Operations, Maj.-Gen. John Enenche, disclosed this in a statement on Saturday in Abuja. Enenche said the air raids were conducted on Friday at Ngwuri Gana, along the Gulumba Gana-Kumshe axis and Tumbuma Baba on the fringes of Lake Chad, both in the Northern part of Borno. He said the air strikes were conducted under a new subsidiary Operation, tagged “Wutar Tabki II”. According to him, series of aerial surveillance missions had indicated that the two locations were being used as staging areas where ISWAP leaders and their fighters meet to plan and launch attacks. He said the ...
