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Experts Seek Improved Regulation of Forex Market

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500 and 1000 naira bills (Nigerian currency)
  • Experts Seek Improved Regulation of Forex Market

Experts from foreign exchange investment firms have called on the Federal Government to regulate the Foreign Exchange Investment market in Nigeria.

The experts said that improved regulation would help to reduce the risks and fears and boost investment in the sector.

Some investors from a foreign investment firm, MBA Forex International, its partners AFX Group UK and Fintec Global Markets, who were members of a panel session, spoke at a one- day financial investors summit in Lagos.

The panellists were the Chief Executive Officer, MBA Forex International, Mr Maxwell Odum; AFX Group UK Business Development and Sales associate, Mr Claude Harvard; its Head of Back office and Trade Desk, Mrs Natalia Stetco and the Country Manager, Fintech Global Markets, Joel Adoki.

Adoki said that to keep risk level minimal and to control people’s investment, government must regulate the forex sector.

“If people see government’s involvement in it, they will want to come in, because the regulatory body can stand as the middle man between the broker and the investors and the regulatory body will ensure also that the brokers do not use investors’ money to run their own personal affairs,” he said.

Havard, on his own part, noted that investors’ money could only be protected better by government regulatory body, to ensure a stable and fraud-free market.

He said, “Investors money can only be protected by government regulatory body. The body becomes the middleman between the brokers and investors. Most times, investors cheat the brokers by using anonymous software and all other forms of fraudulent applications. The only common ground is the regulatory body to ensure protection.

“The financial world is changing and there are lots of opportunities that Nigerians can explore. Most of the brokers operating in Nigeria are not regulated and this has made a lot of people to get the wrong information and act wrongly.”

Natalio, on her part, said government must ensure the market was protected from the inside.

“We should all work to ensure that everything is fully regulated. It is important for the government to know that the industry must be protected from inside,” she said.

Odum, emphasised the need for Nigerian currency to be quoted in the forex market.

Odum said, “The summit is timely when we need to give financial stability in our economy, to individual’s life and making sure everyone have opportunities to gain financial freedom.”

He said the financial investment plans, which was in the area of foreign exchange trading, was quite expedient at a time when many Nigerians were complaining about financial difficulty, but would not mind exploring opportunities that could guarantee stable means of livelihood.

According to Odum, the financial firm and its partners understood that many Nigerians required useful information that could enhance their decision making, regarding investment plans and as such, MBA Forex Institute was partnering with others to provide a platform through which doubts could be cleared which could assist investors in making the right decision.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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