Banks and the Central Bank of Nigeria (CBN) yesterday, in Abuja, unanimously agreed to contribute N1.5 trillion (about $10 billion) over the next 10 years to fund the newly established Asset Management Corporation of Nigeria (AMCON) set up to buy bad debts in the banking industry.

Banks and the Central Bank of Nigeria (CBN) yesterday, in Abuja, unanimously agreed to contribute N1.5 trillion (about $10 billion) over the next 10 years to fund the newly established Asset Management Corporation of Nigeria (AMCON) set up to buy bad debts in the banking industry.

A business mogul, Alhaji Aliko Dangote, has filed an application before a Federal High Court in Lagos, asking it to stay execution on a bench warrant issued against him for failure to appear before it in contempt proceedings by some aggrieved shareholders of the African Petroleum Plc.

First Bank has cancelled previous arraignments for fresh capital into the bank as it said last weekend it had no need to raise fresh capital and that it was unlikely to go ahead with a previously-planned bond issue. Reuters quoted the Chief Risk Officer of the bank, Remi Odunlami, as saying at a conference call, "It is unlikely that we are going ahead with the raising."

The Federal Gov-ernment’s resolve to finance its deficit through the bond window option may have commenced in earnest as it will soon roll out plans to raise additional N315 billion in three, five and 20-year sovereign bonds in the third quarter of this year.

UBA Plc, in the aftermath of the recent banking reforms, has released the bank’s half-year trade financials at the Nigerian Stock Exchange over the weekend.According to a statement from the bank, UBA recorded a strong growth of 370 per cent in profit before tax and exceptional items, from N2.6 billion to N12.16 billion in the period ended June 30, 2010.

The Security and Exchange Commission (SEC) has begun the enforcement of its Code of Conduct for Shareholders’ associations.According to a source close to the commission, the capital market regulatory authority has began dispatching letters to shareholders’ association, asking them to begin filing certain information about their activities and returns to it.

The Securities and Exchange Commission (SEC) has penalised 92 capital market operators for violating the money laundering rules of the commission. Director-General of SEC Ms. Arunmah Oteh made this known Tuesday during the International Organisation of Securities Commissions (IOSCO) 35th Annual Conference in Montreal, Canada.

Stakeholders in the Nigerian capital market yesterday unanimously moved in support of the Securities and Exchange Commission (SEC) in its decision to be fully involved in the appointment of a new substantive director general for the Nigerian Stock Exchange in June this year.

There was a sense of relief in the market yesterday after a roundtable discussion on the new rules and amendments to the rules and regulations of the Securities and Exchange Commission (SEC).