Gemstots

Image sourced from the Nigerian Voice On Friday, the 21 st of September, 2018, the Central Bank of Nigeria (CBN) revoked the banking licence of Nigeria’s Skye Bank and together with the Nigerian Deposit Insurance Corporation (NDIC), announced the establishment of a bridge bank to assume the assets and liabilities of Skye Bank. Bridge banks are set up to take over the operations of a failed bank pending the consequent sale to a new investor. The primary objective of this is the management and avoidance of systemic risk. Bridge banks are typically established for a restricted period of not more than three years, with a general average of two years. The establishment of a bridge bank does not necessarily translate to an automatic business rescue; failure to find an investor within the relevant time-frame will result in a liquidation of the operations of the bank. The September 2018 action by Nigeria’s central bank is not the first in the history of the country. In Augu

image credit: HEC Paris (www.hec.edu)  Globally, bond ratings have been known to drive liquidity while helping investors take an informed investment decision. These credit ratings have played a significant role in the decision making process of purchasers of debt securities while also playing a role in the development of markets. The International Organisation of Securities Commissions’ (IOSCO) report on Corporate Bond Markets in Emerging Markets identifies Government policy and the existence of international credit rating services as underpinning factors in the general development of bond markets in EMEs, particularly following bank-based crises. [1] In spite of the unanimous verdict on the role played by credit rating agencies (CRA) in the 2007 financial crisis, a role which many attribute to the conflict of interests by CRAs arising from playing a dual role of advisory and rating, as well as a lack of competition, the opinion of CRAs regarding the ability of an issuer

“Nigeria has taken too long to get to this point and any further delay will be detrimental to the economy, healthy living of Nigerians, the economy and the total environment. We urge the president to do the needful and immediately assent to this draft law.” - The Centre for Social Change and Citizenship Education Image Sourced from Premium Times I stumbled on a media report titled “ Group urges Buhari to sign Federal Competition and Consumer Protection Bill .” The Group is of the opinion that when the Bill is signed into law, it “would boost human rights, and the anti- corruption fight of the Federal Government, as well as help the economy” comments are reserved on the first two points. Upon conclusion of the harmonization of the different versions of the Competition Bill by the Nigerian Parliament, a copy of the Bill was forwarded to the President for assent in December 2017. The Group wants President Buhari to assent to the Bill without further delay, but would as