Thursday, August 20 , 2020
Stock market volatility fuelled by companies with locked-in shares
The current rate of volatility in Nigeria’s stock market will continue unless regulatory push is stronger to cause companies release most of their locked-in shares (smaller free float) into the hands of wiling investing public. ‘Free float’ is generally described as all shares held by investors, other than restricted shares held by company insiders. Read more
Banking agents’ commissions make up 55% of customer charges
Nigerian banking agents’ commissions make up 55 percent of the customer charges as nearly 2 out of 5 agents charge above the maximum fees stipulated by Central Bank of Nigeria (CBN), and report charging extra fees to make more money and on average, EFInA survey shows. The CBN’s guide to charges by banks and other… Read more
Oil workers fight government’s effort to plug loopholes in personnel payroll
The threat by oil workers of a nationwide strike over their enrolment on the Integrated Personnel Payroll Information System (IPPIS) is a subtle blackmail to frustrate the Federal Government’s scheme, the Accountant General of the Federation (OAGF), Ahmed Idris, has said. According to Idris, IPPIS, one of the public finance reform initiatives, is an information… Read more
FX turnover hits 1,132.6% high as naira weakens at I&E window
Nigeria’s foreign exchange liquidity improved on Wednesday as the daily forex turnover hit a record high of $227.29 million since almost eight weeks at the Investors and Exporters (I&E) FX window. This represents 1,132.6 percent increase when compared with $18.44 million recorded on Tuesday, data from FMDQ show. However, the closing rate remained scarcely changed, as FX traders remain tight-lipped on the source of the inflow. Read more
Oil cuts: Nigeria, others under pressure, OPEC+ meets
Nigeria and other countries that have been exceeding their oil production quotas came under fresh pressure on Wednesday as the Organisation of Petroleum Exporting Countries and its allies met to review compliance with the output cuts meant to prop up oil prices. OPEC and its allies, known as OPEC+, agreed in April to an output cut to offset a slump in demand and prices caused by the coronavirus crisis. Read more
FG intervenes in MTN, employees dispute, union withdraws ultimatum
The Private Telecommunication and Communications Senior Staff Association of Nigeria has withdrawn the 14-day ultimatum it issued to the MTN Nigeria Plc over a dispute. The union also agreed to shelve its proposed strike following a conciliation meeting called by the Minister of Labour and Employment, Dr Chris Ngige, in Abuja on Tuesday. Read more
FG’s August bonds oversubscribed by N92.23bn – DMO
The Federal Government’s bonds for the month of August worth N150bn, which were auctioned on Wednesday, were oversubscribed by N92.23bn, the Debt Management Office has said. The total subscription received for the bonds was N242.23bn, comprising of N32.68bn for the 12.5 per cent FGN January 2026 bonds; N48.82bn for the 12.5 per cent FGN March 2035 bonds; N46.44bn for the 9.8 per cent FGN July 2045 bonds; and N114.29bn for the 12.98 per cent FGN March 2050 bonds. Read more
N500m debt: AMCON takes over Northrich Technologies’ assets
The Asset Management Corporation of Nigeria has said that Justice A.I. Chikere of the Federal High Court, presiding over the suit between AMCON vs Northrich Technologies Limited, has ordered the corporation and its appointed law firm, Mildred & Patriarch Attorneys, to take over the assets of the company. The corporation said this in a statement on Wednesday entitled ‘AMCON takes over assets of Northrich Technologies Ltd over N500m debt.’ Read more
SPE asks FG to sell idle refineries to private operators
The Society of Petroleum Engineers (SPE), has urged economic managers to sell Idle refineries to private sector operators to meet Nigeria’s oil and gas needs. According to the Chairman, SPE, Joe Nwakwue, keeping refineries idle is not in the interest of the economy, as the nation continues to incur expenses even when they are idle. Read more
NAICOM releases fresh guidelines for insurance recapitalization
The National Insurance Commission (NAICOM), has released fresh guidelines for the payment of minimum paid-up share capital by insurance and reinsurance companies in Nigeria. The move, according to a circular released on Tuesday, is in compliance with the first phase recapitalisation directive deadline of December 31, 2020. Read more
