Monday, September 14, 2020 Daily Headlines
Despite e-dividend payment system unclaimed dividend soars – DG SEC
Harmonising a single unique identity management system and updating the details of investors are some of the ways the Nigerian capital market is solving the rising issue of unclaimed dividend, according to Lamido Yuguda, director-general, Securities and Exchange Commission (SEC). This means the Exchange working with the Central Bank of Nigeria (CBN) and other stakeholders… Read more
Nigeria’s genomic capacity for drug production grows on major investments
Nigeria’s capacity to generate essential genomic data for pharmaceutical productions that suit the medical needs of Africa’s genetic framework is gaining more impetus on investors’ growing interest in the development of local molecular medicine. Apart from the business side of it, the investments are pushing the common goal of building a robust base of genetic… Read more
Oil companies eye billions in savings on process digitalisation
Prolonged low oil prices environment is making oil companies speed up the digitalisation of processes to push down operating costs, save billions of dollars, promote transparency and optimise value creation. Process digitalisation involves the use of digital data and technologies to transform existing business processes into more efficient, optimised, more profitable, streamlined and value-adding operations…. Read more
CBN, DBN urge MfBs to improve sustainable banking
The Development Bank of Nigeria and the Central Bank of Nigeria have urged microfinance banks and other participating financial institutions to improve their sustainability efforts and become more responsive to their social and ecological environment. The banks said this was important as Nigeria and the global communities continued to grapple with the effects of climate depletion and economic uncertainties caused by the COVID-19 pandemic. Read more
Concerns rise on banks’ CRR as COVID-19 impact on businesses bites
Amid the devastating effects of COVID-19 on businesses, commercial banks currently have the issues of Cash Reserve Ratio (CRR) obligations to grapple with. The Central Bank of Nigeria (CBN) now debits Deposit Money Banks (DMBs) for not meeting CRR requirements.For instance, the apex bank had in June, debited 26 banks, including merchant banks to the tune of N459.7 billion for failure to meet their CRR requirements. Read more
Experts list ways banks can boost revenue, navigate in post-pandemic era
To minimize the impact of COVID-19 on banks and boost their revenues, experts have stressed the need for lenders to reduce their loan book to the barest minimum, and diversify to other areas in the non-banking space. Read more
‘Assessing group life insurance viability in NNPC, MDAs amidst pandemic’
The House of Representatives is currently investigating the insurances of the Nigerian National Petroleum Corporation (NNPC), and a few Ministries, Departments and Agencies (MDAs), to evaluate the insurance portfolios of NNPC to know the viability of the allegation levelled against it. Read more
Afreximbank disburses $200 million to Zenith Bank Nigeria
African Export-Import Bank (Afreximbank), has disbursed $200 million to Nigeria’s Zenith Bank Plc under its Pandemic Trade Impact Mitigation Facility (PATIMFA). According to Afreximbank, the funds would enable Zenith Bank to maintain foreign currency trade flows impacted by the COVID-19 pandemic, and be able to on-lend to eligible sub-borrowers involved in the manufacturing and supply of medical resources needed to combat the pandemic. Read more
