Thursday, September 17, 2020
Foreign investors, PE firms seek 100% stake in Nigerian insurers
Foreign insurers as well as private equity (PE) investors are taking stronger position in the nation’s insurance industry, with a new trend for total ownership in firms where they have equity stake. Market analysts, who have watched the trend after about three major deals were concluded recently, say the attraction is the low penetration of… Read more
Naira weakens to N466 as demand shifts to black market
Nigeria’s currency on Wednesday depreciated by N6.00k to an average of N466 from N460 as demand for dollar shifts from the official market to black market following the order by the Federal Government (FG) to the Central Bank of Nigeria (CBN) to not give access to forex for importation of food and fertilisers. BusinessDay foreign… Read more
CIS, three others to float securities institute
The Chartered Institute of Stockbrokers, in collaboration with three other professional bodies, has signed a Memorandum of Understanding to establish the Chartered Institute of Securities and Investment Management to bring securities dealers and investment managers in Nigeria under one umbrella. The CISIM Bill, which is currently with the National Assembly, will replace the Chartered Institute of Stockbrokers Act 105 of 1992 when passed into law. Read more
Oil imports gulped $770.58m in six months – CBN
A total of $770.58m was utilised for oil imports in the first half of this year, the latest data from the Central Bank of Nigeria have shown. The CBN’s data on sectoral utilisation for transactions valid for foreign exchange revealed that $148.32m was utilised in January; $145.23m in February, and $139.55m in March. Read more
CBN demands details of 12 top Nigerian businessmen, others’ domiciliary accounts
The Central Bank of Nigeria has ordered banks to provide the domiciliary account statements of some high profile customers and other accounts linked to the customers through the Bank Verification Number. It disclosed this in a letter to all the banks with the number, ‘BSD/DIR/GEN/LAB/13/063, dated September 15, titled ‘Request for statement of accounts’, signed by the Director of Banking Supervision, CBN, Z. Marcus. Read more
Banks to phase out old cheque books December 31
Deposit Money Banks have started to notify their customers that they will phase out old cheque books and will no longer honour such by December 31, 2020. They have also urged customers to request new cheque books. One of the banks, Access Bank, disclosed this to its customers through an email on Wednesday, entitled ‘Important updates on chequebooks and NEFT transfer.’ Read more
NLPGA asks members to ignore PPPRA’s administrative charge on LPG
The Nigeria LP Gas Association (NLPGA), has asked its members and operators to ignore the directive of the Petroleum Products Pricing Regulatory Agency (PPPRA), on the levy and administrative fee imposed on Liquefied Petroleum Gas (LPG) or cooking gas despite the product being deregulated. Read more
Sustained profit-taking drags index further by 0.19%
Persistent profit-taking in the shares of some blue-chip companies, yesterday, dragged the domestic equity market to a downturn, causing the All-Share Index (ASI) to depreciate further by 0.19 per cent. Precisely, the ASI declined by 47.65 absolute points, representing a loss of 0.19 per cent to close at 25,550.31 points. Accordingly, investors lost N1 billion in value as market capitalisation went down to N13.353 trillion. Read more
