Tuesday, October 20, 2020
Listed insurers see half-year profit surges on investment income
Profits of the largest listed insurers on the Nigerian Stock Exchange (NSE) have surged even amid the wrought caused by the coronavirus pandemic (Covid-19), thanks to yields on investable funds that compensated for unfavourable underwriting conditions. For the first six months through June 2020, companies’ combined net income spiked by 84.06 percent to N15.58 billion… Read more
#EndSARS: Protests cripple businesses as air passengers miss flights
Businesses were shut in major cities across Nigeria on Monday as sustained demonstration by protesters against police brutality intensified. A number of air passengers in Lagos missed their flights as the protest paralysed activities and disrupted traffic along the Ikeja, Oshodi and Airport Road routes. Physical bank transactions were also hampered in Lagos, Abuja and… Read more
Naira slides to 460/$ at parallel market
The naira fell slightly at the parallel market on Monday, as it exchanged to the dollar for N460/$ as of the close of work. The naira had exchanged to the dollar on Friday for 458/$. This is as the country’s external reserves continued to maintain its downward trend. Figures obtained from the Central Bank of Nigeria revealed that the country’s external reserves which stood at $35.75bn as of October 02 had lost $78.34m to close at $35.67bn as of October 16. Read more
CBN orders banks to clamp down on COVID-19 financial crimes
The Central Bank of Nigeria has advised all banks to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in line with the red flags and emerging trends arising from the COVID-19 related financial crimes. It said this in a circular titled ‘Administrative letters to all banks and other financial institutions’ issued on Monday, which was signed by the Director, Financial Policy and Regulation Department, J. M. Gana. Read more
#EndSARS: Airlines increase airfare of domestic flights
Following the ongoing protests against police brutality in the country, airfares on domestic routes have increased. The increase in the price regime was reflected by several carriers on weekend flights for one-way trips from Lagos to Abuja. Before now, the cost of flights ranged from N27,000 to N38,000 depending on the class of ticket purchased. Read more
NNPC’s liabilities exceed assets by N4.4tn – Report
The liabilities of the Nigerian National Petroleum Corporation as a group exceeded the assets of the oil firm by N4.4tn in 2019, the just released audited financial statements of the firm for 2019 showed. It also revealed that the oil firm’s liabilities as a corporation exceeded its assets by N1.1tn. The auditors expressed significant doubt on the continued existence of NNPC as a going concern considering the level of liability being shouldered by the oil firm. Read more
#EndSARS protests: LCCI puts estimated economic loss at N700bn in 12 days
With EndSars protests hindering the movement of people and goods across the country due to the numerous roadblocks, the Lagos Chamber of Commerce and Industry (LCCI) has put the economy’s estimated loss to the action at N700billion in the past 12 days. Read more
‘Banks, insurers failed to contribute to NHF scheme’
The Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa, said institutional contributors, such as banks and insurance companies have failed to make their required investments in the national housing fund (NHF) scheme. Read more
Oil marketers worry about possible unrest when prices rebound
Petroleum marketers have urged the Federal Government to take decisive steps in addressing deregulation concerns in the downstream sector to avoid a civil unrest that may arise when oil prices rebound. According to the Major Oil Marketers Association of Nigeria (MOMAN), a similar protest like the #ENDSARS might become inevitable if legal framework or an enabling legislation backing deregulation like the Petroleum Industry Bill (PIB) is not initiated. Read more
