Thursday May 6, 2021
Capital Market
Sell-off in Stanbic IBTC, others trigger loss in equities market
Sell-off in Stanbic IBTC Holdings and 21 other stocks dragged transactions on the Nigerian Exchange (NGX), extending the bearish trend to close on a downturn yesterday as the all-share index (ASI) depreciated by 0.92 per cent. ASI declined by 367.97 absolute points, representing a dip of 0.92 per cent to close at 39,433.81 points while market capitalisation depreciated by N193 billion to close at N20.637 trillion. Guardian
Shareholders commend Union Bank’s profitability, approve dividend
Union Bank of Nigeria Plc yesterday, held its 52nd yearly general meeting with its shareholders approving the Group’s 2020 annual accounts. Chairman of the board, Beatrice Hamza Bassey highlighted key achievements of the bank in 2020, including the continued focus on digital innovation, the bank’s multipronged approach to supporting the fight against COVID-19 and providing support to enable over 70 per cent of the employees to work from home. Guardian
Banking
Access Completes Acquisition of S’African Bank
Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited. The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa. Thisday
Youssef: CBN’s Concerns about Cryptocurrency Legitimate
The Chief Executive Officer of Paxful, Mr. Ray Youssef, who was in Lagos recently to dialogue with government officials, in this interview advises on the way forward for cryptocurrency business in the country. Dike Onwuamaeze brings the excerpts: Thisday
Economy
Foreign Direct Investment declined by $30m in January – CBN
Foreign Direct Investment dipped by 33.3 per cent which amounted to $30m in January, latest statistics obtained from the Central Bank of Nigeria revealed on Wednesday. According to figures obtained from the CBN’s January report on capital importation and capital outflow, the FDI at $90m in December fell to $60m in January. Punch
$1.6 billion Lekki deep sea port reaches 50% completion
Hope on delivery of the much-expected Lekki Deep Sea Port looks brighter as the construction of the $1.6 billion project reaches about 50 per cent completion. The company said it has completed its 1,909m long core of the main breakwater while work on the quay wall and landside infrastructure has reached an advanced stage. The significant milestone of the completion of the core of the main breakwater was achieved on Thursday, April 29, 2021. Guardian
FG Approves N6.2bn for Six Power Projects
The Federal Executive Council (FEC) yesterday approved $8.29 million and N3 billion for the execution of various electricity projects. It also said it was ready to commence the distribution of four million free electricity pre-paid meters in the second phase of the free metre programme. Thisday