CAPITAL MARKET
CSCS Shareholders Approve N5.8bn Dividend, Laud Performance
Shareholders of the Central Securities Clearing System (CSCS) Plc have approved the N5.8 billion dividend recommended for the financial year ended December 31, 2020. The dividend, which translated to N1.17 per share was approved at the annual general meeting (AGM) held in Lagos recently. Speaking on the performance of the company at the AGM, the Chairman of CSCS Plc, Mr. Oscar Onyema, said despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth This day
Stock market extends losses as capitalization dips further by N301b
The Nigerian Exchange Limited (NGX) extended losses to three consecutive trading days to close on a downturn, yesterday, causing market capitalization to plunge by N301 billion. At the close of transactions, the all-share index (ASI) decreased by 577.43 absolute points, representing a decline of 1.48 per cent to close at 38,445.09 points. Also, market capitalization of listed equities dropped by N301 billion to close at N20.038 trillion. The market decline was driven by price depreciation in large and medium capitalized stocks The Guardian
BANKING
Abbey Mortgage Bank Unfolds Business Growth Plan
Abbey Mortgage Bank Plc yesterday held its 29th Annual General Meeting with shareholders.The meeting which took place in Lagos, brought together board members, regulators, shareholders, and other key stakeholders virtually and physically to review the bank’s performance in the last financial year ended 2020. Speaking on the bank’s operating results, the Chairman, Board of Directors of the company, Mr. Emmanuel Kanu Ivi, revealed that the bank’s gross earnings grew by 9.5 per cent to N1.52 billion, up from the N1.38 billion it made the previous year. This Day
China Joins CBN, Bans Cryptocurrency Transactions
Three months after the Central Bank of Nigeria (CBN) banned banks and other key players in the financial sector from cryptocurrency transactions, China has followed suit as it restricted institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading. The CBN, in February, had directed banks and other financial institutions to close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect. This Day
ECONOMY
Nigeria, others to receive fresh $150b from World Bank
The World Bank has revealed a spending plan of $150 billion to support Africa in the next five years. Speaking at the Summit on Financing African Economies on Tuesday, the World Bank’s President, David Malpass, said a large portion of the outlay would take the form of grants and zero-interest long-term loans. He said the spending would consolidate the intervention of the bank in key developmental needs of Africa in the past decade during which it invested $200 billion in the region. The Guardian
Buhari Urges European Nations, Others to Grant Africa Debt Relief
President Muhammadu Buhari yesterday urged European nations and international financial institutions to grant debt relief to African countries. He also gave an assurance that Public-Private Partnership (PPP) will be fully explored to ensure more precision in development, cutting down waste and reducing chances of corruption. In addition, Buhari urged investors to further explore vast opportunities of human and natural resources in Nigeria, while assuring them that fiscal policies will be more favourable, predictable and measurably tilted towards creating a harmonious business environment. This Day