CAPITAL MARKET
Equities Market Rebounds as Bulls Return
The bulls returned to the Nigerian stock market last week after the market dipped in May, as investors took advantage of low prices of shares. Consequently, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) appreciated by 1.23 per cent to close at 38,726.10, while market capitalisation closed higher at N20.185 trillion. Some market analysts had said the decline recorded in the May, which led to a significant reduction in valuations of stocks, was an opportunity for investors to enter the market. This Day
NGX admits Nova Merchant Bank N10 billion bond
The Nigerian Exchange Limited (NGX) has announced admission of Nova Merchant Bank Plc N10 billion bond on its platform. The bond listed on NGX is the NOVAMBL Investments SPV N10billion Series I, a seven-year subordinated unsecured fixed-rate bond due 2027 under the company’s N50 billion bond issuance programme. At the listing ceremony, held in Lagos at the weekend. The Guardian
May & Baker’s shareholders approve N517.6m dividend
Shareholders of May & Baker Nigeria Plc have approved a dividend of 30 kobo for every 50 kobo share recommended by the company’s board of directors for the 2020 financial year. The dividend, which amounts to N517.6m, was approved at the company’s 70th Annual General Meeting in Lagos, according to a statement on Sunday. The Chairman, Board of Directors, Senator Daisy Danjuma, was quoted as saying at the AGM that she was glad that the company recorded growth in both turnover and profit. Punch
BANKING
Banks commence N6.98 USSD charge, customers kick
Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions. However, experts have said that excessive charges by banks could pose a threat to financial inclusion. According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits. Punch
We’re increasing forex to banks for SMEs, travellers, tuition
The Central Bank of Nigeria said it has concluded plans to increase the amount of foreign exchange allocated to banks to meet the requests of customers seeking forex for travel allowances, payment of tuition and medical fees, among other invisibles.This followed the warning by the CBN Governor, Mr Godwin Emefiele, to Deposit Money Banks to desist from denying customers the opportunity to purchase foreign exchange for several purposes. Punch
ECONOMY
NAICOM Unveils Three-year Strategic Reforms for Insurance Sector
The National Insurance Commission (NAICOM) said it has rolled out three-year strategic reforms (2021-2023) that will see the transformation of the insurance sector. The commission said the starting point of the reform was to return operating firms to liquidity status by ensuring that they restructure their balance sheets so that those that currently rely on assets that they can hardly turn to cash would affect a major turnaround in their operations and run their business based on cash flow instead of fixed assets. This Day
Petrol Subsidy Delays Funding of N26.2bn NNPC Projects
The burden of under-recovery of petrol price currently being borne by the Nigerian National Petroleum Corporation (NNPC) may have begun to affect its operations as the national oil company failed to fund six of its scheduled projects in April. NNPC is also to team up with the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Department of Petroleum Resources (DPR) to sign an agreement on a framework to ensure greater transparency in the oil and gas industry. This Day