CAPITAL MARKET
Board of Capital Hotel Plc Agrees to Sell 51% Stake to 11 Plc
The Board of Directors of Capital Hotel Plc, owners of Sheraton Abuja Hotel, has resolved to sell 51 per cent stake in the company to 11 Plc, formerly Mobil Oil Nigeria Plc. In a notification to the Nigerian Exchange (NGX) Limited yesterday, the board of Capital Hotel Plc said the decision sell the 51per cent stake to 11 Plc was reached at the emergency meeting of its board held on June 14, 2021. This Day
NGX sustains rising profile as index appreciates further by 0.13%
Transactions on the Nigerian Exchange Limited (NGX) sustained a rising profile yesterday, causing the All-Share Index (ASI) to appreciate by 0.13 per cent. At the close of transactions yesterday, the ASI increased by 50.41 absolute points, representing a growth of 0.13 per cent to close at 38,615.11 points. Similarly, the overall market capitalization value gained N27 billion to close at N20.126 trillion. The market upturn was driven by price appreciation in large and medium capitalized stocks. The Guardian
Lafarge Africa redeems N33.6bn bond
Lafarge Africa announced on Thursday the redemption of its matured N33.6bn bond due on June 15, 2021. The company said in a statement that it registered a N100bn bond issuance programme in June 2016, out of which the sum of N60bn was issued in Series 1 and 2 of the programmes. It said the matured Series 1 bond issued on June 10, 2016 with a three-year tenor and at a fixed coupon of 14.25 per cent had been repaid. Punch
BANKING
CBN grants Lotus Bank non-interest banking licence
The Central Bank of Nigeria has granted a non-interest banking licence to Lotus Bank Limited. A statement titled ‘CBN grants Lotus Bank licence to commence non-interest banking operations’ said that on Thursday. “Lotus Bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians,” the statement said. Founded and Chaired by Mrs Hajara Adeola, who is also the founder and managing director of Lotus Capital (the pioneers of non-interest finance in Nigeria) Punch
ECONOMY
Return of fuel subsidies disturbing, IMF tells FG
In a virtual meeting with the representatives of the Federal Government, the mission of the International Monetary Fund stated that the resurfacing of fuel subsidies was concerning. The IMF mission led by Jesmin Rahman, according to a press release, expressed its concerns about rising fuel subsidies to the Nigerian authorities during a virtual meeting.The Fund also stressed the importance of introducing market-based fuel pricing mechanisms and the need to deploy well targeted social support to cushion any impact on the poor. Punch
IMF asks CBN to harmonise FX rates for market clearance
The International Monetary Fund (IMF) has called for the adoption of the Nigerian Autonomous Foreign Exchange (NAFEX) window for official transactions as well as the unification of all rates to achieve a market-clearing rate. It stated this in a statement issued after a virtual meeting with Nigerian authorities from June 1 to 8. It, however, noted that the positions “do not necessarily represent the views of the IMF’s Executive Board”. Jesmin Rahman led the visiting IMF employees. The Guardian
Nigeria seeks share from $11.5 trillion global digital economy
As part of efforts by the Federal Government of Nigeria to grow the nation’s economy through digital technologies, the National Information Technology Development Agency (NITDA) has said its Nigeria Digital Innovation, Entrepreneurship and Startup Policy (NDIESP) is designed to ensure the country earns a share from the $11.5 trillion global digital economies. The Guardian
