CAPITAL MARKET
NGX Suspends Trading in GTBank’s Shares Ahead of HoldCo Listing
The Nigerian Exchange (NGX) Limited last Friday placed full trading suspension on the shares of Guaranty Trust Bank (GTBank) Plc. According to the NGX, the suspension was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank to pave way for the listing of the holding company (Holdco), Guaranty Trust Holding Company Plc on NGX. This Day
FBNH tasks investors on professional advice
FBN Holdings (FBNH) Plc has advised investors in the country’s capital market to seek financial advice from professionals when making investment decisions to maximise returns.The Chief Financial Officer of FBNH, Oyewale Ariyibi, said this at a knowledge-sharing session with journalists at the weekend. Ariyibi said financial advisers would help investors to identify the fundamental stocks to invest in to maximise returns on investment. The Guardian
BANKING
NDIC tackles rising fintech-induced risks in financial sector
Nigeria Deposit Insurance Corporation (NDIC) has stated that it is effectively collaborating with relevant stakeholders to manage risks arising from the growing adoption of financial technology (fintech) in the financial sector. At the 2021 retreat organised by the NDIC in Lagos, last week, Chairman of the board, Ronke Sokefun, said while banks are rapidly employing fintech to innovatively deliver financial products and services, the nature and scope of banking risk are significantly increasing with the adoption of fintech. The Guardian
ECONOMY
Power distributors get CBN loans to tackle funding crisis
The Central Bank of Nigeria is now providing loans to electricity distribution companies to cover the collection and operational expenditure shortfalls of the firms and halt the liquidity crisis in the country’s power sector. The Discos are mainly the revenue collection arm of the sector, as they sell and distribute electricity generated by power generation companies, which is transmitted to the Discos by the Transmission Company of Nigeria. Punch
Naira losing strength as ex-CBN director faults new FX measures
The naira is losing its resistance against the dollar a few days after it gained some margin at the parallel market. At the weekend, the naira retreated to about N498/$ at the black market from 490/$ it sold on Thursday. The momentary gain for the local currency came after the Central Bank of Nigeria (CBN) mandated the money deposit banks (MDBs) to sell to end-users for personal travel allowance (PTA). Punch
Nigeria may earn N462bn from EMT levy in 2021 — World Bank
The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021. The multilateral institution said this in its ‘Resilience through Reforms’ report. According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into the growth in electronic funds transfer in Nigeria, can be administered at low cost. Punch
