CAPITAL MARKET
NGX seeks tax reduction, minister urges increased citizen trading
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has urged the Nigeria Exchange Limited to aid ordinary citizens in participating actively in the capital market. According to a statement from the NGX, Ahmed, during a courtesy visit of the organisation’s management to the ministry, urged the company’s management to leverage technology and innovations. Punch
BANKING
NDIC to pay claims of 14 liquidated banks’ depositors, shareholders
The Nigeria Deposit Insurance Corporation (NDIC), yesterday, said it would commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of 14 liquidated banks. The affected banks are City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North-South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank. The Guardian
Wigwe Named African Banker of the Year
The Group Managing Director/CEO of Access Bank Plc, Mr. Herbert Wigwe, has been recognised as the African Banker of the Year at the 2021 edition of the African Banker Awards. A winner of one of the most prized categories at the awards ceremony for the second consecutive year, Wigwe was recognised for his stellar leadership in the market expansion of sub-Saharan Africa’s largest bank despite the negative impact of the COVID-19 pandemic. This Day
ECONOMY
Petrol landing cost hits N232, subsidy rises to N5.58bn daily
The landing cost of Premium Motor Spirit being imported into Nigeria surged by more than 60 per cent between December 2020 and mid-June this year, although the pump price of the product remained unchanged, ’FEMI ASU reports From an average of N143.60 per litre in December, the landing cost of petrol rose to N231.98 per litre on June 16 this year on the back of the rally in global oil prices and the depreciation of the naira against the dollar. Punch
Dangote Makes Nigeria Third-highest Country in Urea Capacity
With the coming on stream of Dangote Fertiliser Limited, global urea capacity is poised to see considerable growth over the upcoming years, potentially increasing from 222.96 million tonnes per annum (mtpa) in 2020 to 305.92 mtpa in 2030, registering a total growth of 37 per cent, according to a GlobalData report. The three million metric tonnes of Dangote Fertiliser plant and around 88 planned and announced plants are scheduled to come online, predominantly in Asia and Africa, over the next five years. This Day
Nigeria and realities of growing debt burden
Last week was a scary one for millions of Nigerians who have been impoverished by the government’s rising appetite for easy money, including debt, and missteps of statecraft. Scary, not because the government has secured a fresh loan or about to so, but that its officials reminded the people of their aloofness to the real cost of the rising indebtedness and its correlation with other socio-economic variables.” The Guardian
