CAPITAL MARKET
Stock market falls further, investors lose N34bn
Investors in the Nigerian stock market lost N34.33bn at the end of trading on the floor of the Nigerian Exchange Limited extending losses from the previous week. The NGX All-Share Index fell slightly by 0.19 per cent to close at 37,585.35 basis points on Monday from 37,658.26 on Friday. The total market capitalisation dropped to N19.59tn from N19.63tn on Friday. A total of 165.50 million shares valued at N3.44bn were traded by investors in 3,562 deals, compared to 202.71 million shares valued at N2.41bn in 3,652 deals on Friday. Punch
BANKING
FCMB steps up support for small scale businesses
First City Monument Bank has said its increased and consistent support to Small and Medium-scale Enterprises is aimed at further empowering them to take the lead in the growth and development of Nigeria’s economy. According to the lender, SMEs are one of the key drivers of the country’s push for economic prosperity due to their potential to create jobs, reduce poverty, and boost production and economic activities. Punch
ARCON, First Bank in new Deal to Empower Architects
The Architects Registration Council of Nigeria (ARCON) has opened up a new deal with First Bank of Nigeria Plc to empower Nigerian architects with soft loans through a cooperative society. President of the council, Arc. (Sir.) Oladipupo Ajayi, made the disclosure recently in Abuja while rendering stewardship of his service between 2018 and 2021 to stakeholders. Ajayi, who took the baton of leadership of the council in 2018 following a keenly contested election, was sworn in on June 12, 2018. This Day
ECONOMY
CBN plans price crash, releases 50,000MT of maize to Crown-Olam, others
The Central Bank of Nigeria has approved the release of 50,000 metric tonnes of maize to 12 major producers from strategic maize reserve under the Anchor Borrowers’ Programme.According to the CBN, the release of maize to the companies, which is the third of such releases, will reduce the price of grain in the market by checking the activities of middlemen who are hoarding the product and causing artificial scarcity. Punch
Reps tackle financial institutions over alleged $30b forex revenue leakages
The House of Representatives committee on finance is beaming its searchlights on financial institutions in the country over alleged leakages in foreign exchange revenue to the tune of over N30 billion. Yesterday, the James Faleke-led members of the committee quizzed officials of Citibank Plc over the alleged infraction, which bothers on non-remittance of collections from Value Added Tax (VAT) and withholding tax. The Guardian
FG fixes new NIN-SIM deadline for NIN-SIM linkage
The Nigerian Government has approved the extension of the deadline for NIN-SIM data verification to July 26. The earlier deadline would have lapsed tomorrow, June 30. The deadline date has now been shifted for about seven times. The first deadline was December 30, 2020, two weeks after the exercise started in the country. The latest decision to extend the deadline was made after a request by stakeholders on the need to consolidate the enrolment and NIN-SIM verification process following the rapid increase in the number of enrolment systems across the country. The Guardian
