CAPITAL MARKET
Investors earn N147b as interest in dividend-paying stocks persists
The increasing appetite for interim dividend-paying stocks has continued to propel transactions across all sectors on the Nigerian Exchange Limited (NGX), as investors’ wealth soared by N147 billion in three trading days. Specifically, the market capitalisation, which stood at N19.923 trillion when the market reopened for trading on Monday, rose by N147 billion to close at N20.070 trillion yesterday. Guardian
Total Nigeria projects cash flow of N19.17bn in Q3
Total Nigeria Plc has forecast a free cash flow of N19.17bn by September 31 after purchases of fixed assets have been accounted for. The company said in a statement that it expects revenue of N66.03bn in the third quarter with a gross profit margin of 17.22 per cent. Total Nigeria put its expected profit before tax and profit after tax at about N3.46bn and N2.34bn respectively. Punch
BANKING
Financial Inclusion Initiative Will Drive Open Banking
The Area Business Head, West Africa, for Mastercard, Ebehijie Momoh, has said the financial inclusion initiative of the Central Bank of Nigeria (CBN) will drive open banking operations in Nigeria. According to her, open banking sets the standard for connectivity between Banks, FinTechs and the bank customers. Momoh advised the CBN to continue to prioritise its financial inclusion strategies that would on-board new customers into the financial space. This Day
ECONOMY
Reps jerk up supplementary budget by N86bn, suspend loan request
The House of Representatives, on Wednesday, approved the Federal Government’s 2021 Supplementary Appropriation Bill, raising the estimates from the proposed N895.84bn to N982.73bn. The House Committee on Appropriations raised the amount by N86.89bn in its report laid earlier on Tuesday. On Wednesday, the House considered the recommendation as a Committee of Supply and unanimously adopted the report in plenary. Punch
Currency in circulation falls by N65.74bn in four months
The currency in circulation fell by N65.74bn to N2.741tn at the end of June from N2.81tn in March, the latest figures from the Central Bank of Nigeria showed on Wednesday. According to the CBN, the currency in circulation, which stood at N2.796tn at the end of April, fell to N2.791tn in May. The CBN defined the currency in circulation as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks. Punch
Oil Majors Back PIB, Seek Speedy Assent
International Oil Companies (IOCs) operating in Nigeria yesterday rallied behind the Petroleum Industry Bill (PIB) passed by the National Assembly last week, describing it as a watershed in the annals of the oil and gas industry in the country. The oil majors, including Total, Shell, ExxonMobil and Chevron said at the 20th Nigerian Oil and Gas (NOG) Conference and Exhibition in Abuja, that while there had been attempts in the past to push the bill, the latest round of consultations were the most intense. This Day
ECOWAS Parliament Lists Dangers of Cryptocurrencies, Cautions against Use
The ECOWAS Parliament has cautioned against the use of cryptocurrencies as a means of exchange and commerce. Rising from a meeting of its joint committee in Ouagadougou, Burkina Faso yesterday, the ECOWAS Parliament stated that there is a cause for concern with regards to the risk factors involved. The meeting, which highlighted the prospects of cryptocurrencies as a facilitator for investment in West Africa had in attendance cryptocurrency experts and resource persons. This Day
