CAPITAL MARKET
FMDQ admits FBNQuest Merchant Bank’s N7.34b CP
FMDQ Securities Exchange Limited has approved the quotation of the FBNQuest Merchant Bank Limited ₦7.34 billion Commercial Paper (CP) on its platform. The Series 19 CP under the bank’s ₦100.00 billion CP Programme is expected to support the issuer’s short-term funding requirements. According to FMDQ, the timely admission of this CP issue and other securities on its platform is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market. Guardian
NGX: Banking stocks decline by 6.8% in H1 2021
Amid profit taking, low appetite for stocks on the part of investors, banking stocks on the main and premium board of the Nigerian Exchange Group Limited (NGX) declined by 6.8 per cent in the first half (H1) of 2021. Daily Sun investigations revealed that the stocks recorded a loss of N189 billion or 6.8 per cent to close at N2.588 trillion in market capitalisation on the last trading day of June 30, 2021 as against an opening figure of N2.777 trillion at the beginning of trading on January 4, 2021. The Sun
BANKING
The Board of Ecobank Nigeria has announced the appointment of three independent non-executive directors. The experienced professionals who have distinguished themselves in their various careers, include Mrs. Taba Peterside, Mr. Yusuf Suleiman and Alhaji Abu Idris. Peterside has over 33 years’ experience in the Nigerian and international banking, financial services and the capital markets. She started her career at the Nigerian-American Merchant Bank before holding several senior management positions at Investment Banking & Trust Company Limited (now Stanbic IBTC). This Day
ECONOMY
Foreign investors’ interest in Nigeria declines by 27.5%
Nigeria received about $8.4bn investment announcements as at 4th March 2021, out of which $5.46bn were pledged by foreign investors. The remaining $2.08bn was promised by domestic investors, statistics obtained from the Nigerian Investments Promotion Commission showed. The sum pledged by foreign investors in Q1 2021 is 27.5 per cent lower than the $7.54bn foreign investment announcements recorded by the NIPC in the preceding quarter. Punch
FG Unveils Initiative to Boost Foreign Capital Flow
The Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum, has said the federal government is committed to improving the inflow of foreign capital into the country. She pointed out that capital inflows dipped by 60 per cent in 2020 from $24 billion in 2019 to $9.7 billion. The minister said the government remained determined towards addressing the enormous challenges faced by stakeholders in the agric-commodity value chain in particular. This Day
PIB: Senate limits fuel imports to Dangote, other refiners
If the new provision on fuel imports inserted by the Senate in the Petroleum Industry Bill is adopted by the House of Representatives and the President, only active refinery licence holders will be allowed to import petroleum products into the country when the bill becomes a law. Companies holding refining licences in the country include Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals as well as Edo Refinery and Petrochemical Company Limited. Punch
AXA Mansard Partners Airtel on Health Insurance Scheme
AXA Mansard has entered into strategic partnership with Airtel Nigeria to create access, participation and enrollment of more Nigerians into health insurance scheme. The two firms said customers can now dial *987*7# to enroll for health insurance scheme. Speaking on the partnership, Head Emerging Customer and Digital Partnership Group, AXA Mansard, Mr Alphred Egbai, said the partnership was in response to the federal government’s goal, through the National Health Insurance Scheme, to provide easy access to healthcare for all Nigerians by leveraging on the USSD channel, an easy-to-use and interactive platform. This Day
