CAPITAL MARKET
Caverton Plc Posts N780m Profit
Caverton Offshore Support Group Plc the leading provider of marine and aviation logistics services to local and international oil and gas companies in Nigeria has announced its unaudited results for the period ended 30th June 2021. The results show a Profit-Before-Tax of N924million, (and a Profit-After-Tax of N780million). This result came even in the face of the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton. This Day
BANKING
Zenith Bank Plc is Proving Industry Mettle
Banks are spearheading the post-global pandemic restoration of growth and economic recovery. By emerging the “Best Bank in Nigeria” for a second consecutive year in “The Global Finance Best Banks Awards 2021,” Zenith Bank Plc. is reaffirming its bold industry leadership pluck. Louis Achi reports With his appointment as the Group Managing Director/CEO of Zenith Bank Plc., in June 1, 2019, Mr. Ebenezer Onyeagwu has clearly brought to his job astute strategic thinking, inspirational leadership, energetic and consummate entrepreneurial skills. This Day
Unity Bank introduces new code to combat e-banking fraud
Unity Bank, on Wednesday, announced that it had introduced a new code on its Unstructured Supplementary Service Data platform that allows customers to block access to their bank accounts when fraudulent activities are detected. According to a statement by the bank’s spokesperson, Nwokpoku Ogbonna, the new code will provide customers with complete control of their accounts and guarantee protection against unauthorized access. The statement was titled ‘Unity Bank unveils new code on USSD platform to combat e-banking fraud’. Punch
ECONOMY
Forex supply: Banks’ documentation process cumbersome, says FDC
The Financial Derivatives Company Limited has described the documentation process required by banks for the sale of foreign exchange as cumbersome, saying this will pose a challenge to the public. The CBN Governor, Mr Godwin Emefiele, had last week, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the Bureaux De Change, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”. Punch
New $6.2b Euro bond defies DMO’s plan for concessionary loans’
Erudite Economist and professor emeritus, Olu Ajakaiye has expressed shock and disbelief that the Debt Management Office (DMO) has resorted to borrowing $6.2 billion fresh capital from the international capital markets which have been described as very expensive and against the Agency’s plan to opt for concessionary loans. Ajakaiye, who is the Ibadan-based African Centre for Shared Development and Capacity Building while reacting yesterday, to the announcement by the DMO that it had picked some advisers to assist it to raise the $6.2 billion (N2.43 trillion) from the international markets through Eurobond, said it was more expensive raising funds through the Euro bond and also wondered why the option was preferred by the agency. Guardian
NLC demands electricity tariff reduction agreement implementation by December
The Nigeria Labour Congress has said the Federal Government must implement by December the agreement to reduce electricity tariffs by N15 per kilowatt-hour. The congress cautioned that it would not accept the serial violations of agreements, noting that it was serving the government a notice. The NLC President, Ayuba Wabba, disclosed this in a statement on Thursday titled ‘Gas sale to Gencos should be below $1.50/scf’. Punch