CAPITAL MARKET
Zenith Bank, GTCO Lead Five Others in N801.3bn Dividend Payout to Investors in Three Years
Despite the harsh operating environment in the country, seven listed financial institutions on the Nigerian Exchange Limited (NGX), paid investors a total sum of N801.3 billion as dividend between 2018 and 2020, data obtained by THISDAY at the NGX has revealed. Analysis of the NGX data revealed that the seven banks in 2020 paid N278.84 billion as dividend, while N271.81billion and N250.64billion was paid as dividend between 2019 and 2018, respectively. Despite domestic and foreign macroeconomic challenges, these financial giants over the years have sustained dividend payout to shareholders coupled with growth in profit. This Day
Yuguda: Capital Market Must Strengthened to Drive Production, Create Employment
The Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has expressed the need for the capital market to be strengthened to accelerate domestic production and employment given the direct correlation between increase in production and job creation. To achieve this, he said there is the need to leverage the capital market for intermediation by facilitating access to capital.This, he said, can be done by making it easy for corporates to access long-term finance in an efficient manner, the capital market enhances the production levels of companies, thereby improving the capacity of such companies to expand their operations and employ additional labour. This Day
BANKING
Sterling Bank partners Founder Institute to support more startups
Sterling Bank Plc has announced that it is collaborating with Founder Institute (FI), the world largest pre-seed accelerator programme, to connect early-stage startup resources for founders in Nigeria. Under the partnership, Sterling Bank will ensure that more organisations benefit from FI’s globally tested corporate innovation programme that will help them become more innovative and disruptive entities. Also, Sterling Bank and Founder Institute will provide resources for startups looking to launch or scale their business. The collaboration will also produce benefits for companies in Nigeria that will leverage Sterling Bank’s advanced industry experience and Founder Institute’s Global Curriculum. The Sun
ECONOMY
Forex transactions at investors, exporters’ window fall 24.56%
Foreign exchange transactions at the Investors’ & Exporters window declined by 24.56 per cent last week, according to FMDQ Securities Exchange Limited. The Central Bank of Nigeria had in April 2017 amid severe forex scarcity created the I&E window in a bid to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. The total value of transactions at the I&E window stood at $415.05m last week, down from $550.14m in the previous week, according to FMDQ Exchange. It said the total turnover in the forex spot and derivatives markets dropped to $539.47m from the $692.60m reported for the previous week. Punch
Bread price hike looms as bakers decry flour cost
Bakers in the country have lamented the increasing rates of flour, saying they may double the price of loaves. The President of the Bakers Association of Nigeria, Daud Suleiman, said there was no basis for the continuous increase in the price of flour. Suleiman who spoke to our correspondent on the side-lines of a stakeholders’ meeting in Lagos, called on the Federal Government and Nigerians to prevail on millers to reduce the rates in the interest of the industry. He said the price of a bag of flour was N10,300 in January, adding that as of last week, flour was being sold for over N20,000. He said, “The millers always hinge the hike in price on the dollar-naira exchange rate. But most of them have silos and storage capacity that can sustain them for six months. But as soon as there is a little slide in the exchange rate, they increase their prices. Punch
FG to partner stockbrokers for double digit economic growth
The Federal Government has assured securities dealers that it would create an enabling environment for optimal utilisation of the financial market to achieve double digit growth of the economy. The Federal Government also reiterated its resolve to put an end to insecurity which has significantly dampened both foreign and local investors’ interest in Nigeria. Addressing participants at the just-concluded national workshop, themed: Leveraging the Financial Markets to Achieve Double Digit Economic Growth for Nigeria, organised by the Chartered Institute of Stockbrokers (CIS) in Abuja at the weekend, the Minister of Finance, Budget and National Planning Zainab Ahmed, stated that the Buhari-led administration would work with regulators and operators of the capital market to address issues that would accelerate investment opportunities. The Sun