CAPITAL MARKET
At N513m, Securities Lending on NGX Hits Historical Record
The Nigerian Exchange (NGX) Limited has disclosed that value of Securities Lending market increased to N513million as at 20 August 2021. According to NGX’s most recent report, there has been an uptick in stakeholders’ participation as 2.3 million units of MTN Nigeria valued at N395.6 million was borrowed. Securities lending is the market practice of transferring shares for a fee from a holder (the lender) to another party (the borrower), with the borrower agreeing to return the securities to the lender either on demand or at the end of the agreed loan term. It essentially means that the owner of a share can temporarily loan out his shares to someone else and earn an income that they ordinarily would not have enjoyed if the shares were left sitting in their portfolio. This Day
BANKING
CBN Approval Delays GTCO, Stanbic IBTC H1 2021 Audited Result
Guaranty Trust Holdings Company (GTCO) Plc has joined Stanbic IBTC Holdings Plc and United Bank for Africa (UBA) Plc to explain the delay in the release of half year (H1) audited result for the period ended June 30, 2021. The Company Secretary/General Counsel, GTCO, Erhi Obebeduo in a statement yesterday said the Holdings company has taken steps to finalise the audited H1 financial statement (AFS) for the period ended June 30, 2021 with the external auditors and some submitted to the Central Bank of Nigeria (CBN) for approval before release of some to the market. He stated in a statement that: “The CBN is still in the process of reviewing the AFS and same would be published upon receipt of approval.” This Day
CBN threatens prosecution of forex policy defaulters
Banks have warned that defaulters of the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria. The banks in emails to their customers said that defaulters of the new FX foreign exchange policy may face sanctions such as being barred from accessing FX from the official FX market, restrictions on their bank accounts as may be determined by the CBN as well as criminal prosecution. In a syndicated email to customers, the banks said, “In line with the Central Bank of Nigeria’s policy to improve access to foreign exchange for legitimate transactions, we are committed to providing you with foreign exchange for your personal and business travel as well as payment for overseas education, medical and other eligible invisible transactions. Punch
Zenith Bank introduces ZIVA, intelligent WhatsApp Chatbot
Nigeria’s leading financial institution, Zenith Bank Plc, has introduced an Artificial Intelligence (AI)-powered Chatbot on WhatsApp ,named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones. Customers can enrol by simply adding the bank’s verified WhatsApp mobile number 07040004422 on their mobile devices, agree to the legal terms of use and then initiate a conversation. This product provides the convenience for the bank’s customers to interact and transact on a 24 hours basis on the encrypted WhatsApp platform. With this capability to respond to chats/queries anchored on the existing WhatsApp platform, customers will be able to open new accounts, receive instant transaction notifications, check their balances on the go. The Sun
ECONOMY
NNPC Fixes Base Oil Price for 2022 at $57, $61 for 2023
The Nigerian National Petroleum Corporation (NNPC) yesterday projected a medium-term base crude oil price scenario of $57 to a barrel for 2022; $61 for 2023 and $62 for 2024. The Group Managing Director of the corporation, Mallam Mele Kyari, made the disclosure in his presentation to the House of Representatives, according to a statement released by the corporation’s spokesman, Mr. Garba Muhammad. Kyari explained that the assumptions were arrived at after a careful appraisal of the three-year historical dated Brent oil price average of $59.07 per barrel premised on Platts spot prices.“Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilisation of gas and alternatives for electricity generation. These are reflected in the medium term revenue framework,’’ Kyari informed. This Day
PIA: PENGASSAN Insists on Single Regulator for Oil, Gas Industry
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has insisted that the provision for two regulatory agencies in the oil industry as prescribed by the Petroleum Industry Act (PIA) would result to wastages and bureaucracy in the sector. The National President of the union, Mr. Festus Osifo, who spoke on Arise News Channel, THISDAY’s broadcast arm, noted that although there are some novel portions of the legislation which would help draw investment to the sector, the ease of doing business would be impeded by the provision. This Day
Globacom says it has launched a mobile television app filled with premium television content for viewers of all ages on Android, IOS and web. At the unveiling of the app on Tuesday, Globacom said the app was for customers on its pre-paid and post-paid platforms who own android and iPhone devices, according to a statement it issued. It added that customers would need to visit myglotv.com to register and download the Glo TV app free of charge until September 30th, 2021.Punch