CAPITAL MARKET
United Capital Quotes N19.72bn Series CPs on FMDQ Exchange
FMDQ Exchange has approved the quotation of the United Capital Plc N19.72billion Series 5, 6 & 7 Commercial Papers (CP) on its platform. The Exchange approved the quotation of the United Capital N1.56 billion Series 5, N13.99 billion Series 6 and N4.17 billion Series 7 CPs under its N50 billion CP Issuance Programme on the Exchange. As corporate institutions continue to tap the CP market to meet their short-term funding needs and liquidity requirements, FMDQ Securities Exchange has remained relentless in taking the necessary steps towards promoting transparency, governance, integrity and efficiency in the Nigerian CP market and overall debt capital market (DCM). This Day
Oando Reiterates Commitment Towards Creating Value for Shareholders
The Group Chief Executive, Oando Plc, Mr. Adewale Tinubu yesterday reiterated that company’s commitment towards creating value for shareholders and protecting their interest going forward. Speaking to shareholders at the company’s virtual 42th Annual General Meeting (AGM) in Lagos, he noted that teamwork; respect, integrity, passion and professionalism are core values the management of the indigenous oil company take seriously. The company’s first-ever hybrid AGM comes in the wake of an out-of-court settlement with the Securities and Exchange Commission (SEC) who hitherto, suspended the company’s AGM in 2019. He appreciated shareholders; among others that played an active role in enabling the company reached a decisive resolution with the SEC. This Day
BANKING
Deposit Money Banks (DMBs) and merchant banks in the country have made more borrowings than placements in the Standing Facilities Window of the Central Bank of Nigeria (CBN) in the first eight months of 2021, investigation by THISDAY has revealed. The financial data released by the CBN revealed that in the eight months of 2021, DMBs and merchant banks borrowed a total of N10.38 trillion compared to N5.09 trillion in eight months of 2020. The financial data also revealed that, placements with CBN by DMBs and merchant banks dropped by 46 per cent to N2.23 trillion in eight months of 20201 from N4.18 trillion in eight months of 2020. DBMs and merchant banks through the Standing Deposit Facility (SDF) on daily basis deposit excess fund and accessed Standing Lending Facility (SLF) to borrow funds from the apex bank. This Day
ECONOMY
OPEC, others meet to decide on production increase
The Organisation of the Petroleum Exporting Countries and its allies will meet on Wednesday (today) to decide whether to press on with plans to increase crude oil production by 400,000 barrels per day every month. The group, known as OPEC+, seeks to eventually eliminate its historic output cuts implemented at the start of the COVID-19 pandemic. The global oil benchmark, Brent crude, fell by $0.44 to $72.97 per barrel as of 7:28 pm Nigerian time on Wednesday. After a couple of weeks of wrangling, OPEC+ resolved on July 18 to increase their overall production by 400,000bpd on a monthly basis starting from August until phasing out the 5.8 million bpd production adjustment. Punch
CBN goes after bank customers using fake visas to obtain forex
To sustain the stability of the foreign exchange market, the Central Bank of Nigeria CBN Tuesday, read the riot act to bank customers using fake visas to obtain foreign currencies for purposes other than intended including those cancelling their flight tickets after purchasing forex. In a circular to all banks signed by CBN’s Director of Banking Supervision, Mr Haruna Mustapha, the bank directed them to immediately publish the names of customers found circumventing the new CBN policy on the sale of forex for overseas personal and business travel. The circular read: “The CBN has received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel. The Sun
PENGASSAN blames rising cooking gas price on forex
The Petroleum and Natural Gas Senior Staff Association of Nigeria has said that the greatest problem causing the rise in the cost of Liquefied Petroleum Gas, popularly called cooking gas, is the fall of the naira against the United States dollar. This came as a renowned petroleum engineer and energy analyst, Bala Zaka, stated that the dormancy of Nigeria’s refineries had warranted massive import of LPG into the country. The PUNCH exclusive reported on Monday that the price of LPG jumped by over 100 per cent within eight months, as the Federal Government recently implemented a 7.5 per cent Value Added Tax on imported cooking gas. Punch