CAPITAL MARKET
SEC to interface with ICMR on identity theft, unclaimed dividends
The Securities and Exchange Commission (SEC) has disclosed plans to work with the Institute of Capital Market Registrars (ICMR) to resolve issues of identity management and rising unclaimed dividends in the capital market. The Director-General of the SEC, Lamido Yuguda, pointed out that part of the problems of unclaimed dividends has to do with identity management, saying it is currently engaging the registrars and other stakeholders and increasing investors’ education to stem the trend. Identity theft is a fraudulent practice of using another person’s name and personal information to obtain shares, credit, loans among others. According to Yuguda, the committee has set up an identity management committee to harmonise various databases of investors and facilitate data accuracy in the market. Guardian
Anxiety in capital market as Senate raises fear of insolvency in SEC
Last week’s Senate Committee alarm on the parlous financial state of the Securities and Exchange Commission (SEC), has sent jitters down the spine of capital market community as many expressed worries that the Commission may be forced to cut down its personnel cost and possibly retrench staff if the situation fails to improve. The Director- General of the nation’s capital market regulator, Lamido Yuguda, while appearing before the Senate Joint Committees on the 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy, explained that the Commission in 2019 recorded N2.9 billion deficit and N4.3 billion in 2020, as well as N1.7 billion at the end of June 2021, to bring its total deficit to date to N9 billion. The Sun
BANKING
LOTUS Bank Commences Operations in Three New Locations
With the simultaneous opening of three new locations in Lagos, LOTUS Bank Limited now has physical presence in four locations in Lagos. The newest and third Non-Interest Bank (NIB) in the country, LOTUS Bank obtained its regional licence from the Central Bank of Nigeria (CBN) in May this year as a commercial bank. The Bank commenced operations from its flagship branch in Victoria Island on July 7, 2021, with a strong digital orientation. The new physical locations are to complement the bank’s digital capabilities in serving its growing customer base. LOTUS Bank’s new locations are at Idumagbo on Lagos Island as well as Allen Avenue, Ikeja and Oshodi Transport Interchange on Lagos Mainland. The Oshodi outlet is a purpose-built Digital Service Centre designed to offer customers an exciting banking experience. This Day
ECONOMY
India, Netherlands, Spain Emerge Top Export Destinations for Nigeria’s Crude Oil
India, Netherlands and Spain have now filled the vacuum left by the United States as top buyers of Nigeria’s crude oil, according to a document obtained from the Nigerian National Petroleum Corporation (NNPC) yesterday. The countries were part of about 56 countries, cutting across Western Europe, Oceania/Pacific, South America, North America, Middle East, Asia and Far East as well as Africa, which were favourite destinations for the commodity. The latest Annual Statistical Bulletin (ASB) produced by the national oil company showed that India led the pack of buyers of Nigeria’s crude for the 2020 trading year with 107.89 million barrels, followed by Netherlands with 73 million barrels, and Spain with 70.4 million barrels. This Day
Nigeria opted out, could save $432.6m in debt service suspension – World Bank
The World Bank has disclosed that Nigeria could save about $432.6m from May 2020 to December 2021 through the debt service suspension initiative. It disclosed this in a brief on COVID-19: Debt Service Suspension Initiative updated by the bank on its website. Under the DSSI, official creditors commit to suspend payments on all principal and interest coming in within a stipulated period of time. The World Bank, in its brief, provided an estimate of what different countries, including Nigeria, could save if creditors suspended payments on all principal and interests within a period of 20 months. However, Nigeria is not a beneficiary of this initiative, which could add 0.1 per cent to Nigeria’s Gross Domestic Product, according to the brief. Punch