CAPITAL MARKET
AXA Mansard, Chams others lead Exchange’s N51 billion loss
Sell-offs in many blue-chip stocks, especially, AXA Mansard and Chams, halted the two trading sessions of upbeat on the Nigerian Exchange Limited (NGX) to reopen on a downward note yesterday, as market capitalisation depreciated by N51 billion. In summary, the All-Share Index (ASI), which measures the performance of quoted companies dipped by 97.95 absolute points, representing a decrease of 0.25 per cent, to close at 38,864.33 points. Similarly, the overall market capitalisation declined by N51 billion to close at N20.249 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are BUA Cement, AXA Mansard Insurance, Guaranty Trust Holding Company (GTCO), Zenith Bank and United Bank for Africa (UBA). Guardian
BANKING
Banking services spiral, e-Naira debuts as Nigeria clocks 61
From just five banks in 1960, when Nigeria attained independence, demands for banking services in the last 61 year has grown by leaps and bounds, producing more than 1015 various banks , just as the Central Bank Digital Currency (CBDC) debuts on October 4, 2021. These novel banks are in sundry categories, comprising 22 commercial banks; 35 mortgage banks; six development banks and 940 microfinance banks. The rest are three non-interest banks; five merchant banks; three Payment Service banks (PSB) and the apex bank, Central Bank of Nigeria(CBN). The Sun
ECONOMY
eNaira website goes live, displays CBN digital currency features
The Central Bank of Nigeria’s eNaira website has gone live ahead of October 1 official launch. According to the website, www.enaira.com, “eNaira is a CB -issued digital currency that provides a unique form of money denominated in Naira.” The CBN stated that eNaira would serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money. “There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy,” it stated. Punch
Shell to Sell $9.5bn Permian Asset to ConocoPhillips After Announcing Nigeria Onshore Exit
Royal Dutch Shell is set to sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest United States oilfield for the energy major, which is now shifting its focus to the clean energy transition. Earlier in the year, the company likewise said it was launching a major divestment of its Nigerian assets, especially those in the shallow-water and onshore, in a deal which could be one of the hugest in the oil and gas industry in Africa ever. The Minister of State, Petroleum Resources, Chief Timipre Sylva and Shell officials have confirmed that talks have been ongoing, although a recent report announced that some glitches were holding up the discussions. This Day
NNPC Struggles to Remit N349.2bn of Projected N1.465trn to FAAC in Seven Months
Out of a possible N1.46 trillion the Nigerian National Petroleum Corporation (NNPC) budgeted as revenue payment to the nation in the first seven months of 2021, the corporation has only been able to remit N349.254 billion as of July ending this year, data from the corporation has indicated. The amount delivered to the Federation Account Allocation Committee (FAAC) is short by N1.115 trillion, according to the national oil company’s presentation to a joint committee, which works out the sharing of monies by the federal, state and local councils every month. When the NNPC makes deductions for petrol subsidy or under-recovery, it directly affects the nation’s collective purse, with actual monthly subtractions hitting N541 billion in the seventh month this year. This Day
