CAPITAL MARKET
SEC partners EFCC on capital market fraud
The Securities and Exchange Commission announced on Wednesday that it had engaged the staff of the Economic and Financial Crimes Commission on capital market training in a bid to tackle financial crimes in the market. SEC described the training, tagged ‘Enlightenment programme on the capital market and the investigation of capital market complaints,’ as one of the strategies of the SEC to drive the development of the market. The Director, SEC, Lagos Zonal Office, Mr Stephen Falomo, said sharing knowledge with the EFCC would help achieve a well-regulated market that would be dynamic, fair and equitable. Punch
BANKING
Access Bank acquires 78.15% stake in Botswana’s fifth largest bank
Access Bank Plc has announced the acquisition of 78.15 per cent stake in African Banking Corporation of Botswana Limited. In a statement released to the Nigerian Exchange Limited and investing public signed by its company secretary, Sunday Ekwochi, the bank said the acquisition would form part of the bank’s linkage point for trade and payments in Southern Africa and the larger Common Market for Eastern and Southern Africa region. According to Access, BankABC is Botswana’s fifth largest bank with sustainable capitalisation and franchise to aid its growth in its local market. The acquisition would provide an opportunity for Access to deploy its digital platforms and product suites to benefit BankABC Botswana’s customers and enable it compete effectively across its core business segments. Punch
FCMB Wins Five Awards for Championing SMEs Growth
First City Monument Bank (FCMB), has won a Platinum Award and Best Participating Financial Institution with Most Impact on Total End-Borrowers Financed 2020 at the Service Ambassadors’ Programme organised by the Development Bank of Nigeria (DBN) in Lagos recently. In addition, three employees of the Bank won Service Ambassador Awards at the event. They are; Oluremi Agboola, Toyin Ajibulu and Augustine Ibelegbu. The trio also received a training grant of N5.5 million. The awards were given in recognition of FCMB’s leadership in the Small and Medium Enterprises (SMEs) space and for its outstanding support to the growth of businesses in Nigeria. This Day
ECONOMY
OPEC lowers growth forecast for global oil demand
OPEC has lowered its growth forecast for global oil demand. In the current year, global demand for crude oil is expected to increase by an average of 5.8 million barrels per day, according to OPEC’s monthly report published in Vienna, on Wednesday. Previously, OPEC experts had expected a growth of 5.96 million barrels. It now assumes that 99.82 million barrels per day will be needed worldwide in the fourth quarter. As a reason for the somewhat lower growth forecast, OPEC experts pointed to lower consumption data than expected in the first nine months of the year. Stronger demand is not expected again until the last quarter of the year, with the experts pointing to the petrochemical industry and higher demand for heating oil. The Sun
Senate summons power ministry, others over Buhari loans, warns of sabotage
The Senate on Wednesday summoned the accounting officers of seven federal ministries, departments and agencies over their failure to defend their input in the N5.01tn loans proposed to fund the 2022 budget deficits. President of the Senate, Ahmad Lawan, decried the non-appearance of the affected MDAs before the Senate Committee on Loans and Foreign Debts. Lawan, while issuing the summons at the close of plenary, said if the MDAs failed to appear, the Senate would take appropriate and prompt actions against them. He said the Senate would not condole any act of sabotage to the efforts of the Federal Government to secure the loans to fund infrastructure development that Nigeria desperately needed. Punch
African aviation ministers reject imposition of vaccine passport on air travellers
African aviation ministers have unanimously rejected the planned imposition of the vaccine passport rule on air travellers, describing the proposal as discriminatory, anti-Africa and an insult to the Chicago Convention. A vaccine passport is proof that a travellers has tested negative for or been protected against certain infections like COVID-19; which can be digital, like a phone app, or physical, such as a small paper card. The African aviation ministers registered their rejection on Wednesday in Montreal, Canada, via the presentation made by Nigeria’s Aviation Minister, Mr Hadi Sirika, at the ongoing International Civil Aviation Organisation (ICAO) High-Level Conference on COVID-19. The Sun
