CAPITAL MARKET
SEC tasks stockbrokers on innovative products
The Securities and Exchange Commission (SEC) has urged operators to create innovative financial products that would support businesses, boost market liquidity and enable the market to play its role of capital formation in the economy. The commission also expressed its resolve to intensify surveillance of the market and vowed to apply stiff sanctions to any operator that engages in unethical conduct. Speaking at the 25th yearly conference of the Chartered Institute of Stockbrokers held in Lagos, at the weekend, Director General of SEC, Lamido Yuguda, said there was the need for stockbrokers to identify some specific areas that could be used as a stimulus to improve the current state of the market. Guardian
Transcorp’s quarterly profit rises by 671%
Transnational Corporation of Nigeria Plc has said its profit before tax rose by 671 per cent in the third quarter ended September 30, 2021. The firm disclosed this in its unaudited results for Q3 2021, indicating sustained growth in 2021 as seen in the first two quarters of the year. “With strategic investments in the power, hospitality, and energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising by 617 per cent up from N1.75bn recorded in the previous year,” it said. Its revenue rose by 57 per cent from N54.4bn in Q3 2020 to N85.6bn in the period under consideration and gross profit grew by 74 per cent from N22.7bn to N39.4bn. Punch
Unity Bank grows nine-month profit to N2.11bn
Unity Bank Plc has announced a profit before tax of N2.11bn for the nine-month period ended September 30, 2021 from N 1.71bn in the same period of last year. The bank said in a statement that its gross earnings for the period increased to N36.18bn from N33.9bn the previous year, according to its unaudited results filed with the Nigerian Exchange Limited. According to its results, the bank’s loan book grew by 31 per cent to N265.32bn from N202.08bn in the corresponding period of 2020. Its asset base rose by 17 per cent to N574.56bn from N492.02bn in December 2020. Punch
BANKING
Access Bank partners LSETF to kick start grassroots engagement on W Initiative loan scheme
As a way of increasing awareness and bridging the information gap, the Access Bank’s W Initiative and the LSETF teams have commenced a series of grassroot engagement sessions across Lagos State to sensitise businesswomen resident in Lagos on the availability of the LSETF W Initiative Loan – a matching fund-financing option for female MSMEs, the processes as well as requirements involved. Access Bank, through the W Initiative, is committed to inspiring, connecting, and empowering women. In 2019, the LSETF W Initiative Loan held the first and second sessions at Balogun Market and Alimosho L.G.A respectively. The Sun
ECONOMY
AfDB blacklists 40 Nigerian firms, individuals in four years
The African Development Bank has blacklisted at least 40 Nigerian firms and individuals for engaging in corrupt practices, fraud and collusive practices between 2017 and 2021, according to data obtained from the bank’s website. The AfDB said the firms and individuals were debarred “for coercive, collusive, corrupt, fraudulent, or obstructive practices under its sanctions system or adopted under the Agreement for Mutual Enforcement of Debarment Decisions from other global lenders.” Due to the debarment, the firms and individuals are not eligible to engage in projects financed or implemented by the AfDB. Punch
eNaira: CBN plans app for persons without bank accounts
The Chief Executive Officer of Bitt Inc., Brian Popelka, has said a phone application for people without bank accounts will be rolling out soon. He said the present version of the eNaira app could only be used by people with bank accounts. Bitt Inc. is the Central Bank of Nigeria’s technical partner for the digital currency, eNaira. According to the CBN, inclusion is a core objective of the eNaira. Popelka, in an interview with CoinDesk, said, “In Nigeria, it is a methodological rollout; this is our initial stage. A phone app specific for folks that are unbanked will be rolling out very soon, considering the fast follow-up from us. “So that is how we see the financial inclusion question coming through. Punch
