CAPITAL MARKET
DMO to issue fresh N250bn Sukuk to finance road projects
The Debt Management Office (DMO), on Tuesday, said it is set to issue another Sovereign Sukuk valued between N200-N250 billion, before the end of the year, to finance critical road projects across the country. Sukuk is an investment certificate that represents the ownership interest of the holder in an asset or pool of assets. The certificate entitles the holder to receive income from the use of the assets. The DMO, which disclosed this in a statement, said it expects a high subscription level for the Sukuk when the offer opens. The Sun
Q3 2021 earnings drive N982bn gain on NGX in October
Impressive third quarter (Q3) earning reports by the highly influential; large to mid-cap companies drove market capitalisation of the Nigerian Exchange Limited (NGX) up by N982 billion as the month of October finished in the green. Daily Sun analysis revealed that benchmark indices for the stock market at the weekend showed average return of 4.52 per cent for the October 2021, strengthening the outlook for a second positive consecutive yearly return for the market while the All Share Index (ASI) which opened the month under review at 40,221.17 points rose by 1,817.51 basis points to close October at 42,038.60 points. The Sun
Yuguda: Capital Market Open to Support Lagos Free Zone
The Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has said the capital market is open for business and willing to provide all the necessary support for Lagos Free Zone, among other companies to access cheap capital needed to enhance growth. Yuguda gave the commendation during a joint visit by the SEC and the Nigerian Exchange (NGX) to the Lagos Free Zone. He commended the efforts of the Management of the Lagos Free Zone in making investment opportunities available to Nigerians, assuring the organisation of required regulatory support. This Day
BANKING
CBN, SEC sanction five banks over forex offence, money laundering
The Central Bank of Nigeria and the Securities and Exchange Commission have sanctioned five major banks for committing over 20 various infractions, including the violation of foreign exchange market and anti-money laundering regulations. The banks are Guaranty Trust Holding Company Plc, United Bank for Africa Plc, Access Bank Plc, Stanbic IBTC Holdings Plc and Fidelity Bank Plc. The five lenders reported a combined fine of N1.46bn, according to the half-year 2021 financial results filed with the Securities and Exchange Commission. In line with regulatory rules, banks are required to include sanctions and fine imposed on them by regulatory agencies in their audited financial reports. Punch
First Bank unveils fully automated branch
First Bank of Nigeria Limited has announced the launch of its fully automated branch, called the FirstBank Digital Experience Centre. It disclosed this in a statement on Tuesday titled ‘FirstBank unveils a fully automated self-service branch, strengthens digital transformation in Nigeria’. First Bank said the branch was established to put customers at an advantage in carrying out various activities on their own without interacting with anyone.“The branch is a reinvention of digital banking solutions in the country as customers are exposed to a seamless world-class banking experience,” it said. Punch
ECONOMY
PenCom Introduces Non-interest Fund Structure
The National Pension Commission (PenCom) has announced that it has introduced a Non-Interest Fund (Fund VI) into it existing four different investment fund structures. The Commission, also said it has already issued an Operational Framework for the Fund. PenCom, which disclosed this in a recent circular to the general public said this was in furtherance of the implementation of the Multi-Fund Investment Structure, which sought to provide investment portfolio choices to pension contributors and retirees. This Day
NNPC admits hitches in depots, dismisses price hike rumour
The Nigerian National Petroleum Corporation has admitted that there are pricing issues at some petrol depots in the country but ruled out any hike in the pump price of the product. The PUNCH had reported on Tuesday that fuel queues resurfaces on Monday in the Federal Capital Territory, and some parts of Nasarawa and Niger states. Retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre. The Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at a conference organised by energy correspondents in Lagos on Tuesday, said the corporation had adequate stock of Premium Motor Spirit (petrol). Punch
