CAPITAL MARKET
Pension assets up by N7.79bn in September –SEC
The Securities and Exchange Commission (SEC) has put the total pension assets under management (AuM) at N7.79 billion as at September 2021. Its Director General, Lamido Yuguda, stated this Wednesday during a webinar, with the theme: “The Imperative of Non-Interest Capital Market for Pension Industry. While noting that the non-interest finance segment holds great potential in furthering the development of the capital market and the growth of the nation’s economy, Yuguda said that the pension industry is one of the fastest growing sectors with assets under management of N13 trillion as at the end of September 2021.He added that, of this impressive amount, less than N80 billion is invested in Sukuk, representing a little less than 1 per cent of total pension assets under management. The Sun
BANKING
Nigerian banks to stop accepting old £20, £50 notes Dec 31
Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of old £20 and £50 notes to enable proper conclusion of cash evacuation. One of the banks, Fidelity Bank Plc, disclosed this in an email to its customers on Wednesday titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’. It said, “The Bank of England has announced the withdrawal of paper £20 and £50 notes after September 30, 2022. A year’s notice has been provided to customers and the global banking community. “In view of this, Fidelity Bank, alongside other Deposit Money Banks in Nigeria, has issued a deadline of December 31, 2021 for acceptance of the stated denominations from the public to enable proper conclusion of cash evacuation. Punch
COVID-19 raises Nigeria’s mobile banking to N16tn – IMF
The value of mobile money transactions increased to 9.72 per cent of Nigeria’s Gross Domestic Product in 2020 as the COVID-19 pandemic lockdowns pushed more people to Internal banking and other digital transaction. However, the number of registered mobile money agent outlets per 1,000km2 reduced to 141.81, according to the International Monetary Fund Financial Access Survey report. In the Financial Access Survey, the IMF said the value of mobile money transactions increased from 3.04 (N4.18tn) per cent of GDP in 2019 (N4.18tn) to 9.72 per cent of the GDP in 2020 (N16.01tn). This represents a growth of 283 per cent. Punch
ECONOMY
Taiwan to expand investment in Nigeria as trade ties hit N22bn
Nigeria’s bilateral trade with Taiwan moved to N22 billion in the first nine months of this year, increasing by over 118.35 per cent this year. This is as Taiwan yesterday, told The Guardian of its plans to pursue improved business relationships in Nigeria. Coming amidst prevailing tension between the country and China, the country may become a potential petroleum products exporter from Nigeria as it makes efforts to accelerate ties with Nigeria. The push for the development of the agriculture sector and chemical industry in Nigeria may turn Taiwan into a ready market as Nigeria continues to import machinery from the country. Although the country does not currently have a diplomatic relationship with Nigeria, the two countries are members of the World Trade Organisation. Guardian
Insurer pays N2.5bn claims in Q3 2021
Sovereign Trust Insurance Plc said it has paid the sum of N2.5 billion as claims settlement to policyholders who suffered loss in the third quarter of the year which ended last September. A breakdown of the payment during the nine months under review showed that energy/oil & gas insurance had the highest figure to the sum of N774 million, fire and allied perils accounted for N505.5 million, while N460 million was paid as claims under motor insurance. A further analysis showed other figures as N355 million for general accident, N215 million for Engineering/Contractors’ All Risk Insurance and N203 million for Marine & Aviation Insurance . The Sun
Subsidy payment costs N864.07bn in nine months –NNPC report
The Nigerian National Petroleum Corporation spent a total of N864.07bn between January and September subsidising Premium Motor Spirit, popularly known as petrol. This amount represents 31 per cent of the total revenue of N2.7tn generated by the corporation between January and September. An analysis of a report submitted by the corporation to the Federation Account Allocation Committee at its last meeting showed that the NNPC did not incur petrol subsidy cost in January, but spent N25.37bn on subsidising the product in February. The subsidy cost ballooned to N60.39bn and N61.96bn and N126.29bn in March, April, and May respectively. Punch
