CAPITAL MARKET
SEC to Charge 0.025% Regulatory Fee on Fixed Income Transactions from Jan 1
The Securities and Exchange Commission( SEC) yesterday said it will commence 0.025 per cent regulatory fee on fixed income (Bonds) secondary market transactions effective from January 1, 2022. The Commission in circular said, “This circular is made pursuant to Section 13(u) of the Investments and Securities Act (ISA), 2007 and Schedule 1, Part D of the SEC Rules (Registration Fees, Minimum Capital Requirements, Securities and others) which empower the Securities and Exchange Commission (SEC) to levy, among others, fees on transactions relating to investments and securities business in Nigeria”. This Day
DMO offers N250bn Sukuk for subscription
The Debt Management Office (DMO) has offered for subscription N250 billion road Sukuk instrument for N1,000 per unit. A statement in DMO’s website indicates that the instrument was issued by “FGN Roads Sukuk Companies 1 Plc.” on behalf of the Federal Government. The offer is N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter. “It qualifies as securities in which trustees can invest under the Trustee Investment Act. “It also qualifies as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors,” the DMO explained. It added that the Sukuk instrument is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited. The Sun
BANKING
Shareholders Approve Access Bank’s Planned Holdco Structure
Shareholders of Access Bank Plc yesterday approved a Holding company structure (Holdco) for the bank. The shareholders at the court order meeting in Lagos noted that for the financial institution to become Access Holdco, it poise to bring expansion and growth in shareholders returns. At the court order meeting, the shareholders gave approval to the company for the transfer of the 35,545,225,622 ordinary share of 50kobo each in the issued and paid-up share capital of the bank held by them to Access Holdco Plc. Each shareholders of the Bank will receive one (1) ordinary share of 50 kobo each in the Holdco, which will be credited as fully paid, in exchange for every 1 ordinary share of 50kobo each held in the bank as at the terminal date. This Day
ECONOMY
World Bank rolls out N329.53bn cash transfer programme in Nigeria
The World Bank is rolling out an $800m (N329.53bn at official exchange rate) facility designed to fund a large-scale Conditional Cash Transfer programme in Nigeria, the Nigeria Governors’ Forum hinted in its 36th teleconference meeting communique released on Thursday. It said the fund was made known to the governors by the World Bank Country Director, Shubham Chaudhuri, during the meeting, according to the communique which was signed by the NGF Chairman, Kayode Fayemi.. Punch
FG officially asks UN to recover, return looted assets to Nigeria
Nigeria has submitted a draft resolution to the United Nations Convention Against Corruption on the Use of Beneficial Ownership Information and Data Disclosure to identify, track, recover and return assets looted or stolen from developing countries. Attorney-General of the Federation and Minister of Justice, Abubakar Malami, announced this while addressing the 9th Session of Conference of State Parties in progress in Sharm EL Sheikh, Egypt. He explained that the draft resolution was submitted jointly with the support and partnership of five other developing countries, namely, Kenya, Pakistan, Peru and Saudi Arabia. Punch
New $0.045 international call termination rate takes effect January 1
The Nigerian Communications Commission (NCC) has set $0.045 as the new international termination rate (ITR), which takes effect from January 1, 2022. ITR is the rate paid to local operators by international operators to terminate calls in Nigeria. The NCC had informed in June of the plan to introduce a new price after it must have conducted a cost-based study on the new determination. NCC, in a document released yesterday, titled ‘Determination of Mobile (Voice) International Termination Rate Issued by the Nigerian Communications Commission on this 25th day of November 2021’, said the current regime of interconnection rates was sustained by the Commission’s Mobile (Voice) Termination Rate issued on June 1, 2018. Guardian