CAPITAL MARKET
Seven Companies Delist, Three Lists on NGX in 2021
A total of seven companies delisted and three were listed on the Nigerian Exchange Limited (NGX) in 2021 amid expectation that the stock market might close the year positive. The stock market before the two-day public to mark the Christmas celebration in its Year-till-Date performance stood at 4.95 per cent. However, out of the seven delisted companies, the management of the Exchange forcefully delisted four, while three voluntary delisted. Capital market analysts, to management decision to delist and failure to comply with the post-listing requirement. This Day
SEC warns public against dealings with FinAfrica, Poyoyo investments
The Securities and Exchange Commission (SEC) has warned the general public against dealings with FinAfrica Investment Ltd and Poyoyo Investment. A circular by the management of SEC and published on the Commission’s website said the activities of the companies were not registered by it. The SEC described the business of Poyoyo Investment (Pilvest) Nigeria Ltd., as a Ponzi scheme, where returns were paid from other people’s invested sums. “The attention of SEC has been drawn to the activities of an illegal operator, FinAfrica Investment Limited. The Sun
BANKING
AMCON Gulps N654bn from 12 Banks as Sector Resolution Funds in 4 years
With the growing assets due to business expansions, among other factors, Assets Management Corporation of Nigeria (AMCON) between 2020 and 2017 has collected N6654billion from 12 banks operating in the country. The 12 banks are Access bank Plc, United Bank for Africa Plc, Zenith bank Plc, FBN Holdings and Guaranty Trust Holdings Plc.MOthers are Fidelity Bank Plc, Stanbic IBTC Holdings Plc Union Bank of Nigeria FCMB Group Plc, Sterling Bank Plc Wema Bank Plc and Unity Bank Plc. This Day
ECONOMY
Delta Airlines halts flights to Shanghai over new COVID-19 rules
Delta Air Lines turned back a flight from Seattle to Shanghai, which was already halfway to China, after new pandemic-related cleaning rules at Shanghai Pudong International Airport forced the US carrier to abruptly halt service to one of two major airports in Shanghai that handles mostly international flights. That recent midair reversal reportedly left quite a few Delta Air Lines‘ passengers stranded with expiring COVID-19 tests and visas. China has significantly tightened travel restrictions in an attempt to slow down the spread of COVID-19 as it prepares to host the 2022 Winter Olympics, which are scheduled to begin on February 4. Punch
FG set to close 2020 marginal oilfield bid round
The Nigerian Upstream Petroleum Regulatory Commission on Tuesday said it was set to close out the 2020 marginal field bid round programme. It said the NUPRC had put in place all necessary machinery to progress the bid round exercise to conclusion in line with the Petroleum Industry Act 2021. The Chief Executive Officer of the commission, Gbenga Komolafe, in a notice to participants of the programme on Tuesday, indicated that an in-house work team had already been constituted to deal with outstanding issues. Punch
Low vaccine rollout: IMF gives $650bn to poor nations
Following anticipated losses by emerging markets and developing economies due to slower vaccine rollouts and less policy support compared to advanced economies, the International Monetary Fund (IMF) has made available $650 billion for financially-constrained countries. While granting the countries the drawing rights to the fund, IMF urged the international community to resolve trade tensions and reverse the trade restrictions implemented between 2018 and 2019 as well as strengthen the rules-based multilateral trading system. The Sun
CBN urged to review forex ban on 40 items
The Centre for the Promotion of Private Enterprise (CPPE), an economic think tank, has advised the Central Bank of Nigeria (CBN) to review its ban on some of the over 41 items, which prevent importers from accessing foreign exchange to bring them into the country. The CPPE which stated this in its economic and business environment review for 2021 and agenda for 2022, said there was a need for the CBN to review its foreign exchange policy in 2022 with a view to improving dollar liquidity in order to rescue the ailing naira and help industries grow. The Sun