CAPITAL MARKET
Profit-taking in 18 stocks drags capitalisation by N38 billion
The Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as profit-taking in Learn Africa, 17 stocks dragged market capitalisation by N38 billion. Specifically, at the close of transactions yesterday, the all-share index decreased by 70.37 absolute points, representing a dip of 0.15 per cent to close at 46,893.86 points. Similarly, the market capitalisation lost N38 billion to close at N25.273 trillion. The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, Ardova, FBN Holdings (FBNH), FCMB Group and Learn Africa. Guardian
Red Star Express Confirms Auwalu Babura as New CEO
The Board of Directors of Red Star Express Plc has announced the appointment of Mr. Auwalu Badamasi Babura, the incumbent Executive Director (Finance and Administration) as the new Managing Director/CEO of the company. The company in a statement said Babura would replace the current Group Managing Director/CEO, Dr. Sola Obabori whose tenure comes to an end on March 31st 2022, in line with Red Star’s meticulous succession planning process. Mr. Charles Ejekam, currently Divisional Managing Director, Red Star Logistics, was also announced by the Board, as the new Executive Director Sales and Marketing. Both appointments are effective April 1, 2022. This Day
BANKING
NLC faults deposit targets in banks, others
The Nigerian Labour Congress has faulted what it describes as the “stress and strain of outrageous deposit or investment targets” in Nigeria’s banking institutions. Speaking during the 2022 Delegates Conference of Nigeria Union of Banks Insurance and Financial Institutions Employees, the NLC President, Ayuba Wabba, described the practice as “modern-day slavery” and as also against conditions precedent for banking operations’ licence in Nigeria. He said, “There is also the issue of subjecting bank workers to the stress and strain of outrageous deposit or investment targets. Such pressure has forced many bank workers into very unethical and immoral conduct just to satisfy the expectations of management. Punch
CIG partners Polaris Bank on auto financing
CIG Motors, an exclusive distributor of GAC brand, has entered into a partnership with Polaris Bank Limited through its ‘Easy Buy’ Scheme to make vehicle ownership affordable to more Nigerians. The Easy Buy’, the scheme is open to prospective car owners across the country. The bank and the auto giant announced the scheme at the weekend at a joint press conference in Lagos. It comes with incentives that will afford customers and prospects the opportunity to acquire affordably brand new vehicles. CIG Chairman, Chief Diana Chen, advised prospective automobile buyers to seize the opportunity of the scheme to acquire brand new vehicles. Guardian
Access Bank completes Holdco structure, names new subsidiary heads
Access Holdings Plc has announced board changes at its banking subsidiary, Access Bank Plc, following the completion of a scheme of arrangement for holders of its fully paid ordinary shares of 50k. In a statement signed by Mr Sunday Ekwochi, its Group Company Secretary, on Monday in Lagos, the board appointed Mr Roosevelt Ogbonna as Managing Director/Chief Executive Officer of the bank, while Mr Victor Etuokwu, was named Deputy Managing Director, Retail North. Similarly, Mrs Chizoma Okoli, becomes Deputy Managing Director, Retail South.The statement noted that the three appointments had been approved by the Central Bank of Nigeria, and would be effective May 2, 2022. The Sun
ECONOMY
Russia-Ukraine war: Soaring shipping costs may worsen inflation in Nigeria, others, IMF warns
THE International Monetary Fund has said rising shipping costs as a result of the ongoing war between Russia and Ukraine may worsen inflation in Nigeria, and other nations in the world. The Washington-based lender disclosed this in a report titled, ‘How soaring shipping costs raise prices around the world.’ It added that the cost of shipping a container on the world’s transoceanic trade routes had increased seven-fold in the 18 months of the year. It said, “Our analysis predates the war in Ukraine but isn’t isolated from it: the conflict will likely exacerbate global inflation. Punch
Recapitalisation: MfB surpasses N200m share capital
Lovonus Microfinance Bank says it has surpassed the Central Bank of Nigeria’s N200m share capital requirement for Tier-one MfBs to become state-licensed microfinance banks. The Chairman of the bank, Mr Alfred Okoigun, disclosed this on Sunday in Lagos at an event to mark the bank’s 10th anniversary. He stated that the bank started operations in 2012 with a paid-up share capital of N20m and has grown this to N200m in 10 years. He said, “We started with a paid-up share capital of N20m in 2012. Today we have surpassed the share of N200m before the deadline by the ending of April 2022 for the tier-one microfinance bank set by the CBN to become a state-licensed microfinance bank.” Punch
Telcos warn of disruptions in 11 states over Kogi’s clampdown
THE Kogi State Government through its Kogi State Internal Revenue Service agency has shut down a number of critical telecommunications sites in the state in a bid to force telecom operators to pay more taxes and levies. According to the Association of Licensed Telecommunications Operators of Nigeria, this is likely to cause a potential communications blackout in the whole of Kogi, parts of Abuja, Nassarawa, Benue, Enugu, Anambra, Edo, Ondo, Ekiti, Kwara, and Niger states. Punch
Kyari: Nigeria’s Economy No Longer Dependent on Oil Revenues
Speaking on Day 1 of the Atlantic Council Global Energy Forum in Abu Dhabi, Kyari, stated that presently, the contribution of the sector to the country’s Gross Domestic Product (GDP) was just nine per cent. Kyari who elucidated on the need to give Africa special consideration in the movement away from fossil fuels, maintained that Nigeria was not ready for Electronic Vehicles (EVs) as it is currently dealing with basic issues of power supply. The NNPC GMD argued that while Nigeria believes in the net zero drive and has already committed to it, it would continue to build on its gas infrastructure as a buffer before the achievement of the net zero target in 2060. This Day
