CAPITAL MARKET
Foreign investors withdraw N116.72bn from stock market in six months
The Nigerian Exchange Limited has revealed that foreign investors in the equities market withdrew a total of $116.72bn from Janury to June this year. According to the NGX Domestic & Foreign Portfolio Investment Report for June 2021, foreign investors invested a total of N105.24bn in the market representing a year-on-year drop by 57.44 per cent from N247.27bn recorded in the corresponding period of 2020. Punch
Gains in MTN Nigeria, Airtel Lift Stock Market by N163.22bn
The Nigerian stock market closed the transaction for the second trading day in August on a positive note, as price appreciation in MTN Nigeria, Airtel Africa and 10 others drive investors gain by N163.22 billion. Bargain hunters buying interest, particularly in the telecommunication sector majorly led to the positive performance in yesterday’s trading period. In summary, overall market capitalisation value grew by N163.22 billion or 0.81 per cent to close at N20.277 trillion from N20.114 trillion the stock market opened for trading. Consequently, the Nigerian Exchange Limited All-Share Index (ASI) grew by 313.27 basis points or 0.81 per cent. This Day
New CEO resumes duty at Nigerian Breweries
Nigerian Breweries Plc has confirmed the resumption of duty of its new managing director and chief executive officer, Hans Essaadi. According to a statement signed by Corporate Affairs Director, Sade Morgan, Essaadi who was appointed CEO designate in May replaces Jordi Borrut Bel, who now assumes the position of Managing Director and Chief Executive Officer, Heineken South Africa. The statement added that in his new role as MD, Nigerian Breweries Plc, Hans was expected to bring his rich and robust experience to bear on the company to unlock fresh opportunities, sustain and improve the category leadership position of the company in the Nigeria market and deliver improved value for its shareholders. Punch
BANKING
Despite Economy Headwinds, FBN, ETI, 5 Other Banks Profit Soar by 12% in H1
Amid challenges facing the Nigerian economy, Ecobank Transnational Incorporated (ETI), FBN Holdings, and five other banks listed on the Nigeria Exchange Limited (NGX) profit after tax rose by 12 per cent in half year (H1) ended June 30, 2021. The other banks are Unity Bank Plc, Wema Bank Plc, Union Bank of Nigeria Plc, FCMB holdings and Sterling bank Plc. Analysis of the banks results showed that they cumulatively reported N113billion profit after tax in H1 2021 as against N101.02billion reported in H1 2020. This Day
CBN unveils guidelines for payments system firms
The Central Bank of Nigeria (CBN) has unveiled guidelines for licensing and regulation of payments system holding companies (PSHC), stressing that companies must exist as non-operating entities in the ecosystem. The guideline is a follow-up to an earlier template on new license categorisation, which required companies with an interest in switching/processing and mobile money service to set up holding structures. Guardian
ECONOMY
Fuel crisis looms as IPMAN shuts Calabar depot
The Independent Petroleum Marketers Association of Nigeria IPMAN on Tuesday shut down its operations in Cross River State and asked its members to withdraw all their services such as lifting and distribution of petroleum products to members of the public. Cross River State branch chairman of IPMAN, Mr Robert Obi, while defending withdrawal of services, said the action was caused by alleged incessant harassment of its members in the Eastern Zone by the police. Punch
Need for Uninterrupted Recapitalisation Exercise in Insurance Sector
There has not been any successful recapitalisation exercise in the insurance industry over the years. Past attempts to have such a comprehensive process were fraught with controversy. Ebere Nwoji writes that successful recapitalisation will boost the capacity of the sector. Past and present moves by insurance industry regulatory authority, the National Insurance Commission (NAICOM) to upscale the minimum operating capital of insurance firms for the purpose of building a stronger and virile insurance sector have severally been marred by resistance and opposition from the industry operators. This Day
ECOWAS recommends legislations against roaming charges, cybercrime
A Joint Committee of the ECOWAS Parliament has issued some recommendations asking Member States to develop legislation to fight cybercrimes in their jurisdictions as well as implement effectively, the elimination of roaming charges in the region. These were part of recommendations contained in the draft report of the delocalised meeting of the Joint Committee on Political Affairs, Peace, Security and African Peer Review Mechanism/Legal Affairs and Human Rights/Telecommunications and Information Technology (TIT), held at Winneba, Ghana from 27 – 31 July, 2021. Guardian