In the news: Equities market rebounds on bargain hunting
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CBN sacked bank directors over non-performing loans – NDIC A number of bank directors have been fired by the Central Bank of Nigeria following cases of insider abuse relating to non-performing loans, it has been learnt. FG reviewing companies’ tax profiles, says Adeosun The Federal Government has said it is reviewing the tax profiles of companies that received major payments from it in the last five years. Global Spectrum set to list shares on NSE Energy firm, Global Spectrum Energy Services Plc, is set to list its shares on the Nigerian Stock Exchange. FCMB grows profit by 64% in three months FCMB Group Plc has recorded a 64 per cent rise in its profit before tax for the third quarter of 2017 compared to the second quarter ended June 30, 2017. FG targets N62.5bn from luxury cars, cigarettes, alcohol’s duties The Federal Government has proposed to generate additional N1tn non-oil revenue to reduce the deficit and loans in the 2018 budget. This Day UAC Shops for N15.4 Billion from Existing Shareholders UAC of Nigeria Plc is currently shopping for N15.37 billion fresh capital from existing shareholders to boost its operations so as the record improved performance and deliver competitive returns to shareholders in the years ahead. CBN Injects $498m in Forex Market in One Week The Central Bank of Nigeria (CBN) last week raised the tempo of its foreign exchange (forex) intervention in the interbank market to a total of $498 million. Equities Market Rebounds on Bargain Hunting The Nigerian stock market rebounded last week following improved sentiments as more investors embarked on bargain hunting. FG Defends Plan to Engage Malaysian Consultants for ERGP The Senior Special Assistant to the President on the Economic Recovery Growth Plan Implementation (ERGP), Dr. Effiong Essien has defended the move by the federal government to engage Malaysian experts to drive the implementation of the ERGP. IEA: Lower Supply from Nigeria, Algeria, Iraq Dipped October OPEC Output by 80,000bpd Due mainly to lower supply from Nigeria, Algeria and Iraq, the OPEC crude output in the month of October dropped by 80,000 barrel per day, the Oil Market Report for November has revealed. CBN Calls for Enhanced Collaboration against e-Fraud The Central Bank of Nigeria (CBN) has stressed the need for increased collaboration and industry engagements in order to tackle cases of electronic fraud in the economy. Guardian Stockbrokers call for forex discount window For the capital market to witness improved liquidity that would spur activities in the nation’s bourse and attract more investments, operators unanimously stressed the need for the Central Bank of Nigeria (CBN) to grant stockbrokers access to foreign exchange discount window. BoI plans increased lending to food sector for enhanced production The Bank of Industry (BoI) has concluded plans to increase lending to stakeholders in the food industry, as part of measures to boost food production in the country and help the Federal Government achieve the 3.5 per cent Gross Domestic Product (GDP) target in 2018. Why CBN retains rates, by Godwin Emefiele Contrary to speculations that the Central Bank of Nigeria (CBN) is afraid of taking risks by retaining monetary policy rates (MPR) at the same level for the eighth time consecutively, the apex financial sector regulator has said its actions are based on researches that it conducted. 500 prominent Nigerians get tax status letters today Tax status letters will be issued to no fewer than 500 high net-worth Nigerians by the Ministry of Finance today. Finance ministry alleges blackmail over import duty waivers The Minister of Finance, Mrs. Kemi Adeosun, has accused some importers and Non-Governmental Organisations (NGO) of planning to blackmail the ministry over import duty waivers. FG, firm sign power purchase agreement on 40mw The Federal Government has signed Power Purchase Agreement (PPA) with Mabon Nigeria Limited, which is currently executing 40 megawatts hydro-power project. The Nation Only 18 states have complied with TSA, says NGF No fewer than 18 of the 36 states of the federation and the Federal Capital Territory, FCT, Abuja, may have fully complied with the Treasury Single Account (TSA) mandate of the federal government. NNPC fails to remit N1.7tr into Federation Account The Federation Account Allocation Committee (FAAC) meeting was called off last Thursday over the non-remittance of about N1.78 trillion into the government’s coffers by the Nigerian National Petroleum Corporation (NNPC). $9b interventions strengthen naira, forex market Dollar injections into the economy estimated at $9 billion since February have helped the Central Bank of Nigeria (CBN) to achieve long-term naira stability and curb volatility in the foreign exchange (forex) market. Vanguard FG targets $1bn from tax amnesty scheme The Federal Government is targeting to rake in about $1 billion from the on-going Voluntary Income and Asset Declaration Scheme, VAIDS, before the deadline on March 31, 2018. Insurers seek additional capital in preparation for RBS Insurance firms with inadequate shareholders’ funds have commenced moves to raise additional capital in preparation for the next phase of implementation of the Risk Based Supervision (RBS) by the National Insurance Commission, NAICOM. Business Day Nigeria IPO drought leave banks as only major capital source Nigerian companies have largely snubbed the capital market as a source of funding over the past two decades, a situation which is increasing risks in the banking system and wider economy.
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