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Daily Business News Brief  Monday, September 20th, 2021.

20
Sep

Investors gain N11.46bn amid dividend announcements – Punch

The Nigerian Exchange Limited’s equities market gained N11.46bn at the end of the week as dividend announcements renewed investors’ interest.  The NGX All-Share Index and market capitalisation appreciated by 0.06 per cent and 0.05 per cent to close the week at 38,943.87 basis points and N20.290tn respectively from 38,921.78bps and N20.28tn.  The NGX Banking, NGX Insurance, NGX MERI Growth, NGX Consumer Goods, NGX Oil/Gas and NGX Industrial Goods indices depreciated by 0.79 per cent, 0.58 per cent, 0.12 per cent, 0.21 per cent, 3.35 per cent and 0.24 per cent respectively.  The other indices finished higher except the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices which closed flat.  …………………..read more

SEC Commences 100% Custody Requirement in Collective Investment Schemes  – Thisday

In a bid to further protect investors and deepen the capital market, the Securities and Exchange Commission (SEC) has announced that it has commenced the implementation of 100% custody requirement in the Collective Investment Schemes sector.  The Director General of the SEC, Mr. Lamido Yuguda who disclosed this during an interview in Abuja said although it is a natural operational requirement of CIS the SEC is having some new enforcement and insistence on the compliance that has been in the books but have not been implemented before now………………..read more

With Manufacturing, General Commerce and Communication Sectors Contributing 22%, Eight Banks’ NPL Rise to N626.5bn- Thisday

Following the impact of the Covid-19 lockdown in 2020 that almost crippled economies around the world, the H1 2021 results submitted to the Nigerian Exchange Limited (NGX) by eight banks has revealed increase in Non-Performing Loan (NPL).  Analysis of the H1 2021 results showed that Zenith Bank Plc, FCMB Group, among six other banks reported N626.5biillion Non-Performing Loans as at June 30 2021, an increase of 3.4 per cent from N605.9 billion reported in full year ended December 31, 2020.  Other banks are Access Bank Plc, FBN Holdings Plc, Fidelity bank plc, Union bank of Nigeria, Stanbic IBTC Holdings and Sterling Bank plc.  The National Bureau of Statistics (NBS) had reported N1.23trillion NPLs in the banking sector in 2020 from N1.06trillion in 2019……………….read more

FG recorded N150.36bn fiscal deficit in April- CBN – Punch

The Federal Government recorded a fiscal deficit of N150.36bn in April, after recording an aggregate expenditure of N559.67bn and retained revenue of N409.31bn.  Figures obtained from the Central Bank of Nigeria’s April report on ‘Fiscal operations of the Federal Government’ revealed on Saturday.  Part of the report read “Federation revenue rose by 28.2 per cent in April 2021 to N1.12tn, relative to N862.79bn in March 2021, owing to improved non-oil earnings.  “However, the retained revenue of the Federal Government of Nigeria at N409.31bn, was 38.5 per cent below target………………read more

Customers scam banks with fake visas, tickets for forex- Thisday

The Central Bank of Nigeria has vowed to engage financial crime fighting agencies to pursue fraudsters who have been deceiving the banks with fake documents to buy forex at cheap rates and sell at higher rates at the black market, NIKE POPOOLA reports  Eight weeks after the Central Bank of Nigeria stopped selling forex to Bureau De Change operators and asked legitimate travellers to approach the banks to access cheap forex, the banks have been inundated with fake demands, findings have revealed.  More customers have been deceiving the banks with fake documents to obtain the forex at cheaper rate, and prevented genuine travellers from gaining access to forex.  The CBN Governor, Godwin Emefiele, had said that the BDCs defeated their purpose of existence to provide forex to retail users and had become wholesale and illegal dealers.  ……………read more

Naira crisis: Pursuing Aboki FX, a waste of efforts, Utomi tells CBN – Punch

Some financial experts however disagreed with the decision of the Central Bank of Nigeria to prosecute the owner of AbokiFX, describing it as a waste of efforts and a deviation from the major problems of the foreign exchange market.  The PUNCH had reported how CBN vowed to clamp down on abokiFX website, its owner and patrons.  According to the experts who spoke to Sunday PUNCH on the development, the devaluation of the naira was not primarily caused by sites like AbokiFX but policies and impulsive decisions of the apex bank, as well as the failure of agencies saddled with the responsibility of the fiscal aspect of the economy to function effectively and stimulate economic growth………………read more

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