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Daily Business News Brief  Tuesday October 26th, 2021

26
Oct

Investors scramble for FBNH shares, price rises – Punch

FBN Holdings Plc emerged as the most traded stock on the Nigerian Exchange Limited on Monday, the first trading day after it announced that Mr Femi Otedola, a billionaire businessman, had acquired a 5.07 per cent shareholding in the company.  The holding company for First Bank of Nigeria Limited had on Saturday informed the NGX and the investing public that Otedola had acquired a 5.07 per cent shareholding through his nominee, Calvados Global Services Limited.  Analysts in the Nigerian capital market have hinted that strategic investors in FBN Holdings, including Otedola and the company’s Chairman, Mr Tunde Hassan-Odukale, might be behind the company’s significant trading volume on Monday………………….read more

CBN introduces eNaira app, merchant wallet – Punch

The Central Bank of Nigeria has finally launched its Central Bank Digital Currency called eNaira on Monday.The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st anniversary celebrations.  The Digital Currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.  A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.  The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira…………………….read more

Transactions on eNaira platform free for 90 days -CBN – Thisday

The Central Bank of Nigeria has said that all transactions conducted on the newly launched digital currency platform, eNaira will be free for 90 days.  The bank, however, stated that it will revert to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period. The apex bank disclosed this in the framework titled, ‘eNaira Circular and Guidelines’ released on Monday.’ The news is coming after President Major General Muhammadu Buhari (retd.) launched the currency in Abuja on Monday. The CBN said, “The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021, and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.”……………………read more

eNaira: 33 banks join platform as CBN mints 500m – Thisday

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said 33 Nigerian banks have joined the eNaira platform and the apex bank has minted N500 million worth of digital currency. Emefiele said this at a ceremony to launch Nigeria’s Central Bank Digital Currency on Monday, at the presidential villa, noting that the platform has recorded an influx of users.  He said, “33 banks are fully integrated and live on the platform, 500 million has been successfully minted by the Bank, N200 million has been issued to financial institutions, over 2,000 customers have been onboarded and over 120 merchants have successfully registered on the eNaira platform.”………………….read more

Oil Companies’ Gas Flare Payments Jump from $15.4m to $307.4m in One Year- Thisday

Gas flaring payments made by oil companies increased from a meagre $15.5 million to $307.4 million between 2018 and 2019, the most recent audit report from the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed.  While gas flaring, the controlled combustion of associated gas, is almost impossible in the extraction of molecules, companies, which operate in the hydrocarbons space are usually penalised for over-stepping their limits……………….read more

FG to end petrol subsidy June 2022, World Bank condemns N2.9tn funding – Daily Independent

The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year. Its Country Director for Nigeria, Shubham Chaudhuri, who spoke on Monday at a panel session during the 27th National Economic Summit, said the country could channel the money being spent on subsidy to primary healthcare, basic education and rural roads.“This year, Nigeria is on track to spend N2.9tn on PMS subsidy, which is more than it spends on health,” he said.  Also speaking at the session, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government had made provision for petrol subsidy till the end of June next year………………..read more

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