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Category: Business and Economy

Access Bank to acquire 100% stake in Zambian Bank
Access Bank Plc has announced plans for acquisition of 100 per cent of Cavmont Bank Limited, a Zambia-based financial institution.
The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by Mr Sunday Ekwuochi, its Company Secretary.
It said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited.
” Access Bank has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc, regarding a potential transactions between Access Bank Zambia and Cavmont Bank Limited.
“The potential transaction relates to the sale of 100 per cent of Cavmont Capital interest in Cavmont Bank to Access Bank Zambia,” it stated.
The bank explained that there was no certainty yet on agreement or terms of the transaction.
It, however, urged investors to exercise caution when dealing in Access Bank’s securities until full announcement was made.
The bank noted that “the completion of a transaction would be subject to formal regulatory approvals.”
The acquisition would be the second across Africa having acquired Transnational Bank Limited of Kenya. (NAN)
July 9, 2020
Unaudited results: NSE warns investors on shares of 13 firms
The Nigerian Stock Exchange (NSE) has urged investors to trade with caution on the shares of 13 companies for failing to submit financial statements without any explanation.
The News Agency of Nigeria (NAN) reports that the affected companies include Aso Savings and Loans, Deap Capital Management & Trust, DN Tyre & Rubber, FTN Cocoa and Goldlink Insurance.
Others are International Energy Insurance, Medview Airline, Resort Savings & Loans, Staco Insurance, Standard Alliance Insurance, UNIC Diversified Holdings, Union Dicon Salt and Union Homes Savings and Loans.
The exchange in a statement by Mr Godstime Iwenekhai, Head, Listings Regulation Department, said the defaulting companies failed to meet regulatory deadlines for the submission of their financial statements without any explanation.
The statement said defaulting companies failed to comply with the Exchange’s directives set forth in the Deficiency Filing Notice (DFN) issued to them.
“Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them,” said the Exchnage.
The NSE warned that it may suspend trading on the shares of the companies if they fail to comply with extant rules within the specified period.
According to the statement, the deadline for submission of the unaudited financial statement of the companies became due on June 29, being the extended due date as granted by the Exchange.
“By virtue of non-filing of the unaudited report by the due date, the companies violated extant rules at the NSE which provide that every company shall file its unaudited quarterly accounts not later than 30 calendar days after the relevant quarter,” it said.
It noted that companies were required to publish the financials within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.
The rules also required that an electronic copy of the interim financial publication shall be filed with the Exchange on the same day as the newspaper publication.
It said the NSE issued deficiency filing notice to the companies notifying them of their violations and mandated them to make public disclosure regarding the violation, the reasons for the violation and possible date for publication of the outstanding financial statement.
According to the Exchange, the defaulting companies failed to comply with the directives in the DFN.
The statement said the Exchange would continue to engage with these companies on the need to comply with post listing requirements.
It, however, warned that it may take additional steps if they failed to comply and file their unaudited financial statements within 90-day cure period by Sept. 27, 2020.
The Exchange said it would send to the aforelisted companies a “Second Filing Deficiency Notification” within two business days after Sept. 27 and suspend trading in the companies’ securities. (NAN)
July 9, 2020
Dollar falls as yuan leads charge in risk-on trades
The dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency.
China’s yuan rose to a four-month high against the greenback, extending recent gains as investors of all stripes increase positions in Chinese stocks due to growing signs of a recovery in the world’s second-largest economy.
Lingering worries about the spread of the coronavirus could keep some currency pairs in a tight range, but the dollar’s losses are gradually increasing as sentiment favours riskier bets on long-term economic growth.
“Rising stocks and a dip in Treasury yields are slight negatives for the dollar, but the market can’t move too far because we still have to worry about the virus,’’ said Minori Uchida, Head of Global Market Research at MUFG Bank.
“A lot of major U.S. economic data have been positive, so this will be less of a trading factor going forward.
“People are looking for cues from stocks, yields and hedging costs.’’
Against the euro, the dollar fell 0.3 per cent to $1.1365, reaching a one-month low.
The euro could get a further boost later in the day as Germany is scheduled to release export data.
Economists expect shipments from the euro zone’s largest economy to rebound sharply in May from a large decline in the previous month.
The greenback also fell to a three-week low against the pound at $1.2637.
Sterling edged up to 89.97 pence per euro EURGBP=D3.
The dollar fell to a four-month low of 0.9365 Swiss francs on Thursday.
The dollar was little changed at 107.27 yen.
Chinese shares continued their recent rally and surged to a five-year high during the Asian session.
Futures pointed to further gains in European equities, highlighting the enthusiasm for risk-on trades.
Investors are also looking to U.S. weekly jobless claims later on Thursday, but the dollar looks set to remain on the back foot until then.
The onshore yuan burst past the closely watched level of seven to reach an almost four-month high of 6.9820 per dollar.
China’s currency has been a star performer as investors shrug off diplomatic tension between Washington and Beijing to focus on China’s improving economy and its attractive technology sector.
The yuan has risen around 2.7 per cent from a seven-month trough against the dollar set on May 27.
While some investors are reluctant to take big positions before the traditional summer holiday season amid uncertainty around the coronavirus pandemic, analysts said sentiment favours more U.S. dollar declines.
This is as investors try to look past a recent spike in coronavirus cases in some countries.
Elsewhere in currencies, the Australian dollar (AUD=D3) rose to a one-month high at $0.695.
Highlighting the greenback’s woes, the New Zealand dollar (NZD=D3) rose to $0.6590, the highest since late January. (Reuters/NAN)
July 9, 2020
Stamp duty now applicable to house rent agreement, C of O ― FIRS
The Federal Inland Revenue Service (FIRS) has said that as a result of it news tax law stamp duty will now be paid on house rent agreement and Certificate of Occupancy (C of O) or such documents would be invalid.
Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Thursday.
Ahmad urged Nigerians and other residents to ensure that documents pertaining to rent or lease agreements for their homes or offices, C of O as well as a list of other common business-related transaction instruments were subject to authentication with the new FIRS Adhesive Stamp duty.
He said this was necessary in order to give the instruments the force of law and make them legally binding on all parties involved in such transactions.
July 3, 2020
NIRSAL microfinance bank closes COVID-19 loan application
By Lawrence Ekwonu
NIRSAL Microfinance Bank has announced the closure of the Targeted Credit Facility, otherwise known as the COVID-19 Loan application.
The announcement is coming three (3) months after receiving applications from Nigerians, who are impacted by the COVID-19 pandemic.
The CBN had introduced the N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic
Meanwhile, about N49 Billion has been disbursed to over 80,000 Households, who are beneficiary of the COVID-19 Targeted Credit Facility (COVID-19 Loan).
According to the CBN Director for Corporate Communications, Isaac Okoroafor, during a Channels television interview, he said;
“At the CBN we have looked at it and we felt that everyone must work hard to ensure that the economy does not slip back into recession. We have done that with a couple of interventions, we have the targeted credit facility for households and small businesses which as we speak, out of the N50 billion earmarked for this, more than N49 billion has been disbursed to over 80,000 families and households.
‘’We also have the N100 billion healthcare facility which quite a number of operators in that area have benefitted and we are inviting others to come in. we believe that Nigerians who have the power, have the energy, have the creativity to ensure that this economy doesn’t go into recession.
“Of course there is consensus across the world, most economies if not all will go into recession this year and Nigeria is not totally immune from it, but we are working as a monetary authority, as a public institution to ensure that those Nigerians, families and small businesses whose businesses were negatively impacted by this pandemic, that we give them the opportunity to walk themselves out of that kind of recession and to be able to maintain even their businesses as they go on and their livelihoods.” he said.
July 2, 2020
AfDB ranks 4th on global index of transparency
The African Development Bank ranked fourth out of 47 global development institutions on its Aid Transparency Index. The Index is the only independent measure of aid transparency among the world’s major development agencies. The index places the Bank in the highest category of transparency along with other world class institutions such as the World Bank, the Asian Development Bank and UNDP.
“We congratulate the African Development Bank – Sovereign Portfolio on achieving 4th place in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever,” said Gary Forster, CEO of Publish What You Fund, which has produced the index each year since 2011.
According to a statement sent to ALSC by APO media group, the highest of the five categories used to assess organisations’ transparency. The ranking is based on several criteria, including finance and budgets, basic information data, organisational planning and performance.
In the new Index, which covers the 2019 year, the African Development Bank scored 95.5 out of 100 on transparency — A significant improvement on its score for 2018.
“It is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement,” said Gary Forster, CEO of Publish What You Fund,” it said
June 25, 2020
Report says CBN Gov. Emefiele flew his family to London in violation of lockdown rules
The Nigeria’s Central Bank Governor Godwin Emefiele in the midst of the lockdown flew his wife and children to London using a private jet from the same company that flew music sensation Naira Marley to Abuja for the Jabi lLake concert.
The report has it that the flight was operated by Executive Jet Services co-owned by Dangote and Sam Iwajoku. The company was recent banned for flying Naira Marley to Abuja from Lagos.
The Ministry of Aviation recently suspended ExecuJet airline indefinitely for false information and for flying Naira Marley to Abuja for a concert on June 12.
The Personal Assistant to the Muhammadu Buhari New Media Bashir Ahmad said through twitter that- “Ministry of Aviation has suspended operations of the ExecuJet indefinitely for providing false information to convey Naira Markey to Abuja for a concert.
June 25, 2020
NSE upgrades data portal to further improve access to market
The Nigerian Stock Exchange (NSE) is pleased to announce the upgrade of its Data Portal (X-DataPortal) on Monday, 22 June 2020.
The revamped X-DataPortal, accessible via https://dataportal.nse.com.ng, provides a more efficient, user-friendly experience for subscribers. The new features include data products, subscription management, payment gateway integration and a lot more.
The X-DataPortal which was first introduced in 2013, is an online application that serves as a repository for real-time, delayed, end of the day, and historical data for all financial instruments listed on the NSE. It is a consolidated, a streamlined platform for market participants to access affordable, quality and timely data.
Speaking on the development, the Chief Executive Officer, NSE, Mr. Oscar Onyema noted that, “The upgrade of the X-Data Portal is in line with the desire of the NSE to continue to provide an exchange that is easily accessible leveraging digital technology.
“The newly enhanced X-DataPortal has, therefore, been equipped with market-focused features that will complement the NSE website and other NSE portals in response to stakeholders’ increased demand for easy access to data.
“Given the importance of Market Data in investment decisions, we remain resolute in our commitment to provide capital market participants with more channels to access relevant market information required for making investment decisions.”
On his part, the Divisional Head, Trading Business, NSE, Mr Jude Chiemeka, stated that, “At the NSE, we recognize that data fuels every aspect of the trading process.
“We are, therefore, pleased to introduce the improved X-DataPortal that will serve as a principal source for brokers, fund managers, research analysts, other professionals and non-professional participants like students and investors to get quality real-time and reference data reports for analysis, research and reporting purposes.
“We believe that the customer-centric approach we have adopted will deliver a superior customer experience in engaging with our capital market.”
The X-DataPortal provides users with additional features such as the seamless purchase of market data; easy access to customized data; instant notifications; and real-time prices. Existing users of the portal will also be migrated to the new portal and can log in with existing credentials.
June 23, 2020
AfDB ex-VPs call for independent probe of Adesina
Ex-Vice presidents of the African Development Bank (AfDB) are calling for the independent probe of the current president of the bank, Akinwumi Adesina.
In a document exclusively obtained by The Daily Times, a body of ex-Vice Presidents of the AfDB, which is made up of Bedoumra Kordje, Kane Ousmane, Ganthso Mandia and Sakala Zondo said they were concerned by the widely publicized news of the dispute between the Bank’s President and some of its shareholders over the outcome of allegations made against the President by whistleblowers.
The ex-VPs said they believed it was in the interest of the Bank, that its shareholders, President, and staff that independent enquiry examines the allegations and the evidence and comes to clear conclusions which can inform the conduct of the Bank’s business in the future.
According to them, without such an enquiry, the current situation places the Bank, its President and its governing structures in an unfavourable light, with potentially adverse consequences for its credit rating and for its reputation, in general, adding that it worth recalling that the AfDB lost its triple AAA rating in the mid-1990s following a governance crisis, and only regained it a decade or so later following rigorous adjustments and painful reforms.
“We welcome the President’s statement of 27 May 2020 indicating that he is not opposed to an independent enquiry: As he said: “l am confident that fair, transparent and just processes that respect the rules, procedures and governance systems of the Bank and the rule of law will ultimately prove that I have not violated the Code of Ethics of this extraordinary institution.” Such a perspective will honour him and, in turn, bolster his prospects for possible re-election”
They welcomed the decision from the Board of Governors’ Bureau to act swiftly for an independent and credible review of the matter saying it was important for Africa that its premier financial institution was above suspicion and is exemplary in its governance.
“More generally, we believe that Africa’s political commitment to good governance is well established. Therefore, Africa must, in all its initiatives, compel the world’s respect in terms of transparency; ethics, and compliance with established rules. This is a requirement for optimal mobilization of its abundant internal resources (see the Report of the High-Level Panel on Illicit Financial Flows from Africa, headed by President Thabo Mbeki, the Former President of South Africa). It is also a necessary condition for a fruitful partnership with the rest of the world”
They, however, traced the creation of the AfDB to the work of African visionaries collaborating with others within the framework of the United Nations Economic Commission for Africa.
According to them, it was a feat which required overcoming the doubts of many African countries as well as external sceptics stressing that the opening of the Bank’s capital to non-regionals was a result of an extended debate which its implementation enabled the Bank to acquire its AAA credit rating and to establish over time a track record that has made possible access to the international capital markets as celebrated today.
“The African Development Fund (ADF) has succeeded in mobilizing concessional resources mainly from non-regional member countries. For the 33 regional member countries eligible only for ADF financing, access to these resources are the primary benefit of membership. The Nigeria Trust Fund has also made a substantial contribution to regional member countries”, the ex-VPs said.
They further disclosed that non-regional members of the African Development Bank played a critical role in its financing and the financing of the African Development Fund with the current 60:40 voting power between regional and non-regional members were the result of decisions taken in the context of previous ADB general capital increases and ADF replenishments.
“The double majority requirement in the election of the President reflects the recognition of the important role that both regional and non-regional members play. The recent successful conclusion of the Seventh General Capital Increase of the African Development Bank and the Fifteenth Replenishment of the African Development Fund was achieved with a number of commitments made to strengthen the governance of the institution”, they said.
It would be recalled that a group of whistleblowers, recently accused Adesina of 20 breaches of the bank’s code of conduct, including “unethical conduct, private gain, an impediment to efficiency, preferential treatment, and involvement in political activities.”
But Adesina, who was a former Nigerian minister for agriculture said the allegations raised against him were trumped up, “and without facts, evidence, and documents, as required by the rules and regulations of the bank.”
June 23, 2020
Unity Bank, Dynamiss boost access to e-learning in Nigeria
As part of the effort to provide low-interest credits to schools, while boosting access to digital learning resources in Nigeria, Unity Bank Plc has forged a collaborative partnership with Dynamiss, a digital learning solutions provider.
Under the partnership, a full e-learning package comprising Microsoft School Portal, Discounted Airtel Data and Free Contents and Devices powered by Dynamiss will be supported with financing from Unity Bank to enable Schools to acquire the robust Learning Management System at affordable rates.
The Dynamiss’ Learning Management System (LMS) has been developed by the largest learning platform provider in the UK in collaboration with Microsoft Corporation.
The provision of Learning Management System is coming at a time when Nigeria grapples with a global pandemic, making it imperative for a digital learning system that combines the advantage of remote learning and rich modern curriculum.
Speaking at a webinar with the theme: “Affordable Digitalization Conference 2020, Shaping the Future of Education” to unveil the initiative recently, Unity Bank’s Head, Personal and SME Banking, Opeyemi Ojesina said: “Unity Bank is supporting the initiative in order to empower and prepare the next generation for a competitive future defined by cutting edge technology”.
He further stated: “The e-learning market is estimated to hit over $600 billion by 2025, therefore, partnering with Dynamiss to drive this initiative provides a huge opportunity for everyone interested in the education sector”.
“On our part, we are committed to providing low-interest credit to as many schools that sign up to the Dynamiss Learning Management System across the country. This is in addition to making available to the schools, cost-effective account products suitable and tailored for the schools and their employees.”
Mr Ojesina added: “Beyond our loan products, which are tailored to assist schools grow their businesses effectively, we also offer a rich bouquet that includes, but not limited to asset finance and working capital. This is even as we train and equip schools with the necessary financial tools for success.”
With the fear of the spread of COVID-19 compelling schools to remain shut, it is believed that the adoption of the Dynamiss Learning Management System will help students return to classrooms and mitigate the impact of the loss of learning on students at this period.
The Learning Management System also comes with other incredible capabilities such as access to over 1 million free international and local contents and the ability to download the curriculum from the portal and use offline. This is even as Dynamiss offers a free subscription to all schools that come onboard before September.
June 23, 2020