Banking & Finance

BVN: Presidential aide seeks more time for Nigerians in diaspora

Published

7 years ago

October 25, 2017

…As Amaechi says: Gov’t needs $36bn to connect all states by rail***

The Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, has said more time should be given to Nigerians in the diaspora to obtain the bank verification number.

She made the plea in a statement on Tuesday in Abuja in response to the move by the Federal Government to seize money in bank accounts without the BVN.

The presidential aide in the statement by her media assistant, Abdur-Rahman Balogun, urged the Central Bank of Nigeria to make it possible for all Nigerians in diaspora to have their BVN obtained in their countries of abode.

It said, “Nigerians in diaspora have been remitting billions of the United States dollars to the country on yearly basis, the highest on the continent of Africa, thus contributing to the socio-economic development of the country.

“I hereby appeal to the CBN to look into the challenges the Nigerians living abroad face in getting their BVN done and extend the deadline for them to get it done.”

“This is why the Attorney-General of the Federation should intervene in this matter to assist Nigerians living abroad who are disadvantaged by allowing them more time to comply with the BVN directive,” she said.

Currently, deposits can be made into accounts without the BVN but not withdrawals.

In the meantime, the Minister of Transportation, Rotimi Amaechi, on Tuesday said that the $36bn being sought by the Federal Government for rail lines construction across the country would be used to connect virtually all state capitals in Nigeria by rail.

Speaking as a guest during a radio programme monitored by our correspondent in Abuja on Tuesday, the minister said, “When I spoke I didn’t say the money ($36bn) was there. I was asked how much we would need to take the rail transport to various state capitals. I said that we would need about $36bn and that includes the two deep seaports that we want to construct, one in Bonny and the other in Warri.

“Don’t forget that all railway transport in Nigeria should terminate at the seaports and at the airports, if you must do a modular kind of transportation. And even if you have the $36bn, this current government cannot spend all that money to construct railways. What we are saying is that that is the projection for the construction.”

He added, “We are currently focusing on Lagos-Kano, which is about $8.3bn. We’ve got a loan from the China Exim Bank for $1.5bn to construct Lagos-Ibadan; we’ve completed the Kaduna-Abuja rail, and the three kinds of loans we are negotiating now, we hope to get them. But we are not sure if we will get them.

“However, we are negotiating Ibadan to Kano which is to terminate in Lagos-Ibadan, we are negotiating Lagos to Calabar and it is $11.17bn and covers the whole of the South-South and part of the South-East.”

Citizen with additional report from Punch

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Pricelist of Equities Traded on the Nigerian Stock Exchange as at october 24, 2017

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Banking & Finance

Bank Stock Sell-Offs Make NGX Transaction Value To Drop 2.60%

Published

2 weeks ago

April 20, 2024

Maritime First

Bank Stock Sell-Offs Make NGX Transaction Value To Drop 2.60%

Bearish sentiment persisted on banking stocks at the equity market on Friday, making the value of transactions traded on the floor of the Nigerian Exchange Ltd. (NGX) down by 2.60 per cent.

Analysis of the market activities indicated trade turnover settled lower relative to the previous session.

Specifically, investors transacted a total of 257.86 million shares valued at N5.40 billion exchanged in 7,168 deals, as against 285.91 million shares worth N5.54 billion exchanged in 7,726 deals posted on Thursday.

Consequently, the market capitalisation, which opened at N56.469 trillion, shed N173 billion or 0.31 per cent to close at N56.296 trillion.

The All-Share Index also dropped 0.31 per cent or 306 points to settle at 99,539.75, compared to 99,845.91 recorded in the previous session.

As a result, the Year-To-Date (YTD) return dipped to 33.12 per cent.

Sell-offs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank, Access Corporation, Stanbic IBTC Bank, Jaiz Bank, as well as United Capital and Unilever Nigeria, among other top decliners, drove the market to a negative terrain.

Meanwhile, market breadth closed negative with 20 losers and 14 gainers.

On the losers’ chart, United Bank led by 10 per cent to close at N1.62, FBN Holdings followed by 9.83 per cent to close at N24.30, Tantalizers declined by 8.57 per cent to close at 32k per share.

Deap Capital Management shed 7.35 per cent to close at 63k and Caverton went down by 6.83 per cent to close at 1.50 per share.

On the gainers’ chart, FTN Cocoa Processors led by 9.60 per cent to close at N1.37, RT Briscoe trailed by 9.26 per cent to close at 59k, and Livestock Feed gained N1.45 per share.

Royal Exchange Assurance added 8.06 per cent to close at 67k, while Consolidated Hallmark Plc rose by 7.44 per cent to close at N1.30 per share.

On the activity chart, UBA led in volume with 38.72 million shares traded at a value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 billion.

Access Corporation also sold 34.34 million shares worth N584.54 million, Zenith Bank traded 24.41 million shares worth N875.85 million and The Initiative Plc transacted 17.52 million shares worth N34.13 million.

Banking & Finance

CBN Revokes Licenses Of 4,173 BDCs

Published

2 months ago

March 2, 2024

Maritime First

The Central Bank of Nigeria (CBN), has announced the revocation of the operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions.

According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi on Friday in Abuja, the move is an exercise of the powers conferred on it under the Bank
and Other Financial Institutions Act (BOFIA).

Sidi said that the list of affected BDC operators was available on the Bank’s
website.

Forex inflow: CBN tasks banks to support indigenous companies

She said that the affected institutions failed to observe at least one of the following regulatory provisions:

They are payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

Others are the rendition of returns in line with the guidelines and compliance with directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

“The CBN is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

” Compliance with the new requirements will be mandatory for all
stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly,” she said. (NAN

Banking & Finance

NGX: Stock Market Performance Indices Up By 0.33%

Published

5 months ago

December 13, 2023

Maritime First

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart

…Guinea Insurance leads the losers’ chart

The stock market on Tuesday maintained a bullish trend, bringing the benchmark indices up by 0.33 percent, to close at N39.349 trillion as against N39.219 trillion recorded on Monday.

Specifically, the market capitalisation gained N130 billion, representing 0.33 percent.

Also, the All-Share Index gained 327.35 points or 0.33 percent to stand at 71,907.26 as against 71,669.91

The increase was due to sustained buying interest in MTN Nigeria and Tier-one bank stocks; namely Guaranty Trust Company(GTCo) Access Holdings, among others.

As a result, the Year-to-Date (YTD) return rose to 40.30 percent.

On top stock traders, Julius Berger led by volume with N42.54 million, valued at N14.73 billion, while GTCo was the most traded stock by value with N84.92 billion units traded.

The gainers table was led by Infinity with 9.79 percent to close at N2.13 per share.

SCOA Nigeria Plc followed with a gain of 9.45 percent to close at N1.62, while Daar Communication rose by 8.82 percent to close at N0.37 per share.

Royal Exchange increased by 8.47 percent to close at N0.64, while Neimeth appreciated by 7.89 percent to close at N2.05 per share.

On the other hand, Guinea Insurance led the losers’ chart in percentage terms by 10 percent to close at N0.27 per share.

This was followed by Conoil with 9.83 percent to close at N78.00 per share.

Juli shed 9.72 percent to close at N0.65, Omatek closed at 8.75 percent, indicating a loss of N0.73, while Thomaswy lost 8.13 percent to close at N3.05.