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Banking & Finance

NGX: Stock Market Performance Indices Up By 0.33%

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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.

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

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.

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Banking & Finance

CBN Revokes Licenses Of 4,173 BDCs

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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

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Banking & Finance

Reps Committee Issues Warrant Of Arrest On CBN Governor, Others

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Forex inflow: CBN tasks banks to support indigenous companies

The House of Representatives Committee on Public Petition has issued a warrant of arrest on the Central Bank Governor, Mr Olayemi Cardoso, the Accountant General of the Federation, Mrs Oluwatoyin Madein, and 17 others for refusing to appear before it to answer questions on their operations.

This followed the adoption of a motion by Rep. Fred Agbedi (PDP-Bayelsa) at the committee’s hearing on Tuesday.

Moving the motion, Agbedi said that the arrest warrant had become inevitable following the attitude of the invitees.

He said that the parliament worked with time and the CEOs had been invited four times but failed to respond.

He said that the CEOs should be brought to appear before the committee by the Inspector General of Police through a warrant of arrest after due diligence by the Speaker, Rep. Tajudeen Abbas.

In his ruling, the Chairman of the committee, Rep.    Micheal Irom (APC-Cross River)  said that the I-G should ensure the CEOs were brought before the committee on Dec. 14.

Earlier, the petitioner, Mr Fidelis Uzowanem, said that the petition was anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021.

CBN confirms evacuation of banknotes, directs banks to open for weekend operations

He said that the report was a summary of the transactions in the oil and gas industry for 2021 which NEITI could to be challenged.

“We took up the challenge to examine the report and discovered that what NEITI put together is a report is only a consolidation of fraud that has been going on in the oil and gas industry.

“It dates back to 2016 because was have been following and we put up a petition to this committee to examine what has happened.

“The 2024 budget of 27.5 trillion that has been proposed can be confidently be funded from the recoverable amount that we identified in the NEITI report.

“It is basically a concealment of illegal transactions that took place in NNPCL, they have been in the sink with some oil companies where some companies that did not produce crude were paid cash core, an amount paid for crude oil production,” he said.
He added: “We also found that the cash core payment was used as a channel for laundering funds by NNPCL and we found out that NEITI was able to conceal it in its report.

“In 2021 NEITI reported that Total Exploration and Production Nigeria-Ltd was paid 168 million dollars but examination of submission by the company shows that it received 292 million dollars.

“In other words, 124 million dollars was laundered by NNPCL through Total because monies that have been officially paid to Total could not have been concealed if it were not meant for fraudulent purposes.

“Also for Chevron, the dollar payment NEITI puts forward in its report was 76 million dollars but document emanating from Chevron showed that they received as much as 267 million dollars.”

“In other words, 191 million was laundered under the cover of Chevron and NEITI concealed that; also, Nigeria Agip Company received 188 million dollars but none of it was reported by NEITI”.

Some of those to be arrested were the Chief Executive Officer, of National Petroleum Investment Management Services (NAPIMS), of Ethiop Eastern Exploration and Production Company Ltd, as well as the CEO of Western Africa Exploration and Production.

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Banking & Finance

Court Adjourns N4bn Suit Against First Bank Plc Till Jan 16

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Freight forwarder docked over alleged theft of N1.2m

An Enugu State High Court presided over by Justice Chukwunweike Ogbuabor on Tuesday adjourned a N4 billion lawsuit against First Bank of Nigeria Plc to Jan. 16, 2024, for hearing.

The suit was instituted by a Non-Governmental Organisation (NGO), called Incorporated Trustees of International Vocational Centre (IVC) and Dr Pedro Manuwa.

The adjournment by Ogbuabor followed the absence of defense counsel, Chris Aghanwa in court.

When the matter was called up, Maximus Ugwuoke the Counsel to the Plaintiffs informed the Court that they were ready for the hearing but counsel to the defendant, O.C Njoku who held brief for Aghanwa told the court that Aghanwa had an emergency.

He said he had an appointment with his doctor and as a result was not able to appear in court and sought for adjournment.

The defendant’s counsel, who was not happy with the development, told the court that stalling the case by the defendant had brought more cost on the Plaintiff who flew into the country from the United Arab Emirates purposely for the proceedings.

He, however, requested for a cost against the defendant but Ogbuabor in a ruling, said since today was the first time the case was coming up after the court returned from its national assignment and resumed sitting, he would oblige the defendant with the adjournment sought.

Freight forwarder docked over alleged theft of N1.2m

He, therefore, adjourned the matter till Jan. 16, 2024, for a hearing.

It would be recalled that the plaintiff’s former counsel, Mr Chikadibia Anosike, in the statement of claim said that they had in the last five years maintained two accounts with the defendant to wit: 2027073629 (Current Account) and 3091251391 (Savings Account) with the name International Vocational Centre.

They averred that on Feb. 4, 2019, it issued First Bank cheques to several beneficiaries of their education fund but the defendant negligently paid one of the beneficiaries N150,000 as against N15,000.

“There have been incidences of negligence by the defendant in handling the plaintiff’s account which had led to several losses, ridicule and untold hardship on the plaintiffs.

“On account of the said over-payment, some of the cheques issued to those beneficiaries were returned unpaid. Some person(s) colluded with the defendant and have opened account number 3141684991 with the name International Vocational Centre, Niger State chapter,” he said.

The claimants alleged that such person(s) had been demanding and receiving money from the public and prospective beneficiaries of the scholarship funds, thereby, tarnishing their image.

The lawyer said that the plaintiffs had made complaints to the defendant’s Enugu Branch, demanding for the closure of the said account but every complaint fell on deaf ears.

“Many prospective students have been duped by reason of the said illegal account and the plaintiff’s image has been ridiculed and brought into disrepute globally by the reason of the action,” the plaintiffs claimed.

They also averred that they had continued to lose funds for its developmental projects in Nigeria as their donors had started to withdraw their sponsorship on the wrong perception that the plaintiffs had become a dubious entity.

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