Top News Update 20/07/2017
1. NSE market capitalisation rises by N27bn
2. DisCos back FG’s N1trn debt restructuring plan
3. NMRC to issue N20bn bond for affordable housing scheme
4. Foreign banks to finance N5bn Ikeja ICT Mart
5. SEC, NSE approve Unilever’s N58.9bn rights issue
6. Senate Passes The Whistleblower Protection Bill
7. UBA, First Bank raise international spending limits
8. Senate Enforces Restriction Of Sale, Consumption Of Anti-Malaria Drugs Nationwide
9. 9mobile unveils new logo, website
10. FG To Amend NBC Code To Promote Local Leagues — Minister
NSE Market Capitalisation Rises By N27bn
The market capitalisation of the Nigerian Stock Exchange (NSE) for the third consecutive day on Wednesday rose by N27 billion or 0.23 per cent to close at N11.550 trillion after closing at N11.523 trillion on Tuesday. This was the All-Share Index, which opened at 33,436.61, appreciated 78.32 points or 0.23 points to close at 33,514.93 due to price growth by some highly capitalised equities. Seplat led the gainers’ table during the day, appreciating by N9.98 to close at N485 per share. Guinness followed with a gain of N3.10 to close at N66.10 and Okomuoil Palm increased by N1.50 to close at N64.50 per share.
DisCos Back FG’s N1trn Debt Restructuring Plan
Power distribution companies (DisCos) on the platform of Association of Nigerian Electricity Distributors (ANED), yesterday threw its weight behind plans by the Federal Government to restructure over N1 trillion being accumulated debt owed by the power sector investors. It also lamented the challenge of inflated invoices issued by Generation Companies (GenCos). Speaking at a press briefing in Abuja Wednesday, ANED spokesman Sunday Oduntan, said the frightening debt only reflected in the books of Discos, a development that paints them as chronic debtors unworthy of any form of partnership with local and offshore banks.
NMRC To Issue N20bn Bond For Affordable Housing Scheme
The Nigerian Mortgage Refinancing Company will before the end of this quarter raise the sum of N20bn through the bond market to finance its affordable housing scheme for the citizens. It is also planning to issue a N2bn sukuk bond as part of its portfolio of products towards addressing the housing financing needs of low income earners. The Managing Director, NMRC, Prof. Charles Inyangete, disclosed these on Wednesday at the 11th Abuja International Housing Conference.
Foreign Banks To Finance N5bn Ikeja ICT Mart
Some foreign banks have agreed to finance a N5bn investment project scheduled to commence in October this year. The proposed project, an ultra-modern three-storey edifice called Ikeja ICT Mart, is being positioned as the hub for Information and Communications Technology-related matters in the country and Africa in general. Scheduled to open in early 2019, the project is expected to boost economic growth and enhance the Federal Government’s quest to diversify the economy.
SEC, NSE Approve Unilever’s N58.9bn Rights Issue
Unilever Nigeria Plc has received clearance of the issue documents from the Securities and Exchange Commission and the Nigerian Stock Exchange in respect of its N55.9bn rights issue. This followed its shareholders’ initial approval received in May. The transaction is part of the company’s strategy to drive sustained and steady growth despite the prevailing economic headwinds, according to a statement.
Senate Passes The Whistleblower Protection Bill
The 8th Senate has passed the Whistleblower Protection Bill at today’s senate plenary. The Bill, which seeks to encourage and facilitate the disclosures of improper conduct by public officers and public bodies was presented by the Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator David Umaru, the member representing Niger East in the 8th National Assembly.
UBA, First Bank Raise International Spending Limits
The United Bank for Africa Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000. The upward review, which represents a marked increase by 1,900 per cent, allows customers to withdraw up to $2,000 per month as against $100 which was obtainable previously.
Senate Enforces Restriction Of Sale, Consumption Of Anti-Malaria Drugs Nationwide
The Senate has enforced a stern restriction on the sale and consumption of 42 Anti-malaria drugs that are considered killing to life and which were recently banned by the European Union in all countries within it. The European Union had directed that EU countries must as a matter of necessity, not stock any drugs that contains Plasmotrin, Artequin, Co-artinate, Arco, Artecon and Dialquin because they are found to be very dangerous and causes kidney failure.
9mobile Unveils New Logo, Website
Emerging Markets Telecommunication Services Limited, previously trading as ‘Etisalat Nigeria’ on Wednesday officially unveiled its new brand identity, 9mobile, with a new logo and website. The Chief Executive Officer of 9mobile, Mr Boye Olusanya, said at a news conference in Lagos that the new logo was in conformity with the new name. Olusanya said that with the migration to a new name and brand, 9mobile promised to sustain and continuously provide innovative and value-adding propositions, which it had delivered since inception nine years ago.
FG To Amend NBC Code To Promote Local Leagues — Minister
The Minister of Information and Culture, Alhaji Lai Mohammed, says the Federal Government will amend the Nigeria Broadcasting Commission (NBC) Code to compel brands to sponsor Nigeria Professional Football League (NPFL). The Minister made the assertion at the close of the “Two-Day Creative Industry Financing Conference’’, sponsored by the ministry in conjunction with “Think Tank Media and Advertising’’ which closed on Tuesday in Lagos.