Top News Update 06/07/2017
1. CBN Goes Tough with e-Fraudsters, to Unveil Watch-list
2. FG to Divest 20% of Its Shares in Privatised Companies on Stock Exchange
3. FSDH Merchant Bank Raises N14.40bn via Commercial Paper
4. FEC Approves New Policy to Give Nigeria More Value from Gas Projects
5. No Dividend as Seven-Up Records N11bn Full Year Loss
6. TCN to complete 200 projects to boost electricity supply – Fashola
7. Court orders Buhari, Osinbajo to name suspected looters
8. FG enlists foreign firms to enhance recovery
9. Govt to expand CIS scope of operations
10. OVH partners Interswitch to transform fuel retailing across Nigeria
CBN Goes Tough With e-Fraudsters, To Unveil Watch-list
As part of efforts towards ensuring financial stability, the Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, has put in place a Framework on Watch-list for the Nigerian Financial system.The move is to address the increasing incidence of frauds and other unethical practices with a view to engendering public confidence in the financial system. The central bank stated this in its exposure draft “Regulatory Framework for BVN Operations and Watch-list for Nigerian Financial System,” posted on its website. It explained that the 16-page framework, without prejudice to existing laws, would be to guide the operations of the Watch-List in the financial system.
FG To Divest 20% Of Its Shares in Privatised Companies On Stock Exchange
The federal government will sell up to 20 per cent of its shares in some of the companies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, the Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed. Okoh said the government’s share divestment programme would mostly affect privatised firms in the petrochemical sector of Nigeria. He also stated that privatised firms in the country would have to list in the country’s stock market because public listings were part of the strategic objective of the reform and privatisation programme of the government.
FSDH Merchant Bank Raises N14.40bn via Commercial Paper
FSDH Merchant Bank Limited said it successfully raised N14.40 billion from its Series 3 and Series 4 Commercial Papers (CPs) issuance. Collectively, Series 3 and 4 represent FSDH Merchant Bank’s second issuance under its N30 Billion CP Programme established in 2016. In a statement yesterday, it revealed that Stanbic IBTC Capital Limited acted as Lead Arranger/Dealer while United Capital Plc and FSDH MB acted in the capacity of co-arrangers/dealers, and FSDH MB as issuing, calculation and paying agent.
FEC Approves New Policy To Give Nigeria More Value From Gas Projects
The Federal Executive Council (FEC) has approved the National Gas Policy with which the federal government plans to turnaround commercial operations and benefits due to Nigeria from her gas resources. The policy, according to a statement from the Ministry of Petroleum Resources wednesday in Abuja, was approved by FEC at its cabinet meeting presided over by Acting President, Yemi Osinbajo, a week ago. The statement stated that FEC’s approval was done after the Minister of Sta
te for Petroleum Resources, Dr. Ibe Kachikwu, presented the policy at the meeting.
No Dividend As Seven-Up Records N11bn Full Year Loss
Shareholders of Seven-Up Bottling Company Plc will be without dividend as the company has recorded a loss of N10.7 billion for the year ended March 31, 2017. The shareholders had received a dividend of N1.60 per share for the year ended March 31, 2016, when the company posted a profit after tax of N3.34 billion. However, this time around, Seven-Up Bottling Company has recorded a negative bottom-line. The company posted revenue of 108.227 billion in 2017, up by 26 per cent from N85.6 billion in 2016.
TCN To Complete 200 Projects To Boost Electricity Supply – Fashola
The Transmission Company of Nigeria will complete over 200 projects to improve power supply to the distribution companies, Mr Babatunde Fashola, Minister of Power, Works and Housing, said on Wednesday. Fashola made this known in a keynote address at the Nigeria Energy Forum) in Lagos, entitled: “Roadmap for Incremental, Stable and Uninterrupted Electricity Supply in Nigeria’’. He was represented by Mr Louis Edozie, the Permanent Secretary, Federal Ministry of Power.
Court Orders Buhari, Osinbajo To Name Suspected Looters
A Federal High Court sitting in Lagos on Wednesday ordered the Federal Government to “immediately release to Nigerians information about the names of high-ranking public officials from whom public funds were recovered and the circumstances under which funds were recovered, as well as the exact amount of funds recovered from each public official.” The judgment was delivered to by Hon Justice Hadiza Rabiu Shagari following a Freedom of Information suit number: FHC/CS/964/2016 brought by Socio-Economic Rights and Accountability Project.
FG Enlists Foreign Firms To Enhance Recovery
The Federal Government is hiring the United States technology giants such as Oracle Corporation and Microsoft Corporation as it steps up efforts to save costs and fight corruption. An initiative led by Redwood, California-based Oracle, has helped the Federal Government to remove 50,000 ghost workers, or fake entries, from the payroll, according to a statement from the Presidency. This followed Oracle’s decision to open an office in Abuja in May.
Govt To Expand CIS Scope Of Operations
The Federal Government is making efforts to expand the scope of operations of the Chartered Institute of Stockbrokers, the Vice Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has said. He said the bill to expand the scope of operations of the CIS to serve as the hub of all professional associations in Nigeria would be passed very soon. Also, the Minister of Finance, Mrs. Kemi Adeosun, has assured the stockbrokers of the government’s continuous support for them as distribution agents in the value chain of financial intermediation.
OVH Partners Interswitch To Transform Fuel Retailing Across Nigeria
Following the strategic partnership earlier sealed between Interswitch, Africa’s leading integrated payments and transaction switching company and EVSL, developers of FuelVoucher in 2015, the distribution network of the electronic fuel purchasing solution has been further broadened considerably in further partnership with 3 of the leading downstream oil marketing firms, OVH Energy Marketing, Forte Oil & RainOil in Lagos. These partnerships were recently signed at a media event in Lagos involving key executives from Interswitch, EVSL, OVH and Forte Oil.