SEC Appoints Deloitte to Lead Forensic Audit of Oando as Firm’s Shares are Suspended on JSE
In furtherance of its resolve to carry out a forensic audit of Oando Plc, the Securities and Exchange Commission (SEC) has revealed that it has appointed audit firm, Akintola Williams Deloitte, to lead the team of experts to undertake the audit of Oando.
Other experts appointed by SEC are registrar, United Securities Limited; the law firm, SPA Ajibade & Co; Tjadap Consulting and Associates; and Nasiru Muhammad & Co. This is just as the Johannesburg Stock Exchange (JSE) Thursday took a cue from the Nigerian Stock Exchange (NSE) by suspending trading in the company’s shares on the Johannesburg bourse.
Stockbrokers push for innovative finance, technology to boost economy
Stockbrokers have identified innovative financial services and products and technology-driven processes as major enablers for the development of the Nigerian capital market and the economy.
Stockbrokers have thus resolved to bring the issues of rapid changes in technology and product innovation into the mainstream of national discourse as the Chartered Institute of Stockbrokers (CIS) begins preparations to mark its Silver Jubilee. Stockbrokers have also endorsed privatization of moribund enterprises as a way of boosting their efficiency and attracting private sector participation .
Budget: FG to spend N1.16tn more in 2018
The country’s national budget will rise by N1.16tn in 2018, according to projections contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy submitted to the National Assembly by President Muhammadu Buhari.
The President forwarded the MTEF/FSP to the National Assembly on Tuesday, with a covering letter read to members of the House of Representatives by the Speaker, Mr. Yakubu Dogara. Details of the MTEF, which The PUNCH obtained in Abuja on Thursday showed that the Federal Government would spend N8.60tn next year, up from the N7.44tn appropriated in 2017.
NSC Woos Investors, Lending Institutions on IDPs, TTPs
Determined to ensure that the Inland Dry Ports (IDP) and Truck Transit Parks (TTPs) commence operations as soon as possible, the Nigerian Shippers’ Council (NSC) , has started to woo investors and leading financial institutions to show interest in the modern transport infrastructure schemes.
THISDAY reliably gathered that the NSC has concluded plans to meet some of the key investors and lending institutions during which it will unveil the economic benefits of the two projects. The idea, THISDAY learnt, is to attract more investors to the two schemes, a development that will lead to speedy completion of the projects.
Nigeria lowers 2017 economic growth forecast — Report
Nigeria has revised down its forecast for 2017 economic growth to 1.5 per cent from 2.19 per cent, according to a document reportedly seen by Reuters on Thursday.
The report said oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day for 2017, as of July, against an estimated 2.2 million barrels per day.
Dangote Cement Mulls Eurobond Issue
Dangote Cement is considering issuing Eurobond or a local debt issue and will make a decision towards the end of the year, its chief financial officer, Brian Egan said yesterday.
Reuters quoted Egan to have said 70 per cent of the company’s N389 billion debt was short-term and from its parent firm, Dangote Industries Limited, saying that the company wanted to move away from that. He said the company, majority owned by Africa’s richest man Aliko Dangote, was probably leaning towards a eurobond given that yields were falling and the naira currency was stablising.
Zenith Bank grows profit by 31% to N153b in Q3
Zenith Bank Plc recorded significant growths in the top-line and bottom-line in the third quarter, raising prospects of better returns for the 2017 business year.
Key extracts of the interim report and accounts of the bank for the nine-month period ended September 30, 2017 showed gross earnings of N531.3 billion, showing a growth of 39.7 per cent above the N380.4 billion posted in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion, while non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion.
Nigerians may repay $5.5bn loan for 30 years, says FG
The Federal Government has said its external borrowing plan, for which it is seeking the approval of the National Assembly, will take Nigeria between five years and 30 years to repay. The government also insisted it would have to borrow more to complete a number of ongoing infrastructural projects.
The Minister of Finance, Mrs. Kemi Adeosun, who was represented by the Director-General, Debt Management Office, Patience Oniha, at a defence session organised by the Senate Committee on Local and Foreign Debts in Abuja on Thursday, gave the indication and urged Nigerians to focus on the long-term benefits of the loans.
Finally, CBN Releases Guidelines for Watch-listing of Fraudsters, BVN
In exercise of its powers and in line with its desire to promote and facilitate the development of efficient and effective payment systems in the country, the Central Bank of Nigeria (CBN) thursday issued the regulatory framework for the bank verification number (BVN) operations as well as for watch-list of fraudsters in the banking industry.
The central bank disclosed this in a circular posted on its website thursday. It explained that the initiative was also expected to deepen the electronic payment system. The framework also defined the establishment and operations of watch-list for the banking industry, to address the increasing incidences, of frauds, with a view to engendering public confidence in the banking industry.
NEMA workers begin nationwide strike over welfare package
Employees of the National Emergency Management Agency on Thursday embarked on a nationwide indefinite strike. It was gathered that the directive to proceed on strike was issued by the Trade Union Congress and the Association of Senior Civil Servants of Nigeria in Abuja.
Our correspondent learnt that the strike followed a threat issued by workers of the agency in a letter written in August this year over non-payment of their allowances, among other issues. The Abuja headquarters of the agency was shut down by the workers as they insisted that they would not go to work until the management of the agency granted their demands.
President Buhari’s Midterm Report: CBN Takes The Cake.
Being a farmer himself, it was easy for President Muhamadu Buhari to spot the fact that the Central Bank of Nigeria (CBN) Anchor Borrowers Programme has been making waves by having massive impact on the farming sector across the country and by extension helping in lifting up Nigeria’s economy which due to the sharp drop in crude oil price had tanked since the inception of the current administration.
President Buhari, who used the opportunity of October 1st Independence Day anniversary broadcast to Nigerians to sort of present the mid -term report of his stewardship in the past two years , also held aloft the recently launched CBN National Collateral Registry programme also known as Collaterals Bank aimed at making credit more accessible to the small scale enterprises, SMEs as another milestone achievement under his watch.
Johannesburg Stock Exchange suspends trading on Oando shares
Following an exchange of correspondence between the Nigerian Stock Exchange (the primary Exchange on which Oando is listed) and the Johannesburg Stock Exchange, the latter has suspended trading on Oando shares.
The action, which happened on Thursday, followed the NSE’s earlier suspension on the oil major as directed by the Nigerian capital market apex regulator – the Securities and Exchange Commission. The JSE, which confirmed the development, hinged its move on an exchange of correspondence between it and the Nigerian Exchange.
Nigeria, Ghana Sign MoU on Maritime Operations
In line with its vision to enhance regional cooperation to develop capacity, the Nigerian Maritime Administration and Safety Agency, NIMASA, has signed a Memorandum of Understanding (MoU) with the Ghanaian Maritime Authority (GMA).
At the official signing of the MoU at the Nigerian Maritime Resource Development Centre in Lagos, the Director General of NIMASA, Dr. Dakuku Peterside noted that intra-African collaboration is a vital requirement for Africans to effectively harness the natural potentials that the Blue economy represent for the continent.