Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Lose N20.45bn WoW as NSEASI Dips by -0.10% to Close the Week Negative
Equities market closed today on a negative note, as NSEASI depreciated by -0.47% to close at 39,483.08 basis points as against +0.32% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.96%.
Market breadth closed positive as LASACO led 19 Gainers as against 15 Losers topped by FTNCOCOA at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes positive as volume moved up by +39.01% as against +52.82% uptick recorded in the previous session. HONYFLOUR, GUARANTY and JAIZBANK were the most active to boost market turnover. GUARANTY and MTNN topped market value list.
JAIZBANK leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

New oil law paves way for Nigeria to attract private capital
The new Petroleum Industry Act, which commercialises the operations of the Nigerian National Petroleum Corporation (NNPC), could provide an easier path to unlocking private capital for the state-owned firm that would help finance not only its projects but..
Nigerian firms’ Q2 earnings mirror recovery from coronavirus
Combined after-tax profits of listed companies in the oil and gas, cement, fast-moving consumer goods and palm oil sectors jumped by 47.02 percent in the first six months of 2021 compared with previous year, when COVID-19 almost muted their earnings
Rivers sets Nigeria on course to true federalism with new laws
The journey to true federalism may have begun in Rivers State with the signing into law of three crucial bills by the state’s governor, last week. The Bills, which were passed a week earlier by the Rivers State House of Assembly, were signed into law by Governor Nyesom Wike on August 19
Naira falls to N520 on parallel market as demand rises
The foreign exchange pressure intensified on Thursday as the naira weakened to N520, losing 0.58 percent compared to N517/$ traded on Wednesday at the parallel market, also known as the black market.
Nigeria engages IFC for N12.3b to fund vaccine production
Nigeria is in talks with the World Bank’s private lending arm and other lenders to raise about N12.3 billion ($30 million) to help finance a vaccine plant, three decades after the nation’s only production facility was shut
Buhari approves review of grazing reserves in 25 States
President Muhammadu Buhari on Thursday approved recommendations of a committee to review “with dispatch,” 368 grazing sites, across 25 states in the country, “to determine the levels of encroachment.
Twitter meets 7 out of 10 demands – FG
Twitter, the microblogging platform has met seven out of the 10 demands that the Federal Government of Nigeria has made to lift the suspension on the social network company. Lai Mohammed, Minister of Information and Culture said this in Washington DC..

CBN Prohibits Microfinance Banks from Forex Transactions
The Central Bank of Nigeria (CBN) has observed the activities of some Microfinance Banks (MFBs) that have gone beyond the remit of their operating licenses by engaging in non-permissible activities especially wholesale banking, foreign exchange transactions and others.
Given the comparatively low capitalisation of MFBs, dealing in wholesale and/or foreign exchange transactions are a significant risk with dire consequences for financial system stability. It has therefore become imperative to remind all MFBs to strictly comply with the extant Revised Regulatory and Supervisors Guidelines tor Microfinance Banks in Nigeria 2012 (the Guidelines).
For the avoidance of doubt and consistent with the permissible activities of specialized micro-institutions:

  1. MIPBs are strictly prohibited from foreign exchange transactions
  2. MFBs are to primarily focus on providing financial services to retail and/or micro- clients,
  3. Microcredit and retail transactions carried out by MFBs are limited to N500,000 per transaction for Tier 2 Unit MFBs and N1,000,000 for other categories.
  4. Microcredit facilities shall constitute a minimum of 80 percent total loans portfolio for MFBs.
    The CBN will continue to monitor developments in the MFB sector and apply severe regulatory sanctions for breaches of extant regulations, including revoking the license of non-compliant MFBs (in line with Section 19 of the Guidelines).

Reps Fume as FG Borrows N5.62trn to Fund 2022 Budget Deficit
The House of Representatives has expressed displeasure over the way some government agencies conceal their revenues, thereby denying the Federal Government the fund for budgeting.
MAN Seeks Policy Consistency for Industrial Growth
The Manufacturers Association of Nigeria has called on policymakers to be consistent to aid ease of doing business in the economy. The President of MAN, Mr. Mansur Ahmed, made the call during a courtesy visit to The PUNCH on Wednesday.
PIA: FG will Open Trust Fund to Manage 3% for Host Communities – Akpabio
Minister of Niger Delta Affairs, Godswill Akpabio, has said a trust fund would be set up to take care of the 3% allocated for the host communities to avert any crisis that may arise in the implementation of the just-assented Petroleum Industry Act (PIA).

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