Top Financial News   

12 November 2018


PenCom moves against using pension accounts for money laundering: As part of the efforts to prevent workers from using their pension accounts for money laundering, operators will begin to investigate workers who make voluntary contributions of N5m and above into their Retirement Savings Accounts.(Source:Punch)

 

Refineries: NNPC, financiers negotiate abroad: Top management officials of the Nigerian National Petroleum Corporation have met with financiers abroad to further negotiate terms for the proposed rehabilitation of the nation’s refineries.(Source:Punch)

 

FG reactivates export grant with N13.2bn – Udoma: The Minister of Budget and National Planning, Senator Udoma Udoma, has said the Federal Government has reactivated the Export Expansion Grant with the sum of N13.28bn to stimulate the exports of locally produced goods.(Source:Punch)

 

Lagos-Ibadan road’ll be completed in 2021 – Julius Berger: The Sagamu-Lagos end of the Lagos-Ibadan Expressway project will be completed by 2021, the contractor, Julius Berger, has said.(Source:Punch)

 

Govt concludes work on 2019 budget, FEC gets document soon: President Muhammadu Buhari may present the 2019 Appropriation Bill to the National Assembly later this month.(Source:Punch)

 

NSE sanctions eight banks with N102m fines: The Nigerian Stock Exchange has sanctioned eight banks with fines totalling N102.7m for failing to file their financial statements at the regulatory date.(Source:Punch)


FG paid N1trn to DISCOS, GENCOS without evidence of electricity: Former President of Trade Union Congress, TUC, Mr. Peter Esele, has disclosed that the Federal Government paid over N1 trillion to Electricity Generation Companies, GENCOs and Electricity Distribution Companies, DISCOs, since the commencement of the privatisation of the  power sector with nothing to show for it.(Source:Vanguard)

 

Foreign investors raise stake in NSE as FPI rises 133% in 2 months: Despite the heightened political tension in the country ahead of the 2019 general election and increasing yield in the United States of America, which have necessitated sell-off in the Nigerian stock market in the last few months, foreign investors seem to be raising their stake in the equity market as foreign portfolio investment, FPI, which has been wobbling since the beginning of year, has started an upward move.(Source:Vanguard)

 

Talks on for Access Bank to acquire Diamond Bank: Access Bank is set to add Diamond Bank’s portfolio to its assets in the next  few months, The Nation has learnt. Talks on the acquisition are on, according to sources,  who  said the fusion is set for  the first quarter of next year. It was gathered that both financial institutions have reached an agreement in broad terms on the acquisition. What is left is the valuation of assets, with a view to determining the level of compensation  and systems’ integration, the sources said, pleading not to be named because they are not allowed to talk to the media on the matter.(Source:The Nation)

 

NAICOM to release state insurance policy guideline next week: The National Insurance Commission (NAICOM) is partnering state governments to deepen insurance penetration,as the Commission will next week release the new distribution channel guidelines called the State Insurance Producer (SIP).(Source:The Nation)

 

FG, Investors Negotiate Fresh Terms on Sale of Power Stations: As the federal government resumes privatisation of some national assets, THISDAY learnt at the weekend that negotiation of fresh terms has begun with preferred bidders of three power generation plants of the National Independent Power Projects (NIPPs) that have been slated for sale.(Source:Thisday)

 

Investors Recover N27 Billion as Equities Market Pares Losses: The Nigerian equities market recorded a positive performance last week as it recovered part of the losses suffered the preceding week.(Source:Thisday)


Reporting for EasyKobo on Monday , 12 November 2018 in Lagos, Nigeria

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