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Finance

FCMB, Others Drive N55bn Gain in Stocks

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People look at an electronic board showing the graph of the recent fluctuations of market indices at the floor of Brazil's BM&F Bovespa Stock Market in Sao Paulo

Champion Breweries Plc, FCMB Group Plc, Ecobank Transnational Incorporated, Stanbic IBTC Holdings Plc and Eterna Plc emerged the top five gainers after the close of trading on the floor of the Nigerian Stock Exchange on Thursday.

The firms, alongside 16 other companies, boosted market capitalisation by N55bn in one day.

The NSE market capitalisation, which stood at N8.216tn on Wednesday, rose to N8.271tn, while the All-Share Index rose to 24,883.34 basis points from 24,042.73 basis points recorded on Wednesday.

A total of 271.617 million shares, worth N1.543bn, were traded in 3,360 deals with the highest index point hitting 24,432.51. The lowest and average index points stood at 23,883.34 and 24,174.59 basis points, respectively.

Other gainers on the floor of the NSE on Thursday were Ikeja Hotel Plc, Cement Company of Northern Nigeria Plc, Unilever Nigeria Plc, A.G. Leventis Nigeria Plc, Seplat Petroleum Development Company Limited, Learn Africa Plc, Vitafoam Nigeria Plc, Nestle Nigeria Plc, Zenith Bank Plc, UAC Property Development Company Plc, and Fidelity Bank Plc.

Tiger Branded Consumer Goods Plc, Honeywell Flour Mill Plc, Dangote Cement Plc, United Bank for Africa Plc and Union Bank Nigeria Plc also appeared on the gainers’ chart.

Champion shares rose to N2.83 from N2.58, recording a gain of N0.25 (9.69 per cent), while those of FCMB gained N0.06 (7.89 per cent) to close at N0.82 from N0.76.

The shares of ETI also rose to N15.96 from N15.20, gaining N0.76 (five per cent), while Stanbic closed at N14.85 from N14.15, gaining N0.70 (4.95 per cent).

Eterna shares closed at N1.94 from N1.85, gaining N0.09 (4.86 per cent).

A total of 19 firms appeared on the losers’ table, with Unity Bank Plc, MRS Oil Nigeria Plc, Flour Mills Nigeria Plc, AIICO Insurance Plc and Fidson Healthcare Plc emerged as the top five losers.

Other losers after the close of trading on Thursday were Livestock Feeds Plc, Academy Press Plc, Africa Prudential Registrars Plc, Custodian and Allied Plc, Diamond Bank Plc, Dangote Sugar Refinery Plc, Cadbury Nigeria Plc, Nascon Allied Industries Plc, Glaxo Smithkline Consumer Nigeria Plc, and Access Bank Plc.

Nigerian Breweries Plc, Oando Plc, UAC Plc and FBN Holdings Plc also emerged as losers.

Unity Bank share price depreciated by N0.04 (5.63 per cent) to close at N0.67 from N0.71, while MRS shares lost N2.48 (4.99 per cent) to close at N47.18 from N49.66.

The shares of Flour Mills closed at N18.34 from N19.30, losing N0.96 (4.97 per cent), while those of AIICO shed N0.04 4.94 per cent) to close at N0.77 from N0.81.

The shares of Fidson also dropped by N0.13 (4.83 per cent) to close at N2.56 from N2.69.

Punch

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Loans

Farmers Are Refusing To Pay Back Loans – CBN Cries Out

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agriculture

The Central Bank of Nigeria (CBN) has cried out over the refusal of the majority of farmers who benefited from the Anchor Borrowers’ Programme (ABP) to repay their loans.

CBN Development Finance Officer, Mr Sadeeq Ajayi revealed this at the Agribusiness Innovation Clinic.

He claimed that the majority of the beneficiaries regard the loan as their part of the national cake in his speech entitled Fostering Innovation and Collaboration Across the Agricultural Value Chain, which was organized by the Global Alliance for Improved Nutrition (GAIN).

He urged farmers who had delayed their agricultural loans to repay them, claiming that the CBN’s failure to retrieve the loans from defaulting farmers had jeopardized the plan and prohibited other farmers from using it.

“While the Anchor Borrowers’ Programme had recorded some level of success, the failure of farmers to repay the loans has, however, been a major setback.

“Many of the farmers refused to pay back their loans due to the misconception that since CBN is the lender, the loan is a ‘national cake’ and they do not have to pay back what they consider theirs as citizens.

“This attitude has made it difficult for other farmers, who also want to access the loan, to benefit from the scheme,” he said.

In 2021, about 2.85 million farmers benefitted from the Anchor Borrowers Programme. Investors King gathered that N554.63bn was disbursed, of which N61.02bn was allocated to 359,370 dry season farmers.

In its October monthly report, the CBN also revealed that the Anchor Borrowers Program disbursed N1.9 billion to 2,521 farmers to cultivate 8,963 hectares of land through three participating financial institutions.

Cassava, cotton, fish, groundnut, maize, poultry, rice, soya beans, wheat, cattle, sorghum, ginger, castor seed, sesame, tomato, cocoa, yellow pepper, oil palm, cowpea, and onion were among the crops cultivated on 3,097,834 hectares, according to the report.

ABP is an agricultural loan scheme launched by the federal government in 2015 through the Central Bank of Nigeria (CBN) to provide loans (in kind and cash) to smallholder farmers in order to increase agricultural production, create jobs, and reduce food import bills in order to conserve foreign reserves.

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Finance

MTN Nigeria’s MoMo Formally Commences Operation

MoMo has commenced a full commercial Payment Service Bank operations, today, 19th May, 2022

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MTN

MTN Nigeria’s subsidiary company, MoMo has commenced a full commercial Payment Service Bank (PSB) operations, today, 19th May, 2022.

This comes after a successful trial that began on May 16, 2022, to commemorate the start of MTN’s GSM operations on May 16, 2001, and MTN’s listing on the Nigerian Exchange Limited on May 16, 2019.

Investors King had reported the CBN’s approval of this process some months back stating; “This is the first step in the process towards a final approval, subject to the fulfillment of certain conditions as stipulated by the CBN. The decision to issue a final approval is firmly within the regulatory purview of the CBN and we respect their right and judgment in that regard.

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and continues to explore means whereby it can contribute to its fulfillment…”

MoMo PSB is determined to enable millions of Nigerians to access a broad range of financial service products. With an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB will continue to expand its agent network in order to serve Nigerians across the country and eliminate friction from routine transactions by digitizing cash payments.

Customers can open a MoMo wallet, send money to any phone number in the country, and pay their bills by dialing *671# from any network.

Furthermore, MoMo wallets will allow Nigerians in the Diaspora to send money to any phone number in the country in the future, a crucial feature considering Nigeria’s position as the top recipient of remittances in Sub-Saharan Africa.

“We are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process,” said Karl Toriola, CEO of MTN Nigeria. “This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria.

Not just for those in urban centers and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” he added.

MoMo PSB CEO, Usoro Usoro said: “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”

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Banking Sector

CBN Issues Directive For Open Banking to Improve Financial Services

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Central Bank

In an effort to stimulate innovation and widen the range of financial products and services available to banks’ customers, the apex regulatory bank, the Central Bank of Nigeria (CBN), has established the legal framework for Open Banking in Nigeria.

This was revealed in a circular titled ‘Operational guidelines for open banking in Nigeria’ which was obtained by Investors King.

The Regulatory Framework for Open Banking in Nigeria, according to the CBN, establishes standards for data sharing across the banking and payments systems in order to stimulate innovation and expand the range of financial products and services available to bank customers.

According to the CBN, the financial sector data guideline would allow clients to access innovative financial products and services.

The Apex bank said: “Open banking recognises the ownership and control of data by customers of financial and non-financial services, and their right to grant authorisations to service providers to access innovative financial products and services. This is anticipated to drive competition and improve access to banking and payments services”.

The CBN also added that participants in open banking shall adhere strictly to security standards when accessing and storing data, and shall be subject to minimum privacy standards, operational standards, risk management standards and customer experience standards as prescribed by the Bank.

According to the CBN, any organization with customer data that may be transferred with other businesses in order to deliver innovative financial services within Nigeria is eligible to participate in the Open Banking ecosystem.

Open banking is a banking practice in which banks and non-bank financial organizations provide third-party financial service providers open access to customer banking, transaction, and other financial data via application programming interfaces (APIs).

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