- CBN Sells N40bn Treasury Bills
The Central Bank of Nigeria said it had raised N39.72bn ($130.57m) at a Treasury bill sale, with yields unchanged on the previous auction.
The central bank sold N13.17bn of three-month paper at 14 per cent, the same yield as on December 14, and sold N26.55bn of six-month paper at an also unchanged 17.5 per cent, Reuters reported.
The auction was sparsely subscribed with total demand of N42.68bn, the CBN said on its website on Friday.
The CBN issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation, and provide naira to help the government fund its budget.
Meanwhile, the currencies of Uganda, Kenya and Zambia seen trading sideways last week, will continue till next Thursday as most investors closed positions ahead of the end of the year while Nigeria’s naira is seen weaker as a dollar shortage persists, according to traders.
The Uganda shilling is set to trade weaker over the next few days as commercial banks exert demand to square positions as the year nears its close.
The Kenyan shilling will likely hold its position this week amid continued vigilance from the central bank, according to traders.
Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move
Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.
Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.
He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.
“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”
It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.
AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt
The Asset Management Corporation of Nigeria has taken over the assets of Dr. John Abebe, the Chief Promoter of Inducon Nigeria Limited over N1.3 billion debt.
According to a statement signed by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, and titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ the decision followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.
“In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.
“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.”
The asset management corporation said the case of Dr. John Abebe and Inducon Nigeria Limited started shortly after the loan was procured by AMCON in 2011 during the first phase of Eligible Bank Asset purchases from the defunct FinBank, Now FCMB.
CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings
The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N14.35 billion to the Distribution Companies of Nigeria (DisCOs) for the payment of 263,860 meters under the National Mass Metering Programme (NMMP).
In November 2020, the Federal Government announced that it would make funds available for 1 million meters in the first phase of President Buhari Mass Metering Initiative at no cost to consumers.
Between November 2020 and January 2021, the Federal Government through the CBN has disbursed N14.35 billion.
However, according to the apex bank DisCOs must pay back the amount disbursed based on the previously agreed amortisation schedule.
“The facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the CBN stated.
“The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.”
A week ago, the Ibadan Electricity Distribution Company (IBEDC) announced it has commenced the distribution of 104,0000 free meters in Ibadan, Oyo State.
This, the IBEDC said was under the ongoing National Metering Scheme of president Muhammadu Buhari.
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