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NSE Places Diamond Bank Shares on Full Suspension

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  • NSE Places Diamond Bank Shares on Full Suspension

The Nigerian Stock Exchange has said the ongoing merger scheme between Access Bank Plc and Diamond Bank Plc would result in the delisting of Diamond Bank from the daily official list of the Exchange.

The NSE, on Wednesday, placed the shares of Diamond Bank on full suspension, following the final approval of the Central Bank of Nigeria and the Securities and Exchange Commission on the proposed merger with Access Bank.

The banks received the court sanction on the merger on Tuesday, making it the official date of the merger.

The NSE said in a statement that the full suspension of trading in shares of Diamond Bank was on the back of the court sanction of the merger scheme that was received by the banks.

The statement read in part, “Trading in the shares of Diamond Bank has been placed on full suspension on the Nigerian Stock Exchange with effect from March 20, 2019.

“The suspension is required to prevent trading in the shares of the bank in order to determine the bank’s shareholders, who will qualify to receive the scheme consideration as the bank obtained the court sanction of the scheme on March 19, 2019, being the effective date of the scheme.”

It added that the bank’s shareholders passed a resolution approving the merger with Access Bank at the court ordered meeting of the bank held on March 6, 2019.

Diamond Bank said in a separate statement that shareholders and other investors were requested to note that following the full suspension on March 20, which was the last trade day, there would be no further trades in the shares of Diamond Bank Plc.

The Chief Executive Officer, Access Bank, Mr Herbert Wigwe, said the resulting entity from the merger would maintain the brand name Access Bank but with Diamond Bank colours.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfilled the condition attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Finance

Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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Finance

CBN Maintains 11.5 Percent Monetary Policy Rate, Leaves Other Ratios Unchanged

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The Central Bank of Nigeria led Monetary Policy Committee (MPC) has left the interest rate unchanged at 11.5 percent to further stimulate activities in the real sector of the economy.

Godwin Emefiele, the Governor of Central Bank of Nigeria disclosed this at the end of the MPC meeting on Tuesday in Abuja.

He said other parameters, the Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor, were left unchanged.

According to the Governor, the committee voted unanimously to maintain the current monetary policy and attributed the surge in inflation to structural policies, the increase in pump price and the recent #EndSARS protest.

Highlights of CBN-MPC’s  Decision

  • MPR was kept at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • Liquid Ratio was also kept at 30%

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