Despite growing economic uncertainties and rising inflation rate in Nigeria, stock investors pocketed N1.672 billion in gains last week.
During the week, investors traded a total of 2.451 billion shares worth N40.570 billion in 37,959 deals, against a total of 1.446 billion shares valued at N25.418 billion that exchanged hands in 28,933 deals in the previous week.
The Financial Services Industry led the activity chart with 1.480 billion shares valued at N21.160 billion traded in 16,671 deals. Therefore, contributing 60.39% and 52.16% to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 354.911 million shares worth N1.214 billion in 2,917 deals.
The third place was the ICT Industry, with a turnover of 175.216 million shares worth N8.218 billion in 3,759 deals.
Japual Gold & Ventures Plc, United Bank for Africa Plc and Fidelity Bank Plc were the most traded equities during the week under review. Together, the three equities accounted for 835.584 million shares worth N8.631 billion in 5,514 deals and contributed 34.09% and 21.27% to the total equity turnover volume and value, respectively.
The NGX All-Share Index appreciated by 4.56% to close the week at 70,196.77 index points, up from 67,136.58 index points recorded in the previous week while the market value of all shares grew by N1.672 billion to N36.885 trillion from N38.557 trillion.
Similarly, all other indices finished higher while the NGX ASeM and NGX Oil and Gas indices
Sixty-three equities appreciated in price during the week higher than thirty-nine equities in the previous week. Twenty-nine equities depreciated in lower than fortytwo in the previous week, while sixty-four equities remained unchanged, lower than seventy-six recorded in the previous week.
Federal Government Clears $120m Debt to Gas Companies Amid Nigeria’s Power Crisis
Amidst Nigeria’s persistent power crisis, the Federal Government has taken a pivotal step forward by clearing a significant portion of its debt to gas companies.
A sum of $120 million has been paid out of the country’s $1.3 billion indebtedness to gas suppliers, offering a glimmer of hope for improved energy stability across the nation.
The Minister of Power, Chief Adebayo Adelabu, underscored the critical role of gas in power generation and highlighted how the mounting debts had severely hampered gas supply to electricity-generating companies, exacerbating the country’s electricity shortfall.
Nigeria heavily relies on thermal power plants fueled by gas for over 70% of its electricity needs, making the timely settlement of gas debts paramount for enhancing power generation capacity and addressing the nation’s energy deficit.
Addressing delegates at the 7th Nigeria International Energy Summit in Abuja, the Director of the Decade of Gas Secretariat, Ed Ubong, expressed optimism about the government’s progress in offsetting its financial obligations to gas producers.
He emphasized the importance of aligning gas and power sectors to foster sustainable energy solutions.
As Nigeria grapples with the multifaceted challenges plaguing its energy landscape, the government’s commitment to settling outstanding gas debts marks a pivotal stride towards revitalizing the country’s power infrastructure and ensuring reliable electricity access for its citizens.
Nigeria Insurance Corporation Reimburses Depositors of 179 Closed Microfinance and Four Mortgage Banks
The Nigeria Insurance Corporation (NDIC) has announced the successful reimbursement of depositors affected by the closure of 179 microfinance banks and four mortgage banks across the country.
The reassuring news came during the 45th Kaduna International Trade Fair, where NDIC’s Managing Director, Dr. Bello Hassan, explained the corporation’s unwavering commitment to safeguarding depositors’ funds amidst financial uncertainties.
Dr. Hassan, represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, highlighted the corporation’s proactive measures in protecting the interests of depositors.
The introduction of the Single Customer View framework has expedited the process of reimbursing depositors of liquidated banks, ensuring swift and transparent transactions.
The corporation’s collaboration with the judiciary has yielded positive results, facilitating the speedy prosecution of failed insured banks and resolving long-standing cases of bank liquidations like Fortune and Triumph Banks.
This concerted effort has significantly enhanced the debt recovery rate, enabling NDIC to declare full liquidation dividends to uninsured depositors of over 20 deposit money banks.
Furthermore, NDIC has embraced digital remote payment strategies, streamlining electronic funds transfers to verified depositors’ alternate bank accounts.
The introduction of the ‘Deposit Tracer’ initiative in partnership with mobile operators aims to address apathy among depositors with small balances, providing accessible avenues for claiming funds trapped in closed banks.
The initiatives underscore NDIC’s proactive stance in safeguarding depositors’ interests and ensuring financial stability in Nigeria’s banking sector.
85.51 Million Nigerian Bank Customers Face Withdrawal Freeze Over NIN, BVN Deadline
As the March 1 deadline looms, an estimated 85.51 million Nigerian bank customers are facing the possibility of frozen accounts due to their failure to link their National Identification Numbers (NINs) and/or Bank Verification Numbers (BVNs) to their accounts.
Recent findings reveal the potential scale of the impending banking crisis.
Data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that Nigeria had approximately 146 million active individual bank customers as of December 2022.
However, by January 26, 2024, only 60.49 million BVNs were recorded on the NIBSS portal, leaving a significant portion unlinked.
Meanwhile, about 104 million NINs had been issued by December 2023, highlighting the disparity between NIN issuance and BVN linkage.
The Central Bank of Nigeria (CBN) had earlier issued directives to banks, mandating them to restrict transactions on accounts lacking linked NINs and BVNs, with effect from March 1, 2024.
Any accounts found non-compliant risk being designated as ‘Post no Debit,’ rendering them unable to process further transactions.
Responding to the impending crisis, the Director-General of the National Identification Management Commission (NIMC), Abisoye Coker-Odusote, emphasized the need for the revalidation of Front-End Partners (FEPs) to ensure the integrity of the identity database.
She underscored the importance of NIN registration and urged collaboration with various stakeholders to expedite the process.
The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, reiterated the significance of linking NINs to SIM cards to enhance national security.
Telecom subscribers were urged to comply with the NIN-SIM linkage directive to avoid service disruptions.
Meanwhile, financial service providers like Opay have issued reminders of the impending restrictions, urging customers to comply with the linkage requirements.
Amidst concerns, some customers contemplate transferring funds to compliant accounts to avoid potential financial setbacks.
As the deadline approaches, stakeholders are intensifying efforts to mitigate the impact of the impending banking crisis on millions of Nigerians.
Naira4 days ago
Black Market Dollar to Naira Exchange Rate Today, February 26th, 2024
Forex4 weeks ago
Dollar to Naira Black Market Exchange Rate February 1st, 2024
Forex4 weeks ago
Dollar to Naira Black Market Exchange Rate February 2nd, 2024
Banking Sector4 weeks ago
CBN Accuses Banks of Hoarding $5 Billion in Foreign Currencies
Naira4 weeks ago
Dollar to Naira Black Market Today, February 5th, 2024
Forex3 weeks ago
CBN Mandates Nigerian Banks to Pay International Transfers in Naira
Naira3 weeks ago
Dollar to Naira Black Market Today, February 6th, 2024
Naira3 weeks ago
Dollar to Naira Black Market Today, February 8th, 2024