Zenith Bank has taken a cover on 30% of its 9mobile loan – CEO

We have taken about 30 percent … as a provision which we believe is very prudent as the company is undergoing restructuring … to prepare for a new investor, the bank chief told a conference call.

Recall that Nigerian regulators stepped in last month to save Etisalat Nigeria from collapse and prevent lenders placing the country’s fourth biggest telecoms group into receivership, prompting a board, management and name change.

The telecoms, 9Mobile, had taken out a $1.2 billion loan four years ago from a consortium of banks but struggled to repay it due to a currency crisis and a recession in Nigeria.

Although Zenith Bank has declined to disclose its total exposure to the telecoms group, a source close with the matter said the bank is the largest lender to 9Mobile.

Last week, Zenith Bank reported a pre-tax profit of 92.18 billion naira for its half year against 53.91 billion a year ago.

The bank’s shares were down 1.05 percent on Monday. Zenith Bank had announced a 0.25 naira dividend payout with its half-year results, which disappointed the market.

The local banks which participated in 9Mobile’s loan deal are: Zenith Bank GTBank, First Bank , UBA, Fidelity Bank, Access Bank , Ecobank, First City Monument Bank , Stanbic IBTC Bank and Union Bank.


The NSE All-Share Index and Market Capitalization depreciated by 0.74% to close the week at 36,646.46 and N12.631 trillion respectively. Similarly, all other Indices finished lower during the week with the exception of the NSE Main Board, NSE Banking and NSE Consumer Goods Indices that appreciated by 1.34%, 0.31% and 2.38% respectively.

A total turnover of 1.538 billion shares worth N24.218 billion in 19,187 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.394 billion shares valued at N25.037 billion that exchanged hands last week in 23,133 deals

Equity investment records highest in capitaFG faces financial uncertainty as investors shun new bond issue

Insurance stocks: Operators, NSE move to attract investors

Operators in the insurance industry and the Nigerian Stock Exchange are strategising on how to improve the value of insurance stocks and attract investors to the industry.Read more http://punchng.com/insurance-stocks-operators-nse-move-to-attract-investors/

FG moves to boost agric export via seaports

Federal Government at the weekend, said that it has put in place every infrastructure to promote the exportation of solid minerals and agriculture produce through the seaports.
Managing Director of Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman, who made the announcement at the 10th Nigeria international Maritime Ports and Terminals Expo and Conference (NIMPORT 2017) in Lagos said that the current management of NPA is working in tandem with the establishments and firms outside the country to ensure a most robust relationship for increased bilateral trade ties on a mutual basis.Read more http://sunnewsonline.com/fg-moves-to-boost-agric-export-via-seaports/

How Nigeria can attract huge investment, by SBM chief, others

For Nigeria to pull huge investment into the country, the need for government to make the incentives policies and regulatory framework more attractive and less stringent has been stressed.The Chairman, State of Mauritius Bank Group, Kee Chong Li Kwong Wing, in an interview with The Guardian during the launch of the $300million equity offering issued through the Stock Exchange of Mauritius, said Nigeria needed some facilitation and incentives to make it become more attractive for investment.Read more http://guardian.ng/business-services/how-nigeria-can-attract-huge-investment-by-sbm-chief-others/

Bear dominance to continue this week

THE downward trend in the equities market will continue this week amidst bargain hunting and profit taking activities, capital market operators have said.They noted that the strength of sell pressure over buy pressure will guide the equities index lower in the absence of fundamental drivers to determine investors’ sentiment.Read more at: https://www.vanguardngr.com/2017/08/bear-dominance-continue-week/

10 Commercial Banks Rake In N26.8bn As Account Maintenance Fee

A total of 10 commercial banks that include Zenith Bank Plc, Access Bank Plc, United Bank for Africa Plc (UBA) have reported N26.8 billion on current account maintenance fee in six months. Others are Guaranty Trust Bank Plc, First Bank of Nigeria Holdings Plc, Sterling Bank Plc, FCMB Group Plc, Diamond Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc.Read more http://leadership.ng/2017/08/28/10-commercial-banks-rake-n26-8bn-account-maintenance-fee/

$14.1b forex deals attract investors

Foreign investors’ confidence in the economy is rising. The feat is attributed to the $14.1 billion combined foreign exchange (forex) deals from the Investors’ & Exporters’ FX Window – I&E FX Window- and the Central Bank of Nigeria’s (CBN’s) weekly dollar interventions, The Nation has learnt.

Read more http://thenationonlineng.net/14-1b-forex-deals-attract-investors/

Despite price slump, banks prefer oil sector to manufacturing, agriculture

An analysis of sectoral allocation of banking sector credit from 2015 to date has shown that banks pump more money into oil and gas than the manufacturing and agriculture sector.This is even as the Federal Government is intensifying efforts to diversify the economy away from oil and focus more on the non-oil sector of the economy.Read more https://www.dailytrust.com.ng/news/business/despite-price-slump-banks-prefer-oil-sector-to-manufacturing-agriculture/211778.html

FG faces financial uncertainty as investors shun new bond issue

Uncertainty is growing in Nigeria’s bond market as falling investor demand combines with rising yields at a time that Africa’s largest economy is financing a record budget for the second year running. Higher yields on Government bonds failed to attract buyers at the Federal Governments (FG) last bond auction, as bears shunned the sale, betting…Read more http://www.businessdayonline.com/fg-faces-financial-uncertainty-investors-shun-new-bond-issue/


In February 14, 2014, The Central Bank of Nigeria through the Banker Committee and in collaboration with all banks in Nigeria launched a centralized bio-metric identification system for the banking industry tagged Bank Verification Number (BVN).
Are you looking for how to check Bank Verification Number (BVN) on your mobile phone without having to visit your bank’s branch? or Do you need to know your Bank Verification Number (BVN) with your mobile device using USSD code?
This post, on How To Check Your Bank Verification Number (BVN) with your mobile smartphone Via USSD Code For MTN, Etisalat, Glo and Airtel will answer all your questions about Bank Verification Number (BVN).

The Benefits Of Bank Verification Number (BVN) in Nigeria

  • BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank).
  • Offers great security to your bank account across all banks.
  • It will address issues of identity theft, thus cut exposure to fraud.
  • The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers.
  • The Customers BVN is accepted as a means of identification across all Nigerian Banks.
Currently, most banks will not allow you perform any transaction on your account if it is not linked to a Bank Verification Number (BVN). Transaction like;
  • Transfer funds from one account to the other.
  • Withdrawal through ATM or Withdrawal slip.
  • All online transactions.
  • and many more.
Note: You do not need internet access to perform this operations to check your Bank Verification Number (BVN) Via Your mobile smartphone.

How To Check Your Bank Verification Number (BVN) Via USSD Code For MTN, Etisalat, Glo and Airtel

  • Dial *565*0# with your mobile smartphone.
  • and Nigeria Inter-Bank Settlement System (NIBSS) will send you the BVN associated with your mobile phone number.
Note: Make sure you dial this USSD Code with the phone number you used to open your bank account and is used to check your bank account balance via mobile USSD Code.

How To Enroll For BVN Through Any Banks in Nigeria

You only need to follow this simple 5 quick steps on how to register for Bank Verification Number (BVN) in Nigeria

  • Enter any bank branch of your choice.
  • Request, fill and submit their BVN enrolment form.
  • Present yourself for data capturing (such as Fingerprint, facial Image etc)
  • An acknowledgment slip with the transaction ID would be issued to you right away.
  • In less than 24 hours, you should get a message showing you your new BVN. Now, you can now link BVN with all your bank accounts.

SEC to begin phasing out Annual Reports before March 2018

The Securities and Exchange Commission, SEC, has said that more than N1 billion will be saved annually by listed companies as a result of the plan to stop the printing of Annual Reports and Accounts. The Commission also confirmed that telecom provider, MTN Group, is still on course to list its shares on the Nigerian Stock Exchange, NSE, alongside other Initial Public Offers, IPOs, being expected. The Director General of SEC, Mounir Gwarzo, who disclosed these at the post third quarter Capital Market Committee, CMC, press briefing in Lagos, yesterday informed that besides institutional investors, 98 per cent of other shareholders do not get their Annual Reports before the Annual General Meeting, AGM, of their companies. He, however, said that electronic version and hard copy of the Reports would be issued concurrently at the initial stage of phasing out the hard copy version of Annual Reports before the first quarter CMC meeting in March, 2018 when the progress made would be assessed. Gwarzo said that in order to carry every minority shareholder along, company secretaries still have the responsibility of depositing the Annual Report and Accounts with shareholder groups to help their members who might have limitation accessing them online do so through their various groups. He stated: “Presently, some companies have more than one million shareholders and you can imagine the cost of printing annual reports for them. We think it is better for the investors because he is going to have access to the electronic copy and also on the part of the company. How should we be doing something for the past 50 years and it is not adding value to the investors and the companies. Even for the benefit of change, let’s change and see how it is going to help us.” On the listing of MTN, he said: “The conversation is back again. Initially, we had conversation with them early in the year where they shared with us some of their noble ideas and we provided what we think will be more appropriate, especially how we think the retail investors should be captured. It took them some time before they accepted our suggestions. In the last two or three months, they are back again and they want to do it through electronic means. I believe they are still on course.” Gwarzo stated that in line with the Commission’s resolve to ensure seamless operation of capital market, the Commission has come up with e-capital market registration system form, which would integrate direct cash settlement and e-dividend mandate form into one. Going forward, he said that Know Your Customer, KYC, initiative in the capital market would include BVN, even as he said that the Commission is committed to using BVN as ultimate means of identification in the market. He restated that 2.1 million investors have mandated their accounts through e-dividend as at July 31, 2017, while 432,000 out of the number have unique BVN numbers. “The total number of 2.1 million investors that have mandated their accounts have not changed. What has changed is that we have made progress in terms of getting the unique BVN numbers, which is very central. The 2.1 million investors are those that have mandated their accounts; not necessarily those that have BVN. “What we have been doing from the last CMC till today is working so hard to extract those unique ones, which is ultimately what we are going to work with, but we have to start from asking people to mandate their accounts and then go to the next stage of extracting the vital data. That is the progress we have made,” he said.

Deals on NSE hit N97.08bn in July

Investors on the Nigerian Stock Exchange (NSE) exchanged 8.66 billion shares valued at N97. 08 billion transacted in 89,911 in July, the News Agency of Nigeria (NAN) reports.

A monthly data obtained by NAN from the NSE showed that the turnover increased by 12.32 per cent when compared with 7.71 billion shares worth N77. 92 billion traded in 100,895 in June.

The Financial Services sector was the toast of investors with 7.45 billion shares valued at N68. 24 billion transacted in 51,991 deals.

United Bank for Africa (UBA) was the most active in the sector having accounted for 2.96 billion shares worth N28 billion in 5,814 deals.

It was trailed by FBN Holdings with 597.61 million shares valued at N3.57 billion transacted in 7,816 deals.

A further breakdown of the month’s activity chart indicated that conglomerates industry came third with a turnover of 432.97 million shares worth N895.02 million in 4,249 deals.

Transcorp was the toast of investors in the sector, accounting for 412.99 million shares valued at N601.78 million achieved in 3,276 deals, while UACN sold 17.11 million shares worth N290.42 million in 833 deals.

Consumer Goods sector traded 346.18 million shares worth N15.02 million in 14,083 deals.

TSA: Fed govt withdraws suit against 7 banks, cites public interest

The Federal Government on Tuesday at the Federal High Court sitting in Lagos filed an application seeking to withdraw its suit against seven banks accused of violating the Treasury Single Account (TSA) policy.

The News Agency of Nigeria (NAN) reports that the seven banks are Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank, Sterling Bank and the defunct Keystone Bank (now Heritage Bank).

The Federal Government had alleged that the banks connived with some government agencies to illegally conceal 793.2 million dollars meant to have been transferred to the TSA domiciled in the Central Bank of Nigeria (CBN).

The government had in the suit alleged that 367.4 million dollars was illegally hidden by three government agencies in UBA, while 41 million dollars was illegally kept in a NAPIMS fixed deposit account with Skye Bank.

Another 277.9 million dollars was allegedly hidden in Diamond Bank, 18.9 million dollars in First Bank, 24.5 million dollars in Fidelity Bank, 17 million dollars in Keystone Bank and 46.5 million dollars was kept in Sterling Bank.

The funds were alleged to be revenues, donations, transfers, refunds, grants, taxes, fees, dues, tariffs etc accruable to the Federal Government from different ministries, departments, parastatal agencies.

Justice Chuka Obiozor had on July 20 granted an interim order in favour of the Federal Government, directing that the seven banks should temporarily remit the funds to the TSA.

The court then adjourned until Aug. 8 for the banks to show cause why the interim order should not be made permanent.

At resumed proceedings on Tuesday, the Counsel to the Federal Government, Prof. Yemi Akinseye-George (SAN), said he had been instructed by the Attorney-General of the Federation to discontinue the case in the “overall interest of the public”.

Urging the court to strike out the suit, Akinseye-George said,“It is not out of weakness that the Federal Government is withdrawing this case; the banks are corporate citizens and we are interested in the well-being of everybody.”

However, the banks through their counsel, claimed that the Federation Government’s allegation against them was false.

They had noted that they had already been unjustly disparaged and urged the judge not to merely strike out the suit but to dismiss it and award at least N20 million cost against the Federal Government.

The banks said that any case struck out could be re-filed while a case that is dismissed could no longer be re-filed.

The Counsel to the banks, including Mr Seyi Sowemimo (SAN) and Mrs Abimbola Akeredolu (SAN), took turns to argue that the proper order that the court ought to make in the circumstances of the case was to dismiss the suit and not strike it out.

In her submission, Akeredolu, representing Sterling Bank Plc, said that the Federal Government decided to withdraw the case having realised that it was filed in error.

“My Lord should not allow the instrumentation of the law to be used as a vehicle of mischief and nobody is above the law, even the Federal Government of Nigeria.

“We are praying the court to make an order for a meagre cost of N10 million against the plaintiffs,” Akeredolu said.

The Counsel to Keystone Bank, Mr Babatunde Ogungbamila, however, insisted on a cost of N20 million against the Federal Government, saying his client had suffered a substantial damage to its reputation.

“They have destroyed the reputation of our banking industry and they did this recklessly because the fundamental economic underpinning of this country was actually targeted.,”

Countering their arguments, Akinseye-George argued that the parties had yet to join issues because the Federal Government had yet to respond to the court processes filed by the banks.

He added that the Federal Government came to court early enough before the maturation of time to argue on the substantive suit.

Akinseye-George added that the banks were not entitled to any cost because they did not file any affidavit to particularise the nature of the damage they claimed to have suffered.

He urged the court to discountenance their arguments and strike out the suit as prayed by the Federal Government rather than dismiss it.

“The suit is not being withdrawn because it lacked substance or baseless but because it was in the overriding interest of the public to do so,” Akinseye-George said.

Justice Obiozor adjourned the case until Aug. 9 for ruling

Microsoft Paint Is Dead, Won’t Be On Windows 10

Microsoft save MS Paint (Twitter)
Microsoft save MS Paint (Twitter)

Microsoft horrified the world this week when it revealed it would be scrapping Paint after 32 years.

Part of Windows’ operating system since it’s launch in 1985, the Paint app had managed to survive other advancements in technology for over three decades. That was until this week, when the company revealed that it wouldn’t be a default feature of Windows 10.

Cue the breakdown of millions would had grown up creating masterpieces on the 2D platform, with some of their best work save for the touching Paint based farewells.

Here are some of the best:

After sending shockwaves round the world, Microsoft thankfully did a huge U-turn and in a blog on Monday to “clear up some confusion” and insisted Paint would just be moving home.

They revealed while Paint3D, a new version of the feature, would be the default application for Windows 10 – it wasn’t the end of the line for the original Paint. Users would just have to download it – for free – from the Windows Store.

They wrote: “Today, we’ve seen an incredible outpouring of support and nostalgia around MS Paint. If there’s anything we learned, it’s that after 32 years, MS Paint has a lot of fans. It’s been amazing to see so much love for our trusty old app. Amidst today’s commentary around MS Paint we wanted to take this opportunity to set the record straight, clear up some confusion and share some good news.

“MS Paint is here to stay, it will just have a new home soon, in the Windows Store where it will be available for free.”

We’re still not completely happy that Paint won’t be a default feature, but at least it’s not dead entirely.

And it’s consoling to know that Paint isn’t the only app Micrsoft have been toying with. Microsoft Minesweeper has also been relegated to the app store as a feautre you have to download.

Unilever Nigeria Applies to Raise N58.9bn Via Rights Issue

If successfully raised, it will amount to N58.85 billion, which is lower than the N63 billion approved by the shareholders at the last annual general meeting (AGM) in Lagos.

The directors had proposed to shareholders at the AGM to approved that the authorised share capital of the company be increased to N5 billion (from N3.03 billion) by the creation of additional 3.95 billion new ordinary shares of 50 kobo and to raise up to N63 billion by way of Rights Issue, subject to obtaining regulatory approval.

The funds would be used to finance short term bank borrowings and enhance its operations among other reasons. Unilever Nigeria had increased its revenue by 17.8 per cent from N59 billion recorded in 2015 to N69 billion while Profit After Tax (PAT) jumped by 157 per cent from N1.19 billion in 2015 to N3.07 billion in 2016.

Addressing shareholders at the 92nd AGM, the Chairman of Unilever Nigeria, His Majesty Nnaemeka Achebe, theObi of Onitsha said that the company has once again demonstrated business resilience under very difficult circumstances. He asserted that the company’s performance showed its commitment to grant shareholders returns on their investments

“The company’s performance for the year ended 31 December 2016 showed sustained growth and resilience even under depressed economic conditions. Although Unilever Nigeria has not been insulated from the tough economic environment, we have remained focused on our short and long term growth ambitions with strong emphasis on operational intensity, cost efficiencies, growing market share across key categories as well as reinvesting behind our iconic brands,” he said.

He noted that even in this period of economic downturn, Unilever Nigeria is dogged about ensuring sustained and steady growth in the company’s operations to achieve improved returns on investments.

CLICK HERE  to search for and  download your UNILEVER RIGHT ISSUE FORM.

Oando’s H1 profit rises by 117%

Oando Plc has reported a growth in profit-after-tax by 117 per cent to N4.6bn for the first half of 2017, compared to a loss of N26.9bn posted in the corresponding period of 2016.

 Thus, for the third time in a row, the oil major has posted positive financials defying speculations and bolstering confidence in the oil and gas sector.

For the half-year ended June 30, 2017, its turnover increased by 26 per cent to N267.1bn from N212.3bn; gross profit increased by 76 per cent to N33.4bn from N19bn; and net finance costs more than halved to N16.4bn from N35.3bn.

In its financial year-end 2016 results, the company had declared N3.5bn PAT, and in the first quarter of 2017, Oando posted N1.7bn PAT.

Amid the sectorial challenges, the company in a statement on Monday said it had continued to wax strong, adding that, “These numbers are indicative of the company’s ability to manoeuvre the cyclical nature of the sector by adapting quickly to continued low oil prices.

“Oando has done this through the successful implementation of its corporate strategic initiatives of growth, deleverage and profitability alongside its renewed focus on its dollar earning businesses.”

Commenting on the company’s financials, the Group Chief Executive, Oando Plc, Mr. Wale Tinubu, said, “With security concerns in the Niger Delta receding, Nigeria’s economic recovery has been buoyed by a boost in oil output, while the legislative approval of certain segments of the Petroleum Industry Bill provides greater long-term policy certainty for the sector. Our returns underline our continued successful foray into the upstream.”

The company, therefore, stressed that the approval of the Petroleum Industry Governance and Institutional Framework Bill was set to further improve the sector, adding that the anticipated fall out of the PIGB was a more efficiently regulated oil and gas industry and a conducive business environment for sector players.

Tinubu added, “We remain committed to optimising our overall production base, seeking unique profit-driven opportunities to further partner the International Oil Companies, while firming up our balance sheet to provide greater shareholder value.”

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