| Punch
2017 budget: Reps raise concerns over 15% capital releases Members of the House of Representatives are unimpressed with what they term “poor capital releases” for the 2017 budget just as President Muhammadu Buhari is set to lay the 2018 estimates before the National Assembly. BVN court ruling: Bank heads to meet, Nigerians in diaspora kicks Company secretaries and legal teams of 19 Deposit Money Banks in the country will on Tuesday hold an emergency meeting to fashion out modalities to comply with a court order directing commercial banks to freeze bank accounts without the Bank Verification Number and publish names and details of the customers. The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year. Kaduna refinery dormant, PH, Warri producing below 30% — NNPC The latest monthly oil and gas report released by the national oil firm showed that the cumulative capacity utilization of the nation’s three refineries dropped further from 12.73 per cent in June to 11.94 per cent in July 2017. Skye Bank, First Bank to take over Evans Medical Evans Medical Plc, on Friday, informed its shareholders and other stakeholders as well as the Nigerian Stock Exchange of the move by Skye Bank Plc and First Bank of Nigeria Limited to take over the company. This Day Dangote Cement Controls 65% Market Share Dangote Cement, with plants spread across Africa, has maintained its dominance in the Nigeria domestic cement market accounting for 65 per cent of the Nigerian market volume. CBN Sells N140bn Treasury Bills The Central Bank of Nigeria (CBN) last week auctioned treasury bills worth N133.79 billion via primary markets. Nigeria’s Fixed Income Market Records N103 Trillion in 9 Months The value of investments in the Nigerian fixed income market in the first nine months of 2017 is put at N102.88 trillion. MTN, Airtel, ntel, 13 Other Firms Scramble for 9mobile The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, promises to be very competitive, as 16 firms have submitted expressions of interest (EoIs) to Barclays to bid for 9mobile. DMO Clarifies Position on $5.5bn Proposed External Capital Raising The Debt Management Office (DMO) has clarified the plans of the federal government to source funds from the international financial markets. Vanguard CCNN Plc: Stock rebounds, but below expectations In a series of rebounds recorded by early birds in the nine-months 2017 financial results season, stocks of Cement Company of Northern Nigeria Plc, CCNN, returned to double digit last weekend on the strength of the impressive results it announced that day. Lafarge rebounds to profitability, to list N25bn commercial paper this month Lafarge Africa Plc has returned to profitability and has concluded plans to issue N25billion in Commercial Papers from a 60billion programme in October and list on the Financial Market Derivative Quote. Wema Bank secures shareholders approval for capital reduction Shareholders of Wema Bank Plc have approved the plan by the bank to reduce its share premium capital by N40.172 billion to N8.698 billion from N48.870 billion. The Nation NSE downgrades 7-Up from special pricing status The Nigerian Stock Exchange (NSE) has downgraded Seven-Up Bottling Company Plc from its special pricing status category following the depreciation in share price of the company. World largest brewer gets shareholders’ approval to merge Nigerian subsidiaries Shareholders of three Nigerian subsidiaries of Anheuser-Busch InBev have approved the plan by the world largest brewer to merge and consolidate its Nigerian businesses under a publicly quoted entity. Guardian Zenith, others lift NSE’s volume as investors stake N14b in equities Heavy transactions in the shares of some banks, especially GTBank and Zenith Bank, last week, lifted the volume of shares traded. Reuters BW Offshore wins 4-year contract extension offshore Nigeria: Sendje Berge Limited, a subsidiary of BW Offshore Limited, has now agreed terms of a contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd on the Okwori field offshore Nigeria which have been duly submitted to relevant Nigerian Authorities for their review and approval.
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