The Nigerian Stock Exchange has ordered the full suspension of trading in Diamond Bank Plc shares.
 
This follows a receipt of final approval of the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) of the merger between Access Bank and Diamond Bank.
 
The move is premise on a Court-Ordered Meetings held on March 5, 2019 to review the proposed merger between Access Bank Plc and Diamond Bank Plc.
 
The announcement was contained in a letter by the company secretary, Uzoma Uja and published on the website of the NSE on Wednesday.
 
Read also: Nigeria to build 5,660km gas pipeline across North Africa
 
The letter stated that ‘‘The Full Suspension will enable the Bank determine the shareholders that will be entitled to receive the Scheme Consideration.
 
“Shareholders and other investors are requested to please note that following the Full Suspension of March 20, 2019 – the last trade day was Tuesday, March 19, 2019 following which there will be no further trades in the shares of Diamond Bank Plc.
 
”The Court Sanction of the Merger was obtained on March 19, 2019,’’ it added
 
The Nigerian National Petroleum Corporation (NNPC) has disclosed plans to extend the ongoing Ajaokuta – Kaduna – Kano (AKK) gas pipeline system through the Sahara to North Africa.
 
The Group Managing Director of the corporation, Dr. Maikanti Baru revealed this on Tuesday during a courtesy visit on him by the Executive of Petroleum Technology Association of Nigeria (PETAN)
 
The AKK gas pipeline which is designed to enable gas connectivity between the East, West and North of the country is currently inadequate.
 
According to Baru, the expansion plan was part of the corporation’s African integration drive to enable gas supply and utilization to key commercial centres in the Northern corridor of Nigeria.
 
Bark also noted that the Federal Government had plans to extend the West African Gas Pipeline (WAGP) to Morocco.
 
To achieve this, the country has entered an agreement with the northern African country in June 2018 to design a regional gas pipeline which would enable Nigeria to provide gas to countries in West Africa sub-region that extend to Morocco and Europe.
 
The project, Nigeria – Morocco Gas Pipeline (NMGP) would be a 5,660km design, capable of reducing gas flaring in Nigeria and encourage diversification of energy resources in the country.
 
Amidst fears that the Lagos International Trade Fair Complex might be up for sale, the Federal Government has denied such plans.
 
The government through its privatisation agency, Bureau of Public Enterprises (BPE) said it has only consulted transaction adviser for the concessioning of the complex.
 
This claims were made in a statement released on Tuesday by the Head of Public Communications of BPE, Amina Othman.
 
Othman ssid, “For the avoidance of doubt, the bureau states that the Federal Government of Nigeria through the BPE does not intend to sell the complex rather the facility would be concessioned through a competitive transaction process.
 
“It is for this reason that the government has procured the services of Messrs Feedback Infrastructure Services to advise on the way forward for the proposed concession.
 
‘’It is apt to inform the public that the bureau on Friday, March 1, 2019, met with the entire Traders’ Associations to explain the essence of the planned concession.”
 
He added that the bureau had stated in a publication on national dailies on August 23, 2017 that the lease of the property to Aulic Nigeria Limited had been terminated and the Federal government had since gained full possession since the said date.
 
He recalled, “Members of the public were, therefore, warned that ‘any purported allotment, buying, selling, letting, leasing, charging, and subdivision, construction upon or dealings in connection with the said property and parcels of land in any other manner howsoever without the written permission of the FGN represented by the BPE is unlawful, illegal, fraudulent and amounts to trespass.
 
“It further warned that any person(s) interfering with the said parcels of land ‘stand to lose their money as the FGN through the BPE will neither honour agreements, contracts nor arrangements entered into with person(s) purporting to have authority to transact the property and or parcels of land whether in the manner described or in any other manner whatsoever nor will it reimburse any monies paid in respect of such transaction”, he submitted.
 

The nation’s bourse on Wednesday reversed the three consecutive days positive trend with the market capitalisation dropping by N20 billion.

The News Agency of Nigeria (NAN) reports that the market capitalisation shed N20 billion or 0.17 per cent to close at N11.978 trillion against N11.998 trillion posted on Tuesday.

The All-Share Index lost 51.92 points or 0. 16 per cent to close at 32,121.74 compared with 32,173.66 achieved on Tuesday.

Breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers’ table, appreciating by 50k to close at N196.50 per share.

Guaranty Trust Bank followed with a gain of 35k to close at N37.95, while Access Bank increased by 10k to close at N6.10 per share.

United Capital added 5k to close at N3.30, while FBNHoldings also gained 5k to close at N8.15 per share.

Conversely, Seplat topped the losers’ table with a loss N22.10 to close at N596.90 per share.

Cement Company of Northern Nigeria trailed with N1 to close at N19, while GlaxosmithKline dipped 40k to close at N11.50 per share.

Ecobank dropped 30k to close at N13.70, while Etranzact shed 29k to close at N2.64 per share.

Zenith Bank dominated trading activities, accounting for 45.37 million shares worth N1.11 billion.

Guaranty Trust Bank followed with an exchange of 23.08 million shares valued at N872.94 million, while Fidelity Bank Plc traded 20.17 million shares worth N46.46 million.

Access Bank sold 15.61 million shares valued at N94.18 million, while Transcorp traded 13.86 million shares worth N17.54 million.

In all, the volume of shares traded closed lower by 47.96 per cent as investors bought and sold 208.60 million shares valued at N2.78 billion in 3,246 deals.

This was in contrast with 400.87 million shares worth N3.46 billion exchanged in 3,885 deals.

At least $16 billion has been lost by Nigeria in the last ten years due to the non-review of the 1993 production sharing formula with oil companies.
 
This was disclosed by the Nigeria Extractive Industries Transparency Initiative, NEITI, in its latest report released on Sunday and tagged “The Steep Cost of Inaction”, adding that the losses were recorded between 2008 and 2017.
 
The study done in conjunction with Open Oil, a Berlin-based extractive sector transparency group, found that the losses could be up to $28 billion if, after the review, the federation were allowed to share profit from two additional licenses.
 
To stem further huge revenue losses to the federation, NEITI called for an urgent review of the PSCs, adding that the review was particularly important for Nigeria because oil production from PSCs had surpassed production from Joint Ventures with PSCs now contributing the largest share to federation revenue.
 
“Between 1998 and 2005, total production by PSC companies was below 100 million barrels per year while JV companies produced over 650 million barrels per year.
 
“By 2017, total production by PSC companies was 305.800 million barrels, which was 44.32 per cent of total production.
 
“Total production by JV companies was 212.850 million barrels, representing 30.84 per cent of total production.” It said.
 
The Federal Government of Nigeria is again offering for subscription savings bonds with a tenor of two and three years, a circular on Monday from the Debt Management Office, DMO, has urevealed.
 
According to the DMO, it was authorised to receive applications for the savings bond on behalf of the Federal Government.
 
The statement also disclosed that the two-year savings bond will be due on March 13, 2021 and has an interest rate of 11.62 per cent per annum, while the three-year savings bond, which has an annual interest rate of 12.62 per cent, will be due on March 13, 2022.
 
The DMO statement also said the offer for subscription opened on Monday and will close on Friday, March 8, adding that the settlement date had been scheduled for March 13, while the coupon would be paid on June 13, September 13, December 13 and March 13, 2019.
 
The statement reads: “The bonds are offered at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 and a maximum subscription of N50m.
 
“The bonds, which are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of the country, qualify as securities in which trustees can invest under the Trustee Investment Act. Interest is payable quarterly and the bullet repayment is on the maturity date.”
 
According to the DMO, the bonds also qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds, among other investors, adding that the bonds would also be listed on the Nigerian Stock Exchange and would qualify as a liquid asset for liquidity ratio calculation for banks.
 
“Interested investors should contact the stockbroking firms appointed as distribution agents by the Debt Management Office,” the statement added.
 
The Nigerias capital market on Monday closed in the positive as Bank stocks on the Nigerian Stock Exchange, NSE, rallied to reverse some of the losses recorded in the last trading day in February.
 
Though it emerged the biggest loser on Thursday, after declining 4.56 percent, the banking sector came tops on Monday, rising by 2.66 percent.
 
This performance of the sector is attributable to the major gains recorded by Guaranty Trust Bank Plc and Zenith Bank Plc.
 
The All Share Index gained 0.95 per cent, increasing from 31,827.24 basis points on Friday to 32,129.94bps on Monday, while the year-to-date return improved to 2.2 per cent.
 
Market capitalization of stocks listed on the Nigerian Stock Exchange increased from N11.869 trillion on Friday to N11.982 trillion on Monday, as investors gained N112.9 billion.
 
Activity level, however, weakened as 228.484 million shares valued at N2.615bn exchanged hands in 3,544 deals, compared to the 341.954 million shares valued at N3.752bn that exchanged hands in 4,513 deals on Friday.
 
Top traded stocks by volume were Diamond Bank Plc (33 million units), United Bank for Africa Plc (31.1 million units) and Zenith Bank Plc (28.9 million units) while the top traded stocks by value were Zenith Bank (N703.1m), Dangote Cement Plc (N510.8m) and GTB (N391.0m).
 
Performance across sectors was majorly positive as three sectors closed on a positive note.
The banking sector saw buying interest in GTB and Zenith Bank stocks, while consumer goods sector was the second highest gainer, up by 0.43 per cent on the back of major gains recorded in International Breweries Plc.
 
Also, the industrial goods sector increased by 0.31 per cent, prodded by gains in Dangote Flour Mills Plc, Dangote Cement, Lafarge Africa Plc and Cement Company of Northern Nigeria Plc.
However, the insurance sector emerged the biggest loser for the day as a result of losses recorded in NEM Insurance Plc and Law Union and Rock Insurance Plc, while the oil and gas sector remain unchanged.
 
Investor sentiment, as measured by the market breadth (advance/decline ratio), stood at 0.3x as 25 firms gained against the 10 losers that emerged.
 
Mcnichols Plc, Cutix Plc, NPF Microfinance Bank Plc, Wema Bank Plc and Sovereign Trust Insurance Plc, were the top five gainers as their respective share prices gained 9.80 per cent, 9.76 per cent, 9.72 per cent, 9.09 per cent and 8.70 per cent.
 
The losers were led by PZ Cussons Nigeria Plc, Livestock Feeds Plc, Chi Plc, Law Union and Rock and United Capital Plc, with their share prices declining by 9.67 per cent, 8.96 per cent, 7.14 per cent, 5.45 per cent and 2.99 per cent, respectively.
 
The Federal Inland Revenue Service of Nigeria (FIRS) has disclosed that a total of N12.62 trillion was generated as revenue from  2016 to 2018.
 
This was revealed in a document made available to newsmen by the Head of Communications and Servicom Department of the agency, Wahab Gbadamosi.
 
N3.3 trillion was generated in 2016, N4.02 trillion in 2017 and N5.32 trillion was realised in 2018, making it the highest revenue generated in the last three years.
 
The document stated that this was made possible as a result of several initiatives designed by the agency to ensure a robust tax administration that is beneficial to all stakeholders.
 
It explained that non-oil tax revenue increased to N2.149 trillion in 2016, N2.5 trillion in 2017 and N2.852 trillion in 2018.
 
The document quoted the Executive Chairman of the agency, Babatunde Fowler saying the achievement was a reflection of the diversification of the Nigerian economy by the Federal Government.
 
“This does not mean that we have left behind the oil tax revenues. It grew from N1.15 trillion in 2016 to N1.52 trillion in 2017 and N2.52trillion in 2018. Non-oil tax revenue is still over in excess of the oil tax revenue.
 
“We also do collect four per cent in terms of cost of collection but only for non-oil revenue collected. On oil revenue collection, we do not get any commission and we have been able to make sure that our services are more efficient and convenient to taxpayers.
 
“This has brought about a considerable reduction in the cost of collection of actual taxes.
 
“In 2016, it was 2.6 per cent, 2017, 2.49 per cent and 2018, 2.14 per cent, meaning that our actual cost of collection is heading downwards based on the efficiency and technology that we are deploying to tax collection.
 
“Some of the ICT initiatives that we have continued to build on are the e-payment channels which make it convenient and easy to pay taxes anywhere in the world and to also download receipts of payment from any point one so desires,” he said.
 
The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has said that the volume of fraud in Nigerian banks increased to N25 billion in the last five years.
 
This was disclosed by the Protem President of the institute, Dr. Victoria Enape in Abuja on Friday at the opening of intensive training for forensic and investigative auditors.
 
She noted that the training had become necessary going by the global acknowledgment of corruption in most government and financial institution and its (corruption) rejection by the United Nation, World Bank and International Monetary Fund.
 
“Government at all levels are losing billions of Naira every day and most of these criminal cases bordering on fraud, corruption and cyber-crimes are partly because there are no forensic and investigative auditors in Nigeria to prevent fraud from taking place.
 
“The place of training of forensic and investigative auditors cannot be overemphasised because the whole world has embraced this current trend years ago which has assisted them in the fight against fraud.
 
“Chartered Institute of Forensic and Investigative Auditors is an anti-fraud organisation, saddled with the responsibility of providing skills to relevant professionals on the use of science and technology to prevent, detect and investigate fraud of all kinds.
 
“The Institute also has mechanism to block illicit financial flows in the country; it therefore becomes indispensable in Nigeria if Nigerians and the future generation must experience peace and economic development,” Enape said.
 
Enape noted that scandalous collapses, financial loses, loss of employment, investment and investors, loss of earnings and means of livelihood are some of the consequential social dislocations and risks of corruption and fraud.
 
According to her, fraud and corruption weakened the institutional capacity of governments and organisations as well as impedes trade and investment.
 
Figures from the Central Bank of Nigeria (CBN) has shown that Nigeria earned a total of N5.54 trillion from oil and gas revenue in 2018.
 
According to the figures, the N5.54 trillion revenue was earned through crude oil/gas sales, petroleum profit tax/royalties and others.
 
A breakdown of the figure revealed that the sum of N1.28 trillion was earned in the first quarter, N1.38 trillion in the second, while N1.39 trillion and N1.46 trillion were in the third and fourth quarter respectively.
 
A further breakdown of the oil receipt showed that the first quarter N1.28 trillion revenue was earned through crude oil sales of N98.21 billion; PPT/royalties, N926.33 billion; and others, N263.51 billion, while for the second quarter, the N1.38 trillion revenue was earned through crude oil sale to the tune of N109.32 billion; PPT/royalties, N841.03 billion; and others, N447.7 billion.
 
In the third quarter, N104.49 billion was earned from crude oil sales, N914.56 billion from PPT/royalties and N375.14 billion from others.
 
In the fourth quarter, Nigeria earned the sum of N103.6 billion from crude oil sales, N1.04 trillion from PPT/royalties while N317.5 billion came in from other oil revenue sources.
 
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