Business News in Brief

SEC Suspends Trading in Oando Shares

The Securities and Exchange Commission (SEC) has directed the Nigerian Stock Exchange (NSE) to suspend trading in the shares of Oando Plc effective from Wednesday.

The suspension which will last till 20 October is a prelude to the technical suspension of the company shares.

A full suspension is the halt of trading activities in a listed security for a period.

GTBank Records ₦125.58b Profit in Third Quarter

Guaranty Trust Bank (GTB) Plc on Wednesday posted profit of N125.58 billion for the third quarter ended Sept. 30, 2017.

This is according to the bank’s third quarter result released by the Nigerian Stock Exchange (NSE), the News Agency of Nigeria reports.

The report showed that the profit represented a growth of N8.49 billion or 7.21 per cent as against N117.08 billion achieved in the corresponding period of 2016.

Its profit before tax rose to N150.03 billion from N137.99 billion recorded in the preceding period of 2016.

NIPOST to Introduce Banking Service

The Nigeria Postal Service (NIPOST) will soon introduce agency banking service in addition to the re-introduction of money order to its clients.

Mr Godwill Magulike, the District Manager of NIPOST in Kwara state, told the News Agency of Nigeria (NAN) in Ilorin recently that the introduction of agency banking will enable Nigerians send money abroad beside its courier services.

He said that the agency had introduced series of products aimed at reviving the postal system and increasing patronage.

Diezani Allison-Madueke to Forfeit 56 Houses

A Federal High Court in Lagos on Wednesday ordered the final forfeiture to the Federal Government of 56 houses situated in Lagos, Port Harcourt and Abuja linked to a former Minister of Petroleum Resources, Diezani Allison-Madueke.

The value of the properties was put at 22 million dollars.

The forfeited properties include 21 mixed housing units of eight four-bedroom penthouse apartment, six three-bedroom apartments, two three-bedroom apartment and one four-bedroom apartment.

Ghost Workers: FG’s Savings Hit ₦120b

The Federal Government on Tuesday put the cumulative savings from checking the ghost workers’ syndrome through the Integrated Payroll and Personnel Information System (IPPIS) at N120 billion

Accountant General of the Federation (AGF), Mr Ahmed Idris, said this in Abuja in a presentation on the impact of financial reforms on the Nigerian economy, at the 22nd Annual Conference of Certified National Accountants.

Buhari Appoints Board Members for FERMA

A former Deputy Governor of Central Bank of Nigeria (CBN), Mr. Tunde Lemo, has been appointed as Chairman of the 13- member governing board of Federal Roads Maintenance Agency (FERMA).

President Muhammadu Buhari approved the appointments of the members of the board.

Mr. Mohammed Nakorji, assistant director press in the office of the Secretary to the Government of the Federation (OSGF) announced the appointments on Friday in Abuja.

Nigeria Cuts Treasury Bill Yields at Auction as Investors Pour in Cash

Nigeria lowered the yields it offered at a treasury bill auction on Wednesday to raise 130 billion naira ($425.3 million) after investors submitted bids four times in excess of the amount it wanted to sell, traders told Reuters on Thursday.

The Debt Management Office (DMO) sold 129.77 billion naira in 91-day, 182-day and 364-day bills at the auction but received bids totalling 526.36 billion naira.

Lawmakers to Probe State Oil Firm Corruption Allegations

Nigerian lawmakers have set up a committee to investigate allegations of corruption at the state oil company contained in a letter from the minister of state for petroleum.

In the letter from Emmanuel Ibe Kachikwu to President Muhammadu Buhari, dated Aug. 30 and confirmed by the oil ministry, the minister said the conduct of the head of the Nigerian National Petroleum Corporation (NNPC) lacked transparency.

Guinness Nigeria's $126m Share Sale Oversubscribed

Guinness Nigeria’s 39.70 billion naira ($126 mln) share sale to existing shareholders was 116 percent subscribed, the company said on Wednesday.

The brewer, the local unit of the world’s leading spirit maker Diageo, said in a statement it sold five new shares from the company to shareholders for every 11 held, at 58 naira each, Reuters reports.

The company, which is 54 percent owned by Diageo, said two shareholders applied for 50 million shares and above during the rights issue.

Emerging Market Inflows Fall to Lowest since January –IIF

Foreign investors cut capital flows to emerging market debt and equities in September for the second straight month, reducing inflows to $14.5 billion as caution about the U.S. Federal Reserve’s path of interest rate hikes has slowed flows, a survey from the Institute of International Finance showed on Tuesday.

The estimate marks the lowest level of inflows since January’s $13.2 billion reading and is a little more than $1 billion lower than August’s levels, Reuters reports.