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Nigeria Cancels License of 42 Microfinance Banks

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The Central Bank of Nigeria (CBN) has cancelled the operating licenses of 42 microfinance banks.

Nigeria Deposit Insurance Corporation (NDIC) announced this measure in a post on its website titled ‘Notice of closure of 42 microfinance banks’.

It further stated that, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the underlisted 42 microfinance banks have been revoked by the Central Bank of Nigeria effective from 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks, whose licences were recently revoked, is in the process of closing the listed banks and paying their insured depositors.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

The NDIC listed the names and addresses of the affected MfBs as:

Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja; Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State;  Gufax MFB,  Uyo, Akwa Ibom State, Partnership  MFB, Onitsha, Anambra State; ICB MFB, Ilah, Delta State;  Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.

Others are Ringim MFB, Ringim,  Jigawa State; Bigthana MFB, Ali Akilu Road,  Kaduna; Rogo MFB, Rogo LGA, Kano State; Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji  L.G.A., Kano State;  Ajingi MFB, Ajingi LGA, Kano State; Garko MFB,  Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State; Mopa MFB, and Mopa, Kogi State.

Others are Solid Base MFB, Ijumu  LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB,  Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa, Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.

Also on the list are Metro  MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State;  Korede MFB, Igbotako, Ondo State; Ahetou  MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State.

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Business News

Nigeria Bourse Drops N51Bn on MPC Rate Adjustment Fears

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The Nigerian Stock Exchange market capitalisation on Friday dropped further by N51 billion on sustained profit taking due to fear of rate adjustment by the Monetary Policy Committee (MPC).

The MPC of the Central Bank of Nigeria first meeting of year has been slated for Jan. 25 and Jan. 26.

Specifically, the market capitalisation lost N51 billion or 0.24 per cent to close at N21.448 trillion compared with N21.499 trillion posted on Thursday.

Also, the All-Share which opened at 41,099.15 shed 97.16 points or 0.24 per cent to close at 41,001.99.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the persistent bearish trend to fear of likely rate cut by MPC.

“Historically, February is a dicey month for the stock market, despite being the period for early filers of full year earnings reports.

“The recent slow or profit booking is as a result of positive close of 2020 and fear of rate adjustment at the forthcoming MPC meeting, ahead of earnings reporting season,” Omordion said.

He said that the fear was heightened by the latest FGN Bonds which reopened on adjusted and juicier rates for long tenored bonds.

Omordion noted that the relative stability in the market was due to dominance of domestic institutional investors.

An analysis of the price movement chart indicates that 32 stocks recorded price depreciation, relative to 21 gainers.

Lafarge Africa topped the laggards’ table, dropping N1.95 kobo to close at N26 per share.

MRS trailed with N1.20 kobo to close at N11.20 kobo, while Livestock Feeds dipped 28k to close at N2.52 per share.

NEM Insurance lost 26k to close at N2.43, while United Bank for Africa dipped 25k to close at N8.70 per share.

On the other hand, Flour Mills led the gainers’ table, increasing by 40k to close at N32 per share.

NCR followed with 28k to close at N3.12, while Cutix added 20k to close at N2.26 per share.

Champion Breweries garnered 17k to close at N1.95, while United Bank for Africa improved by 10k to close at N5.55 per share.

Also, the volume of shares traded closed lower as investors bought and sold 591.46 million shares valued at N5.07 billion in 5,787 deals.

This was against 1.12 billion shares valued at N6.39 billion exchanged in 7,404 deals on Thursday.

Transcorp was the most active stock, exchanging 169.28 million shares worth N195.89 million.

Japaul Gold followed with an account of 47.28 million shares valued at N44.95 million, while UBA traded 36.64 million shares worth N321.81 million.

FBN Holdings exchanged 34.31 million shares valued at N250.82 million, while Zenith Bank sold 25.71 million shares worth N680.79 million.

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West Africa Business News

Chevron Nigeria Denies Responsibility for Bayelsa Oil Spill

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Chevron Nigeria Limited (CNL) declared on Friday that reported leaks near its operational areas at Funiwa offshore facilities off the Atlantic coast was not from its facilities.

It even pledged to support regulators in tracing the source.

Fishermen around the Atlantic Ocean coastline reported an oil leak suspected to be from the Funiwa fields on Sunday.

Chevron, the operator of the field, has, however, denied responsibility for the leakage.

Esimaje Brikinn, General-Manager, Policy, Government and Public Affairs, Chevron, in an update, said that the oil firm remained committed to tracing the source of the spill, as part of a joint effort by operators in the area to investigate the leakage.

“The observed spill has been reported by CNL to the appropriate regulatory agencies.

“For spills found within an operator’s operational area, the operator is required to contain the spill, followed by a Joint Investigation Visit by all stakeholders for assessment and further action.

“No spill has been observed within CNL’s operational area, but we are monitoring this incident.

“CNL operates in strict compliance with the relevant laws and regulations governing the Nigerian petroleum industry and remains committed to the safety of people and the environment,’’ he stated.

Chevron and two other companies operate independently near the spill location.

It was gathered that the National Oil Spills Detection and Response Agency (NOSDRA) had summoned all the oil firms operating in the shallow waters near Koluama in Bayelsa in a bid to identify the source of the leaks.

Mr Musa Idris, Director-General, NOSDRA, in a telephone interview, said that the spills regulatory agency would dispatch its officials to the incident site.

Meanwhile, Chief Young Fabby, a community leader in Koluama 1, one of the impacted communities said that a joint team of Bayelsa government officials, oil firms operating in the area have scheduled a visit to the spill site for Friday.

“With the Joint Investigation Team visiting today, more facts will emerge. We are expecting the team to commence clean-up and remediation activities though the incident took place sometime around Saturday and oil discharge noticed since Sunday.

“There was high tidal currents at that time and it spread the oil ashore to the mangroves; we are ready to show the investigation team round when they arrive,” the community leader stated.

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East Africa Business News

Kenya Power, World Bank to Provide 55,000 SMEs with Smarts Meters

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Bernard Ngugi, the Managing Director and CEO of Kenya Power, says the state-owned electricity firm is set to distribute 55,000 smart meters to customers in Small and Medium-sized Enterprises (SMEs).

According to Ngugi, the World Bank-funded project is part of the Kenya Electricity Modernisation Project

He added that the smart meters are enhanced with the capability of detecting electricity distribution errors and alerting the distribution company.

“The combined benefits of error-free data, prompt network problem identification, and audit of energy consumption will go a long way in enhancing service delivery to our customers in the SME sector,” Ngugi said.

Kenya Power said the smart metering plan will cover 20% of the medium-sized companies supplied by the electricity power firm.

The smart meters are part of an Advanced Metering Infrastructure that facilitates two-way communication between the company and the customer.

The platform gives customers access to real-time information on their consumption patterns and billing thus allowing them to assess their energy usage through an online customer portal.

In the event of any outage, the smart-meters are able to communicate directly with the company’s National Contact Centre which facilitates immediate resolution and enhances efficiency as the Kenya Power teams are alerted promptly.

Additionally, the smart meter also sends a notification to the customer via SMS. The project covers 20% of the company’s SME customers.

The company plans to install the smart meters for all SMEs by the end of the 2023/2024 financial year.

“We believe that the advanced metering technology will further enhance customer satisfaction based on the visibility and prompt detection of power usage and also reduce technical losses which are key to ensuring reliable and quality supply of power,” Mr. Ngugi said.

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