Newscast - Africa

Transcorp Hotels Plc has submitted an application to the Nigerian Stock Exchange for the approval and listing of a rights issue of 2.66 billion ordinary shares.

In a notice to its shareholders obtained from the Nigerian Stock Exchange, the company said it would be offering by way of rights 2,659,574,468 ordinary shares of 50 kobo each at N3.76 per share, on the basis of seven new ordinary shares for every 20 ordinary shares held.

It said this is pursuant to the approval received from the company’s shareholders at the Extra-Ordinary General Meeting held on June 29, 2020.

The Chairman of Transcorp Hotels Plc, Mr Emmanuel Nnorom, said the approval and endorsement of shareholders empowers the board and management to look to the future with confidence despite the current harsh operating environment.

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ETranzact International Plc’s rights issue of 4.67 billion ordinary shares of N0.50 each, at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares held as at March 25, 2020, has opened for subscription.

According to a statement signed by the Head, Listings Regulation Department, Nigerian Stock Exchange, Godstime Iwenekhai, the acceptance list opened on July 14, 2020 and closes August 10, 2020.

eTranzact International posted a loss after tax of N182.53m for the first quarter ended March 31, 2020 as against a profit after tax of N90.76m in 2019.

According to the audited report obtained from the NSE, the firm posted revenue of N5.915bn in 2020 as against N5.59bn in 2019, representing a growth of 5.81 per cent.

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The Central Bank of Nigeria on Wednesday asked the National Assembly to review all financial penalties and fines upwards in order to align with current realities.

It said this at the public hearing on the Bill for an Act to repeal the Banks and Other Financial Institutions Act 2004 and to re-enact the Banks and Other Financial Institutions Act 2020.

The public hearing, which held at the National Assembly complex in Abuja, was organised by the Senate Committee on Banking, Insurance and Other Financial Institutions.

The Director, Legal Services Department, CBN, Kofo Salam-Alada, pointed out that some of the provisions in the Act were not in tandem with present day realities.

The apex bank stated that the fines and penalties in the 2004 Act should be reviewed.

The bank commended the committee for proposing more stringent fines and penalties regime in the new bill in comparison with the extant Act.

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Latest figures from The Nigerian National Petroleum Corporation on Wednesday showed that the oil firm lost N30.81bn in April 2020, representing over 200 per cent increase in its operating deficit.

In the report on the corporation’s financial and operational activities for April 2020, the oil firm explained that the deficit posted by its flagship subsidiary, the Nigerian Petroleum Development Company, caused the over 200 per cent monthly loss recorded by the group.

It said the report in April 2020 indicates an increased trading deficit of N30.81bn compared to the N9.53bn deficit posted in March 2020.

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MTN Nigeria Plc has commenced the trial of embedded SIM services on its network as part of its drive to lead digital transformation, and improve customer experience and quality of service.

The telecom company during a virtual media launch of the e-SIM said it had received approval from the Nigerian Communications Commission to begin the trial.

The Chief Transformation Officer at MTN Nigeria, Bayo Adekanmbi, said the trial which kicked-off on Wednesday, would run for one year and was open to a limited number of subscribers, who own compatible devices, on a first-come-first-served basis.

He explained that the e-SIMs had been designed to deliver freedom and flexibility, adding that they supported multiple profiles and allowed customers to connect multiple numbers to their devices.

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The Federal Executive Council on Wednesday approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper with N12.66tn budget projection for each of the three fiscal years.

The approval was given at a virtual meeting of the council presided over by President Muhammadu Buhari.

The Minister of State for Finance, Budget and National Planning, Mr Clement Agba, while briefed State House correspondents at the end of the meeting listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three per cent and revenue target of N7.5tn.

The minister said that was the Debt Management Office have to advise the government on issues of borrowing and debt servicing.

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President Muhammadu Buhari has urged African leaders to ensure the immediate actualization of the Common African Position on Assets Recovery (CAPAR), as the continent celebrates Anti-Corruption Day, July 11, 2020.

The President in a letter to South Africa’s President, Cyril Ramaphosa, Chairman of African Union asked for a re-commitment to the anti-corruption war by leaders on the continent to engender an “integrated, prosperous and peaceful Africa, driven by its own citizens, representing a dynamic force in the international arena.”

The President laments that the massive corruption being perpetrated across our national governments has created a huge governance deficit that has in turn created negative consequences that have worsened the socioeconomic and political situation in Africa.

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Nigeria on Sunday reported five hundred and seventy-one (571) new cases of COVID-19. 

This is according to the latest figures released on Sunday night in a tweet by the Nigeria Centre for Disease Control (NCDC).

The NCDC noted that the new cases of COVID-19 were reported in nineteen states in the country as well as the Federal Capital Territory (FCT).

The new figures now take the country’s infection to 32,558 with the number of discharged persons now 13,447.

According to the NCDC, 740 deaths have been reported from the pandemic.

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The people Bank of China (PBoC) injected CNY 50 billion into the banking system via reverse repos at an interest rate of 2.2 percent on July 13th. It is the first injection in July, aiming to ensure banking liquidity is at a reasonable and sufficient level. Investors expect the central bank to keep its policy easing stance and continue to support credit to economy. In the first half of the year, Chinese banks loaned a record high of CNY 12.09 trillion.                                   According to CNBC, Guo Kai, deputy director of the monetary policy department of the People’s Bank of China, told reporters on Friday that the central bank isn't planning much more stimulus.

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Oil prices dropped on Monday, amid concerns that a record rise in COVID-19 infections could stall global recovery in fuel demand. The WHO Sunday reported a record daily rise in virus cases worldwide. In the US, Florida reported over 15 thousand new virus infections Sunday, the highest single-day total to date for any US state since the health crisis began in the country. At the same time, investors are looking at an OPEC technical meeting this week, which is expected to recommend an easing in supply cuts. At around 06:00 AM GMT, WTI crude fell 0.8% to $40.23 a barrel, while Brent crude was down 0.7% to $42.94 a barrel.

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