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FG threatens Unity Bank over N7bn alleged debt

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The Special Presidential Investigation Panel for the Recovery of Public Property says it will slam a charge of economic sabotage on Unity Bank if it refuses to return the over N7 billion it was owing the Federal Government.

The Head, Media and Communication of the Panel, Ms Lucie-Ann Laha, gave the warning in a statement in Abuja on Monday.

According to her, the sum represents 15,561,769.99 dollars and N1,488,455,810.90 being excess and arbitrary charges on accounts of some agencies of government by the bank before the implementation of Treasury Single Account (TSA) system.

She said that the agencies included Nigerian Ports Authority (NPA), Nigerian National Petroleum Corporation (NNPC), Nigeria Custom Service (NCS), the Kaduna Refinery and NIMASA, NAN reports.

“Unity Bank, which had agreed to this amount in February, has neither proffered a payment plan nor demonstrated good faith by actually initiating payments.

”Instead, the bank has severed all communications with the Panel in this regard.

“It may be recalled that the panel had commissioned a team of experts, including forensic auditors, to look into the operations of accounts of MDAs in commercial banks within the country prior to the commencement of TSA,” Laha said.

The spokesperson said that the exercise had unearthed some sharp practices and elicited indictments.

She added that some of the indicted banks had since agreed to a refund plan and in fact commenced payments.

“Unity Bank has, however, not made any move in this regard.

“The Panel is unrelenting in its resolve towards ensuring that economic saboteurs are brought to book and looted public property, including money, duly returned to government.”

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NSE crucial market indicators end Friday with 0.03 per cent growth

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Nigerian Stock Exchange NSE

The Nigerian Stock Exchange (NSE) crucial market indicators closed trading on Friday with a marginal growth of 0.03 per cent.

Specifically, the market capitalisation of listed equities rose by N4 billion or 0.03 per cent to N13.071 trillion from N13.067 trillion on Thursday.

Also, the NSE All-Share Index appreciated by 8.57 points or 0.03 per cent to 26, 851.68 against 26,843.11 achieved on Thursday.

Guinness led the gainers’ table during the day, increasing by N2.60 to close at N28.60 per share.

Flour Mills followed with a gain of N1.05 to close at N16.25, while Cement Company of Northern Nigeria gained N1 to close at N20 per share.

Nigerian Breweries also added N1 to close at N48.50, while Dangote Sugar Refinery increased by 80k to close at N11.70 per share.

On the other hand, Guaranty Trust Bank topped the laggards’ chart, dropping by 90k to close at N29 per share.

MTN also dipped 90k to close at N121.00, while Zenith Bank dropped by 30k to close at N18.85 per share.

Access Bank was down also by 30k to close at N10.50, while NAHCO dipped 23k to close at N2.37 per share.

A breakdown of the activity chart indicates that Access Bank was the most active stock, trading 158.78 million shares valued at N1.69 billion.

Zenith Bank Plc followed with an account of 71.03 million shares worth N1.36 billion, while United Bank for Africa traded 41.49 million shares valued at N317.02 million.

FBN Holdings sold a total of 41.49 million shares worth N282.57 million, while Fidelity Bank exchanged 23.57 million shares valued at N47 million

In all, the turnover volume of shares traded dropped by 24.78 per cent as investors bought and sold 469.99 million shares worth N5.59 billion in 5,594 deals.

This was in contrast with 624.84 million shares valued at N10.02 billion in 6,426 deals posted on Thursday.

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NSE crucial market indicators end with 0.03% growth

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Nigerian Stock Exchange NSE

The Nigerian Stock Exchange (NSE) crucial market indicators closed trading on Friday with a marginal growth of 0.03 per cent.

Specifically, the market capitalisation of listed equities rose by N4 billion or 0.03 per cent to N13.071 trillion from N13.067 trillion on Thursday.

Also, the NSE All-Share Index appreciated by 8.57 points or 0.03 per cent to 26, 851.68 against 26,843.11 achieved on Thursday.

Guinness led the gainers’ table during the day, increasing by N2.60 to close at N28.60 per share.

Flour Mills followed with a gain of N1.05 to close at N16.25, while Cement Company of Northern Nigeria gained N1 to close at N20 per share.

Nigerian Breweries also added N1 to close at N48.50, while Dangote Sugar Refinery increased by 80k to close at N11.70 per share.

On the other hand, Guaranty Trust Bank topped the laggards’ chart, dropping by 90k to close at N29 per share.

MTN also dipped 90k to close at N121.00, while Zenith Bank dropped by 30k to close at N18.85 per share.

Access Bank was down also by 30k to close at N10.50, while NAHCO dipped 23k to close at N2.37 per share.

A breakdown of the activity chart indicates that Access Bank was the most active stock, trading 158.78 million shares valued at N1.69 billion.

Zenith Bank Plc followed with an account of 71.03 million shares worth N1.36 billion, while United Bank for Africa traded 41.49 million shares valued at N317.02 million.

FBN Holdings sold a total of 41.49 million shares worth N282.57 million, while Fidelity Bank exchanged 23.57 million shares valued at N47 million

In all, the turnover volume of shares traded dropped by 24.78 per cent as investors bought and sold 469.99 million shares worth N5.59 billion in 5,594 deals.

This was in contrast with 624.84 million shares valued at N10.02 billion in 6,426 deals posted on Thursday.

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Border closure: Nigerian govt takes new action

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The Federal Government on Tuesday, inaugurated the executive officers of the National Fish Association of Nigeria (NFAN), to boost fish availability in view of the border closure.

Mr Edet Akpan, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, said the development was to encourage farmers and other stakeholders in its diversification programme.

“I am sure the national production of fish will not only increase, the quality and export value will also increase”, NAN quoted him as saying.

Akpan said the ministry had always being on the ground to support commodity associations and would not deviate from the norm.

“We also introduce them to different organisations like the Bank of Industry, and then SMEDAN is also helping them in many ways through education and organising them in such a way that they have become very formidable,” he said.

The President of NFAN, Dr Gabriel Ogunsanya, said following the inauguration, more than over five million members of the body were ready to storm the markets with different species of fish to meet both local and international demands.

On border closure, the president said it was a laudable development, saying the association was not resting on its oars in taking advantage of the closure to boost production.

“We will not allow illegal fishing. Some countries come to our coast to steal our fish. We will do all within our powers, work with law enforcement agencies to avoid illegal fishing”, he added.

A member of the Board of Trustees and former lawmaker, Sen. Maina Lawan, pointed out that there were several prospects in the fish subsector that would help improve Nigeria’s revenue generation.

“I know that the border closure is biting hard on many aspects of our daily lives, but there are also higher patriotic callings if you look at the overall price we are made to pay”, said Lawan, a former Borno governor.

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