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Fowler, FIRS chairman, elected president of African tax body

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  • Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), has been elected president of the African Tax Administration Forum (ATAF).
  • At the election, which held in Pretoria, South Africa, on Wednesday, Fowler polled 13 votes ahead of the four secured by his Togolese opponent.
  • In his acceptance speech on behalf of Nigeria, Fowler pledged to expand the membership of the Forum for the continent’s development.
  • “Our goal shall be to aid the generation of revenue efficiently and sufficiently for the growth of all members,” Fowler said.
  • An official of Mauritius was voted vice-president.
  • Read More From The Cable

Patricia

Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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Stock Market

Consumer goods index turns Nigerian Bourse bearish, amidst poor market liquidity 

All indexes closed in the negative terrain with the exception of the Banking Index.

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Nigerian stock market ended the week trading session on a bearish note, extending its previous day loss. The All-Share Index and Market Capitalization down by 0.16% to 24,336.12 points and N12.695billion respectively. Thus, YTD performance stands at -9.35%. 

Similarly, market turnover finished lower compared to the previous trading session. Total volume and value of stocks traded decreased by 19.88% and 17.59% to 144.31 million units and N1.52 billion respectively.  

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GUARANTY was the most traded stock by volume at 29.1million units, followed by ZENITHBANK, with 27.2 million units of trades. 

Market sentiment, as measured by market breadth, was negative as 27 tickers declined, relative to 9 gainers.  

REDSTAREX and UACN were the top losers of the day with 10.00% apiece price decline, while IKEJAHOTEL and WEMABANK topped the gainers with 9.68% and 5.77% appreciation in share value. 

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Performance across sectors mirrored the broad index. All indexes closed in the negative terrain with the exception of the Banking Index, which gained 0.32%. The Consumer Goods Index (1.07%) was the biggest loser of the day due to losses recorded in UACN (-10.00%) and NB (-5.68%).  

The Insurance, Oil and Gas and Industrial Goods indexes trailed to shed 0.61%, 0.13% and 0.04% respectively, due to price depreciation in AIICO (-3.37%), ARDOVA (-1.27%) and WAPCO (-0.96%) 

Top gainers 

IKEJAHOTEL up 9.68% to trade at N1.02,WEMABANK up 5.77% to trade at N0.55,ZENITHBANK up 3.04% to trade at N15.25,FCMB up 2.27% to trade at N1.8,GUARANTY up 0.48% to trade at N20.8 

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 Top Losers 

UACN down 10.00% to close at N7.2 REDSTAREX down 10.00% to close at N2.97, JBERGER down 7.56% to close at N18.35NB down 5.68% to close at N34.05, NASCON down 1.96% to close at N10 

 Outlook 

Sell-offs in UACN, JBERGER and NB dragged the Nigerian bourse down coupled with thin liquidity in the Nigerian Stock Market. Nairametrics envisages cautious buying of Nigerian stocks, as Institutional investors remain on the sidelines. 

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Tech News

3 startups to get N3 million grant each in the COVID-19 virtual hackathon 

The hackathon hopes to identify accessible and cost-effective E-Learning solutions for public schools.

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The Nigerian Communications Commission has announced that 3 finalist startups will get a grant of N3 million each at the end of the COVID-19 virtual hackathon 

These three startups will be selected from submitted entries that meet all the criteria and provide adaptable digital solutions for addressing the present and future impacts of pandemic and epidemic diseases 

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The solutions must be novel, clearly explained, with proof of concept  

NCC announced this through a statement published on its Twitter handle.  

The grant, it said, will enable the three startups with the most promising digital solutions to produce a prototype within 2 months of receipt.  

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According to the statement, submitted entries are expected to provide solutions in sectors such as health, digital communications, education, transportation.  

For those in health, the solutions should find a way to empower frontline healthcare workers or prevent, trace, and contain the spread in Nigeria.  

Solutions in digital communications are expected to aid the sustenance of economic activities and people-to-people communication while encouraging social distancing without compromising productivity. 

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The hackathon also hopes to identify accessible and cost-effective E-Learning solutions for public schools, as well as improved safety measures in public transportation in Nigeria.  

Interested tech hubs, startups and innovative digital SMEs can still submit entries on or before July 17, 2020.  

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Financial Services

CBN expands scope of regional banks in Nigeria, gives compliance timeframe

The aim of this directive is to expand the reach of the regional banks across the country, the CBN said.

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Regional Banks

The Central Bank of Nigeria (CBN) has expanded the scope of regional banks in the country, by requiring them to open branches in at least one additional geopolitical zone outside of the existing geopolitical zones where their operating licenses cover.

A circular that was issued earlier this week by the apex bank said this new directive is in accordance with “section 8 (g) of the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations no [1] 2010 as revised on September 4, 2019.” 

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The new directive took effect on Friday, June 26, 2020. In other words, all the regional banks are expected to have become aware of this development since then. They now have a timeframe of six months to establish their presence in the geopolitical zones outside of where they currently operate.

It should be noted that prior to this time, regional banks in the country typically operated in at least two geopolitical zones of the federation. However, in line with the new expansion, the CBN shall now prescribe an additional geopolitical zone for each of these regional banks, thereby making the coverage area three geopolitical zones per regional bank.

Meanwhile, the CBN said the aim of this directive is to expand the reach of the regional banks across the country, whilst ultimately promoting financial inclusion. Note also that the new directive affects all regional banks, both the ones engaged in commercial banking and non-interest banking. Some part of the circular said:

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“Effective the date of this circular, all banks with regional authorisation shall be required to operate from one additional geopolitical zone as may be prescribed for each institution by the CBN, without prejudice to the existing requirement of the minimum of two (2) geopolitical zones of the federation. The essence is to promote spread and balance of the regional banks across the country.

“The compliance timeline to establish operational footprint at the advised zone shall not exceed six (6) months from the issuance of the regulatory advice to each regional bank by the CBN.”

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