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Business News

NIMC unable to produce ID cards despite receiving over N80 billion

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The National Identity Management Commission (NIMC) has been unable to produce a large number of identity cards, despite receiving over N80 billion, since its inception. The commission got an initial N30 billion in 2010, and recived a total of N50 billion between 2011 and 2017.

Even more worrisome, is the commission’s lacklustre performance in terms of registering Nigerians. Barely 25% of Nigeria’s over 170 million population have been registered till date.

Why are the cards so difficult to produce ?

One question representatives at the commission have been unable to answer is why are the cards so difficult to produce ? If other agencies of government are able to produce their cards, what stops the NIMC from doing same ? The commission clearly needs to borrow strategies from other MDAs in order to improve its performance.

Government has done its bit

In addition to providing funds, the government has also implemented the necessary polices to encourage Nigerians to register. The Nigerian Immigration Service (NIS) had recently announced that the National Identity Number (NIN) would become mandatory by the 1st of January 2018 for renewal and application for international passports. The Federal Government has also mandated the commission to harmonize all data bases in the country.

About the NIMC

The NIMC came into the existence as a result of the passage of the NIMC Act of 2007. The ACT provides for the establishment of the NIMC, its functions, powers, establishment of the National Identity Database, assignment and use of General Multi-purpose cards, and the National Identification Number (NIN). The Act also provides the Commission with powers to make regulations connected with its functions. The NIMC Act 2007 provides the repeal of the law that created the former Department of National Civic Registration (DNCR) and the transfer of its assets and liabilities to the NIMC.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Corporate deals

DEAL: FMDQ Exchange admits Fidson Healthcare Commercial Paper worth N10 billion

FMDQ Exchange has announced the admission of Fidson Healthcare Plc’s N10 billion commercial paper.

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Dangote cement, FMDQ changes company name, FMDQ Clear Limited, Securities and Exchange Commission

FMDQ Securities Exchange Limited has announced the admission of Fidson Healthcare Plc commercial paper worth N10 billion on its platform.

This is according to a disclosure by FMDQ Exchange, seen by Nairametrics. In lieu of this, the admission will afford Fidson Healthcare Plc the opportunity to not only raise short term capital to support its business operations but to also enjoy value-added benefits like visibility, transparency and liquidity that comes with being quoted on the FMDQ Exchange.

As part of the regulatory requirements, the on-boarding of Fidson Healthcare commercial paper was approved by the Board Listings, Market and Technology Committee of FMDQ, as the quotation seeks to create an exemplary architecture for the Nigerian Pharmaceutical industry.

What they are saying

Commenting on the recent development, the Chief Financial Officer of Fidson Healthcare PLC, Imokha Ayebae, said: “We are glad about the successful registration of Fidson Healthcare PLC’s ₦10.00 billion CP Programme on the FMDQ platform. This is particularly significant as it coincides with the company’s 26th anniversary on March 1, 2021.

Since its inception in 1995, Fidson Healthcare PLC has remained committed to the growth of the healthcare sector in Nigeria. This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa. The CP Programme, which is poised to further broaden the company’s sources of capital by accessing funding from the Nigerian debt capital markets, will also reduce our overall funding costs. Proceeds from this Programme will be used to meet the company’s short-term working capital requirements which are geared towards providing quality services to our valued customers.”

On his part, the Head of Investment Banking at FSDH Capital Limited, Taiwo Olatunji remarked that, “FSDH Capital Limited is pleased to act as Sponsor and Lead Arranger on the registration of the Fidson Healthcare PLC ₦10billion Commercial Paper Programme on the FMDQ Platform. We believe that the admission of the CP on the FMDQ platform will ensure its global visibility and enhanced liquidity, which will in turn raise the corporate profile of the issuer even further ahead of tapping into other opportunities in the Nigerian capital market.”

What you should know

  • Recall that Nairametrics had earlier reported the listing of Parthian Partners commercial paper worth N20 billion on the FMDQ Securities Exchange.
  • FSDH Capital Limited acted as the Sponsor and Lead Arranger of the recent Fidson Healthcare CP issuance.
  • FMDQ Exchange debt market size currently stands at N23.24 trillion, as at close of business on 4th of March, 2021.

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Financial Services

Amid sell-off, FUGAZ investors lose N34.68 billion in a single trading session

Market capitalization of the top five banks dropped to N2.52 trillion as at close of business on the 4th of March 2021.

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FUGAZ Banks, loans, loan, Access, Zenith, GTBank, top actively traded stocks on Monday , FUGAZ lead actively traded stocks as bourse ups 1.7%, Nigeria’s top 5 banks spent more than N40 billion on adverts in 2019

Investors in the elite banks in Nigeria- FBNH, UBA, GTB, Access and Zenith have lost a total of N34.68 billion in a single trading session, amid sell-offs.

According to data from the Nigerian Stock Exchange (NSE), the market capitalization of the top five banks dropped to N2.52 trillion as at close of business on the 4th of March 2021, shedding about 1.6% in a single trading session.

The loss is due to downward pressure on the share prices of the elite banks, evident by the sell-off witnessed in the market. A snapshot of how much each bank lost and the impact is succinctly captured below;

READ: Investors lose N352bn during NSE’s eight days of losing streak

UBA

The United Bank for Africa investors lost a total of N10.26 billion after its market capitalization dropped from N282.15 billion to N271.9 billion as at close of business yesterday.

The drop is due to a sharp decline in its share price which closed at N7.95, shedding about 3.64% in a day.

Investors cashed in on the decline to trade about 26,782,197 units of the Bank’s shares valued at N211, 571,939.35, placing the bank as the fourth most traded stock at the NSE. The volume of shares traded by the bank rose astronomically by 201.9%, when compared to 8.87 million units traded the previous day.

On the other hand, it is pertinent to note that the United Bank for Africa (UBA) is yet to release its audited FY 2020 result.

READ: United Bank for Africa provides $200 million for Nigeria’s Petroleum Industry – Timely financing for Post COVID economic growth

Access Bank

Access Bank Nigeria Plc lost a total of N8.89 billion after its market capitalization dropped from N286.14 billion to N277.25 billion. The loss is due to a decline in its share price from N8.05 to N7.80, indicating a dip of 3.11%.

Just like UBA, Access Bank investors traded a total of 21,586,491 units valued at N168, 090,266.60, placing it as the fifth most traded stock at the NSE today. In lieu of this, Access Bank stock volume appreciated by 229.1%, from 6.56 million traded yesterday.

Access Bank is yet to release its audited financial statements for FY 2020.

READ: Oando share price up by 10% off the back of court ruling

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Zenith Bank

Zenith Bank investors lost a total of N7.85 billion after market capitalization dropped to N794.3 billion today. The marginal drop is due to a slight dip in the firm’s share price, from N25.5 traded yesterday to N25.30 as at close of business, indicating a decline of 0.98%.

Binance

Investors reacted to this drop by trading 38,647,711 units of the bank’s shares valued at N983, 251,467.75, placing the firm as the second most traded stock at the NSE market.

The drop in the market value of Zenith shares is in contrast to what was obtained last week, when investors gained a total of N37.7 billion, the highest recorded by the bank since the famous circuit breaker. The gains were sequel to an impressive financial performance by the firm for FY 2020, after it recorded a PAT of N230.6 billion and declared a final dividend of N2.70 per share.

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FBNH

FBNH investors lost N1.8 billion after its market capitalization declined to N253.06 billion as at the close of business. The drop was due to a 0.7% decline in its share price from N7.1 traded earlier to N7.05.

In lieu of this, a total of 31,253,644 units of the bank’s shares valued at N983, 251,467.75 were traded, placing the firm’s stock as the third most traded stock at NSE. The total volume traded surged by 88.9%, from a total of 16.54 million traded a day earlier.

FBNH had earlier declared a Profit After Tax figures of N79.71 billion for FY 2020, indicating an increase of 8.2% YoY.

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GTB

GTB investors lost a total of N5.89 billion, following a drop in its market capitalization from N932.97 billion to N927.08 billion. The drop was due to a 0.63% decline in share price which closed at N31.50.

It is pertinent to note that GTB is yet to release its audited financial statement for FY 2020.

What you should know

  • The Nigerian Stock Exchange ended on a bearish note on Wednesday, March 4, 2021 after the ASI declined by 0.40% to close at 39,364.67 index points.
  • On a general note, investors lost a total of N82.35 billion, with FUGAZ accounting for 42.11% of the loss.

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