Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 02-May-2024)

THURSDAY, 02 MAY 2024

Banking Sector | Pension Fund | Fuel Scarcity | Bilateral Ties | Gas Flare Commercialisation

Good Morning,

Here are your top 5 news items for the day.

Banking Sector

Banks close 2m accounts over BVN, NIN, others "" Vanguard

Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1'24, in effort to clean their books of questionable accounts and comply with regulatory order on linkage of bank accounts to National Identity Number, NIN. This is contained in a report by Nigerian Interbank Settlement System, NIBSS, which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 percent to 19.7 million in March 2024 from 19.3 million in the previous month, February. A bank account is classified inactive when it records zero transactions including.. Read more here.

Pension Fund

Pension fund records first dip in 18 months "" Punch

Nigeria's pension fund has declined for the first decline in 18 months on the back of portfolio rebalancing by Pension Fund Administrators. Monthly data from the National Pension Commission showed that the pension fund declined by 0.47 per cent to N19.669tn in March from N19.759tn in the previous month. Before this dip, the pension funds enjoyed an upswing for over a year. The pension fund last declined in September 2022, dipping 0.01 per cent. The Chief Operating Officer of Investdata Consulting Limited, Ambrose Omorodion, blamed the portfolio rebalancing activities.. Read more here

Fuel Scarcity

FG begins 15-day emergency fuel supply "" Punch

As fuel scarcity continues to bite harder in different locations, the Federal Government says it has begun a 15-day emergency fuel supply to ensure the commodity circulates across the length and breadth of the country. The government also disclosed that vessels importing Premium Motor Spirit would continue to berth at the shore to discharge petrol to different depots, from where the product would be distributed to different filling stations. The Major Energies Marketers Association of Nigeria had in a statement on Tuesday said its members in Apapa and other.. Read more here

Bilateral Ties

Nigeria, India strengthen bilateral ties "" The Sun

In the bid to strengthen existing partnerships and forge new alliances that will contribute to the growth and development of Nigeria and India, the Lagos Chamber of Commerce and Industry (LCCI) has signed a Memorandum of Understanding with the Confederation of Indian Industry (CII). At the signing ceremony at the LCCI, Indian High Commissioner, Shri Balasubramanian, said that the country is ready to link up Nigerian businesses with their counterparts in India for collaboration, noting that the momentum set by LCCI will be mutually beneficial. Read more here

Gas Flare Commercialisation

FG to spend $3bn on gas flare commercialisation ""NUPRC "" The Sun

The Federal Government is to spend about $3 billion in capital investment to fund various projects under the Nigerian Gas Flare Commercialization Programme. (NGFCP) which targets to create 300,000 jobs. The $3 billion expenditure is tied to the process for the 2024 oil bid round aimed at boosting activities in the oil and gas sector. The NGFCP seeks to attract investments and develop a transparent market mechanism through a competitive procurement process for allocating gas flares, under clear and transparent criteria, to competent third-party investors using proven.. Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 02-May-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 02-May-2024)