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Coronation Research Daily Insights
(Source: Coronation Research, Date: 29-Feb-2024)

THURSDAY, 29 FEBRUARY 2024

Banking Sector | Telecoms | Health Sector | Petrol Import | Binance

Good Morning,

Here are your top 5 news items for the day.

Banking Sector


Banks to block accounts without BVN/NIN as deadline elapses "" The Sun

Bank depositors whose accounts do not have a Bank Verification Number (BVN) or National Identity Number (NIN) or both risk having them frozen in compliance with the Central Bank of Nigeria's (CBN) directive which takes effect on Friday, March 1, 2024. The apex bank on December 2, 2023, directed all commercial, merchant, non-interest, payment service banks, Other Financial Institutions (OFIs) and mobile money operators to ensure that all Tier-1 bank accounts and wallets for individuals to have either the Bank Verification Number (BVN) or National Identity Number (NIN) or both. Owing to this, the CBN also warned that effective March 1, 2024, all funded accounts or wallets without.. Read  more here 

Telecoms


NCC rules out extension, telcos bar 12 million lines "" Punch 

The Nigerian Communications Commission has ruled out an extension of the February 28, 2024 deadline for the linkage of Subscriber Identity Module cards to National Identification Numbers. As a result, telecommunication companies have been directed to bar 12 million lines which have not been linked to the owners' NINs after the expiration of the deadline. The Director of Public Affairs, NCC, Reuben Mouka, confirmed the development to The PUNCH on Wednesday. Reaffirming the NCC's stance, Mouka stated, ...We already issued a public notice in this regard and all the information. If there was an extension, NCC would have communicated that. But as far as I know, there is no extension."   Read  more hereHealth Sector


FG to crash drug prices, gets $1bn from AfreximBank   "" Punch

President Bola Tinubu will sign an executive order to bring down the cost of drugs in Nigeria, which has been on the rise. The Coordinating Minister of Health and Social Welfare, Prof. Muhammed Pate,  disclosed this on Wednesday at the Ministerial Press Briefing Series with the Minister of Information and National Orientation, Mr Mohammed Idris, in Abuja. Pate said that the executive order, which Tinubu is expected to sign will ...significantly reduce the cost of drugs and pharmaceutical products in the country" . ...The rising cost of pharmaceuticals is a pressing concern, and we are taking decisive action to address this issue. ...An executive order will soon be issued to curb escalating drug prices in the short term.  Read more here.

Petrol Import


Petrol import crashes by 990million litres monthly"" Punch

The Minister of Information and National Orientation, Mohammed Idris, on Wednesday, said the importation of Premium Motor Spirit, popularly called petrol, into Nigeria has reduced by 50 per cent since the withdrawal of subsidy on the commodity. During his inaugural speech on May 29, 2023, President Bola Tinubu declared that fuel subsidy was gone. Within 24 hours after that declaration, the Nigerian National Petroleum Company Limited, Nigeria's sole importer of PMS, withdrew subsidy on petrol. This led to a jump in the price of the commodity from about N198/litre to over N500/litre, as it later moved up to over N600/litre and currently sells for between N620/litre and N700/litre.. Read more here 

Binance


Federal Gov't Detains 2 Binance Executives In Crackdown On Cryptocurrency "" Leadership

Two senior executives of Binance have been detained in Nigeria as Federal Government tries to rein in speculation on the Naira by cracking down on cryptocurrency exchanges. The executives flew to Nigeria following the country's decision to ban several cryptocurrency trading websites last week but they were detained by the Office of the National Security Adviser (ONSA) and their passports seized, according to people familiar with the matter. An adviser to ONSA did not immediately respond to a request for comment. Also, Binance declined to comment on the development. Read more here.

 

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