- A Daily Trust analysis estimates that at least 308 persons, mostly Nigerians, have died from accidents while working in the Nigerian oil and gas industry in the last seven years. The paper collated data from the DPR between 2012 and 2015, media reports, as well as operational incident reports contained in oil companies’ annual statistics from 2015 to date. The paper said the estimates are underreported as hundreds of oil industry fatalities occur yearly that is hardly reported. DPR data showed that out of the 298 incidents, 148 were work-related while 150 were non-work related. While 132 of the incidents were fatal, 166 were non-fatal. Of the 132 fatal incidents, 46 were work-related, whereas 86 deaths were non-work related.
- Vice President Yemi Osinbajo has inaugurated a ₦10 billion farmer-to-finance fund set up by the Association of Non-Bank Micro-Finance Institutions of Nigeria. Inaugurating the fund in Abuja recently, Osinbajo said it would assist agribusinesses to access funds and reduce poverty rates among unbanked rural farmers. AMFIN President, Princess Adeshola Ogunleye, said the fund will cater to rural farmers and be disbursed at 10 percent interest rates, target 500 to 1000 ANMFIN members and will issue out expected loans of between ₦5 million to ₦10 million leveraged with a DMB.
- The International Islamic Liquidity Management Corp plans to expand issuance of sukuk beyond its current short-term programme aiming to address latent demand from Islamic banks, the head of the Malaysia-based body told Reuters. Establishing a new medium-term programme would allow the IILM to offer a wider range of highly liquid, investment-grade financial instruments for use by Islamic banks. The IILM is a consortium of central banks and monetary agencies from Indonesia, Kuwait, Luxembourg, Mauritius, Qatar, Malaysia, Nigeria, Turkey and the United Arab Emirates, as well as the private sector arm of the Islamic Development Bank. It launched a short-term issuance programme in 2013 which has sold predominantly three-month sukuk, having also tested two, four and six-month maturities. IILM sukuk are distributed through a network of ten primary dealer banks, with around 30 percent traded onto the secondary markets.
- Global Spectrum Energy Services’ listing on Monday added ₦4 billion to the NSE’s market capitalisation. A total of 800 million GSES shares were listed at ₦5 per share. According to the CEO, Colm Doyle, the company is embarking on an expansion and diversification of its product base to further strengthen the company’s business capacity and profitability. Doyle said that apart from the expansion, the firm has also decided to give out a minimum of 30 percent of its profit before tax as a dividend. According to him, the company has acquired a prime waterfront site in Port Harcourt for the development of a 50 million litres tank farm with storage capacity for PMS, AGO, DPK and a 6.000 metric tonnes LPG storage facilities. The company also plans, in conjunction with its Greek partners, Aegean Marine Petroleum to develop a 10,000 metric ton lubricants blending plant as well as a state of the art laboratory at the Port Harcourt tank farm site.
- FCMB Group reported a profit before tax of ₦6.8 billion for the nine months ended 30 September, representing a 64 percent increase versus Q3 2016. The group acquired PFA Legacy Pension Managers by increasing its interest in the company from 28.2 percent to 88.2 percent following regulatory and shareholder approval. From the details of its unaudited results announced on the NSE, gross revenue for the nine months was ₦118.8 billion, a 16 percent decrease from ₦140.7 billion in the corresponding period of 2016 and attributed by the group to a forex revaluation. FCMB Group recorded deposits of ₦636.3 billion and provided loans and advances of ₦657.1 billion within the accounting period. The group’s capital adequacy ratio stands at 17.4 percent, above the CBN minimum, just as the value of its assets stood at ₦1.14 trillion. Cost containment measures put in place by the management ensured that operating expenses remained flat at ₦49.3 billion, in spite of the high inflationary environment.