Nigeria may earn N462bn from EMT levy in 2021 — World Bank
The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021.
The multilateral institution said this in its ‘Resilience through Reforms’ report.
According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into the growth in electronic funds transfer in Nigeria, can be administered at low cost.
EMT levy is a singular and one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.
The revenue derived from the EMT levy is shared based on derivation and distributed at 15 per cent to the Federal Government and Federal Capital Territory, and 85 per cent to the state governments.
Recapitalisation: Insurance industry assets rise to N2.02tn
The Nigerian insurance industry’s asset rose by N401bn to N2.02tn as of the end of 2020 from N1.62tn as of the end of 2019.
Statistics obtained on Sunday from the Central Bank of Nigeria on ‘Insurance sector (general and life) consolidated balance sheet)’ showed these.
The National Insurance Commission also disclosed in its report on ‘Market Development Drives of NAICOM’ that as of the end of 2020, the sector generated a gross written premium of N520bn.
Other statistics showed that as of the end of 2020, policies held by individual Nigerians were 1,034,383; corporate and non-individual policies were 891,128; total policies written were 1,925,511; while the insurance penetration during the period under review was 0.72 per cent.
Lubricants import hits $500m, hikes maintenance cost by 300%
Lack of refining capacity in Nigeria for basic fuels and other petroleum products has left the nation dependent on the importation of lubricants, with yearly expenditure likely to exceed the $500 million benchmark going by the rally in oil prices.
Similarly, the calls for energy transition leading to a gradual switch from base oils to synthetic oils, currency devaluation and shutdown of many foreign refineries due to the COVID-19 pandemic, have impacted the importation of base oils for blending. These have led to at least 300 per cent rise in the price of lubricants from about N850 per litre to N2000 per litre.
At almost $2 a litre, Nigeria’s yearly base oil demand of 300 million litres puts the nation’s foreign exchange consumption at about $500 million or N205 billion ($1: N410).
In the first quarter of 2021, Nigeria spent N71.6 billion on the importation of lubricants that would be blended locally, according to the latest trade data published by the National Bureau of Statistics (NBS).
Seplat Petroleum Development Company changes name to Seplat Energy
The Nigerian Exchange Limited has notified trading license holders, investors and other relevant stakeholders of the implementation in the change of name of Seplat Petroleum Development Company Plc (the Company) to Seplat Energy Plc.
The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May, 2021. At the aforementioned meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission.
The change of name is a reflection of the recent efforts by the organization geared towards ensuring a seamless transition into a full energy solutions company. It is in line with its (the organization) goal of being a key player in promoting and operationalizing a low carbon environment in the nearest future.
Nigerian equities market closes week negative as investors lose N266 billion
The bears returned to the Nigerian equities market during the week ended Friday, 18th June 2021 after two consecutive weeks of gains. Investors in Nigeria’s stock market lost about N266 billion as the market capitalisation declined by 1.3% to close at N20.14 trillion.
This is according to the weekly stock market report released by the Nigerian Exchange Group (NGX). The All-Share Index dipped by 1.3% during the week to close at 36,648.91 points compared to 39,156.28 points recorded as of 11th June 2021, bringing the year-to-date returns to -4.03%.
Equity Market Performance
In the course of the trading week, there were lesser trading activities compared to the previous week as a total of 981.147 million shares worth N10.384 billion were traded across 15,001 deals which is 7.3% and 19.1% less than the volume traded and value traded in the previous week, respectively.