• The value of transactions through mobile devices rose by 56 per cent in the first nine months of this year to ₦216 billion from ₦138 billion in 2017, as banks, fintech companies and telcos intensify efforts to deepen financial inclusion. Similarly, the volume of transactions on mobile devices increased by 47 per cent in the same period, NIBSS data shows. The value of instant transfer on the main NIBSS platform increased by 41 per cent from ₦40.45 trillion in 2017 to ₦56.85 trillion. In addition, the volume of transactions on the NIP platform increased by 76 per cent from 248.01 million transactions in 2017 to 435.68 million as of September 2018. PoS activities also saw robust growth, with transactions worth ₦1.61 trillion completed so far this year, a 102 per cent increase from ₦980 million in 2017.
    • The NSE has suspended six listed companies from trading their shares. In a notice issued by Godstime Iwenekhai, acting head of listings regulation department, the exchange said the suspension took effect from Monday. The affected companies are DN Tyre & Rubber, FTN Cocoa Processors, International Energy Insurance, Thomas Wyatt Nigeria, Union Dicon Salt and Unic Diversified Holdings. According to the notice, the suspension resulted from the failure of the affected companies to file relevant details of their accounts to the exchange as stipulated by market regulations.
    • The FG plans to cut funds repatriation in the oil and gas sector to $6 billion per annum, according to a report in the New Telegraph. The paper says the move, “buoyed by the controversy in the telecommunication sector, where MTN was accused of tax evasion and illegal repatriation of funds.” is being executed by the Nigeria Content Development and Monitoring Board. The paper cites a letter between the NCDMB and the Ministry of Petroleum Resources where the ministry approved the Board’s decision to pursue its target of domesticating $14 billion out of $20 billion in annual oil capital investment in the country by 2027. This forms part of a 10-year action plan by NCDMB Executive Secretary Simbi Wabote which would force industry repatriation down to $6 billion by 2027 through domiciling.
    • Chief Justice of Nigeria, Walter Onnoghen said the Asset Management Corporation of Nigeria needs to utilise ADR to meet its recovery mandate before its sunset period. Speaking at an AMCON conference in Abuja on Monday, Onnoghen said AMCON can effectively recover its outstanding ₦5.4 trillion debt using this means. “I will encourage the use of ADR, as part of the mechanism put in place to resolve asset management related disputes in our courts,” he said. He added that “the judiciary will continue to do its best to ensure judges remain conversant with the AMCON regime towards engendering efficiency, uniformity and improvement in the quality of judicial services in our courts.”
    • Visionscape Sanitation Solution, an environmental utility group contracted by the Lagos State Government is shutting down its operations in the state. In a statement signed by Simon Reading, Chairman of the Board of Investors, the company said that management took the decision following heightening political tension in the state and reported cases of attack on its employees, destruction of its operational vehicles and equipment. “We passed a unanimous resolution to formally notify you of our concerns in response to the volatility in Lagos. At the time, we were given assurances that the accommodations made to the ‘PSPS’ by the franchise team would be sufficient to appease those who felt that Visionscape had taken away their jobs,” the statement read in part.