• The Nigerian Stock Exchange has fined Unity Bank the sum of ₦79.7 million following the bank’s failure to file its financial statements. The lender was suspended from trading its shares, forcing the firm to release the accounts for 2017 financial year, first quarter of 2018, half year and third quarter of this year. The firm was asked to pay the fine of ₦40.7 million, ₦29 million, ₦9.8 million and ₦200,000 for its failure to release its 2017 full year results, late filing of Q1 2018 accounts, the late release of the HY 2018 earnings and late submission of the Q3 2018 financial statements respectively. Unity Bank had been asked to pay ₦500.000 fine for the late submission of its 2016 financial results.
  • The intention of the Nigeria government to repair its refineries; Port Harcourt, Warri and Kaduna and return their capacity utilisation to about 90% by 2019 is no longer feasible until a year later due to financial setbacks, the Minister of State for Petroleum, Ibe Kachikwu has said. In an interview in Cape Town, Kachikwu said that funding is expected to be secured by December, with two years required to bring the plants closer to their full combined capacity of 445,000 bpd. NNPC shut down three of its refineries for repairs in 2017 with the hope of bringing them back to their original production capacities, a plan that was aimed at halting Nigeria’s importation of petroleum products by next year.
  • Nigeria is set to open a fresh bid for Tin Can 11 container terminal, Lilypond Terminal, which was concessioned in 2006 to AP Moller Terminals, a spokesman to the Nigerian Ports Authority, Ibrahim Nasiru, has said. The concession arrangement between the NPA and APMT, which lasted for 10 years, ended in 2016, giving room for the terminal for fresh bidding as soon as the Public Private Partnership department of the agency concluded the paperwork. The terminal was originally designated as an overflow facility for containers coming to APMT in Apapa Port, spokesman to APMT, Austin Fischer said.
  • S&P Global Ratings has downgraded the ratings of Diamond Bank to ‘CCC+/C’ from ‘B-/B’, with the outlook negative. The agency also lowered its issue rating on the Nigeria-based bank’s senior unsecured debt to ‘CCC+’ from ‘B-‘, with the long and short-term Nigeria national scale ratings on the bank dropped to ‘ngBB-/ngB’ from ‘ngBBB-/ngA-3’. The rating action reflects Diamond Bank’s dependence on favourable business, financial, and economic conditions to meet its financial obligations.