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MONDAY 14/3/2022 – NNPC HEADQUARTERS, REFINERIES’ POST N123.64BN DEFICIT IN NINE MONTHS – REPORT The latest monthly oil and gas report of the Nigerian National Petroleum Company Limited has revealed that the combined deficit of the headquarters of the NNPC and the three refineries under its management from January to September 2021 is N123.64bn. Figures contained in the September 2021 report indicated that while the cumulative deficits of the three refineries during the period was N46.52bn, the cooperate headquarters of the oil firm posted a deficit of N77.12bn. The report, however, stated that the budgeted deficits for the corporate headquarters and the refineries during the nine-month period were N151.12bn and N49.8bn respectively. The three refineries identified in the report include the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company. In the report, the NNPC stated that the deficit posted by its corporate headquarters in September 2021 alone was N5.956bn, down from the N10.226bn recorded in August same year. The report showed that while the corporate headquarters made a revenue of N11.101bn in September, its expenses were valued at N17.057bn. For the refineries, the facilities made revenue of N207m in September 2021, while they incurred a cumulative expense of N6.059bn in the same month. TUESDAY 15/3/2022 – CBN RELEASES GUIDELINES FOR CASH HUBS OPERATIONS In a bid to ease huge cash management and deepen financial inclusion, the Central Bank of Nigeria has released guidelines for the operation of the Bank Neutral Cash Hubs. According to a statement on its website, the CBN said that the release of the guidelines is in furtherance of its mandate to promote a sound financial system in Nigeria. It said it is part of its collaborative efforts with the Banker’s Committee to reduce cost and improve operational efficiency in the country’s cash management. “The CBN, in collaboration with the Banker’s Committee, initiated the Nigerian Cash Management System which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain. “One initiative towards the stated goal is the introduction of BNCH. “BNCHs are cash collection centers to be established by registered processing companies or Deposit Money Banks (DMBs) based on business needs. “They will be located in areas with high volumes of commercial activities and cash transactions,” the apex bank said. WEDNESDAY 16/3/2022 – REPS ORDERS PROBE OF BANKS OVER EXCESSIVE, ILLEGAL CHARGES The House of Representatives, on Wednesday, mandated its Committee on Banking and Currency to investigate the alleged excessive charges on bank transactions imposed by Commercial banks in the country. The committee is to report back to the House within four weeks for further legislative action. This is based on the motion moved by a member of the House, Sergius Ogun, titled ‘Need to Investigate the Imposition of Excessive Charges on Bank Transactions on Deposit Money Banks in Nigeria.’ Moving the motion that was unanimously adopted by the lawmakers, Ogun noted that Section 88 (1) and (2) of the constitution empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly. According to Ogun, most of the DMBs in the country impose excessive and non-statutory charges on varying bank transactions carried out by customers. The lawmaker recalled that in January 2020, in the bid to, among other things, stop the indiscriminate imposition of charges by banks, the Central Bank of Nigeria issued a ‘Guide to Charges by Banks, other Financial Institutions and Non-Bank Financial Institutions’, stating the approved charges to be imposed by the DMBs. He said, ‘The House is concerned that despite the guide issued by the CBN, some banks still deduct outrageous amounts of money from their customers in the guise of bank charges with different descriptions. THURSDAY 17/3/2022 – BANKS’ TOTAL ASSETS ROSE BY N8.25TN IN 2021 – CBN REPORT Nigerian banks’ total assets rose by N8.25tn to N59.24tn as of the end of 2021. The nation’s lenders’ total assets had hit 50.99tn as of the end of 2020. The Central Bank of Nigeria disclosed this in the personal statements of members of the Monetary Policy Committee. According to the CBN, a member of the MPC, Kingsley Obiora, said, “The banking system continued to sustain its soundness, safety, and resilience amid economic recovery. “The total asset of the banking industry increased from N50.99tn from end-December 2020 to N59.24tn, representing an increase of 16.18 per cent, driven by balances with CBN/banks, OMO bills, and credits.” This came as another member of the MPC, Robert Asogwa, said “The banking industry asset base increased by 16.17 per cent from 50.9tn naira at end 2020 to 59.2tn naira at end 2021.” Obiora, however, said the banking system continued to sustain its soundness, safety and resilience amid economic recovery. Meanwhile, the CBN stated that the banks had continued to support the economy through various interventions in critical sectors of the economy including infrastructure. FRIDAY 18/3/2022 – NIGERIA RAISES $1. 25 B EUROBONDS Nigeria, Wednesday, raised a $1, 25 billion Eurobond in the International Capital Market. A statement by the Debt Management, last night indicated that the Eurobond had a 7-year tenor and singled out Nigeria as the first African nation to access funds from the International Capital Market, in 2022. The statement reads in full, “Nigeria has today priced a USD 1.250 billion 7-year Eurobond in the International Capital Market (ICM). This development makes Nigeria the first African country to access the ICM in 2022. “Nigeria’s ability to access the ICM at this time is a confirmation of her established presence in the ICM and engagement with investors on a continuous basis. The Offer was launched at an Initial Price.