ICMA: Daily financial news updates for 19th February, 2018. Below are the summaries of today’s news, do have a blissful day.

CBN Bars Banks with Heavy Loan from Paying Profits

Central Bank of Nigeria has stopped the payment of profits to investors by Deposit Money Banks and rebate houses with enormous loans and low capital base.

This is because of the rising non-performing credits and the need to stop disintegration of the capital base of the banks and discount houses.

The mandate is coming scarcely seven days to the arrival of the 2017 monetary year’s yearly reports by business banks and discount houses in the nation.

Reps Request N800bn Supplementary Budget Over Scarcity of Fuel

The House of Representatives is depressed over the shortage of fuel in the nation and has requested that the Executive present a N800bn supplementary budget to the National Assembly to balance the debts reportedly owed fuel marketers.

The House Committee on Petroleum Resources (Downstream) expressed in Abuja on Sunday that if balancing the debts would end the shortage of fuel, it was a good measure to take by the Federal Government.

Dangote Cement, Nigerian Breweries & Others Lift NSE

Following value increases recorded by major exceedingly promoted stocks particularly Nigerian Breweries, and Dangote Cement, affairs on the equity segment of the Nigerian Stock Exchange (NSE), proceeded in cheery on 15th February, as the All-share index increased in value by 1.03 for every penny.

Recently, Nigerian Breweries top the gainers’ table with a pick up of N2.40 to close at N131.40 per share. Dangote Cement took after with a pick up of 1.50 kobo to close at N259.90, while Lafarge Africa increased 1.00 kobo to close at N52.00 per share.

Stanbic IBTC additionally developed by 1.00 kobo to close at N46, while Dangote Sugar Refinery added N1 to close at N22 per share.

NSE Market Shut the Week with A Marginal Growth

Nigerian Stock Exchange market indicies showcase a marginal growth after closing the week on Friday with a peripheral development of 0.08 for per cent, following value increament posted by Nestle Nigeria.

The News Agency of Nigeria (NAN) reports that the All-Share Index climbed insignificantly by 34.43 focuses or 0.08 for each penny to close at 42,638.83 contrasted and 42,604.40 accomplished on Thursday.

Likewise, the market capitalisation developed by N12 billion or 0.08 for every penny to close at N15. 301 trillion against N15.289 trillion posted on Thursday.

A breakdown of the value development showed that Nestle drove the gainers’ table with a pick up of N55 to close at N1,400 per share.

Union Homes’ Contributors Appeal to Reps Over Trapped Fund

Contributors of the old Union Homes Savings and Loans have requested the House of Representatives for help for the release of their trapped funds in the mortgage bank.

In the appeal dated February 8, 2018, the investors said they had neither gotten notification from Union Homes nor Aso Savings and Loans, which purchased over the previous since 2013.

FG, States Neglect Pensionaries’ Accounts

Numerous worker who are resigning under the Contributory Pension Scheme are unable to get their benefits or stipends on the grounds that the government has failed to fund the Retirement Savings Accounts.

Four years after the Pension Reform Act was revised and employers ordered to raise their contributions into the Retirement Savings Accounts of workers under the Contributory Pension Scheme, the Federal Government still can’t seem to impact the change.

ICMA keeps you updated with daily financial news summary.

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