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Three banks failed to meet the 30 percent liquidity ratio requirement of the Central Bank of Nigeria, CBN, even as investigations revealed prevalence of major foreign exchange malpractices in the banking industry. The CBN disclosed this in its 2018 half year, H1’18, economic review released yesterday which indicated slight improvements in the banks’ financial health  buoyed by    sustained recovery in macroeconomic conditions, as reflected by the 1.9 percent and 1.5 percent Gross Domestic Product, GDP, growth rates recorded in the first quarter (Q1’18) and second quarter (Q2’18) of the year respectively. The CBN noted that while in the overall, the banking industry recorded improvement in capital adequacy ratio, liquidity ratio and asset quality (non-performing loans ratio), three banks, however, failed to meet the 30 percent minimum liquidity ratio requirement of the apex bank. It did not mention the names of the affected banks.

The Nigerian Stock Exchange, NSE, yesterday suspended trading on the shares of six listed companies for failure to file their relevant financial accounts to the Exchange within the stipulated time. The companies are Unity Bank Plc, Fortis Microfinance Bank Plc, Golden Guinea Breweries Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Integrated Foods Plc and Deap Capital Management & Trust Plc.  A circular to the dealing members signed by Godstime Iwenekhai, Head, Listings Regulation Department, NSE, said that the suspension became necessary following the failure by the companies to comply with the second filing deficiency notification issued them at the expiration of the ‘cure period’. Iwenekhai explained that the suspension, which became effective yesterday, will only be lifted upon submission of the relevant accounts by the companies. Read more at: https://www.vanguardngr.com/2018/11/nse-suspends-trading-in-shares-of-6-listed-firms/

NSUKKA—THE ongoing clearing of large hectares of land at Ogbagu Agbani community in Nsukka Local Government Area, Enugu State for an alleged housing estate in the area is raising dust as indigenes of the community in a peaceful protest told the state government to pay compensation for food crops and economic trees worth over N50 million which were  allegedly destroyed at the site of the proposed housing estate. Read more at: https://www.vanguardngr.com/2018/11/enugu-community-demands-n50m-compensation-from-govt-over-land. The indigenes, wailing while bearing placards protesting the destruction of their cash crops, yam  farms, yellow peppers, fruited pumpkins, coco- yam farms, vegetables and economic trees in the course of clearing the large hectares of land at Ogbagu Agbani community, said that the state government did not give them notice to remove the crops before embarking on clearing the site for the housing estate in the area. Some of the placards read: ‘’Our youths n...