Shareholders of Diamond Bank, FCMB, others lose N8.1B over non-remittance of funds

The Foreign Exchange (FOREX) restriction order placed on Diamond Bank Plc, First City Monument Bank Plc (FCMB) and others by the Central Bank of Nigeria (CBN) reverberated yesterday on the floor of the Nigerian Stock Exchange (NSE).
    Two of the Banks, Heritage and Keystone Banks are not listed on the Exchange.
   However, at the end of the day’s transactions, shareholders of seven other Banks sanctioned by the CBN for not remitting Nigerian National Petroleum Corporation (NNPC) funds in their vaults lost N8.1Billion.
   The Banks are Diamond Bank Plc, FCMB, United Bank for Africa (UBA) Plc, Sterling Bank Plc, Skye Bank Plc, Fidelity Bank Plc and First Bank of Nigeria.
   Mostly affected are shareholders of Diamond Bank Plc.  Investors who stake their earnings on the Bank’s stocks as at close of transactions yesterday lost 8.94 per cent  of their investment or N2.5 Billion, followed by  FCMB (N1.19 billion or five  per cent).
  Also, Investors lost N863 million, N350 million, N326 million and N289 million in Sterling Bank, Skye Bank, First Bank and Fidelity Bank respectively.
  Interms of per centage,  UBA and Skye Bank Plc  declined  by 1.55 per cent and 1.54 per cent to N 4.46 and N0.64 from N4.53 and N0.65 when the market opened for transactions for the day.
   In a related development, value of  Fidelity Bank Plc declined  by 0.99 per cent or N0.01 from N1.01 to N1.00 while First Bank of Nigeria share price  dropped  by 0.32 per cent or N0.01 to N3.17 from N3.16 when the market commenced transactions on Wednesday.
    Meanwhile, UBA in a statement said: “we are pleased to inform our valued customers, stakeholders and business partners as well as the general public that the CBN has re-admitted us into the Foreign Exchange Market following our remittance of all NNPC/NLNG dollar deposits”