Nigerian Exchange Limited (NGX) held its sixth edition of its Market Data Workshop on Wednesday, 3 November 2021. This year’s event was held virtually in collaboration with Official Partners, Zenith Bank, Reliance Infosystems Limited, Infoware and MTN Nigeria; Gold Sponsor, CSCS Plc; and Corporate Sponsors, United Capital, NG Clearing, Cordros, Neulogic, Apel Asset Management and ARM. With the theme, “How Market Data Powers Investment Strategies Using Derivatives Products”, the workshop was designed to provide capital market stakeholders – particularly institutional investors, Actuaries, Portfolio Managers – with insights into price, valuation and investment strategies using Derivatives and Fixed Income Products, as…
Author: Temitope N.
Point of Sale transactions in Nigeria marginally by decreases 0.74% to N552.26 billion in October 2021 compared to N556.36 billion recorded in the previous month. This is in line with the recent data released by the Nigeria Inter-Bank Settlement System (NIBSS). The value of POS transactions dropped despite a 33.6% increase in the volume of transactions to 91.39 million from 87.71 million recorded in September 2021. Further analysis of the data showed that the number of POS terminals deployed in October rose by 7.6% month-on-month to 764,589 in the review month. The volume of POS transactions continues to increase across…
Nigerian lender, Unity Bank Plc has announced gross earnings of N36.18 billion for the nine-month period ended September 30, 2021, and a 23% growth of profit-after-tax totalling N1.94 billion for the same period. A review of the unaudited results for the 3rd quarter of 2021 released to the Nigerian Exchange Group Limited showed that the bank’s gross earnings of N36.18 billion represents a moderate 7% growth from N33.9 billion recorded in the same period in 2020. Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32 billion from…
An Abuja division of the federal high court has adjourned ruling on an application by the Economic and Financial Crimes Commission (EFCC) seeking final forfeiture of the sum of $899,600 linked to former Bauchi State Secretary to the State Government (SSG), Ibrahim Ahmed Dandija, till January 31, 2022. In the suit marked: FHC/ABJ/CS/1986/19, EFCC is the applicant, Abdallah Suleiman is the first respondent, Ahmed Ibrahim Dandija the second respondent and Sigma Apartments Ltd is the 3rd respondent, according to NAN. The sum being suspected proceeds of illicit activities was recovered by EFCC from an apartment at Sigma Apartment, No 1…
The Nigerian Export Promotion Council has listed out 22 products that can enable Nigeria secure a zero oil plan. The NEPC made this known in its “Opportunities in the Export Market” report published recently as it noted that unemployment rate in Nigeria is at an all-time high of 33.6%, and the value of the Naira and revenue from crude oil exports are at an all-time low, coupled with the effects of the Covid-19 pandemic. They added that Nigeria must survive in a world in which it sells no more oil, as the zero oil plan is a strategic plan to…
Global energy giant, Shell, has unveiled the expansion to a new business line in Nigeria with the expansion of natural gas sales and distribution to meet the growing energy needs of wholesale consumers and provide more and cleaner energy across the country. The new business line, which is Shell Energy Nigeria will seek to deliver gas-based energy solutions to businesses across the country to help drive economic development while also delivering greater value from the country’s natural resources. According to a statement signed by the Media Relations Manager of Shell, Bamidele Odugbesan, the new business is expected to draw on…
The Debt Management Office (DMO) established the issue about N250 billion Sukuk to finance road projects. The DMO issued this in a statement released on Tuesday. The Sukuk is a strategic initiative that supports the development of infrastructure, promotes financial inclusion and deepens the domestic securities market. Since the establishment of the initiative in September 2017, DMO had issued three Sovereign Sukuk — 2017, 2018 and 2020 “Subsequent to the debut Sovereign Sukuk in 2017 in which N100 billion was raised to finance the rehabilitation and construction of twenty-five (25) road projects across the six (6) geopolitical zones,…
Banks, insurers and investors with around $130 trillion or 40% of the world’s capital at their disposal pledged on Wednesday to put limiting climate change at the centre of their work. An announcement made at the COP26 U.N. climate conference in Scotland commits its signatories to assuming a “fair share” of the effort to wean the world off fossil fuels. A main aim of the COP26 talks is to secure enough national promises here to cut greenhouse gas emissions – mostly from burning coal, oil and gas – to keep the rise in the global temperature to 1.5 degrees Celsius.…
The Central Bank of Nigeria has disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF). This was made known in the CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 138 OF THE 281ST MONETARY POLICY COMMITTEE MEETING. The apex bank through a series of interventions has tried to reduce the hardship and boost economic growth by promoting other lagging sectors. According to the CBN, “The Bank has disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF). The CBN has revised the guidelines, working with Nigerian Export-Import Bank to improve access to the intervention and…
CDC Group, the UK’s development finance institution and impact investor, secures plan to invest more than £3 billion to aid rising economies in Africa and Asia battle climate change. CDC will become one of the world’s largest climate finance investors in Africa and certain South Asian economies as a result of the pledge made today at COP26 in Glasgow. The announcement is part of the Prime Minister’s ‘Clean Green Initiative,’ which aims to assist developing nations to take advantage of green technologies and expand their economies in a sustainable way. Over the next five years, the £3 billion in climate…
Bitcoin (BTC) investment firm, New York Digital Investment Group (NYDIG), has disclosed the acquisition of United Kingdom-based micropayment service Bottlepay for an estimated fee between $280 million and $300 million. NYDIG had previously participated in the company’s $15.4 million seed funding round in February 2021, a raise which was led by British billionaire investor Alan Howard and saw the company valued in excess of $50 million. Utilizing the Bitcoin Lightning Network, Bottlepay’s mobile application service enables users across the U.K. and Europe to transfer small amounts, known as micropayments, of Bitcoin (BTC) and traditional fiat currencies such as pound sterling…
OPEC+ headed for a clash with the U.S. as more members said No to President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. On Monday, Kuwait said the cartel should stick with its plan to increase output gradually because oil markets were well-balanced. That followed similar statements from other key members in recent days, including Iraq, Algeria, Angola and Nigeria. The Organization of Petroleum Exporting Countries and its allies – led by Saudi Arabia and Russia – meet on Thursday with pressure from oil consumers mounting as prices climb toward $85 a…
The United States joined Britain, France, Germany and the European Union on Tuesday in a multi-billion dollar partnership to help South Africa finance a quicker transition from coal, that will provide a model for other countries. British Prime Minister Boris Johnson told the United Nations COP26 meeting in Glasgow that the initiative was valued at $8.5 billion overall and would help move the world toward meeting its climate targets by “choking off international finance for coal”. South Africa, which is the world’s 12th biggest emitter of climate-warming gases and heavily reliant on ageing coal-fired power stations for its electricity, said…
The Minister of State, Petroleum, Chief Timipre Sylva, Thursday established that to ensure the smooth implementation of the Petroleum Industry Act (PIA), the federal government is reorganising staff deployed from the defunct agencies to ensure their proper fit for tasks assigned. By the new law, employees of the scrapped Petroleum Equalisation Fund (PEF) and the Petroleum Products Pricing Regulatory Agency (PPPRA) are to be absorbed by both the Nigerian Upstream Regulatory Commission (NURC) and the Midstream/Downstream Petroleum Regulatory Authority (MDPRA). Also included among the defunct agencies whose staff will be redeployed in the two succeeding organisations are those of the…
MFS Africa, a pan-African digital payments hub, has disclosed the signing of an agreement to acquire Baxi, one of Nigeria’s agent networks. The deal, which is subject to approval from the Central Bank of Nigeria (CBN), will be the second-highest fintech acquisition in Nigeria to date. According to the MFS Africa, despite that Nigeria is Africa’s largest economy, with the highest number of Small and Medium Enterprises (SMEs) and the largest remittance market in Africa and home to one-third of intra-Africa remittance flows, its presence in Nigeria to date has been limited given the country’s small number of mobile wallets.…
Airtel’s Nigerian operations added 32.4% revenue increase to the cumulative earnings of the telecommunications firm in the first half of the year ended September 2021. Going by the financials released yesterday, Airtel Africa revenue grew by 25.2% to $2,272 million with double digit growth across all regions. The report showed that the revenue in constant currency grew by 27.6% Specifically, the report showed that there was strong double-digit constant currency revenue growth across all regions: Nigeria up 32.4 per cent, East Africa up 25.8 per cent and Francophone Africa up 22.1 per cent; and across all key services, Voice up…
Chairman, Seplat Energy Plc Dr. ABC Orjiako, has established that Energy Transition can only be achieved in a collaborative manner leveraging technology and innovation. Orjiakor spoke Milken Institute Global Conference themed, “Charting a New Course”. The Milken Institute Global Conference is an annual convening of global leaders in government, finance, health, academia, industry and philanthropy. At the global conference, Orjiako said, “We must develop a coordinated and coherent approach to energy transition with the specific needs of several geographies in consideration.” He said: “Energy transition must be done in a collaborative manner where there must be a balance between…
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, who disclosed this at the 15th Oil Trading and Logistics (OTL) Africa Downstream Week, said Nigeria’s petroleum product demand would grow to 17.3 million metric tons by 2025, up from the 15.1 million MT in 2020. He said investment opportunities worth nearly $3.097 billion currently exist in the country’s condensate refineries’ space. According to him, between $1.6 billion and $2.7 billion was required by the corporation to improve the supply and distribution of petroleum products, revamp Liquefied Petroleum Gas (LPG) infrastructure, and build Compressed Natural Gas (CNG) plants in…
Nestle Nig. Plc yesterday disclosed its unaudited financial results for the third quarter of the year ended 30th of September, 2021. Revenue during the period was N90.15 billion. (+25.71% YoY). Cost of sales stood at N55.29 billion. (+30.03% YoY). Net Finance cost of N1.59 billion was recorded. Profit before tax was N18.21 billion (+18.25%). Profit after tax was N11.85 billion. (+17.21 YoY). Total assets during the period stood at N305.63 billion. (+59.45 bn YtD). Earnings per share of N14.95 Vs N12.76 YoY
Lagos State governor, Babajide Sanwo-Olu has disclosed that the new ultra-modern Ecobank Nigeria head office, the Ecobank Pan African Centre (EPAC) has a strong connection that will enhance the state’s Smart City Project and modernize infrastructure within the metropolis. The governor who was speaking during the commissioning of the office complex in Lagos lauded the management of the Pan African bank for the vision behind the project as it is redefining building and infrastructure development in the state, stressing that the building meets the various vital parameter such as latest energy-efficient technology, environmental sustainability, sparkling ambience and state-of-the-art amenities that…