United Capital Plc has recently released its third-quarter results for the year 2023, demonstrating a noteworthy performance in various key financial indicators. These results underscore the company’s strong position and resilience in the market. In the third quarter of 2023, United Capital reported a pre-tax profit of N4.175 billion, representing a substantial year-on-year growth of 7.57%. This impressive performance has propelled the company’s nine-month pre-tax profits to N9.718 billion, compared to N9.124 billion during the same period the previous year. Let’s delve into the key highlights of United Capital’s Q3 2023 performance compared to the same quarter in 2022: **Gross…
Author: Temitope Nlewemchi
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has achieved a significant milestone by becoming a member of the prestigious Partnership for Carbon Accounting Financials (PCAF). This recognition places UBA as the sole financial institution representing West Africa among the 14 members of the global core team, which encompasses various regions. The selection process for this coveted position was highly competitive, drawing the participation of more than 50 well-qualified candidates from the PCAF signatory community. UBA’s successful admission underscores the bank’s unwavering commitment to sustainable finance. As a core team member, UBA will actively contribute to the development of…
United Bank for Africa (UBA) Plc, widely regarded as Africa’s Global Bank, has achieved a significant milestone by securing membership in the esteemed Partnership for Carbon Accounting Financials (PCAF). This recognition marks UBA as the exclusive financial institution from West Africa to join the ranks of the 14 global core team members representing various regions. The selection process for this prestigious membership was highly competitive, attracting applications from over 50 distinguished candidates within the PCAF signatory community. UBA’s exceptional commitment and leadership in sustainable finance made it stand out, and as a core team member, the bank will actively contribute…
Elon Musk, the owner of X, has revealed plans to introduce two new subscription tiers on the platform, as part of a strategic move to boost profitability. One of these tiers will be offered at a lower cost compared to the existing $8 per month X Premium subscription, while the other will come at a higher price point, offering an ad-free experience. Musk made the announcement on a recent Friday, explaining that the more expensive subscription tier would eliminate advertisements for subscribers, whereas the lower-cost tier would continue to display ads. This development is seen as a proactive step by…
Trading activities on the Nigerian equities market wrapped up the week on a bearish note, with the NGX All-Share Index falling by 0.42% Week-on-Week (WoW) to conclude at 66,915.41 points. This decline comes on the heels of a less-than-stellar performance compared to the previous week when the index closed at 67,200.69 points. The market capitalization, too, followed this downward trend, settling at N36.76 trillion. A closer look at the sectoral indices reveals that all other indices, except for NGX CG, NGX Premium, NGX Banking, NGX AFR Bank Value, NGX AFR Div. Yield, NGX MERI Value, and NGX Sovereign Bond, experienced…
The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to permit BDCs to conduct online dollar transactions and offer Point of Sale (POS) agency services. These measures, according to ABCON, would enhance liquidity in the forex market and contribute to exchange rate stability. ABCON also called on the CBN to grant regulatory approvals that allow BDCs to access diaspora remittances, such as receiving International Money Transfer Operators (IMTOs) proceeds. Aminu Gwadebe, the President of ABCON, emphasized that BDCs’ full participation in the retail segment of the foreign exchange market is essential…
New policies in Nigeria, Kenya, and Egypt are having a substantial impact on businesses across these countries, with changes including the removal of fuel subsidies and tax increases. Elevated benchmark interest rates in Kenya, Nigeria, Ghana, and Egypt are increasing the cost of capital, which is affecting the real estate markets. The removal of fuel subsidies in Nigeria, the introduction of Kenya’s finance tax, and Egypt’s new tax initiatives have disrupted the status quo in business operations. Moreover, benchmark interest rates in these countries are notably high, further increasing capital costs. In Kenya, the benchmark interest rate is at 10.5%,…
Nigeria has recently adopted a new approach for transporting some of its oil, opting for small river vessels instead of utilizing the Nembe Creek trunk line (NCTL), a pipeline that has been non-operational. This strategic shift was reported by Bloomberg on October 20, marking an adjustment in the country’s oil transportation methods. According to tanker tracking data, on October 10, the first cargo of the newly introduced Nembe Creek grade was loaded onto a 1-million-barrel Suezmax tanker named the Maran Orpheus. Over the next few months, Nigeria plans to load approximately 65,000 barrels per day of this new Nembe Creek…
The FMCG (Fast-Moving Consumer Goods) sector in Nigeria is currently navigating foreign exchange losses due to the ongoing challenges in exchange rates. The period from June to September witnessed a substantial surge in the average exchange rate, escalating by approximately 20%. This shift was notable, as it elevated the exchange rate from an average of N634.56/$ in June to N761.33/$ in September. The trend has not abated and, as of October 19, 2023, the exchange rate stands at N859.73/$, signifying continued volatility and depreciation of the local currency. The consolidation of the exchange rate into a single window on June…
A recent report has brought to light the fact that Nigeria and South Africa are leading the pack when it comes to African countries actively seeking residence and citizenship in foreign nations, particularly in regions like the United States and the United Kingdom. These countries have witnessed a substantial surge in interest for foreign passports, with a remarkable 46% increase in inquiries recorded during the third quarter of 2022. Furthermore, the report discloses that African countries, as a whole, have consistently maintained an upward trajectory in terms of global investment and market growth, signifying a 23% increase in inquiries during…
Nigeria’s mounting debt and inadequate fiscal management practices have contributed to an upsurge in poverty, as reported by Olufemi Aduwo, Chairman of the CSO-African Countries Group of the World Bank. In 2022, Nigeria’s debt soared to ₦77 trillion, with the debt-to-GDP ratio ballooning from 17.7% to 37.3%. Fiscal mismanagement, a lack of adherence to the Fiscal Responsibility Act, and a lack of fiscal restraint have all played a part in this debt crisis. The government’s borrowing activities often extend beyond capital investment and human development. Mr. Olufemi Aduwo, the Permanent Representative of the Centre for Convention on Democratic Integrity (CCDI)…
The federal government has set its sights on boosting corporate Nigeria’s combined gross operating profit to a substantial N9.3 trillion in 2024. This ambitious goal is expected to result in generating a substantial company income tax revenue of N3 trillion in the same year, a significant leap from the budgeted N1.9 trillion for 2023. This bold target was revealed in the Medium Term Expenditure Framework released by the federal government recently, signaling the government’s intention to bolster corporate tax revenues significantly. The government’s projection also encompasses a total of N20.69 trillion in the Net Federal Account revenue pool, which is…
NBA Champion Andre Iguodala, renowned for his illustrious 19-year basketball career, has made a significant announcement: he is retiring from professional basketball. However, his journey is far from over, as he shifts his focus towards leading a groundbreaking $200 million venture capital fund known as Mosaic. Andre Iguodala, in collaboration with his trusted and long-time business partner Rudy Cline-Thomas, is set to spearhead Mosaic. Their venture into the world of tech investments took root back in 2010 when they initiated their foray into tech stocks. This venture coincided with Iguodala’s tenure with the Golden State Warriors, which commenced in the…
Financial experts have expressed their support for the Federal Government’s proposal to tax wealthy Nigerians, considering it a progressive measure that can promote income redistribution and enhance the country’s fiscal revenues. In separate interviews, these experts have lauded the government’s initiative, describing it as a step in the right direction toward creating a more equitable tax system. Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (CPPE), referred to this proposal as a welcome development. He highlighted that this approach represents a form of progressive taxation, where high-net-worth individuals are expected to contribute more to the…
Infostride News has reported that the Nigerian Electricity Regulatory Commission (NERC) recently disclosed its financial performance for the second quarter of 2023. According to the Q2/2023 Electricity on Demand report released by NERC, the commission generated ₦5.63 billion in revenue during this period, with total expenditure amounting to ₦2.46 billion. This financial statement indicates a noteworthy increase in revenue, reflecting a 19.12% growth compared to the previous quarter (2023/Q1), where revenue stood at ₦4.73 billion. However, it is important to note that NERC’s total expenditure also increased by 36.80%, rising from ₦1.80 billion in Q1 to ₦2.46 billion in Q2…
Netflix (NFLX) witnessed a remarkable upswing in its stock price on Thursday, as the company unveiled impressive Q3 2023 subscription numbers and revenue figures. This surge in stock value came after the release of Netflix’s quarterly revenue report, which showcased substantial growth and exceeded market expectations. In this quarterly financial report released on Wednesday, Netflix revealed a total revenue of $8.54 billion for Q3 2023, marking a notable 7.8% year-on-year increase. The driving force behind this revenue surge was the exceptional growth in subscriptions, which surpassed even the most optimistic projections of Wall Street analysts. Netflix managed to secure a…
At the conclusion of Friday’s trading session, the Nigerian Exchange Group (NGX), formerly known as the Nigerian Stock Exchange, continued to experience a bearish trend, with equities recording a 0.27% loss. This decline was reflected in the NGX All-Share Index, which closed at 66,915.41 points, down 0.27% from the previous day’s closing figure of 67,098.81 points. The market capitalization also mirrored this downturn, as investors shaved off N100.8 billion from the market, leading to a closing value of N36.76 trillion. Despite the fluctuations in the market, it’s important to note that trading activity was relatively low on this particular day.…
The exchange rate between the Nigerian naira (NGN) and the United States dollar (USD) witnessed a dramatic decline, marking one of the worst weeks in recent history for both the official Nigerian Autonomous Foreign Exchange Market (NAFEM) and the parallel market, as reported by Infostride News. The official NAFEM closed the week with an exchange rate of N808/$1, while the black market, operating unofficially, saw rates as high as N1170/$1. This significant drop of 5.4% on the official NAFEM window is a record low at the end of a trading week in Nigeria’s exchange rate history. Notably, the last time…
Unilever Nigeria Plc recently unveiled its unaudited interim report, shedding light on its financial performance for the nine-month period culminating on September 30, 2023. In a comprehensive analysis, the company’s robust financial results and strategic direction were elucidated. This interim report not only offers a snapshot of Unilever Nigeria’s financial health but also delineates the company’s commitment to sustainability and corporate responsibility. During this nine-month period, Unilever Nigeria posted a noteworthy Turnover figure of N81.6 billion, signifying an impressive 26% increase compared to the N64.8 billion Turnover reported for the corresponding period in 2022. This surge in revenue is a…
The European Union (EU) has unveiled a substantial commitment to allocate a substantial sum of 150 billion Euros by the year 2027 as part of its expansive Global Gateway Initiative, which has been devised to transform and reinforce infrastructure development across more than eight key sectors in Nigeria and a variety of other African nations. This groundbreaking announcement was made by the EU Commissioner for International Partnerships, Jutta Urpilainen, during the official launch of the Global Gateway Initiative, which took place in the vibrant city of Abuja on a Thursday. Ms. Urpilainen elucidated that the essence of the Global Gateway…