Nigeria’s leading consumer goods companies earned a whopping sum of N504.7196 billion as revenue in the half year of 2022, outperforming their earnings in the corresponding period of 2021 of N126.08 billion. The companies are Dangote Sugar Plc, Nascon Plc, Unilever Plc, Nestle Plc, and Cadbury Nigeria Plc. According to the information contained in the half-year financial statements of these companies and compiled by Nairametrics research, the companies’ revenues rose by 33.3% compared to half the year 2021. The revenue growth recorded by the companies is remarkable, considering economic disruptions in the global economy occasioned by the ripple effect on…
Author: Temitope N.
Nigeria’s consumer price index (CPI), which measures the level of inflation in the country has risen by 170.2% under President Muhammadu Buhari’s administration, between June 2015 and July 2022. This is according to data tracked and analyzed by Nairalytics – the Research arm of Nairametrics. Recall that the president was sworn into office as the 15th President of the federation on Friday, 29 May 2015, following the presidential general election held, a position which he has occupied since then. During the period, Nigeria’s consumer price index rose from 171.6 index points recorded in May 2015 to 463.6 points in July…
The organization in its empirical survey across the 36 states of the federation expressed displeasure over certain state governments’ refusal to pay the monthly salaries accruable to civil service workers in their states as and when due. BudgIT, a civic-tech organization on advocacy for transparency and accountability in Nigeria’s public finance, has revealed that at least 12 states owe their workers at least one month’s salary as of July 28, 2022. BudgIT conducted this empirical survey to spotlight and identify state governments that have consistently failed to meet the essential requirement of governance and employee compensation, thereby subjecting their workers…
Consequently, the Nigerian stock market closed negative amidst buy-interests and sell-offs as bears dominated proceedings for the sixth consecutive day. The All-share Index (ASI) depreciated by 2.25% to close at 49,350.71 index points as against 50,489.73 index points the previous day. In the same vein, the overall market Capitalization declined by N614 billion or 2.25% to close at N26.618 trillion as against N27.232 trillion the previous day. Market breadth closed negative with 16 losers against 12 gainers as Cornerstone Insurance Plc led the losers with 9.33% while NEM Insurance Plc led the few gainers with 10%. Market Indices NGX ASI: 49,350.71…
Positive sentiment witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange (NGX), Wednesday, has resulted in shareholders of Dangote Cement Plc recouping the N409 billion it lost the previous day’s trading session. Checks by Nairametrics showed that the cement firm gained by 9.96% to N265 per share from N241 the previous day adding exactly N409 billion it had lost the previous day (Tuesday, August 9) to the market capitalization. Further analysis showed Dangote Cement closed the day at N265 per share and N4.515 trillion in market capitalization on the Nigerian Stock Exchange (NGX) as against N241 per share and N4.106 trillion in market…
Norrenberger Advisory Partners Limited (NAPL) has taken over the operation of International Energy Insurance Plc (IEI) after it obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the company. In a disclosure by IEI, the development will enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria. While the company has obtained the final approval of the NGX for the lock acquisition of 50.6% equity, it has commenced the process for the approval of the Nigerian Security and Exchange Commission for the mandatory take-over…
Popularly referred to as the ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient, personalized services. Amongst the services carried out by the Agents include; Account Opening, Cash Deposit, Airtime Purchase, Bills Payment, Withdrawals, and Money Transfer. Expressing his appreciation to the Firstmonie Agents, the CEO, FirstBank, Adesola Adeduntan, said: “Since the relaunch of our Agent Banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country, as many more people have been able to undertake various financial and business transactions in cost-effective ways,…
Polaris Bank has refuted a report that claimed that the Central Bank of Nigeria was about to sell the bank to Auwal Lawan Abdullahi for N40 billion. The bank made the disclosure in response to media reports about an alleged secret acquisition of Polaris Bank. The statement by the bank said that such speculative publication was a deliberate intention to create panic and as such, should be disregarded. According to a recent media report, CBN Governor, Godwin Emefiele has secured presidential authority to proceed with the transaction, and a public announcement is about to follow. A son-in-law of Ibrahim Babangida…
Nigerian banks’ credit to the private sector rose to N26.8 trillion as of June 2022 the highest on record. This is according to provisional data from the Central Bank of Nigeria. Commercial banks also known as deposit money banks lent out a total of N26.8 trillion as of June 2022 up from the N24.378 trillion lent out to the private sector as of December 2021, representing a 10.15% growth in 6 months. Deposit Money bank lending to the private sector was N21.89 trillion as of June 2021 thus adding N5 trillion in loan growth in one year. Nigeria’s central bank has over the last 5 years pursued an aggressive…
The Federal Government through the Finance Ministry is expected within the next 60 days to send a final commitment application to the American Export-Import Bank to fund a solar project in Nigeria, for Nigeria’s Niger Delta Power Holding Co. This was disclosed by Bloomberg on Monday evening after an email from Adam Cortese, chief executive officer of United States-based Sun Africa. Nigeria’s Ministry of Finance will seek credit from the US Export-Import Bank to fund a solar power project being developed by Sun Africa LLC, a renewable energy provider. The solar project would be developed for Niger Delta Power Holding…
Oil and Gas downstream company, Ardova Plc has denied it is facing a winding up charge in respect of the debt owed to Zenon Petroleum and Gas Limited (Zenon) by Ignite Investments and Commodities Limited (Ignite). Nairametrics reported on Monday that Zenon Ltd has filed a Winding Up petition against Prudent Energy and Services Limited over the inability of the latter to repay a debt of $ 6 million. Prudent Energy & Services through its entity, Ignite Investments and Commodities Limited owns 74% of Ardova Petroleum a company listed on the Nigerian Exchange. Cordova stated that there are no claims…
The Osun State Chapter of the All Progressive Congress (APC) says that it has concluded plans to drag the Independent National Electoral Commission (INEC), the Peoples Democratic Party (PDP), and its candidate in the just concluded election, Senator Ademola Adeleke, to the Elections Petition Tribunal over the outcome of the election. The party said that the decision to challenge the results of the July 16 Osun State Governorship election at the tribunal follows assurances by the party’s lawyers who said they have good grounds to challenge the results after studying them. This was made known by the Osun State Chairman…
The Central Bank of Nigeria has extended a total sum of N19.9 trillion circa (N20 trillion) in loans to the Federal Government under its Ways and Means provision as included in the CBN Act. The Ways and Means provision allow the government to borrow from the Apex Bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits. Provisions in the act cap monetary financing of fiscal deficits at 5% of the prior year’s revenues. However, since the government started experiencing a significant shortfall in revenue, it has relied heavily on the central bank to finance…
The NESG said that the country’s economic growth was dominated by sectors with low contributions to output and weak job-creating capacity, while the oil sector remained in recession for 8 consecutive quarters, with headline inflation at 18.6% according to the National Bureau of Statistics (NBS). It also stated that despite high global oil prices, Nigeria is not appropriating the benefits due to low crude oil production largely as a result of oil theft and pipeline vandalism, declining investment and divestment caused by oil theft, high cost of production, and a harsh operating environment. Some solutions to identified factors contributing to…
The National Bureau of Statistics (NBS) has revealed that Nigeria’s mineral production grew by 39.19% in 2021, from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021. This was disclosed by the NBS in a report on Monday titled, ‘Mineral production Statistics’ for 2021. The report added that the most mined mineral in Nigeria remains Granite at 22.3 million tons. According to the NBS, “The aggregate production of mineral products in Nigeria in 2021 grew by 39.19% from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021, indicating an improvement in production. “On state profile analysis, Ogun…
The Lagos Chamber of Commerce and Industry (LCCI) has stated that Nigeria is the only major oil exporter that hasn’t benefited from the windfall of higher global oil prices. This was disclosed by Dr. Michael Olawale-Cole, President of LCCI in a statement, according to the News Agency of Nigeria. He added that the recent naira depreciation indicated an exchange rate risk likely to put pressure on inflation and its associated implications due to the substantial component of Eurobonds in the foreign debt. He said, “Nigeria is the only major oil exporter that hasn’t benefited from the windfall of higher global oil…
The Nigerian Ports Authority (NPA) yesterday said that it has concluded plans with the terminal operators to begin the reconstruction of the collapsed berths at the Rivers Port in Port Harcourt. Mohammed Bello-Koko, the managing director of NPA, who disclosed this in Port Harcourt during his maiden visit to the port, said the Authority has given BUA Terminal, one of the terminal operators, the final approval for the submitted design, which means that construction would commence soon. According to him, the berths five to eight of the BUA Terminal that was built in the 1920s collapsed years back. “They have…
The Federal Government yesterday inaugurated the National Cocoa Management Committee (NCMC) to see to the re-establishment of the Nigeria Cocoa Board and also ensure Cocoa farmers benefit from the Living Income Differential (LID) of $400 per tonne to improve their living standards. Cocoa exporters in Ghana and Cote d’Ivoire have been enjoying the LID introduced by the two countries as a premium on their cocoa and as a tool to complement the prices of the cash crop in the international market. Unconfirmed reports have it that exporters have been taking cocoa of Nigerian origin to either Ghana or Cote d’Ivoire…
The International Monetary Fund (IMF) estimated the volume of capital that has left emerging markets, including Nigeria, following the ongoing interest rate cycle at $50 billion. It linked the flight, which it described as a slower version of the March 2020 occurrence, to monetary tightening (MT) by central banks of developed countries. Led by the Federal Reserve System, central banks across the globe have joined rate-raising mania to stem high inflation. The Fed has increased interest rates four times this year, two of which were 75 basis points (bps) imposed back-to-back. The monetary authorities are also winding down their stimulus…
The Nigerian Content Development and Monitoring Board (NCDMB) has developed a guideline that guarantees the allocation of 60 per cent of the Human Capacity Development (HCD) budget on major oil and gas projects to the strengthening of training institutions. Speaking at the ground-breaking ceremony of the infrastructural upgrade of the Government Technical College (GTC), Rivers State, the Executive Secretary of the NCDMB, Simbi Wabote, commended TotalEnergies Exploration and Production Nigeria Limited for embarking on the construction of a technical workshop, 200-bed hostel, and 25-block classroom. Wabote hinted that under the guideline, a large chunk of the HCD commitments on projects…