The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, decreased to N2.51 trillion at the close of business on November 19, 2021, as investors in these banks lost a total of N100.62 billion during the trading week. After the 5 trading days of the week, all 5 tier-1 Nigerian banks suffered negative market sentiments, with GTCo leading the decline. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.51 trillion to depreciate by 3.8% during the week. A summary of the performance of each…
Author: Temitope Nlewemchi
Going by the report of Bloomberg Billionaires Index, Elon Musk is the only person with a net worth greater than $300 billion in the last session due to the appreciation of his Tesla stock. His present net valuation stands at $313 billion. The total gain for the year is $141 billion. His current net worth is equal to 168 million troy ounces of gold or 3,94 billion barrels of crude oil. Tesla-related news contributed to his wealth bounce on Friday. In five years, it was predicted that Tesla could account for 20% to 25% of the automotive market in the…
With an estimated 8 million tonnes of plastic yearly released into the environment, plastic pollution; by virtue of being non-degradable, is capable of affecting land, waterways and oceans, consequently leading to the death of marine and land creatures, causing hazard to the soil, emitting toxic gasses when exposed or heated up and blocking the drainage line to cause flood and erosion. On the other hand, the low access to healthcare prevalent in sub-Saharan Africa remains the worst in the world, with few countries able to spend the $34 to $40 a year per person that the World Health Organization considers…
The Lagos State Government has alarmed it’s occupants of a possible outbreak of the fourth wave of Covid-19 infection across the country. The state government fears that this could be triggered by the large volume of inbound passengers arriving the state for Christmas and New Year festivities, low vaccination and the anticipated social activities in the festive season. This disclosure was made by the Lagos State Commissioner for Health, Prof. Akin Abayomi, at a press briefing on the Lagos State Covid-19 response and mass vaccination strategy, noting that the state government is currently implementing strategies to prevent and mitigate a…
Nigerian-based e-Commerce platforms like Konga and jumia have doubled down on their food delivery businesses, making a deal with beverage sellers to include their drinks as part of the meal offerings. For example, a decent meal of rice and chicken is packaged with beverage drinks like Coca-Cola. The taste and consumption preference of Nigerians has changed since the Covid-19 pandemic broke in 2020. Fitch however, explains that despite the growth in e-Commerce sales, reported sales are also in single digits when compared to sales from its existing retail sales channels. “Over the past year, Coca-Cola Nigeria established partnerships with e-Commerce…
The share price of Jumia Technologies, one of Africa’s largest e-Commerce companies, went down 25% in the last 5 days as investors dumped the stock. The stock started at $19.4 per share and fell to $14.09 per share as of Friday, November 21, 2021. Jumia has seen its share price tank 65% year to date and 41.8% in the last one year. The stock has fallen from a year high $61 recorded in February 2021. Jumia reported its third quarter 2021 results last week missing sales estimates despite recording a 9% growth. The company reported a GMV increase of 8.1%…
Limited transparency will reduce the debt reconciliation and restructuring of the poorest countries, the World Bank Group President, David Malpass, has advised. He didn’t fail to mention that improving debt transparency required a sound public debt-management legal framework, integrated debt recording and management systems, as well as improvements in global debt monitoring. He added that international financial institutions, debtors, creditors, and other stakeholders, such as credit-rating agencies and civil society have a key role to play in fostering debt transparency. The advice comes at a time the World Bank said Nigeria stood a chance of gaining more from its migrants…
Dr. Samuel Oghene Etatuvie is a community pharmacist and Director General, Nigeria Natural Medicine Development Agency (NNMDA) Kofo Abayomi, Victoria, Lagos. Etatuvie in this interview with the media to sensitise the public on “Rational Use of Natural Medicine for the Management and Prevention of Diabetes” said the agency has made giant strides in the development of herbal remedies for diabetes. He spoke to KEHINDE OLATUNJI. THE increase in the prevalence of diabetes mellitus worldwide has become a major global and societal burden to both developed and developing countries. Diabetes is a complex and multifactorial disease and one of the…
The Economic and Financial Crimes Commission (EFCC) has approved the return of N19.33 billion Kogi State bailout funds to the Central Bank of Nigeria (CBN). In a statement by the Commission’s spokesperson, Mr Wilson Uwajaren, he mentioned the refund aborts dissipation of the funds and puts an end to further controversies relating to the source and ownership of the funds, News Agency of Nigeria reports. Reacting to the statement by EFCC, Kogi State Commissioner for information, Mr Kingsley Fanwo on Friday said the statement vindicates the state government from the accusation by EFCC. The EFCC had instituted a suit marked:…
Secretary General, African Continental Free Trade Area (AfCFTA) Wamkele Mene has said that African countries are losing $5 billion annually as costs of currency convertibility. Besides, Mene made it known that AfCFTA, in collaboration with Afreximbank announced plans to roll out $10 billion adjustment fund for countries that may suffer revenue loss arising from elimination of tariff on goods produced in the continent. Speaking in a press briefing at the ongoing Intra- African Trade Fair in Durban, South Africa yesterday, Mene said AfCFTA is working closely with Afreximbank to establish a Pan-African Payment and Settlement System (PAPSS), which will enable…
Unilever Plc, the owners of Lipton and PG Tips, has agreed to sell its global tea business, ekaterra, to CVC Capital Partners for €4.5 billion on a cash-free, debt-free basis. This is according to a press release from Unilever titled, “Unilever to sell its Tea business, ekaterra, to CVC Capital Partners Fund VIII for €4.5 bn,” and published on its website. Nairametrics reported earlier that Unilever Nigeria confirmed its intent to spin off its tea business into a separate legal entity. , a move that could potentially affect its top-line revenue. Hence this move is in line with its previously…
Oil prices are bullish in the Asian session today, as the worry of a potential coordinated release of crude reserves by the world’s major economies in a bid to lower prices, seems to be having less of an impact on the black liquid’s price. The global benchmark, Brent crude oil is up 0.87%, currently trading at $81.95 a barrel, after falling to a six-week low on Thursday. The United States benchmark, the West Texas Intermediate (WTI) crude is up 0.85%, currently trading at $79.10 a barrel, as of the time of writing this report. The U.S. push for a coordinated…
The growth, which was largely driven by the non-oil sector, having contributed 92.51% to the aggregate GDP for the period, leaving the remaining 7.49% to the oil sector. According to the report, the growth recorded in the non-oil sector was driven by growth in the trade sector, ICT, financial, manufacturing, agriculture, and transportation. The African Development Bank (AfDB) on Thursday 11th November 2021, approved a $60m (approximately ₦25Bn) financing for the Homes Loan Assistance Programme. The fund, according to the bank, will be managed by the Family Homes Funds Limited (FHFL) with the support of the Federal Ministry of Finance,…
Rail transportation, metal ores, aviation, and financial services sectors makes top list of fastest-growing sectors in the country for the third quarter of 2021. This report is according to GDP numbers presented by the National Bureau of Statistics (NBS). The rail transportation sector grew by 59.93% year-on-year in real terms in Q3 2021, representing the fastest growing sector in the review period, closely followed by metal ores, which is a component of the mining and quarrying sector with 54.92% growth rate. Recall, that Nairametrics reported on Thursday that Nigeria’s GDP for the third quarter of 2021 expanded by 4.03% year-on-year…
The Lagos State Government has commenced major technological reforms in Land administration to ensure that land is managed in a most effective and efficient manner. This is due to the fact that land is a scarce resource that needs to be administered to have a positive impact on the state’s economy. This statement was made by the Surveyor-General of Lagos State, Mr Olutomi Sangowawa, while delivering a goodwill message at the 2021 annual conference of the Geoinformation Society of Nigeria (GEOSON), held at the Intercontinental Hotel, Lagos. The 3-day event, with the theme “Geospatial Technology for Sustainable Smart City and…
The Federal Government has established that the growth in Nigeria’s digital services, especially in areas of culture, creativity, hospitality and tourism will improve investments in the economy. This was made known by Clem Agba, Minister of State, Budget and National Planning, at the 2021 African Statistics Day celebration with the theme: “Modernising National Statistical Systems to support Socio-Cultural Development in Africa” in Abuja on Thursday, according to NAN. The Minister said Nigeria’s creative industry and large youth population is ripe for growth adding that the FG has implemented policies including a National Policy for the socio-cultural development of the country…
The President/Chief Executive Officer of Dangote Group and Africa’s richest man, Alhaji Aliko Dangote, has disclosed how his younger brother, gave up the ghost in a hospital in the United States. Aliko Dangote said the doctors told him that his brother, Sani, would die in an hour, and that he died when it was time as he watched the life support machine go down until it stopped working. According to NAN, this was made known by Aliko Dangote, while speaking when the National Leader of the All Progressives Congress (APC), Alhaji Bola Tinubu, paid him a condolence visit on Friday…
Wema Bank’s customer deposits is set for further boost following the recent N1 million challenge by popular Nigerian Afrobeats megastar, David Adedeji Adeleke (a.k.a Davido, a.k.a O.B.O). The bank’s recent financial statement for Q3 2021 shows that its customer deposits increased by 9.3% to N879.82 billion from N804.87 billion recorded as of the beginning of the year. Just as the bank increased its customer deposits, it was able to boost loans in the same period to N397.28 billion, leaving its loan-to-deposit ratio at 45%. Meanwhile, it’s been over 24 hours since the ‘FEM!’ crooner, through his Instagram handle, tapped his…
The Nigerian financial sector, which encompasses of finance and insurance sectors recorded a growth rate of 23.23% in the third quarter of 2021. This is according to GDP report released by the National Bureau of Statistics (NBS) on Thursday. The Financial sector, which is classified as financial institutions and insurance, comprises of finance and insurance sector with respective 90.53% and 9.47% contribution to the overall sector in the period under review. The growth recorded in the sector is higher by 20.02% points from the rate recorded during the same period in 2020 and up by 25.71% points from the rate…
A non-governmental organisation, Youth Initiative for Advocacy, Growth and Advancement (YIAGA) Africa, emphasized the need for inclusiveness and accountability in Gender Responsive Budgeting (GRB). The group made this known at a capacity-building workshop on GRB for committee clerks of the National Assembly in partnership with Spotlight Initiative. An economist, Terfa Abraham, explained that the workshop would help train participants on how to demand and execute best practices about GRB, adding that the training came after President Muhammadu Buhari’s speech on October 7 and budget call circular, which made it clear that the 2022 budget would be gender-responsive. “The training would…