headlines news for the day

Investors Lose N25.21bn as NSEASI Dips by -0.12% to Open the Week Negative

Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 39,434.69 basis points as against -0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.08%.

Market breadth closed positive as FTNCOCOA led 19 Gainers as against 10 Losers topped by WAPCO at the end of today’s session – an improved performance when compared with previous outlook.    

Market turnover closes negative as volume moved down by -24.68% as against +39.01% uptick recorded in the previous session. CHAMS, GUARANTY and HONYFLOUR were the most active to boost market turnover.  GUARANTY and NESTLE topped market value list.        

CHAMS leads the list of active stocks that recorded impressive volume spike at the end of today’s session.        

Nigerian banks play cautious in promoting dollar investments

There are indications of heightened interest in dollar investments by Nigerians following the continuous depreciation of the naira. Naira in the last 10 years been devalued by 173 percent from N150 per dollar in 2011 to the current rate of N410 per dollar at the official market

New oil law holds out possibilities, opportunities for real estate investors

Possibilities and opportunities for investors in the Nigerian real estate sector are part of the many benefits the new Petroleum Industry Act (PIA) signed recently by President Muhammadu Buhari is expected to bring to the country’s economy.

Nigeria wants businesses registered in hours, yet it takes months

Hassana (not her real name) is wedged behind her HP workstation with stacks of documents required to register a client’s business in a one-room apartment in Jabi, Abuja. On a table nearby, a scanner and a printer whir along as she spends monotonous hours signing and scanning document after documen

Lobby to put VAT on exclusive list may make states poorer

A purported attempt by the Federal Inland Revenue Service (FIRS) to put Value Added Tax (VAT) on the already bloated exclusive list, to stop attempts by states to control the collection, could be a clog in the wheel of efforts to depopulate a list that has been described as limiting growth across the country

Nigeria is rearing unconfident and subservient citizens (2)

Being intentional about childbirth stops self-immolation – Just ask the Chinese. Until fairly recently, China had the world’s strictest population control policy which restricted couples from having more than one child on the pain of, well pain. Errant couples could find themselves on the end of everything from huge fines to forced sterilisations and abortion

Moody’s Announces Completion of a Periodic Review of Ratings of Dangote Cement Plc

 Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Dangote Cement Plc and other ratings that are associated with the same analytical unit.

Moody’s Confirms First Bank of Nigeria’s Ratings Following Review; Outlook Negative

Moody’s Investors Service (“Moody’s”) has confirmed the B2 long-term bank deposit ratings and the b3 Baseline Credit Assessment (BCA) of First Bank of Nigeria Limited (First Bank).  

Inflation and Unemployment – The Looming Economic Trap

Over 7 million Nigerians lost their jobs due to inflationary pressures in 2020, taking the total number of poor people in the country to over 83 million (40% of the total population).

The Oil Price Collapse Continues

Oil prices continued their downward slide on Friday, bringing the total weekly decline to 7%. With COVID fears still running high, crude also felt the pinch from the U.S. dollar strengthening as the Federal Reserve mooted cuts to its stimulus measures this year.  

FG Begins Process for Four Million Meters Distribution

 The Federal Government, on Friday, announced that it had commenced the process for the second phase of the National Mass Metering Programme that would lead to the distribution of four million meters.

FAAC Shares N760bn July Allocation to FG, States – N109bn Increase from June

The federation accounts allocation committee (FAAC) shared N760.717 billion to the three tiers of government for the month of July. This represents an increase of N109.5 billion when compared to N651.18 billion disbursed for the month of June.

SERAP Sues Buhari, Others Over ‘Missing N106bn in 149 MDAs’

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari “over his failure to probe allegations that N106bn of public funds are missing from 149 ministries, departments and agencies (MDAs), and to ensure the prosecution of those suspected to be responsible, and the recovery of any missing public funds.”  

Fidelity Bank’s Chairman to lead Bank Directors Association of Nigeria (BDAN)

Following the successful completion of Mrs. Osaretin Demuren’s tenure, Mr. Mustafa Chike-Obi, Chairman, Fidelity Bank Plc, has been appointed to take over as President of Bank Directors Association of Nigeria (BDAN) from Monday, August 23, 2021.

The Petroleum Industry Act Needs Whistleblowing Mechanism to Ensure Transparency

The Petroleum Industry Act is a welcome development to the Nigerian oil and gas industry. Still, it would be more effective if a “whistleblowing mechanism” was entrenched to ensure transparency and accountability in the sector.

 

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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