headlines news for the day

Investors Lose N1.66bn as NSEASI Dips Marginally by -0.01%, Maintains Negative Posture

Equities market closed today on a negative note, as NSEASI depreciated by -0.01% to close at 39,201.33 basis points as against -0.12% loss recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.66%. 

Market breadth closed negative as CHAMS led 9 Gainers as against 19 Losers topped by CORNERST at the end of today’s session – an unimproved performance when compared with previous outlook.   

Market turnover closes negative as volume moved down by -1.00% as against -0.53% downtick recorded in the previous session. FBNH, WEMABANK and ACCESS were the most active to boost market turnover.  FBNH and NB topped market value list.

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

DisCos to roll out over 2m new meters by year end

Nigeria’s electricity distribution companies (DisCos) are on course to roll out more than 2 million meters by the end of the year under the meter distribution programme of the Federal Government

Nigeria’s private sector credit struggles to catch up with peers

There has been recent expansion in credit to the private sector in Africa’s largest economy but the pace of growth remains too weak to match what is obtainable in peer countries, leaving a sizable funding gap for millions of businesses.

 

 

 

Nigeria among nations least prepared for rising global inflation

Nigeria, starved of foreign investment inflows, is among countries ill-prepared to cope with the backlash of accelerating global inflation and rising interest rates in the United States.

FCMB bags best SME Bank in Nigeria, Africa

One of Nigeria’s leading commercial banks, First City Monument Bank (FCMB), has emerged as the best SME bank in Africa and best in Nigeria at the Asian Banker Middle East and Africa Regional Awards on the 27th of August 2021

How NNPC manicured its books to extract N287bn profit

Since Atedo Peterside, founder of IBTC Stanbic Bank, invited the NNPC to clarify allegations that some money meant for the federation account may have been declared as 2020 profit, doubts have greeted the corporation’s N287bn profit

VAT War: Efficiency and Fiscal Federalism

The Federal Inland Revenue Service (FIRS) and the Rivers State government are locked in a legal dispute over the latter’s claim that it is constitutionally empowered to collect Value Added Tax (VAT) revenue within its jurisdiction, a responsibility hitherto reserved for the FIRS

Lagos Assembly Passes VAT, Anti-Open Grazing Bills

The Lagos State House of Assembly has passed the Value Added Tax (VAT) bill.

 Speaker Mudashiru Obasa directed the Acting Clerk of the Assembly, Olalekan Onafeko, to transmit a clean copy to Governor Babajide Sanwo-Olu for assent.

 The House also passed the anti-open grazing bill.

 The two bills were passed after a unanimous vote by the lawmakers at a sitting where they were read the third time.

 

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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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