Ranching: FG’s double-dealing unacceptable
We are worried by the Federal Government’s recent release of funds to Katsina state government for cattle ranching in the state. Ranching is a private business and if anybody (a state government inclusive) wants to run a ranch, let the person acquire (lease or buy).
Financing the infrastructure that enables the digital economy
Nigeria’s emergence from recession in Q4 2020, was a reassuring indicator that things were gradually beginning to return to a form of normality after a tumultuous year that tested all of us. But behind the headline numbers, there is an important story to tell…
Lagos State and commodities market agenda
Five leading National Dailies recently broke the news with different captions that Lagos State Government is set to raise $ 2 Billion by floating Agricultural Commodities Notes in partnership with the Lagos Commodities and Futures Exchange (LCFE) to guarantee food security.
Banks say ready to provide dollars as CBN stops BDCs
Nigerian deposit money banks on Thursday assured the public of their readiness to carry out the function of providing foreign exchange services to customers as directed by the Central Bank of Nigeria (CBN)
Coronavirus: Nigeria’s antibiotics imports rise to N396bn in 3 months
Nigeria imported N395.6 billion worth of antibiotics in the first quarter of 2021. The level of importation recorded on antibiotics aroused the interest of industry watchers because it represents 145 percent and 219 percent increase over N124.1 billion and N161.2 billion worth of antibiotics imported into Nigeria…
Dollar liquidity rises most in 3 months as CBN pushes supply to banks
Nigeria’s foreign exchange liquidity increased the most in three months by 204.37 percent after the Central Bank of Nigeria (CBN) pushed dollar supply to banks. The daily foreign exchange (FX) market turnover rose significantly to $352.07 million on Wednesday from $115.67 million recorded on Tuesday at the..
Union Bank of Nigeria Plc Reports N9.8bn PAT in Q2 2021 Results,(Share Price:N5.20K)
Union Bank of Nigeria Plc released its Q2 2021 Unaudited results for the period ended June 30th, 2021.
Key Highlights
- Gross Earnings declined by -7% to N76bn from N82bn in the previous quarter.
- Profit before tax declined by 11% to N10bn.
- Profit after tax declined by 11% to N9.8bn.
- Net Assets declined by -2.3% from N264bn to N258bn.
- Share Price Currently Stands at N5:20
Q2 UNAUDITED REPORT FOR PERIOD ENDED 30 JUN
| 2021 N’m | 2020 N’m | % Change | |
| JUN | JUN | ||
| Gross Earnings | 76,305 | 81,857 | -6.76% |
| PBT | 10,328 | 11,601 | -10.97% |
| Taxation | (492) | (519) | -5.20% |
| Profit | 9,835 | 11,082 | -11.25 |
| Basic EPS(N) | 38 | 37 | 2.70% |
BALANCE SHEET INFORMATION
| Net Asset | 258,112 | 264,318 | -2.3% |
Guaranty Trust Holding Company Plc Approves Q2 2021 Audited Results, Awaits Regulatory Approval
Pursuant to the post-listing requirements of the Nigerian Exchange Limited for quoted companies, Guaranty Trust Bank hereby informs you that at the meeting of the Board of Directors of the Bank which held on Wednesday, July 28, 2021, the Audited Financial Statements (AFS) for the half-year ended June 30, 2021, were considered and approved.
In view of the foregoing, the Bank is required to forward the AFS to the Central Bank of Nigeria (“CBN”) for approval, prior to the release of same on the floor of the Nigerian Exchange Limited.
The Nigerian Exchange Limited shall be duly notified after the approval of the CBN is obtained.
Table: Q1 2021 Unaudited Results
Egbin Power Plans $2bn Investment Plan
The management of Egbin Power Plc has said it will invest $2 billion in the expansion of its plants in addition to the $1bn it had already invested after the privatisation of the plant in 2013.
The Managing Director, Mr. Kola Adesina, disclosed this when the Senate Committee on Privatisation and Commercialisation paid a visit to the plant in Egbin, Lagos.
He also said the debt which the Nigeria Bulk Electricity Trading PLC (NBET) owes the plant has reached N388bn.
Adesina said Egbin, which “has invested $1bn in its value chain, is perfecting an investment plan of $2bn for expansion”.
He gave the breakdown of the proposed investment to include $1.8bn for Egbin Power 2 and overhaul of the existing plant as well as $200 million for its estate.
He said the plant has the capacity to deliver 1320 Megawatts (MW) but was generating 400MW as at the time the firm took over, but it has been overhauled with capacity surging to over 800MW.
“At some points, we generated 1,100MW. We have been doing an average of 1,000MW this year. We are having a future investment including the Egbin 2 expansion, overhauling of Egbin 1 and staff quarters that will cost $2bn.
“Despite these, there are challenges we face that we want this Committee to help us with. The NBET still owes Egbin a debt of N388bn including money for actual energy wheeled out, and interest for late payment,” he noted
He however said gas constraints have cost the firm to lose 106.34MW since June 2020 adding that in 2021, the plant lost N13.68bn to these external constraints.
Investors Lose N159.54bn, NSEASI Dips by -0.79%, YTD Returns Hits -4.43%
Equities market closed today on a negative note, as NSEASI depreciated by -0.79% to close at 38,484.82 basis points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.43%.
Market breadth closed negative as TRIPPLEG led 16 Gainers as against 21 Losers topped by OANDO at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes positive as volume moved up by +9.46% as against -2.29% downtick recorded in the previous
session. OANDO, GUARANTY and JAIZBANK were the most active to boost market turnover. OANDO and SEPLAT topped market value list.
Volume Shockers
TRIPPLEG leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
