Headlines news for the day. – First Ideas Limited

Headlines news for the day.

Buhari courts trouble in renewed push for grazing routes
President Muhammadu Buhari’s recent approval of a recommendation to review 368 grazing reserves in 25 states and to determine the levels of encroachment are raising issues across Nigeria. Many are questioning the legality of the president’s position because the..
Transport fares still high as petrol price decreases, diesel increases in July
The costs of different forms of transportation in Nigeria have remained high in July, tracking fuel prices (Petrol and Diesel), which are still more than 10 percent higher than they sold in the same period of last year.
Lagos dares FIRS, insists on collecting VAT
Lagos state has vowed to go ahead with collection of Value Added Tax (VAT) in the country’s commercial capital even after the Federal Inland Revenue Service (FIRS) insists that it remains its sole responsibility to collect the taxes across the country.
Telecom’s growth slows for sixth straight quarter over NIN
In the last one and half years, growth in Nigeria’s telecommunication industry has consecutively reported a slowdown to June 2021, thanks to the complexity around government SIM registration policy.
Nigerian government anticipates sustained 5% GDP growth in 2021
After a growth rebound of the Nigerian economy, authorities are now hopeful of some 5 percent expansion in 2021 – though premised on continued improvement in economic activiti
Nigerian Banks are Africa’s cheapest stocks and here is why
Nigerian banks are some of the cheapest stocks in Africa, more evidence of how a shortage of dollars shapes the attractiveness of stock values in the continent’s largest economy, reports Bloomberg
Fact Check: NNPC’s N287bn profit not first in 44 years
On August 26, President Muhammadu Buhari gleefully announced Nigerian National Petroleum Corporation (NNPC) declared profit for the first time in its 44-year history. A BusinessDay fact check however dispels those claims
Hurricane Ida Hurts Oil Demand Ahead of OPECPlus Meeting – OIR 310821
Hurricane Ida made the headlines this week, forcing the evacuation and shut-downs of offshore platforms in the Gulf of Mexico, shutting in some 1.7 million barrels per day (mbpd) of crude output and 2 mbpd of refining capacity. The prospect of smaller crude demand in the USGC, as Louisiana refiners will struggle to bring back full capacity anytime soon, has weighed on crude prices, setting them for a downward correction.

Simultaneously, the upcoming OPEC+ meeting on 01 September has left market watchers guessing as to how the oil-producing club will react to the US’ call to produce more. We assume that the initial production target allocation, agreed last month, will remain unchanged.
MTN Nigeria Clarifies on Indebtedness to the Federal Government of Nigeria
MTN Nigeria Communications Plc (MTN Nigeria or the Company) wishes to clarify erroneous reports in the media alleging that the Company is indebted to the Federal Government of Nigeria in respect of outstanding taxes.
It may be recalled that in a letter dated 8 January 2020, the Office of the Attorney General of the Federation (OAGF) officially transferred the matter of MTN Nigeria’s alleged indebtedness to the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) for resolution.

As with previous requests of a similar nature, MTN Nigeria has been happy to cooperate with the authorities, providing evidence to demonstrate full compliance with all extant tax and regulatory obligations and discussions are ongoing in this regard.
As recently as last year, the tax authorities commended MTN Nigeria for its prompt payment of dues. In addition, when asked earlier This year, the Company agreed to make advance tax payments ahead of established deadlines to support Government’s revenue drive. This was also the case in 2020, when in response to FIRS appeal to support Government MTN Nigeria made an early payment of its 2019 Companies Income Tax (CIT) of N46.9billion. The Company did the same this year, between March 2021 and June 2021; making early payments of N95.5 billion for the 2020 CIT, which was due on 30 June 2021.
MTN Nigeria remains committed to conducting its business in accordance with applicable laws and is dedicated to contributing to the social and economic development of Nigeria.
UBA Plc Notifies of Delay in the Publication of its Half Year 2021 Audited Financial Statements
This is to inform our esteemed shareholders and the general public that following the approval of United Bank for Africa Plc’s half-year 2021 Audited Financial Statements (AFS) by the Board of Directors, the AFS was submitted to our primary regulators (Central Bank of Nigeria (CBN) on August 17 and is still undergoing the review and approval process of the CBN. Consequently, the Bank is yet to submit the audited financials to the NGX.
Please be informed, however that the AFS will be published upon receipt of the CBN’s approval, which we expect before September 10, 2021.
The Bank’s insiders are hereby reminded that the trading window for dealing in the Bank’s shares will remain closed to all Insiders and their Connected Persons until 24 hours after the release of the audited financial statements for the half year.

CSCS Announces New Price Structure Effective September 1, 2021
The Central Securities Clearing System (CSCS) Plc has announced a new price structure for its various services which are expected to take effect from September 1, 2021.
This was contained in an official communication issued by the company.
Details of the communication are stated below.
In our bid to consistently assure optimal service delivery to our esteemed customers, we write to inform you of the repricing of some of our services. This is towards ensuring CSCS is able to maintain, and relentlessly invest in enhancing its existing world-class capital market infrastructure’.
The new price structure takes effect from September 1, 2021.
Below is the list of the service with the new price.

Please be assured that CSCS made every effort to keep the revised prices to a minimum bearing in mind our unwavering commitment to the deepening and development of the Nigerian Capital Market.

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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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