Nigeria’s equities market continues its downward trajectory
Nigeria’s equities market continued its downward trajectory on Wednesday September 22 amid scarcity of positive catalysts capable of spurring buy-side activity. At the close of bearish trading session, investors in listed equities on the Bourse booked further loss of about N11billion.
Foreign airlines increase interest in Nigeria as travel rebounds
The return of foreign airlines into the Nigerian airspace and arrival of new entrants show that foreign airlines are increasing interest in the Nigerian market as travel rebounds.
Rising insecurity shuts millions of Nigerians from telecom services
Millions of residents in states like Zamfara, Sokoto, Katsina, Niger, Kaduna, and Kebbi continue to be shut out of mobile and internet connectivity due to increasing insecurity in the region
Politics outplays economics as Buhari seeks amendment to PIA
Unlike other state-owned national oil companies such as Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) who appoint board members on the bases of merit, President Muhammadu Buhari is allowing political consideration, not business, to decide.
Standard Chartered holds new record with Access Bank’s $500m Eurobond issuance
Standard Chartered Bank, alongside three other banks, acted as Joint Lead Manager for Access Bank’s $500m Senior Eurobond Issuance. With its participation in the Eurobond issuance by Nigeria’s largest bank, Standard Chartered Bank can boost of facilitating all.
Nigeria raises $4bn Eurobond as foreign investors oversubscribe four times
After an intensive two days of virtual meetings with investors across the globe, Nigeria has raised the sum of $4 billion through Eurobonds, with investors demanding more than four times the amount on offer.
After Eurobond glow, Nigeria missing in top 10 countries to invest in Africa ranking
Nigeria must have its rather successful Eurobond sale of yesterday to thank for partly overshadowing its woeful performance in the 2021 “where to invest in Africa” report where the continent’s biggest economy did not qualify to be listed in the ranking of the top ten countries
Helios Investment sells 49% stake in GB Foods Africa after 4.5 years
Helios Investment Partners has sold its 49 percent stake in GB Foods Africa to its partner and co-shareholder, GB Foods SA, after four and a half years of investing in the multinational food company. The announcement was made in a press release published on the company’s official website on September 21, 2021.
Juli Plc Releases Q1 2021 and Q2 2021 Results, Reports N14.9m Loss in Q2;(SP:N1.51k)
Juli Plc released its Q2 2021 Unaudited results for the period ended June 30th, 2021.
- Revenue grew by 51% to N191m from N127m in the previous quarter.
- Net Assets also stood at -N43.9m.
- Share Price Currently Stands at N1:51k
|Q2 UNAUDITED REPORT FOR THE PERIOD ENDED 30 JUNE|
|2021 N’m||2020 N’m||% Change|
|(Loss)/ Profit B4 Tax||–||–||–|
|(Loss)/Profit for the Year||(14.92)||(4.467)||-233.98%|
BALANCE SHEET INFORMATION
Insights on Nigeria’s Debt Costs and the Way Out – Ayo Teriba
It is not clear what we should make of the well-established fact that interest payments on debt are perennially consuming nearly 100 percent of the revenue available to the Federal Government of Nigeria.
Debt Stock Rises to N35.5tn in June 2021
The Director-General of the Debt Management Office (DMO), Patience Oniha, during a virtual media presentation, announced that the country’s debt stock level had risen to N35.5tn as of June 2021 from N33.1tn in March 2021. The debt service to revenue ratio sat precariously at 98% as of May 2021.
Some Traction in Non-Oil Revenue Collection
The CBN’s monthly report for April ’21 shows improvements in the federation’s gross revenue, thanks to a gradual return of economic activities to pre COVID-19 levels. Gross revenue increased 21% y/y to NGN 1.1trn and was c.8% higher than the pro-rata monthly budget.
Oil Prices Under Pressure from China’s Evergrande Crisis – OIR 210921
Despite 18% of oil production and 27% of gas production in the Gulf of Mexico being offline, oil prices are under pressure due to worrying economic developments in China.
Lawan Gives Senate Panel One Week to Assess Buhari’s $4bn Loan Request
Senate President Ahmad Lawan has given the senate committee on foreign and local debts, one week to assess President Muhammadu Buhari’s $4 billion loan request. Lawan gave the committee the ultimatum on Tuesday, after he referred the president’s request to the committee for legislative action.
Nigerians Shun Naira for Foreign Currencies to Store Wealth
Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria.
FG Writes OPEC, Seeks Higher Oil Production Quota
Nigeria has now officially written the Organisation of Petroleum Exporting Countries (OPEC), requesting a higher production quota under the OPEC+ accord.
Buhari Proposes New Amendments to PIA, Nominates Regulatory Boards
Exactly 37 days after the Petroleum Industry Act (PIA) was enacted, President Muhammadu Buhari has written to the senate, requesting amendments to the law and expansion of membership of the board of the Upstream Regulatory Commission (URC).