Breaking news for the day.

Investors Gain N95.46bn as NSEASI Inches up by 0.45%, Erases Previous Day’s Loss

Equities market closed today on a positive note, as NSEASI appreciated by 0.45% to close at 40,896.96 basis points as against -0.38% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.56%.

Market breadth closed positive as CHAMPION led 27 Gainers as against 13 Losers topped by HMARKINS at the end of today’s session – an improved performance when compared with previous outlook.        

Market turnover closes positive as volume moved up by 194.75% as against -42.21% downtick recorded in the previous session. FBNH, CHAMPION and ETI were the most active to boost market turnover.  FBNH and GUARANTY topped market value list.   

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

At last, Senate backs INEC on electronic transmission of results

Following intense pressure mounted on the Senate by Nigerians, the upper legislative house Tuesday adopted electronic transmission of election results by the Independent National Electoral Commission (INEC).

Nigeria’s artificially low exchange rate requires rethink – Osinbajo

On Monday, Vice President, Yemi Osinbajo asked for a market-determined exchange rate. This has become imperative because the Central Bank of Nigeria‘s dollar demand management strategy has led to a fixed rate, created dual exchange rates, arbitrage.

Local companies see better cash flow as oil rallies towards $90 a barrel

As global oil prices continue to soar closer to $90, Nigerian energy companies are recording improved free cash flow and taking advantage of stronger energy prices to attract new investors for better production performance, after a pandemic-induced downturn that hitherto muted their earnings.

Four companies threaten to sue NPA over boat service contract

Four different companies have issued a pre-action notice to the Nigerian Ports Authority (NPA) over alleged plans by the Authority to award boat service contracts in the four pilotage districts to an entity that did not participate in the procurement process as required by the Public Procurement Act.

Business leaders caution FG over unproductive borrowing in 2022 budget

Business leaders in Africa’s biggest economy are raising red flags over the government’s incessant recourse to borrowing to finance overheads and personnel costs.

Nigeria’s gas reserves enough for 9 new power plants by 2037

Timipre Sylva, Nigeria’s minister of state for Petroleum Resources has indicated that Nigeria could add about 6,000MW of power generation by 2037 as the gas reserves are enough to support constructing new plants.

Global supply chain crisis entangles an unprepared, over-dependent Nigeria

Nigeria’s unpreparedness and over dependence on the popular ‘Made in China’ syndrome is placing the country at the epicenter of the current global supply chain crisis.

Boost for Nigerian SMEs as NEPC partners Tony Elumelu Foundation

To accelerate the performance of Tony Elumelu Foundation (TEF) Alumni SMEs in Nigeria within the non-oil Export Sector, the foundation recently received N400M in grant funding from the Nigerian Export Promotion Council (NEPC), through the Export Expansion Facility Programme (EEF

NBCC Forum: Experts Examine PIA and the Opportunities for Nigeria’s Economic Growth

The Nigeria-British Chamber of Commerce (NBCC) as part of its advocacy role in economic policy, trade and development hosted a webinar that discussed the “The Petroleum Industry Act (PIA): A Reset, Setback, or Status Quo?”.

2022 Budget: FG Earmarks N134bn for National Assembly – Highest Since 2016

 The federal government has budgeted N134 billion for the national assembly in the 2022 appropriation bill. The amount is the highest annual allocation ever proposed by the executive for the national assembly since the present administration came into power in 2015. 

LCCI Faults 57% Revenue for Recurrent Expenditure

The Lagos Chamber of Commerce & Industry (LCCI) has rejected plans by the Federal Government to make provision of N4.79 trillion (inclusive of N750.04 billion for Government-Owned Enterprises (GOEs) for personnel and pension costs, an increase of N534.40 billion over the 2021 figure. 

NACCIMA Disagrees with FG Over 2022 Budget Assumptions

 Though the restoration of the January-December budgetary cycle seems to have excited the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) the Chamber has, however, disagreed with some fundamentals of the budget which includes increased deficit and the borrowing as a funding strategy. 

World Bank Chief Calls for ‘Comprehensive’ Debt Relief for Poor Countries

Debt loads in low-income countries surged 12 percent to a record $860 billion in 2020 amid the pandemic, prompting World Bank President David Malpass on Monday to call for a “comprehensive plan” to deal with the issue. 

About the Author

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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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