FX scarcity puts importers on edge ahead yuletide

Few weeks into the festive season, importers are presently agitated as they now find it very difficult to access foreign exchange (FX) needed to bring in vehicles, finished products, semi-finished goods, and even raw materials for local industries.

Nigeria now borrowing to fund petrol subsidy

Nigeria is spending more on a controversial fuel subsidy projected to hit N3 trillion by the end of 2021 than the sum of $4 billion the country raised through Eurobonds a few weeks ago, according to a new report by Bloomberg

Hassan-Odukale built First Bank majority stake in less than a year

Tunde Hassan-Odukale, through direct and indirect shares, built a majority shareholding in FBN Holdings plc (FBNH), to gain controlling stake in the financial holding company this year, according to data analysed by BusinessDay.

Stakeholders disagree on Bill to back computer forensic practice in Nigeria

Stakeholders in science, information technology and security are divided over the desirability or otherwise  of a Bill to give legal backing to the Chartered Institute of Computer Forensics of Nigeria (CICFON).

No FX for barite as FG to ban import

The Federal Government will soon place a ban on further importation of barite, a move that would save $300 million every year in foreign exchange (FX). This is as 12 barite processors have been found worthy to produce world-class barite that meets American Petroleum Institute’s (API) standard

 

CBN warns of fake e-Naira platform

The Central Bank of Nigeria (CBN) has warned Nigerians against engaging in conversations with a fake eNaira Twitter handle, @enaira_cbdc. The financial regulator stated that it has not been active since the Nigerian government discontinued the operation of the social media in the country, and eNaira.

Unemployment, inflation and instability will define Nigeria’s economic outlook says EIU

Nigeria’s near-term economic outlook will be clouded by high inflation, mass unemployment and rampant instability with economic growth falling well behind potential, says the Economist Intelligence Unit, EIU.

Nigerian fintechs tap ‘Buy Now Pay Later’ to grow credit service

Some financial technology (fintech) companies in Nigeria are democratising consumer lending, making it more accessible to a larger segment of the population through the Buy Now, Pay Later (BNPL) model.

FBN Holdings Plc Drops First Registrars, Appoints Meristem Registrars as Replacement

In a move that reflected the resolution of a long-standing legacy issue concerning FBN Registrars, the FBNH Board has taken decisive action to appoint a new custodian of its shareholder records. In response to unfolding developments concerning old and new stakeholders in FBN Holdings (FBNH), the Holdco’s Directors, in a Board meeting held on Thursday, October 27, 2021, approved the appointment of Meristem Registrars as a replacement for First Registrars and Investor Services Limited. The appointment will take effect from December 1, 2021. The corporate decisions of FBNH’s Board set the tone for a broader response to industry-wide corporate governance integrity and credibility.

The disclosure of this change in registrars was contained in a market release dated October 28, 2021, and signed by the financial Holdco’s Company Secretary, Mr. Seye Kosoko. The need for a new Registrar became necessary as the new CBN-appointed board sought to resolve the cluttered state of the Holdco’s shareholder register 

The Holdco’s denial and reversal recently reflected the shimmering fluidity of the situation around its shareholding and the rapidly moving parts of a high-stakes corporate chess game.  The outcome has since become known, but the consequence is indeterminable.

Nigerian Exchange Group Plc Reports N1.5bn PAT in Q3 2021 Results;(SP:N20.00K)

Nigerian Exchange Group Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.

 Key Highlights

• Revenue grew by 16% to N4.4bn from N3.8bn in the previous quarter.
• Profit before tax grew by 27% to N1.7bn.
• Profit after tax grew by 11% to N1.5bn.
• Net Assets grew by 4.8% from N31bn to N33bn.
• Share Price Currently Stands at N20:00k

Q3 UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPT

	2021 N’m	2020 N’m	% Change
	SEPT	SEPT
Revenue	4,388	3,785	15.9%
PBT	1,728	1,366	26.5%
Taxation	217.830	–	Nil
PAT	1,510	1,366	10.5%
Basic EPS	75	–	Nil
Balance Sheet Information
Net Asset	32,786	31,276	4.8%

Cadbury Nigeria Plc Reports N1.5bn PAT in Q3 2021 Results;(SP:N8.00K)

Cadbury Nigeria Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.

 Key Highlights

• Revenue grew by 17% to N30bn from N26bn in the previous quarter.
• Profit before tax grew by 77% to N2.2bn.
• Profit after tax grew by 77% to N1.5bn.
• Net Assets grew by 8.7% from N13.6bn to N14.7bn.
• Share Price Currently Stands at N8:00k

Q3 UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPT

	2021 N’m	2020 N’m	% Change
	SEPT	SEPT
Revenue	30,047	25,796	16.5%
PBT	2,162	1,221	77.1%
Taxation	(648.577)	(366.164)	77.1%
PAT	1,513	854.382	77.1%
Basic EPS	81	45	77.1%
Balance Sheet Information
Net Asset	14,725	13,550	8.7%

 

 

 

FBN Holdings Appoints Nnamdi Okonkwo as Holdco MD; UK Eke Retires; Renews Adeduntan’s Appointment

The Board of FBN Holdings Plc has announced that Mr. U.K. Eke, MFR, is poised to retire as Group Managing Director, FBNHoldings, Nigeria’s foremost banking and financial services group, following the successful completion of his two-term tenure and his Notice of Retirement which he tendered August 10, 2021. His retirement takes effect at the end of the current Financial Year on December 31, 2021. Mr. Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process reengineering and capital market operations. He has spent almost 11 years in the FBNHoldings Group, serving meritoriously in the last six years as Group Managing Director.

He has been able to build sustainable synergies across the FBNHoldings Group, fostering collaborations to maximize business development opportunities with diverse stakeholders globally. His tenure has witnessed an upsurge in value creation for shareholders and other stakeholders, with a diversified and healthier portfolio. Remarkably, as at January 01, 2016, FBNHoldings share price was N5.13 and market capitalization of N175b trading at price to book of 0.29; whereas comparatively as at October 26, 2021, the price was N12.40, with market capitalization of nearly N445b and price to book of 0.58.

The FBNHoldings Board has also announced that Eke will be succeeded by Mr Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022. Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings more than 30 years unbroken banking career spanning local and international experience.

He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management. He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team in seven years to achieve remarkable results culminating in tripling profit and shareholder value.

Okonkwo previously served as the Executive Director for Southern Nigeria in Fidelity Bank. He has worked meritoriously on an international level in his capacity as the Managing Director of UBA Ghana; Director, UBA Liberia and a Director of the Ghana National Banking College. He has served in various leadership positions across other financial institutions including Broad Bank of Nigeria Ltd; Citizens International Bank, Nigeria; FSB International Bank Plc, Nigeria; Guaranty Trust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria. Mr Okonkwo made remarkable feats as a Director in various organizations including UBA Ghana, UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria Interbank Settlement System Plc, Unified Payment System Ltd and as Chairman, Shareholders Audit Committee FMDQ, amongst others.

His appointment is subject to the approval of regulatory authorities.

The Board of FBN Holdings Plc. approved the appointment of Mrs Tope Orhionsefe Omage as a Non- Executive Director of First Bank of Nigeria Limited by the Board of FirstBank, subject to the approval of the CBN.

The Board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the Managing Director and Deputy Managing Director of FirstBank respectively, for another term.

In same vein, the Board announced the renewal of appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term. 

What Does International Oil Companies Divestiture Mean for Africa and for Climate Initiatives?

Giving indigenous companies a chance to step up their game in the African energy market is critical. For years, the leaders of the African Energy Chamber have been calling for this and working to give local companies every opportunity to participate in and prosper in the oil and gas industry. 

The Subsidy Debate: Between the Devil and Deep Blue Sea

 Earlier in the week, the World Bank’s Country Director for Nigeria, Shubham Chaudhuri, condemned the Federal Government’s (FG) sustained spending on petrol subsidy which is expected to hit N2.9tn by the end of the year. 

$418m Deductions Suspended as FG, States Meet for FAAC Today

 There were strong indications on Wednesday that the federal and state governments had agreed to the suspension of the deduction of $418m Paris Club refunds from states and local governments’ accounts pending the determination of court cases on the issue. 

World Bank Disagrees with CBN on Multiple Exchange Rates, Others

 The World Bank has said it disagrees with the Central Bank of Nigeria on how it is going about to achieve its price stabilisation objective. 

Adesina Faults Nigeria’s Imports Substitution Policy

 The president of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has faulted Nigeria’s ‘imports substitution’ economic model that tends to focus more on replacing imports and saving the naira rather than deliberately pursuing value-added manufacturing. 

Senate Panel Queries FG’s Request to Borrow $200m to Curb Spread of Malaria in 13 States

The senate committee on local and foreign debts has expressed worry over the decision of the federal government to borrow $200 million for the purchase of mosquito nets and other commodities to prevent malaria in the country.