How Nigeria can grow revenue, reduce poverty – experts
Experts at the ongoing 27th Nigerian Economic Summit Group (NESG) recommended initiatives for Africa’s biggest economy to reduce a poverty rate that is the highest globally and boost low revenues.
PZ Cussons returns to profit on 23% jump in sales
PZ Cussons, one of the leading manufacturers and distributors of personal care in Nigeria, has returned to profit after a hard 2020 as improved sales helped boost profit. The company reported a 124 percent jump in profit to N1.69 billion for the year ended May 2021.
Property business favours UPDC as 9-month loss slows to lowest in 4years
UACN Property Development Company (UPDC), one of Nigeria’s notable real estate companies, has leveraged the increase in business activities in Nigeria’s property market to record its lowest nine-month loss in four years
Fidelity Bank’s third successful Eurobond finalised
Fidelity Bank plc has concluded a highly successful Eurobond offering, raising $400 million from the international capital markets through a 5-Year tenor Eurobond, with a 7.765 percent coupon.
Bolt strengthens customers’ ATM card safety, introduces 3DS security update
Leading e-hailing platform, Bolt has announced the implementation of a 3DS Security update on its platform. The goal of this is to further secure Automated Teller Machine (ATM) card information as well as all payments on the platform.
Nigeria’s wasteful spending on subsidies slows attainment of SDGs – Sanusi
The biggest accelerator that will accelerate the achievement of the Sustainable Development Goals (SDGs) in Nigeria by 2030 is having a political leadership that puts an end to wasteful spending on subsidies, Muhammadu Sanusi II, the
Over 97% of depositors fully covered in event of bank failure – NDIC
The Nigeria Deposit Insurance Corporation (NDIC) said on Tuesday that over 97 percent of depositors would be fully covered by the corporation in the event of failure of any bank
Morgan Stanley, Barclays, Goldman Sach forecast ‘higher-for-longer’ oil prices
Some of the world’s biggest investment and energy intelligence firms are turning bullish on oil in the medium to long term as analysts bet crude supplies would not keep pace with fast-rising global demand
NSA warns trouble makers to steer clear of Anambra guber polls
The National Security Adviser (NSA), Babagana Monguno has warned those with the intention to disrupt the November 6 Anambra governorship election to have a rethink as they would be severely dealt with by security agencies
Saudi power firm plans to build $30 billion of renewable projects by 2030
ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is proposing to take part in a $30 billion worth of renewable projects with partners Saudi Aramco and the country’s Public Investment Fund before the end 2030.
BUA Cement Plc Reports N65.9bn PAT in Q3 2021 Results,(SP:N72.00k)
BUA Cement Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.
Key Highlights
- Revenue grew by 19% to N187bn from N157bn in the previous quarter.
- Profit before tax grew by 26% to N74bn.
- Profit after tax grew by 23% to N65.9bn.
- Net Assets declined by 1.1% from N376bn to N372bn.
- Share Price Currently Stands at N72:00k
Q3 UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPT
| 2021 N’m | 2020 N’m | % Change | |
| SEPT | SEPT | ||
| Revenue | 186,905 | 156,550 | 19.4% |
| PBT | 74,332 | 59,212 | 25.5% |
| Taxation | (8,427) | (5,725) | 47.2% |
| PAT | 65,906 | 53,487 | 23.2% |
| Basic EPS | 195 | 158 | 23.4% |
| Balance Sheet Information | |||
| Net Asset | 371,861 | 375,955 | -1.1% |
Guaranty Trust HoldCo Plc Reports N129bn PAT in Q3 2021 Unaudited Results,(SP:N28.50k)
Guaranty Trust Holding Company Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.
Key Highlights
- Interest Income declined by 19% to N178bn from N220bn in the previous quarter.
- Profit before tax declined by 9% to N152bn.
- Profit after tax declined by 9% to N129bn.
- Net Assets grew by 3.4% from N814bn to N842bn.
- Share Price Currently Stands at N28:50k
Q3 UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPT
| 2021 N’m | 2020 N’m | % Change | |
| SEPT | SEPT | ||
| Interest Income | 178,303 | 219,544 | -18.8% |
| PBT | 151,908 | 167,352 | -9.2% |
| Taxation | (22,507) | (25,068) | -10.2% |
| PAT | 129,401 | 142,283 | -9.1% |
| Balance Sheet Information | |||
| Net Asset | 842,467 | 814,396 | 3.4% |
UBA Plc Reports N105bn PAT in Q3 2021 Results, (SP:N8.40k)
United Bank for Africa Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.
Key Highlights
- Interest Income grew by 8% to N344bn from N317bn in the previous quarter.
- Profit before tax grew by 37% to N123bn.
- Profit after tax grew by 36% to N105bn.
- Net Assets grew by 10% from N724bn to N798bn.
- Share Price Currently Stands at N8:40k
Q3 UNAUDITED REPORT FOR THE PERIOD ENDED 30 SEPT
| 2021 N’m | 2020 N’m | % Change | |
| SEPT | SEPT | ||
| Interest Income | 343,709 | 317,142 | 8.4% |
| PBT | 123,354 | 90,372 | 36.5% |
| Taxation | (18,757) | (13,240) | 41.7% |
| PAT | 104,597 | 77,132 | 35.6% |
| Total Comp Income | 92,940 | 90,522 | 2.7% |
| Basic EPS | 2.94 | 2.16 | 36.1% |
| Balance Sheet Information | |||
| Net Asset | 798,279 | 724,148 | 10.2% |
Coordination of Nigeria’s Fiscal and Monetary Policies will Attract More FDIs – Laoye Jaiyeola
Nigeria needs an alignment in its fiscal and monetary policies to attract more local and foreign direct investments, which can unlock economic opportunities.
FG to End Petrol Subsidy June 2022, World Bank Condemns N2.9tn Funding
The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year.
CBN Unveils New Financial Instrument to Fund 100 Private Companies Every 100 Days
The Central Bank of Nigeria (CBN) on Monday announced the introduction of a new financial instrument known as ‘The 100 for 100 PPP’ Policy on Production and Productivity to boost local production and productivity in various sectors of the economy.
