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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’m2020 N’m% Change
 SEPTSEPT 
Revenue186,905156,55019.4%
PBT74,33259,21225.5%
Taxation(8,427)(5,725)47.2%
PAT65,90653,48723.2%
Basic EPS19515823.4%
                             Balance Sheet Information
Net Asset371,861375,955-1.1%

 

 

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’m2020 N’m% Change
 SEPTSEPT 
Interest Income178,303219,544-18.8%
PBT151,908167,352-9.2%
Taxation(22,507)(25,068)-10.2%
PAT129,401142,283-9.1%
                             Balance Sheet Information
Net Asset842,467814,3963.4%

 

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’m2020 N’m% Change
 SEPTSEPT 
Interest Income343,709317,1428.4%
PBT123,35490,37236.5%
Taxation(18,757)(13,240)41.7%
PAT104,59777,13235.6%
Total Comp Income92,94090,5222.7%
Basic EPS2.942.1636.1%
                             Balance Sheet Information
Net Asset798,279724,14810.2%

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. 

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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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