Headlines.

Investors Gain N646.34bn WoW as NGXASI Inches up by 2.95% to Close the Week Positive

Equities market closed on a negative note, as NGXASI depreciated by -0.68% to close at 43,253.01 basis points as against -0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.41%.

Market breadth closed positive as UNITYKAP led 16 Gainers as against 13 Losers topped by LIVESTOCK at the end of today’s session – an improved performance when compared with previous outlook.    

Market turnover closes positive as volume moved down by +95.19% as against -40.41%  down-tick recorded in the previous session. FBNH, STANBIC and GUARANTY were the most active to boost market turnover.  FBNH and STANBIC topped market value list.

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

Nigeria blocks bank accounts in renewed crypto onslaught

With the unannounced closure of bank accounts belonging to individuals involved in peer-to-peer trading, concerned crypto traders say Nigeria’s central bank may have activated the next phase of its campaign against the cryptocurrency market.

Decarbonising shipping creates $1trn opportunity for developing nations

The World Bank has said that the reduction of carbon dioxide emissions through the use of low carbon power sources in international shipping would create $1trillion opportunities for developing nations, even those who are not oil producers.

 

Heritage Bank partners CBN to boost local production of wheat

In a bid to meet high demand amid poor production capacity of wheat, the Central Bank of Nigeria and Heritage Bank Plc have adopted a novel but more robust approach to boost local production and reduce dependence on importation.

Airtel Africa could double mobile money revenues with Nigeria operations

Airtel Africa’s mobile money revenues could double when it begins its Payment Service Bank (PSB) operations in Nigeria, according to BusinessDay estimates, bolstering the telecommunication giant’s profitability and leading to a higher..

INEC gives Soludo certificate of return

The Independent National Electoral Commission on Friday presented the Certificate of Return to Chukwuma Soludo for winning the Anambra State governorship election which was held on November 6. The presentation took place in Awka, the Anambra State capital with his deputy also presen

How corruption stifles SMEs growth, increases business cost

Transactional corruption is a major constraint to the competitiveness, growth and expansion of Small and Medium Enterprises (SMEs) in Nigeria, according to a report by the Lagos Chamber of Commerce and Industry (LCCI) and the Centre

Guidelines on Simplified VAT Compliance Regime for Non-Resident Suppliers

 The Federal Inland Revenue Service (FIRS) has issued Information Circular No.: 2021/19 (“the Circular”) on Guidelines on Simplified Compliance Regime for Value Added Tax (VAT) for Non-Resident Suppliers (NRSs) of goods, services or intangibles to persons in Nigeria through electronic, digital or similar platforms. 

FG Planning to Replace Fuel Subsidy with Transport Palliative – Minister

 The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has described fuel subsidy as a major waste and a drain on the Nigerian economy,saying the government plans to replace it with transport subsidy to assuage the effect of its removal on the masses for a short period. 

House Suspends National Theatre’s Budget, to Review Privatisation Deal

 The House of Representatives’ Committee on Tourism and Culture has suspended action on the proposed 2022 budget of the National Arts Theatre Lagos, saying the Federal Government should not continue to spend huge sums of money on the facility when it has been privatised. 

BPP, Lawmakers Disagree Over Funding, Recruitment

 There was a mild drama at the House of Representatives on Thursday when the Deputy Chairman of the Committee on Public Procurement, Uju Kinsley, disagreed with the Director-General of the Bureau for Public Procurement, Mamman Ahmadu, that N50m was enough for audit of the bureau’s procurements in 2022. 

SEC, Stakeholders Harp on Global Acceptance of Nigeria’s Commodities

 The Securities and Exchange Commission (SEC), among other stakeholders have demanded improved standard of locally produced commodities and take into cognizance internationally accepted standards. 

Proposed Maritime Bank to Boost Ports Infrastructure, Vessel Acquisition

 The proposed Regional Maritime Development Bank will ensure funding of ports infrastructure, acquisition of ocean going and crude oil affreightment vessels, aquaculture, human capacity development and deepening of the maritime value chain. 

Oil Market: Nigeria’s Output Drops 9% to 1.2m b/d

 Nigeria’s oil output, yesterday, dropped by 9 per cent, to 1.2 million barrels per day, mb/d in October 2021, from 1.3 mb/d, recorded in the corresponding period of 2020. The Organisation of Petroleum Exporting Countries, OPEC disclosed this in its November 2021 Oil Market Monthly Report, OMMR. 

150,000 Farmers to Benefit as CBN Flags off Wheat Production Programme

The Central Bank of Nigeria (CBN) has flagged off the Nigerian Brown Revolution, an intervention programme to boost wheat production in the country. Godwin Emefiele, CBN governor, said the apex bank decided to extend the gains recorded in rice and maize value chains to wheat production. 

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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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