Can Dangote Refinery solve Nigeria’s subsidy woes?
The current expectation is that the incoming Dangote Refinery will solve all of Nigeria’s petrol subsidy woes, the government thinks, but findings by BusinessDay show otherwise. After years of hopes and delays, Dangote Refinery, expected to be Africa’s biggest oil refinery.
FG’s autogas programme seen having little impact on petrol subsidy
As part of its plans to mitigate the effects of removing petrol subsidies, the Federal Government is seeking to convert one million petrol-powered vehicles into gas vehicles, but the programme could do little to dent the damage subsidy is causing, analysis shows
As Nigerians debate subsidy, world’s first liquefied hydrogen cargo sails to Japan
The dawn of liquefied hydrogen is underway as the first shipment of the super-chilled fuel has left Australia for the Japanese port of Kobe, in what could become a game-changer for the energy industry. To achieve this feat, Australia and Japan committed $351 million to the venture.
Lawmakers to end opaque federal budgeting by 2023
Following public outcry, the National Assembly will next year abolish the current envelop system of budgeting, which is opaque, that results in the capping of funds notwithstanding the needs of a government ministry, department and agency (MDA).
Investors Lose N41.24bn as NGXASI Dips by -0.16% to Open the Week Negative
Equities market closed on a negative note, as NGXASI depreciated by -0.16% to close at 47,203.39 basis points as against -0.11% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.50%.
Market breadth closed negative as EQUITYASUR led 21 Gainers as against 22 Losers topped by OKOMUOIL at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed positive as volume moved up by +26.49% as against -34.91% downtick recorded in the previous session. GUARANTY, TRANSCORP and FIDELITYBK were the most active to boost market turnover. GUARANTY and NB topped market value list.
NESTLE leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Investment One Financial Services Limited Sells its Mutual Fund and Pension Subsidiaries to GTCO
This sale is strategic as Investment One will be focusing on the provision of wealth management, investment banking through enhanced digital services.
The next phase for the future is to expand operations internationally with the aim of becoming a Pan-African company
Investment One Financial Services Limited (Investment One), a leading financial services group in Nigeria, today announced the sale of its mutual funds and pension businesses to Guaranty Trust Holding Company Plc (GTCO).
The transaction represents the next chapter in the strategic development of the Investment One Group. It allows the Group to refocus its investment management and investment banking services to its individual and corporate customers, while enabling its retail customers in the pension and mutual fund businesses to take advantage of the network and service platforms of GTCO in the management of their pension and mutual funds.
The Directors and Management of Investment One are certain that the transfer is a step in the right direction for the Group. They expect the transition to be seamless, considering the cultural and operational similarities between the Group and GTCO (their former parent company). Mr. Nicholas Nyamali, Group CEO of Investment One, expressed his pleasure that the Group was instrumental in GTBank’s strategy to adopt a holding company structure, while offering the mutual funds and pensions customers a more extensive service platform.
“We are pleased that our former subsidiary businesses will become part of our previous parent company group and we are confident our former customers will continue to enjoy excellent services after the transfer to GTCO, which is based on a company with a common heritage built on professionalism, service excellence and innovation. Upon completion of the transaction, Investment One Financial Services Group will continue to offer investment management, investment banking, and robust digital services to its customers, while pursuing the next phase of our strategy to expand our business operations internationally”.
Airtel Africa Plc Declares $514m PAT in Q3 2021 Results; (SP: N1271K)
Airtel Africa Plc released its Q3 2021 Unaudited results for the period ended December 31st, 2021.
- Revenue grew by 22.53% to $3.5bn from $2.9bn.
- Profit before tax stood at $864m
- Profit after tax stood at $514m
- Share Price Currently Stands at N1271 k
9 Months REPORT FOR THE PERIOD ENDED 31 DEC
|2021 $’m||2020 $’m||% Change|
- Reported revenue grew by 21.7% to $3,492m.
- Constant currency underlying revenue grew by 24.8%.
- Constant currency underlying revenue growth was recorded across all regions: Nigeria up 29.0%, East Africa up 24.4% and Francophone Africa up 19.0%; and across all key services, with revenue in Voice up 16.1%, and in Data and Mobile Money both up 37.2%.
- Underlying EBITDA was $1,703m, growing by 31.3% in reported currency with an EBITDA margin of 48.8%, an increase of 326 basis points led by both revenue growth and improved operational efficiencies.
- Operating profit grew by 43.1% to $1,146m in reported currency.
- Profit after tax almost doubled to $514m as higher profit before tax more than offset associated tax charges.
- Basic EPS was 11.7 cents, an increase of 113.8%, largely as a result of higher profit. EPS before exceptional items increased to
- 11.5 cents, up from 5.0 cents in the previous period.
- Operating free cash flow grew by 42.2% to $1,271m and net cash generated from operating activities was up 23.1% to $1,499m.
- Leverage ratio improved to 1.4x from 2.1x in the previous period.
- The customer base expanded to 125.8 million, growing by 5.8%, with increased penetration across mobile data (customer base up 11.1%) and mobile money services (customer base up 19.6%). Customer base growth was affected by the NIN/SIMregulations in Nigeria but returned to growth in this region in the third quarter; excluding Nigeria the customer base grew by 12.0%
1) Underlying revenue excludes a one-time exceptional revenue of $20m relating to a settlement in Niger in the previous period (December 2020).
Restructuring: Nigeria needs regional powerhouses, not unviable ‘states’
The debate about the political restructuring of Nigeria has hardly been constructive. Those opposed to restructuring often out rightly dismiss the idea, taunting its proponents with the cynical question: “What do they mean by restructuring?” President Muhammadu Buhari, who once described advocates
Kano-Kaduna rail line to begin commercial operations May 2023 – FG
The federal government has said that the Kano-Kaduna rail line may begin commercial operations in May 2023. The route which will be used to convey both passengers and cargos upon completion is expected to boost commercial Activities.