Dirty petrol saga questions NNPC role as sole importer
The Nigerian National Petroleum Corporation (NNPC) was never meant to be the country’s sole importer of refined products, stakeholders note. Africa’s biggest oil producer shouldn’t even be importing refined petrol.
Investment in food drives retail rebound
The flurry of new investments into the food market since last year is giving Nigeria’s struggling retail sector a new lease of life after a four-year lull in growth, BusinessDay’s analysis shows.
Construction business favours Julius Berger as profit hits 8-year high
One of Nigeria’s leading construction companies, Julius Berger plc. has recorded its highest profit in eight years, as analysed from the 2021 financial report. The company’s profit for the year grew by a whopping 593 percent to N9.36 billion in the year ended 2021
Linkage Assurance records 34% jump in gross premium
Underwriting firm, Linkage Assurance Plc in the 2021 financial year recorded a 34 percent growth in gross premium written (GPW) despite the challenging business environment. The underwriting firm grew its GPW from N8.33 billion in 2020 to N11.16 billion
NNPC reassures Nigerians of remedial action over dirty petrol
Following the recent issues generated by the recent supply and discharge of methanol blended petrol in some parts of the country, the Nigerian National Petroleum Corporation Limited has reassured Nigerians of remedial action as well as of its capacity to restore sanity in the supply and distribution of quality
NUC reviews Universities curriculum, adds 50 programmes
The National Universities Commission (NUC) has finalised a new curriculum for Nigerian Universities. The Commission increased the number of programmes from 188 to 238 and disciplines from 14 to 17. The NUC had inaugurated a committee of experts to create a new Curriculum and Minimum Academic
Dirty petrol: Government to compensate owners of damaged cars
The Federal Government says it will consider compensation for owners of cars damaged from the dirty petrol which the Nigerian National Petroleum Corporation (NNPC) imported into the country
NNPC records $224.29m proceeds from export of crude oil, gas in August
The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. As contained in the Corporation’s Monthly Financial and Operations Report (MFOR) for August 2021
Investors Gain N69.57bn as NGXASI Inches up Further by 0.27% Amid Improved Market Breadth
Equities market closed on a positive note, as NGXASI appreciated by +0.27% to close at 47,286.34 basis points as against +0.21% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.70%.
Market breadth closed positive as GUINNESS led 29 Gainers as against 9 Losers topped by UNITYKAP at the end of today’s session an improved performance when compared with previous outlook.
Market turnover closed negative as volume moved down by -33.35% as against +24.78% uptick recorded in the previous session. CHAMS, TRANSCORP and ACCESS were the most active to boost market turnover. SEPLAT and FLOURMILL topped market value list.
TRANSCOHOT leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Sanwo-Olu, Popoola to Deepen Synergy Between NGX and Lagos State
The Executive Governor, Lagos State, H.E. Babajide Sanwo-Olu has said that Lagos State will explore capital raising via Nigerian Exchange Limited to fund infrastructure projects through Equities, Green, Sukuk, and Blue Bonds. Mr. Sanwo-Olu further expressed confidence in the opportunities available in the capital market and indicated an interest in deepening synergies between the State and The Exchange.
This was highlighted at the courtesy visit of the Board and Management of NGX led by the Chief Executive Officer, Mr. Temi Popoola, CFA to the Governor’s Office on Thursday, 10 February 2022. NGX Board members present at the meeting were, Mr. Kamarudeen Oladosu, Mr. Seyi Osunkeye, and Mr. Yomi Adeyemi.
MTN Nigeria Pays Balance of $273.6m to Govt. for 5G License
According to information on the Nigerian Communications Commission’s (NCC) website, MTN Nigeria has paid the remaining US$273.6 million 5G license fee to the federal government before the February 24 deadline.
MTN and Mafab Communications were allocated slots for the 3.5 gigahertz (GHz) Fifth Generation (5G) technology spectrum after emerging auction winners held by NCC in 2021.
MTN and Mafab Communications were listed on the NCC’s website among those who had paid their full license fees and collected license documents for their respective telecommunications undertakings prior to the era of reclassification of licenses into Class and Individual licenses.
MTN was the highest bidder at the auction, followed by Mafab Communications Limited. During the bidding process, Mafab added US$11,120,000 million, while MTN Nigeria added US$15,900,000.
According to the NCC website, MTN’s license is in the individual category.
An Individual Licence is a type of authorisation in which the terms, obligations and conditions are specific to the service being provided, as well as scope and limitations.
The licensing process can take the form of an auction, ‘First Come, First Served”, “Beauty Contest”, or a conventional administrative procedure, among other things.
The Nigerian Communications Commission held the 5G auction on November 13, 2021, in collaboration with the Ministry of Communications and Digital Economy.
Minister of communication and digital economy Isa Pantami had said that the 5G network would aid the country’s economic development by providing digital technology to benefit its finance and other sectors.
Inflation – Negative Surprise as Valentine’s Day Draws Close
The NBS will release its inflation report on February 15. After seven consecutive months of decline and one increase last month, official headline inflation is projected to rise again by 0.23% to 15.86%. If this projection is correct, it means Nigerian inflation will be moving in tandem with global trend. For instance, US inflation spiked again to 7.5% (highest inflation rate in 41 years). It is now almost imminent that the US Fed will hike interest rates by 50 basis points next month.
In Nigeria, one of the causative factors of inflation in this period is the depreciated naira pass-through into domestic prices. This is having a cross-elasticity effect on local substitutes. Typically, commodity prices decline at the beginning of the year due to the harvest and the post-Christmas blues. This time around, the fall in prices is not as much as in the previous years. Another important factor is the effect of excess naira liquidity (ways and means advances) and low interest rates on the general price level. This could further mount pressure on the currency.