For first time, investors dump Nigeria Eurobonds despite oil rally
At no point in Nigeria’s history, since the discovery of oil, has a rally in oil prices failed to resonate with foreign investors until now, but that’s what you get when you are the world’s most inefficient spender.
The economics of 5G deployment in Nigeria
Nigeria’s 140 million internet subscribers have mostly conducted their online business on microwave internet or 2G and 3G networks. The country has higher coverage of both networks with 2G at over 70 percent and 3G at 50 percent.
Flutterwave secures $250m Series D to become most-valued African startup
The funding is led by one of the world’s top investors B Capital Group and with participation from new investors such as Alta Park Capital, Whale Rock Capital, Lux Capital, among others. There was also participation from old investors including, Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital
Dirty petrol: Buhari never queried NMDPRA management – source
The presidency has denied that President Muhammadu Buhari queried the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, over the recent importation of dirty fuel into the country.
What banks must do to overcome fintechs threat
Fintechs pose a threat to traditional banks because they offer more convenience and better user experience according to a new report by KPMG, one of the big four Professional Services Firms. Consequently, banks must offer an experience that is more customer-oriented and digital.
NOVA Merchant Bank Commences N20bn Series 1 and 2 Commercial Paper Issuance
NOVA Merchant Bank, a merchant bank in Nigeria, has announced that its N20 billion Series 1 & 2 Commercial Paper issuance under the Nova Merchant Bank Limited N50 billion CP Programme is now open.
The company said the offer which opened on the FMDQ platform on Tuesday, February 8, 2022, has a tenor of 182 days for Series 1 while the Series 2 shall be for 270 days.
The banknotes that the proceeds from this Commercial paper will be used to fund short-term working capital requirements and for general corporate purposes.
Investors Gain N27.79bn as NGXASI Inches up by 0.09% Amid Negative Market Breadth
Equities market closed on a positive note, as NGXASI appreciated by 0.09% to close at 47,109.25 basis points as against 0.00% flat recorded previously. Its Year-to-Date (YTD) return currently stands at +10.28%.
Market breadth closed negative as LEARNAFRCA led 19 Gainers as against 29 Losers topped by REGALINS at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed positive as volume moved up by +16.07% as against -18.88% downtick recorded in the previous session. ACCESS, MTNN and ZENITHBANK were the most active to boost market turnover. MTNN and NB topped market value list.
CILEASING leads the list of active stocks that recorded impressive volume spike at the end of today’s session
Headline Inflation Down but Risks Remain Elevated
Inflation report for the month of January was released recently. The data shows a marginal decline (0.03%) in official headline inflation to 15.60%. This time around, the statistics is reflective mainly of seasonal factors (harvest and post-Christmas blues). This is because core inflation, which is inflation-less seasonalities, actually increased while other sub-indices declined.
However, since January, there have been major developments, which point to the fact that inflation is likely to reach another inflection point in February. Some of these factors are seasonal while some are structural and fundamental to the Nigerian economy. Fuel scarcity, especially the sharp rise in the price of diesel to N410-N420/litre, planting season and currency pressures are all likely to propel another cycle of price increases.