Governors resist Senate, FG power grab of electricity sector
In a rare move, Nigeria’s 36 state governors under the aegis of the Nigeria Governors’ Forum (NGF) have united to resist a plan by the Senate and Ministry of Power to stop states from activating innovative solutions to solving Nigeria’s power problems through a proposed electricity bill.
Petrol subsidy: Civil servants risk months of unpaid salaries
Nigerian government workers are likely to feel the pinch of declining federal allocations in the form of unpaid salaries as a growing petrol subsidy bill takes a toll on public finances. Federal allocations fell to a five-year low in January 2022 at N574.66 billion.
Buhari writes NASS, seeks amendment of section 84 of Electoral Act
President Muhamadu has written to the Senate of the Federal Republic of Nigeria, seeking amendment to Section 84(12) of newly signed Electoral Act which prohibits political appointees from voting or being voted for as candidates for an election. President Buhari in a letter read at Plenary on Tuesday
Nigerians’ petrol tanks running on empty, yet fueling inflation
While the petrol tanks of most Nigerians might be running on ‘E’ (empty), their activities (during this era of fuel scarcity) on the other hand might just be fueling inflationary pressures in the near term
Authorities in Moscow, Russia have closed the country’s airspace to airlines from 36 countries, including all 27 members of the European Union, in response to Ukraine-related sanctions targeting its aviation sector. Some of the banned countries had already been identified, while others were named by the aviation authority
Oil spill consumes Delta communities
Residents of the Amuokpokpor-Elume community and its neighbouring communities in Sapele and Okpe Local Government Areas of Delta State are now living in fear as they are threatened by oil spillage from leaking wellheads operated by Nigeria’s giant domestic oil firm, Conoil.
Investors Gain N47.53bn as NGXASI Inches Up by 0.19% Amid Negative Market Breadth
Equities market closed on a positive note, as NGXASI appreciated by +0.19% to close at 47,482.73 basis points as against +0.14% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +11.16%.
Market breadth closed negative as SEPLAT led 15 Gainers as against 31 Losers topped by CUTIX at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed positive as volume moved up by +23.20% as against +18.73% uptick recorded in the previous session. FCMB, TRANSCORP and ZENITHBANK were the most active to boost market turnover. MTNN and ZENITHBANK topped market value list.
PRESCO leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Dangote Cement Plc Declares N364.44bn PAT in 2021 Audited Results; Proposes N20 Final Dividend
Dangote Cement Plc released its 2021 Audited results for the period ended December 31st, 2021.
- Revenue grew by 33.8% from N1.03tn to N1.38tn
- Profit before tax grew by 44.2% from N373.31bn to N538.37bn
- Profit after tax grew by 32% from N276.07bn to N364.44bn
- Share Price Currently Stands at N273.50k
FY AUDITED REPORT FOR PERIOD ENDED 31 DEC
|2021 N’m||2020 N’m||% Change|
BALANCE SHEET INFORMATION
Proposed Dividend N20.00k
Payment Date 15-Jun- 22
Closure Date 31-May-22
AGM Date 14-Jun-22
Regulator is Setting the Tone for Development of Policy on Local-Made, World-Class Technologies
The desire of the Nigerian Federal Government to foster innovative indigenous technology in Nigeria’s telecommunications sector has been given concrete expression by the telecoms regulator the Nigerian Communications Commission (NCC).The NCC demonstrated this by hosting the country’s first prototype and research exposition, which featured no fewer than ten prototypes developed through its sponsored Telecommunications-Based Research Innovation Projects at Nigerian universities.
The Commission then selected ten prototypes for presentation as its telecom research project outcomes.The Commission is implementing the research and prototype exposition to encourage the commercialisation of prototypes by providing an influential platform for universities, professionals, and industry experts to come together, share information, and form long-term business relationships.
Prof. Isa Ali Ibrahim Pantami, Minister of Communications and Digital Economy, mentioned at the event that “the indigenous technological capabilities of Nigerians will be harnessed and used towards stimulating the overall productivity and sustainability of the telecommunications industry” through the NCC’s telecoms-based research and prototype exposition.Pantami emphasised that research is essential for any nation’s technological progress and is recognised as the communications industry’s backbone. It is the foundation for the future development of advanced telecommunications products and services.
Prof. Umar Garba Danbatta, NCC’s executive vice chairman and chief executive, reaffirmed the Commission’s commitment to fulfilling its duty as an active regulator in driving the nation’s telecoms sector’s indigenous content development component.”The Commission has awarded grants to successful academic institutions to produce Working Prototype and Telecommunications-led Products capable of addressing industry needs and providing overall sustainability, fully-developed and ready-for-the-first phase of market launch”, Danbatta concluded.
January 2022 Domestic and FPI Report – Activity Level at a 48-Month High: A Strong Start to the Year
The recently released NGX Domestic & Foreign Investment report for January 2022 revealed the enthusiasm with which the year began as the total value traded increased by 104.3% m/m to N323.4bn (US$777.3m) in January 2022 from N158.3bn (US$363.8m) in December 2021. The increased activity level (48-month high) mirrored the January rally on the back of positive corporate actions. The broad equity index, All Share Index (ASI), returned a 9.1% m/m gain in January, even outperforming the prior year’s gain of 6.1%. One, investors cheered the listing of BUA Foods Plc’s shares, which caused a significant gain in the share price, up as much as 61.0% as of the end of the month. Likewise, prospects associated with the sustained increase in crude oil prices renewed investors’ interest in Seplat Plc. Among other positive factors was the inclusion of Airtel Africa Plc on the FTSE 100’s index, seeing the stock benefit on the local bourse due to its dual listing status to become the most capitalized stock on the exchange.
The increase in total transaction value was broad-based as both the domestic (+129.4% m/m) and foreign investors (+17.0% m/m) increased participation level. On the domestic front, transaction value more than doubled, rising by 129.4% m/m to N282.1bn (US$678.0m), stemming from increased activity by institutionals (+118.9% m/m to N186.5bn; US$448.3m) and retail investors (+153.2% m/m to N95.6bn; US$229.7m). On the other hand, though foreign investors also increased activity level, they maintained a net selling position on Nigerian equities, retaining apathy towards Nigeria’s risky assets. The net outflow position grew to N5.1bn (US$12.3m) in January from N4.4bn (US$10.1m) in December, a fallout of higher foreign outflows of N23.2bn (US$55.8m) compared with inflows of N18.1bn (US$43.5m).
In contrast to the bearish sentiments that filled the global equities market, the Nigerian market started 2022 on a bullish note. From a gain of 9.1% in January, the YTD gain currently stands at 11.0%, benefiting from the ongoing release of favourable full-year numbers accompanied by dividend declarations. Looking ahead, we expect the activity level to remain high in February. First, the continued rise in oil prices makes a strong case for investors to continue to show interest in companies such as Seplat Plc. Also, we believe investors will continue to take positions in high dividend-paying stocks, especially as fixed-income yields remain low.