Nigeria’s biggest firms earn most in seven years
Nigeria’s largest firms posted their biggest combined profit in seven years in 2021, but their share prices have barely budged this year. Their managers must be wondering what they have to do to get the attention of stock investors.
Cement makers see profit surge to 10-year high
Nigeria’s largest cement makers, Dangote Cement Plc, Lafarge Africa Plc and BUA Cement Plc saw their profit surge to the highest in 10 years in 2021, boosted by higher cement sales. The three cement producers made a combined profit of N507 billion in 2021
FMCG firms yet to recover from pandemic as profit slows
Nigeria’s largest fast-moving consumer goods (FMCG) companies are yet to recover from the blows of the 2020 pandemic as profits slowed last year.
Nigeria’s external reserves dip amid record-high oil prices
Nigeria’s external reserves fell further by $175 million in February to $39.9 billion, despite the upturn in the price of crude oil, the country’s main source of foreign exchange. The decline followed a boost of over $7bn from international debt issuance and the
Lagos State and the shutdown of Viju Industries
The recent shut down of Viju Industries Limited by the Lagos State Water Regulatory Commission (LASWARCO) for operating a water treatment plant without obtaining the requisite permit brings to the fore the unanswered questions as regards the role of governmen
Oil soars to $139 as US ponders banning Russian exports
Oil is trading near $140 a barrel early Monday after reports the Biden administration is considering whether to prohibit Russian oil imports into the U.S. without the participation of allies in Europe. Tye reports sent Brent crude grade soaring to as high as $139 a barrel in Asia trading Monday, fanning supply fears.
ASUU strike: FG gives committee 3 months to renegotiate workable terms
The federal government on Monday inaugurated a seven-man team to renegotiate the 2009 agreement with the Academic Staff Union of Universities (ASUU). Adamu Adamu, Minister of Education, who inaugurated the reconstituted Federal Government of Nigeria (FGN) Renegotiation Team in
Abba Kyari: Judge adjourns case to March 14, as co-defendants plead guilty
Two co-defendants of suspended Deputy Commissioner of Police, DCP Abba Kyari, namely, Chibunna Umeibe and Emeka Ezenwanne on Monday pleaded guilty to an eight-count criminal charge bordering on conspiracy and drug trafficking.
Russia – Ukraine conflict: New Zealand to expand sanctions
New Zealand will expand its sanctions on Russia through a first of its kind, targeted, autonomous sanctions regime, Jacinda Ardern, the country’s Prime Minister announced Monday. The government will urgently pass a bill this week which will allow for extensive sanctions on those responsible for, or associated
Investors Lose N3.23bn as NGXASI Dips Marginally by -0.01% to Open the Week Negative
Equities market closed on a negative note, as NGXASI depreciated by -0.01% to close at 47,262.61 basis points as against -0.01% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.64%.
Market breadth closed positive as CORNERST led 19 Gainers as against 16 Losers topped by NIGERINS at the end of today’s session an improved performance when compared with previous outlook.
Market turnover closed positive as volume moved up by +62.76% as against -26.33% downtick recorded in the previous session. JAIZBANK, ACCESS and UBA were the most active to boost market turnover. GUARANTY and MTNN topped market value list.
JAIZBANK leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
One of the Wildest Weeks in Modern History for Oil Markets – OIR 040322
Russia’s invasion of Ukraine has triggered arguably the wildest week in oil trading since Saddam Hussein’s attack on Kuwait back in 1990 – in fact, it was exactly 33 years ago that the oil markets were this backwardated.
World Bank Projects N4tn 2022 Fuel Subsidy, Experts Predict More Loans
The Country Director, World Bank, Shubham Chaudhuri, says Nigeria’s decision to postpone the full deregulation of the downstream sector of the petroleum industry by 18 months may cost the country over N4tn in subsidy payments on petrol in 2022.
NNPC Releases Additional 381.8 million Litres of Fuel, Queues Lessen
The scarcity of Premium Motor Spirit, popularly called petrol, has refused to abate despite claims by the Nigerian National Petroleum Company Limited that it has been releasing hundreds of millions of litres of petrol to address the situation.
States Face Bankruptcy Over N3t Subsidy, Debts
Prevailing economic realities, especially the rising price of crude oil at the international market, and the cost of petrol subsidy, which is threatening the 36 states could worsen the financial crisis facing the states ahead of 2023 election.
Russia’s War with Ukraine Risks Putting Fresh Pressure on Rising Fertiliser Prices
Russia is one of the major players in global agricultural markets. The country is a significant exporter of grains, and also integrated into global agriculture as a supplier of inputs, particularly fertiliser. The country is a leading world supplier of the key ingredients of a range of them.
Emefiele: Lagos Free Zone Will Decongest Apapa, Tin Can Island Ports
– Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the commencement of operations at the Lagos Free Zone (LFZ) will help decongest the Apapa and Tin Can Island Ports in Lagos.
Food Price Index Hits High Record in February – UN Agency
The Food Price Index, which tracks the international prices of items such as vegetable oil and dairy products, averaged 140.7 points last month, or nearly 4 per cent up from January.
‘Russia-Ukraine Crisis May Stall Resuscitation of Ajaokuta Steel Plant’
The Centre for the Promotion of Private Enterprises (CPPE) has stated that the Russian invasion of Ukraine has serious implications for the Nigerian economy, especially if it becomes protracted.
U.S. Says Russian Oil Import Ban on the Table in Talks with EU
The U.S. and its European allies are discussing a possible ban of Russian oil imports to tighten the economic squeeze on President Vladimir Putin over the war in Ukraine, Secretary of State Antony Blinken said.
NCC: We Expect 1 billion Devices to Run on 5G Network Globally in Two Years
The Nigerian Communications Commission (NCC) says there should be one billion devices running on the fifth generation (5G) network globally in the next two years. This was disclosed on Thursday in Lagos at the NCC panel session at the ongoing AfricaNXT 2022.
Samsung Suspends Shipments of Phones, Chips to Russia
Samsung Electronics Co. has suspended product shipments to Russia due to current geopolitical developments, joining a growing list of companies from Apple Inc. to Microsoft Corp. that are halting sales and services in the country following its invasion of Ukraine last week.
Russia Blocks Facebook, Accusing it of Restricting Access to Russian Media
Russia is blocking Meta Platforms Inc’s (FB.O) Facebook, the country’s communications regulator said on Friday, in response to what it said were restrictions of access to Russian media on the platform.
TikTok Suspends Livestreaming, New Uploads in Russia
TikTok, the Chinese-owned video app, said on Sunday it would suspend live-streaming and the uploading of videos to its platform in Russia as it reviews the implications of a new media law signed on Friday by President Vladimir Putin.