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Headlines

Nigeria lost $2bn to oil theft in one year – NEITI

Nigeria lost over $2bn to crude oil theft and vandalism in 2020, prompting the federal government’s revenue from the oil and gas industry to plunge by 40 per cent, the Nigeria Extractive Industries Transparency Initiative has said.

Political inclusion: Women vow to fight on

Some women groups in Nigeria have said they are determined to continue to press for the implementation of the 35 percent of elective positions for women in the country, as prescribed by the United Nations after the Beijing World Conference on women in 1995.

List of big companies exiting Russia gets longer

As Russia’s invasion of Ukraine continues to disrupt global markets markets, more big companies are frowning on Russia’s show of power and are taking action to show solidarity with Ukraine by exiting the world’s largest country one after the other across different sectors.

Countries that can supply shortfall as US bans Russian oil

Russia’s current invasion of Ukraine has seen many western countries threatening Moscow with trade sanctions or retracting their forces from the sovereign country. The US has also announced its ban on oil and gas import from Russia.

Senate rejects Bill to amend 2022 Electoral Act

The bill to amend the Electoral Act, 2022 has failed to pass second reading at the Senate on Wednesday. President Muhammadu Buhari had written to the upper and lower legislative chambers seeking amendment to Section 84(12) of the Electoral Act, 2022 to pave the way for political office holders to serve as delegates

Sack: I won’t vacate office for anyone – Umahi

Governor David Umahi of Ebonyi State has said that he remains the governor and would not vacate office for anyone. A Federal High Court sitting in Abuja on Tuesday sacked Umahi and his deputy, Kelechi Igwe for defecting to the All Progressives Congress (APC) from the People’s Democratic Party (PDP).

More troubles for airlines, passengers as aviation fuel hits N625 per litre

In the coming days, airlines may be cancelling and delaying more flights as a result of the scarcity of aviation fuel, which now cost between N590 and N625 per litre. Last year the fuel moved between N230 to N250 per litre across different states in the country but as of today, the price of a litre of Jet fuel in Lagos is ₦590.

Why global breakfast table is threatened by Russia-Ukraine crisis

It’s been just fourteen days since Russia invaded Ukraine and prices of wheat – a key staple in the breakfast table – has climbed to unprecedented heights as the crisis disrupts global food supplies. Data from the International Grain Council shows that a metric ton of US HRW wheat specie was sold for $436 on February

MTN group restores dividend, hints at higher payout for 2022

Africa’s largest mobile operator MTN has restored its dividend for the year to end-December, and it also alerted shareholders they should expect a growth in 2022 dividends on the back of aggressive cost-cutting drive and growing demand for both data and digital services.

 

 

Veritas Kapital Appoints Mr. Nahim Abe Ibraheem as Board Chairman as Mr. Thomas Etuh Resigns

This is to notify the Nigerian Exchange Limited, esteemed shareholders, Stakeholders, and the general public of the resignation of Mr. Thomas Etuh as Chairman and member of the Board of directors, Veritas Kapital Assurance Plc.

His resignation was presented and accepted by the Board of the Company at its 182nd meeting held on Thursday, January 27, 2022.

Following his resignation, Mr. Nahim Abe Ibraheem (Non-Executive Director) was appointed as the Chairman, Board of Directors of the Company.

The Board and Management of the Company will surely miss the insight, strong and passionate leadership exhibited by Mr. Thomas Etuh and wish him all the best in his future endeavours.

In the same vein, The Board and Management is saying a big congratulation to Mr. Nahim Abe Ibraheem on his appointment as Chairman, Board of Directors and is confident in his strategic focus and commitment to the success of the Company.

OkHi Secures $3m Seed Funding to Drive Smart Address Verification in Africa

Smart addressing startup, OkHi, has secured a $1.5 million seed extension, bringing the total of its seed funding to $3 million. This raise is supported by notable firms and individuals who, beyond funding, bring a wealth of expertise to OkHi. The new investors include Chapel Hill Denham, Flutterwave’s founder and executives, and EXFI (a syndicate of ex-Googlers), who join existing investors such as Founders Factory Africa, Betatron, and Interswitch Group.

“I am very excited to invest in OkHi and to join its board. OkHi has the rare opportunity to truly impact half the world and its economy while building a viable business. The founders and leadership team have the grit, determination, and skills to achieve their mission, and I am pleased to be part of their journey”, says Bolaji Balogun, CEO of Chapel Hill Denham. Bolaji will be joining OkHi’s board to support the company in attaining widespread adoption in Africa.

 In many African countries, poor addressing infrastructure inhibits economies by making proving or navigating to addresses extremely challenging and expensive. In Nigeria, financial institutions need to verify their customers’ addresses to set up bank accounts. Either they use utility bills, which most people don’t have or they send a physical agent to the address, which can take over 3 weeks and cost up to $5. It holds back access to finance.

 But the challenge of address verification has a wider impact on the socio-economic environment. According to an OkHi survey conducted on hundreds of Nigerians,  78% revealed that they were required to prove their address to get a job – that is concerning when over 50% said they did not have a utility bill and 57% revealed that they had been unable to prove their address in certain situations.

Investors Gain N71.54bn; NGXASI Inches Up by 0.28%; Erases Previous Day Loss

Equities market closed on a positive note, as NGXASI appreciated by +0.28% to close at 47,287.09 basis points as against -0.23% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.70%.         

Market breadth closed positive as PRESCO led 29 Gainers as against 12 Losers topped by ELLAHLAKES at the end of today’s session an improved performance when compared with previous outlook.  

Market turnover closed negative as volume moved down by -55.45% as against +158.64% uptick recorded in the previous session. FBNH, GUARANTY and UBA were the most active to boost market turnover.  GUARANTY and FBNH topped market value list.

CAVERTON leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

About the Author

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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