Power shortage: More homes, firms turn to inverters, gas
The anger and frustration on 45-year-old Joseph Martins’ face were unmistakable – the power outage in Nigeria in recent days has almost ruined his 10-year-old bakery business. He was visibly agitated not only by the long power outage in his Ikorodu
Haulage operators groan over high fuel prices, illegal tolls
Haulage operators that lift imported and export goods at the nation’s seaport have decried the rising cost of doing business, following the rising cost of fuel, spare parts, and payment of illegal tolls within the port access roads.
Naira depreciates 99.51% since structural adjustment programme
Naira, Nigeria’s legal tender has in the last 35 years, depreciated against the dollar by 99.51 percent at the official foreign exchange market, according to Michael Obadan, member of the Monetary Policy Committee (MPC).
The total value of capital importation into Nigeria declined year-on-year by 31 percent to $6.7 billion in 2021 making it the lowest in five years, according to the National Bureau of Statistics (NBS) A breakdown of the recent Capital importation data further shows that in terms of importation type,
VAT revenue hits N563.72 billion in Q4
The Manufacturing, Information and Communication, and Mining sectors have all emerged as the largest share contributors of the Value Added Tax (VAT) revenue as it hit N563.72 billion in quarter four(Q4), latest data by National Bureau of Statistics (NBS) has revealed
IOCs lament threat to business as Nigeria loses $3.27bn to crude oil theft
The International Oil Companies in Nigeria has decried the increased rate of oil theft recorded in the country. This is as the Nigerian Upstream Petroleum Regulatory Commission, announced that Nigeria lost about $3.27 billion worth of crude to oil theft between January 2021 to February 2022.
Investors Lose N171.62bn WoW as NGXASI Dips by -0.67% to Close the Week Negative
Equities market closed on a positive note, as NGXASI appreciated by +0.01% to close at 46,964.23 basis points as against -0.43% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.94%.
Market breadth closed Negative as PZ led 14 Gainers as against 15 Losers topped by NNFM at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed negative as volume moved down by -17.52% as against -19.73% downtick recorded in the previous session. FIDELITYBK, ZENITHBANK and GUARANTY were the most active to boost market turnover. NESTLE and ZENITHBANK topped market value list.
OKOMUOIL leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
NGX Suspends Trading in the Shares of Access Bank Ahead of HoldCo Listing
The investing public are hereby notified that trading in the shares of Access Bank Plc was suspended today, Thursday, 24 March 2022.
The suspension is necessary to prevent trading in the shares of the Bank in preparation for the eventual delisting of Access Bank Plc from the Daily Official List of Nigerian Exchange Limited (the Exchange) and listing of the Holding Company, Access Holdings Plc on the Exchange.
Olam Group to Sell $1.24bn Stake in Agri Unit, Paving Way for IPO
Singapore-based commodity trader Olam Group said on Friday it plans to sell a 35% stake in unit Olam Agri to Saudi Agricultural and Livestock Investment Co (SALIC) for $1.24 billion, paving the way for an IPO and demerger of the unit.
The deal implies a valuation of $3.5 billion for Olam Agri, one of three operating groups formed in early 2020 as the result of a re-organisation.
“Secondary placement for Olam Agri would lead to an immediate unlocking of value for our shareholders, set a benchmark valuation for future IPO and demerger of Olam Agri”, said Sunny Verghese, the group’s chief executive.
Rothschild & Co advised on the transaction, the company said in a statement. Citing market volatility amid the war in Ukraine, Olam Group delayed Thursday’s planned second-quarter listing of its food ingredients unit in London, which sources had said could raise about 2 billion pounds ($2.64 billion).
“Our partnership with Olam will expand SALIC’s international footprint and increase access to strategic commodities”, said Sulaiman AlRumaih, chief executive of SALIC, which is a unit of Saudi Arabia’s Public Investment Fund. Source -Reuters.com