Headlines – First Ideas Limited


Nigeria lags on COVID-19 vaccination, one year after

One year after Nigeria commenced vaccination against COVID-19, only nine percent of eligible citizens have been fully vaccinated, BusinessDay has learnt. In March 2021, the Federal Government set a target to vaccinate over 111 million eligible Nigerians

NNPC’s N700bn FAAC deductions since January cripple states’ finances

Within the last three months, the Nigerian National Petroleum Company has deducted about N697bn from its remittance to the Federation Account Allocation Committee (FAAC) to pay petrol subsidy, putting states in a tough financial position.

Roosevelt becomes Access Bank CEO, holding company lists on NGX

Roosevelt Ogbonna has been appointed the Managing Director/Chief Executive Officer of Access Bank, Nigeria’s largest lender by asset. This follows the appointment of the incumbent, Herbert Wigwe, as the Group MD/CEO of Access Holdings Plc

Exxonmobil, Shell, others to pay Nigeria N322bn oil proceeds in April

A total of N322bn for January 2022 domestic crude oil sales by four multinational oil companies operating in the upstream sector will be paid in January 2022, the Nigerian National Petroleum Company Limited has said.

Blood shortage hits Kaduna after train attack

The terror attack on a Kaduna-bound train conveying over 900 passengers on Monday has led to blood shortage in the northwest Nigerian state as families of survivors scramble for blood donation online. Several people were shot and injured as the armed bandits held the train hostage and kidnapped others

Telcos sink under burden of multiple taxes

On 7 March 2022, officials of Onigbongbo Local Council Development Area (LCDA, in Lagos, served a notice to a Base Tower Station (BTS) operator for allegedly failing to pay fumigation, parking, and Radio, TV levies. Citing Section 12(1) of Local Government levies approved collection law of 2010

Nigeria’s new gas production to hit 1,780 bcf by 2022, targets Europe

Nigeria is on course to produce 1,780 billion cubic feet (bcf) in the current year, up from 1,450 billion feet in 2021 according to to new report, setting new prospects to supply Europe.

Access Bank Holds 33rd AGM, Approves Total Dividend of N35.5bn for FY 2021

Access Bank Plc paid a total dividend of N35.5bn for the financial year 2021 to its shareholders, at its 33rd Annual General Meeting in Lagos.

 The Chairman of the Board of Directors, Dr (Mrs.) Ajoritsedere Awosika, in her opening statement said the bank in 2021 continued to deepen its retail banking business during the year with clear indications that the retail strategy is progressing faster than envisaged.

 She added “We recorded strong and resilient increase in transaction counts, transaction volume and retail revenue as we onboarded new customers, expanded our agency banking, branch network and strengthened existing relationships”.

 In his remarks the Group Managing Director/CEO of Access Bank, now Access Holdings Plc, Mr. Herbert Wigwe said the focus in 2021  was on responsible and inclusive growth. This according to him allowed the bank to be a source of stability for its customers during challenging times and to continue supporting the communities they serve.

 He said the bank earned N160.2bn in net income with improved capital base, growth in customers’ deposits, liquidity and improved capital ratios despite low interest rates and volatility.

 Speaking further he said the Group delivered a 27% increase in gross earnings to 971.9bn from N764.7bn in 2020, comprising 62% in interest income and 38% in non-interest income despite the challenging market conditions. He added that the net effect on operating income resulted in a strong PBT of N176.7bn against N125.9bn in 2020.

 Giving the external auditor’s report Chidi Ojechi of Price Waterhouse Coopers, PwC Nigeria said the bank’s statement of financial position and comprehensive income were in agreement with the books of account and returns.

 Mr. Henry Omatsola Aragho, the Chairman Audit Committee in his report confirmed that necessary co-operation was received from the management in the course of their audit and their responses were satisfactory, alongside the bank’s system of accounting and internal control.

 Highlights of the event was the approval by shareholders of the 70k dividend payment which led to a total dividend payment of N1.00 per share for the 2021 financial year.

Investors Lose N27.36bn as NGXASI Dips by -0.11%; Maintains Negative Posture

Equities market closed on a negative note, as NGXASI depreciated by -0.11% to close at 46,843.09 basis points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.66%.       

Market breadth closed Negative as PZ led 14 Gainers as against 17 Losers topped by INTBREW at the end of today’s session an unimproved performance when compared with previous outlook.       

Market turnover closed negative as volume moved down by -40.45% as against +103.22% uptick recorded in the previous session. CHAMS,  TRANSCORP, and FBNH were the most active to boost market turnover. ZENITHBANK  and FBNH  topped market value list.

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

How Soaring Shipping Costs Raise Prices Around the World

The sea carries more than 80 percent of the world’s traded goods, most of which sail inside 40-foot-long steel containers stacked by the thousands atop some of the largest vessels ever built. Source IMF Read More

Global Supply Lines Brace for ‘Menacing’ Economic Storm to Widen

Global supply strains that started to ease in early 2022 are worsening again as headwinds strengthen from the war in Ukraine and China’s Covid lockdowns, threatening slower growth and faster inflation across the global economy. Source Bloomberg Read More

Oil Extends Losses on China Demand Concerns Ahead of OPEC+ Meet

Oil kept falling after capping the biggest loss in almost three weeks on concern that a virus flare-up in China will weigh on global demand. Source Bloomberg Read More

Electricity: NBET Pays GenCos N39bn For January Cycle

 The Nigerian Bulk Electricity Trading Plc (NBET) on Sunday disclosed that it has paid power generation companies (GenCos) N39 billion for power generated in January. NBET said at the weekend that the GenCos would be paid another N9 billion from the Power Sector Reform Programme soon. Source LeadershipNG Read More

Palm Oil Prices to Decline Gradually as Output Rises

 Fitch Ratings expects higher output over the next year to drive a gradual decline in crude palm oil (CPO) prices, which rose to a record of over USD1,900 per tonne (t) in Malaysia in early March 2022. Source Fitch Ratings Read More

 20 Years After, FG Raises Panel to Review Nigeria’s Trade Policy

The committee constituted officials from the Federal Ministry of Industry, Trade and Investment; Nigeria Office for Trade Negotiation; Nigeria Customs Service; Corporate Affairs Commission, Central Bank of Nigeria; National Association of Nigerian Traders, among others. Source Punch Read More

BDCs Seek Return to Mainstream FX Business as Naira Nears N600/$

 Eight months after the Central Bank of Nigeria (CBN) stopped funding Bureaux de Change (BDCs) operations, the Association of Bureaux de Change Operators of Nigeria (ABCON) is seeking the return of its members to mainstream foreign exchange (FX) business. Source Guardian Nigeria Read More

Bakers ‘Shutting Down Operations’ Over Hike in Diesel Price, FX Scarcity

 Bakers under the aegis of the Premium Breadmakers Association of Nigeria (PBAN) say the hike in diesel price and exchange rate volatility has caused many of its members across the country to shut down their business operations. Source TheCable Read More 

Nigerians Drop 24.38 million Gsm Lines in Two Years – NCC

 The number of GSM lines abandoned by Nigerians has grown by 24.38 million in two years, according to an analysis of industry statistics from the Nigerian Communications Commission. In January 2020, there were 83.81 million unused lines in the nation. Source Punch Read More

Ukrainian Telecom Company’s Internet Service Disrupted By ‘Powerful’ Cyberattack

 Ukraine’s state-owned telecommunications company Ukrtelecom (UTLM.PFT) experienced a disruption in internet service on Monday after a “powerful” cyberattack, according to Ukrainian government officials and company representatives. Source Reuters Read More

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