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Kainji to subsidy: How Nigeria’s debt drifted from grace to grass

Nigeria first looked abroad for a loan in 1964 to build Kainji Dam, a gigantic hydroelectric dam on the Niger River which a New York Times article at the time described as the country’s “most ambitious project”.

Telecoms contribution to GDP in five years

The telecommunications sector’s contribution to the GDP has been consistently high in the last five years, with its highest contribution often recorded in the second quarter (Q2). The first-quarter contribution of the sector to the GDP in 2017 was 9.19 percent.

APM Terminals opens new Apapa office as part of $438m investment

In a bid to ease cargo clearing at the port, APM Terminals Apapa, operator of Nigeria’s largest container terminal, has inaugurated a new digitalised administrative building as part of its $438 million investment in port development in the country.

Abuja-Kaduna train attack: Amaechi blames ‘bureaucratic bottleneck’

The Minister of Transportation, Chibuike Rotimi Amaechi, has blamed what he termed “bureaucratic bottleneck associated with the procurement of digital security architecture” to secure the rail lines as responsible for the bomb blast on Abuja-Kaduna rail corridor.

Kaduna train attack: Manifest shows 362 passengers onboard

The Kaduna State Government says eight persons have so far been confirmed dead, while 26 persons were injured in Monday’s terrorists attack on the Abuja- Kaduna train. The authorities said it has also received from the Nigerian Railway Corporation (NRC), the detailed passenger manifest for the Abuja-Kaduna train..

Reps direct NNPC to produce 17 subsidiaries indicted by audit reports

The House of Representatives Committee on Public Accounts on Tuesday directed Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited to produce before it, the leadership of the company’s 17 subsidiaries indicted by the report of the Auditor Genera

Investors Gain N33.08bn as NGXASI Inches up by 0.13%; Erases Previous Day Loss

Equities market closed on a positive note, as NGXASI appreciated by 0.13% to close at 46,904.48 basis points as against -0.11% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.80%.    

Market breadth closed Positive as CORNERST led 16 Gainers as against 15 Losers topped by CADBURY at the end of today’s session an improved performance when compared with previous outlook.         

Market turnover closed negative as volume moved down by -6.09% as against -40.45% downtick recorded in the previous session. ETI,  ACCESSCORP, and ZENITHBANK were the most active to boost market turnover. ZENITHBANK  and ETI  topped market value list.
ETI leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

Ecobank Group Declares N146.33bn PAT in 2021 Audited Results,(SP:N11.8k

Key Highlights

  • Gross Earnings grew by 11.3% from N841.14bn to N936.39bn
  • Profit before tax stood at N195.72bn
  • Profit after tax stood at N146.33bn
  • Share Price Currently Stands at N11.80k

12 MONTHS AUDITED REPORT FOR THE PERIOD ENDED 30 SEPT

 2021 N’m2020 N’m% Change
 DECDEC 
Gross Earnings936,393841,14311.3%
PBT195,72066,598193.9%
Taxation(50,070)(34,130)46.7%
PAT146,32833,742333.7%
Basic EPS(kobo)435411,565.6%
                             Balance Sheet Information
Net Asset917,904811,75413,1%

Terrorists Attack: Azman, Air Peace Suspend Flights to Kaduna

 The current spate of terrorist attacks in Kaduna State led to the suspension of flights by prominent airlines Azman and Air Peace. Azman and Air peace, in separate statements, announced the suspension of flights to Kaduna. Source Ottoabasi Abasiekong for WebTV Read More

Poor Nigerians to hit 95.1m in 2022, says World Bank

According to the Washington-based bank, the number of poor Nigerians is projected to hit 95.1 million in 2022. It said this in its report titled, ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’. Source Punch Read More

Federal Govt Boosts Agric, Mining, Manufacturing Sectors With N1.4trn – Emefiele

 The Central Bank of Nigeria, (CBN) governor, Mr. Godwin Emefiele has said the apex bank has disbursed N1.452 trillion to 337 large real sector projects in agriculture, manufacturing, services and mining in the country. Source LeadershipNG Read More

FG Laments Rapid Drop in Oil, Gas Investments

 Minister of State Petroleum Resources, Timipre Sylva, has decried the rapid drop in foreign investment flow to Nigeria’s oil and gas sector. He equally decried the speed at which Europe has been pushing back against investment in fossil fuel. Source The Guardian Nigeria Read More

FCCPC Mulls Penalising Companies Without Consumer Complaint Channels

 The Federal Competition and Consumer Protection Commission (FCCPC) says it is considering imposing penalties on companies without an accessible consumer complaint resolution platform. Source TheCable Read More

Ghana Passes Key Tax Law Needed for Budget Target; Bonds Rally

 Ghanaian lawmakers approved a tax on electronic payments, a key piece of legislation needed by the government to reduce its budget deficit this year. The West African nation’s dollar bonds rallied. Source Bloomberg Read More

Telcos Warn of Disruptions In 11 States Over Kogi’s Clampdown 

 The Kogi State Government through its Kogi State Internal Revenue Service agency has shut down a number of critical telecommunications sites in the state in a bid to force telecom operators to pay more taxes and levies. Source Punch Read More

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