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NIN server glitches frustrate electronic passport applicants, others

A server problem, which the National Identity Management Commission (NIMC) said it had rectified in February, is frustrating many Nigerians as they are unable to use their National Identification Numbers for electronic passport application and other things, BusinessDay has learnt.

Growing insecurity poses risks to Nigeria’s energy projects

The growing insecurity in Nigeria is seen as posing risks to oil and gas projects, including the $2.6 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project and the rehabilitation of the Kaduna refinery.

Nigeria lags African peers in modern grocery shopping

Despite its huge market size, Nigeria is lagging far behind South Africa and Kenya in modern grocery shopping, new data from a global market research firm have shown.

Power play: Ahmed-Alkali replaces Aniebonam as NNPP national chairman

In what observers termed high-wire politics, the new members of the New Nigeria Peoples Party (NNPP) have taken over the affairs of the party, with Rufai Ahmed Alkali elected as national chairman during its convention held in Abuja on Wednesday.

Fidelity Bank’s profit rises 33%, customer deposits hit N2trn

Fidelity Bank Plc has reported a profit after tax of N35.5 billion for the 2021 financial year, up 33 percent from the previous year. The bank saw deposits from customers rise to N2.02 trillion last year from N1.69 trillion while total loans and advances increased from N1.3 trillion to N1.6 trillion, according to its full-year

Metaverse value to hit $8trn by 2030, with five billion users

Mike Wadhera, the founder of Teleport, noted as early as 2016 that the “Information Age” was transitioning into the “Experience Age.” The Metaverse represents one compelling vision of this shift toward experiences.

Appeal Court upholds defection of Umahi, deputy to APC

The Court of Appeal sitting in Enugu on Friday upheld the defection of David Umahi, the governor of Ebonyi and his deputy, Kelechi Igwe, to the All Progressives Congress (APC). The court dismissed the appeal filed by Sen. Sonni Ogbuoji and Mbam Ogodo, seeking to remove the governor and his deputy

Amazon Studios announces opening for first ever Nigerian roles

The first ever Nigerian jobs dedicated to the establishment and development of authentic Nigerian Original series and films have been revealed by Amazon Studios. The American television and film producers and distributors would join Netflix in tapping into the Nollywood content and driving adoption

Fidelity Bank Plc Declares N35.58bn PAT in 2021 Audited Results, Proposes 35K Final Dividend

Fidelity Bank Plc released its 2021 Audited results for the period ended December 31st, 2021.

Key Highlights

  • Gross Earnings grew by 21.6% from N206.2bn to N250.8bn
  • Profit before tax stood at N38.07bn
  • Profit after tax stood at N35.58bn
  • Share Price Currently Stands at N3.20k


 2021 N’m2020 N’m% Change
Gross Earnings250,774206,20421.6%
Basic EPS(kobo)1239233.7%
                             Balance Sheet Information
Net Asset297,769273,5338.9%

Corporate Declaration

Proposed Dividend                          N0.35K

Qualification Date                          22-04-22

Payment Date                                   05-05-22

Closure Date                                      25-29-04-22

AGM date                                           05-05-22

FG Approves N29bn for Road Projects in Kaduna, Abia, Borno

 Babatunde Fashola, minister of works and housing, says the federal executive council (FEC) has approved N29.2 billion for the completion and rehabilitation of road projects in parts of the country. Source TheCable Read More

NULGE President Makes Case for Local Government Autonomy

 The President, Nigerian Union of Local Government Employees, NULGE, Enugu State, Comr. Kenneth Ugwueze on Wednesday said there is an urgent need for autonomy for local governments in the country. Source Vanguard Read More

Russia-Ukraine War: Oil Hits $114, OPEC Laments Seven million bpd Loss

 Brent, the crude against which Nigeria’s oil is priced, moved up in price to $114/barrel as at 4.34pm Nigerian time on Wednesday, rising by $3.72 or 3.37 per cent when compared to the previous day’s cost. Source Punch Read More

Biden Team Weighs a Massive Release of Oil to Combat Inflation

 The Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter. Source Bloomberg Read More

Senate Demands Downward Pay-TV Tariff Review, Orders Hike Probe – 

President of the Senate, Ahmad Lawan, on Wednesday, constituted a seven-man ad hoc committee to investigate the hike in the tariffs imposed on subscribers by pay-tv service providers operating in Nigeria. Source Punch Read More

AMCON Recovers N1tr from Debtors

 The Asset Management Corporation of Nigeria (AMCON) has recovered over N1 trillion from debtors, its Managing Director, Ahmed Kuru, has announced. Source The Nation Read More

Reps Demand Status Of $12bn Trans-Saharan Gas Pipeline from NNPC

 The House of Representatives has directed the Nigerian National Petroleum Corporation (NNPC) Limited to provide information regarding the implementation, funds utilisation and status of the Trans-Saharan gas project. Source Daily Trust Read More

MainOne Begins Multimillion-Dollar Connectivity at Lagos Free Zone

 MainOne in collaboration with Tolaram Group has launched a multimillion-dollar connectivity project at the Lagos Free Zone. The project is aimed at boosting internet connectivity in the Lagos Free Zone, enabling businesses and individuals to power their operations and provide services to customers with high-speed internet. Source LeadershipNG Read More

Russian Hackers Targeted NATO, Eastern European Militaries – Google

Russian hackers have recently attempted to penetrate the networks of NATO and the militaries of some eastern European countries, Google’s Threat Analysis Group said in a report published on Wednesday. Source Reuters Read More

Palton Morgan, BCL Advance Nigeria’s Real Estate Sector with Paramount Twin Towers

Palton Morgan, a parent brand of Grenadines Homes and Oceanna, recently signed a contract with Business Contracting Limited, BCL, for Paramount Twin Towers, a mix-use masterpiece at Oniru Waterfront Victoria Island. Source Chain Reactions Read More

 Investors Lose N57.70bn WoW as NGXASI Dips by -0.26% to Close the Week Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.26% to close at 46,842.86 basis points as against +0.13% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.66%. 

Market breadth closed Negative as NAHCO led 11 Gainers as against 36 Losers topped by REDSTAREX at the end of today’s session an unimproved performance when compared with previous outlook.     

Market turnover closed positive as volume moved up by 0.51% as against +27.20% uptick recorded in the previous session. UBA, FIDELITYBK and ZENITHBANK were the most active to boost market turnover.  ZENITHBANK and  UBA  topped market value list.

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

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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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