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Headlines

Crisis looms as Nigeria’s vulnerable non-poor struggle

In under a week after the World Bank published a report that many non-poor Nigerians were only one small shock away from falling into poverty, the Abuja-Kaduna train attack occurred and made the message clearer.

Buhari’s government overwhelmed by insecurity, says Obasanjo

Olusegun Obasanjo, former President of Nigeria, has said insecurity in the country has overwhelmed the administration of President Muhammadu Buhari. Obasanjo said this on Sunday at the Olusegun Obasanjo Presidential Library, in Abeokuta, Ogun State, while receiving a Peoples Democratic Party’s presidential Aspirant

Nigerian government bars outgoing calls on lines not linked to NIN

The Federal Government (FG) has directed all Telcos to strictly enforce the NIN-SIM Policy on all SIMs issued (existing and new) in Nigeria. Outgoing calls will subsequently be barred for telephone lines that have not complied with the NIN-SIM linkage Policy from the 4th of April, 2022.

Nigerian Musician, FALZ releases exclusive NFT collection on Binance NFT marketplace

Folarin “Falz” Falana, Nigerian musician and actor, has launched an exclusive NFT collection on Binance non-fungible token (NFT) Marketplace, the NFT marketplace of one of the world’s leading blockchain ecosystem Binance. The limited NFT collection will feature NFTs exploring the different roles he has been unvolved

 

 

Investors Lose N83.57bn as NGXASI Dips by -0.33% to Open the Week Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.33% to close at 46,687.85 basis points as against -0.26% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.30%.

Market breadth closed Negative as REDSTAREX led 21 Gainers as against 18 Losers topped by REGALINS at the end of today’s session an improved performance when compared with previous outlook.   

Market turnover closed negative as volume moved down by -14.70% as against +0.51% uptick recorded in the previous session. TRANSCORP, FIDELITYBK and UBA were the most active to boost market turnover.  ZENITHBANK and  MTNN  topped market value list.

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

Biden’s SPR Release Sends Oil Prices Below $100- OIR 010422

 The unprecedented decision by Biden to release 180 million barrels of oil from the country’s strategic petroleum reserve over the next six months has sent oil prices below $100. Source Tom Kool of Oilprice Read More

Empty Presidential Directives

 On Saturday 26th March, bandits stormed the Kaduna International Airport in an attack in which they killed one Shehu Na’Allah, a security guard with the Nigeria Airspace Management Agency (NAMA). Source Daily Trust Read More

2nd Niger Bridge Project Has Gulped N157bn, Work Progress Commendable, Says Zainab Ahmed

Zainab Ahmed, minister of finance, budget and national planning, says the federal government has released N157 billion to fund the second Niger bridge project. Source TheCable Read More

Nigeria Targets N12.4trn From Non-Oil Commodities – NEPC

The Nigerian Export Promotion Council (NEPC) has said the country is targeting N12.4 trillion ($30 billion) in the next five years from non-oil commodities. Daily Trust Read More

AFC Advocates Credit Enhancement Guarantees to Attract Private Capital

For Nigeria to benefit more from the Africa Finance Corporation (AFC) infrastructure investment projects across the continent, the government needs to provide credit enhancement guarantees that would help mobilise private capital in transportation and energy sectors. Source The Guardian Nigeria Read More

Oil Holds Below $100 as Traders Weigh China Outbreak, SPR Sales

Oil steadied as traders weighed a Covid-19 outbreak in China and prospects for additional releases from strategic petroleum reserves, against a warning from Vitol Group that prices had likely sunk too far. Source Bloomberg Read More

 China Central Bank Expands Digital Yuan Pilot Scheme to More Cities

China’s central bank said on Saturday it will further expand a pilot scheme of its digital currency to more areas, including cities in the eastern Zhejiang province which is set to host the Asian Games later this year. Source Reuters Read More

UK FCDO, KPMG, ONSA, and NITDA to Launch Cybersecurity Toolkit for SMEs

 As part of the Digital Access Programme (DAP), the UK Foreign Commonwealth and Development Office (FCDO) in collaboration with the Office of the National Security Adviser (ONSA), National Information Technology Development Agency (NITDA), KPMG and CyberSafe Foundation will launch a Cybersecurity Toolkit for Small and Medium Enterprises (SMEs) in Nigeria on Tuesday, 5 April 2022. Source TechCabal Read More

Federal Govt Restates Commitment to Guidelines, Frameworks For 5G Deployment

The minister of communication and digital economy, Prof. Isa Pantami has reiterated the commitment of the federal government to ensure that the requisite strategies, standards, guidelines, and frameworks for the successful deployment of the fifth-generation (5G) networks across the country are in place. Source LeadershipNG Read More

Islamic Finance Education, Key to Growth of Non-Interest Finance in Nigeria

The growth of the non-interest finance market in Nigeria hinges on achieving scale in Islamic finance education across the country. Mr. Yusuf Alajiki, Director, Nobleway College, Lagos, made this point while providing his view on “Improving the Adoption of Non-Interest Finance Education in Nigeria”. Source Bukola Akinyele-Yisau for WebTV Read More

Wema Bank Plc Declares N8.93bn PAT in 2021 Audited Results, Proposes 24K Final Dividend;(SP:N2.70K)


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

Key Highlights

  • Gross earnings grew by 15.1% from N81.38bn to N93.63bn
  • Profit before tax stood at N12.38bn
  • Profit after tax stood at N8.93bn
  • Share Price Currently Stands at N2.70k

12 MONTHS AUDITED REPORT FOR THE PERIOD ENDED 31 DEC

 2021 N’m2020 N’m% Change
 DECDEC 
Gross Earnings93,63281,38315.1%
PBT12,3775,932108.6%
Taxation(3,451)(1,354)154.9%
PAT8,9274,57795.0%
Basic EPS(kobo)231294.1
                             Balance Sheet Information
Net Asset70,14759,14218.6%

Corporate Declaration

Proposed Dividend                          N0.24K

Payment Date                                   10-05-22

Closure Date                                      28 Apr-04 May-22

AGM date                                           10-05-22

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