Private labs rake in N26bn from COVID-19 tests
Private laboratories in Nigeria raked in at least N26 billion from running COVID-19 Polymerase Chain Reaction (PCR) tests on international travellers across the country in the last two years, according to official data.
Why Nigerian airlines can’t hedge against fuel price hike – Experts
Airlines in Nigeria are unable to hedge against an increase in the price of aviation fuel because of naira exchange rate volatility and the lack of functional refineries in the country, among other factors, industry stakeholders have said.
States’ huge debts, low revenues raise concerns
The huge debt burdens of many states in Nigeria amid low internally generated revenues have come under the spotlight, with experts describing the situation as a major challenge for the next governors.
Many feared killed as bandits invade military base in Kaduna
About 11 soldiers are feared killed after suspected bandits invaded a military base in Birnin Gwari Local Government Area of Kaduna State. The bandits came in large numbers of motorcycles and carrying heavy weapons including Rocket Propelled Grenade Bombs and engaged the troops in a fierce battle
Nigeria’s $1.5bn Lekki Port seen spurring competition, efficient operations
The business of moving containers in Nigerian ports today is marred by inefficiencies due to excessive use of manual processes that result in cargo clearing delays and attendanthe business of moving containers in Nigerian ports today is marred by inefficiencies due to excessive use of manual processes
How Coca-Cola entrenches shared future through business sustenance
Owing to the recent surge in the prices of diesel in Africa’s largest economy induced by the Russia-Ukraine war, concerns are mounting that the already poor business operating environment will become worse for businesses. The harsh reality is that the few small-scale businesses trying to stay afloat
DMO lists 2 new FGN savings bonds for subscription
The Debt Management Office (DMO), Monday offered two new Federal Government of Nigeria (FGN) bonds for subscription. The first, a two-year FGN Savings Bond, comes at an interest rate of 7.33 per cent per annum and would be due on April 13, 2024.
Investors Gain N48.26bn as NGXASI Inches Up by 0.19% Amid Positive Market Turnover
Equities market closed on a positive note, as NGXASI appreciated by +0.19% to close at 46,777.37 basis points as against -0.33% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.51%.
Market breadth closed Negative as DNMEYER led 18 Gainers as against 20 Losers topped by NPFMCRBK at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed negative as volume moved up by 17.28% as against -14.70% uptick recorded in the previous session. FIDELITYBK, TRANSCORP, and WAPIC were the most active to boost market turnover. GUARANTY and SEPLAT topped market value list.
WAPIC leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
MTN Nigeria Communications Plc Series 1 and 2 Commercial Paper Offer Now Open
MTN Nigeria Communications Plc (“MTN Nigeria”, or the “Company”) Series 1 and 2 Commercial Paper Offer, under its N150 billion Commercial Paper Issuance Programme (the “Offer”) is now open and scheduled to close Thursday, 07 April 2022.
The proceeds from the Offer will be used to support MTN Nigeria’s working capital and general corporate purposes.
Please see below summary of the terms of the Offer:
|Issuer||MTN Nigeria Communications PLC|
|Arranger||Stanbic IBTC Capital Limited|
|Dealers||Stanbic IBTC Capital Limited; Chapel Hill Denham Advisory Limited; Coronation Merchant Bank Limited; FBNQuest Merchant Bank Limited; FSDH Capital Limited; Standard Chartered Capital and Advisory Nigeria Limited; and UCML Capital Limited|
|Issuance Size||Up to N150 billion|
|Programme Size*||N150 billion|
|Offer Open Date||Tuesday, 05 April 2022|
|Offer Close Date||Thursday, 07 April 2022|
|Settlement Date||Friday, 08 April 2022|
|Issuer Rating||AAA (GCR); Aa (Agusto)|
|Minimum Subscription||N5 million and N1 million thereafter|
|Method of Offer||Fixed Price Offer|
|Taxation||Applicable taxes shall apply except otherwise exempt.|
Kindly note that instruction or mandate for the commercial paper closes at 12noon on the 7th of April, 2022.
Please be informed that this commercial paper is subject to WITHOLDING TAX PAYMENT and VAT as the new directives from Federal Inland Revenue Service.
UPDCREIT 2021 Result: Stanbic IBTC Asset Mgmt Shares Reasons Behind Decline and Plan for Growth
Stanbic IBTC Asset Management, Nigeria’s leading Asset Management firm, announced the audited 2021 financial result for UPDC Real Estate Investment Trust (UPDC REIT), currently the largest Real Estate Investment Trust (REIT) in the country.
The results showed a decline in the REIT’s rental income from NGN1.57 billion earned in the previous year to NGN1.26 billion, due to a reduction in occupancy level as a result of the impact of Covid-19 and remote working.
Furthermore, a fair value loss of NGN5.04 billion was taken on the investment properties due to revaluation of the REIT properties coupled with an impairment charge of NGN141 million owing to of delays in recovery of rental income from tenants adversely impacted by the pandemic. Thus, the REIT recorded a loss before tax of NGN4.48 billion from NGN1.93 billion reported in the prior year.
Despite these numbers, the Fund Manager, Stanbic IBTC Asset Management continues to be optimistic about the significant potential for growth that the UPDC REIT offers investors which would come as a result of the broad sector opportunities and deliberate strategic management being brought to bear by Nigeria’s foremost Asset Management company.
NIN-SIM Linkage: FG Directs Telcos to Bar Outgoing Calls on Unlinked Lines from 4th April, 2022
On behalf of the Federal Government, the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has commended Nigerians and Legal Residents for their support during the exercise to link National Identification Number (NIN) to the Subscriber Identification Module (SIM). As of date, over 125 Million SIMs have had their NINs submitted for immediate linkage, verification and authentication.
Similarly, the National Identity Management Commission (NIMC) has issued over 78 Million unique NINs till date.
It would be recalled that President Muhammadu Buhari, GCFR, gave the directive for the implementation and commencement of the exercise in December 2020, as part of the administration’s security and social policies.
The deadlines for the NIN-SIM linkage has been extended on multiple occasions to allow Nigerians to freely comply with the Policy. The FG also took into consideration the passionate appeals by several bodies – Association of Licensed Telecoms Operators of Nigeria (ALTON), Civil Societies, Professional Bodies and a host of others – for the extension of the deadlines in the past.
Accordingly, Mr. President graciously approved the many requests to extend deadlines for the NIN-SIM linkage. At this point however, Government has determined that the NIN-SIM Policy implementation can proceed, as machinery has already been put in place to ensure compliance by citizens and legal residents. The implementation impacts on Government’s strategic planning, particularly in the areas of security and socio-economic projections.
President Muhammadu Buhari has approved the implementation of the Policy with effect from the 4th of April, 2022. Consequently, the Federal Government has directed all Telcos to strictly enforce the 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. Subscribers of such lines are hereby advised to link their SIMs to their NINs before the Telcos can lift the restriction on their lines. Affected individuals are hereby advised to register for their NINs at designated centers and thereafter link the NINs to their SIMs through the channels provided by NIMC and the Telcos, including the NIMC mobile App.
Professor Pantami specially appreciates President Muhammadu Buhari (GCFR) for his tremendous support. He also commends the Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Dambatta, the Director-General/Chief Executive Officer of the National Identity Management Commission (NIMC), Engr. Aliyu Azeez Abubakar along with their Management and Staff, as well as other notable bodies whose efforts have seen to the monumental success of the exercise. The Minister also extends his thanks to the telecommunication operators for their support towards the success recorded.
The Honourable Minister also emphasized that enrolment for the NIN is a continuous exercise and NIN is a precondition for service in Telcos, banks, Nigerian Immigration Service, and for several other government services. He also encouraged Nigerians and legal residents to visit NIN registration centers for the enrollment and issuance of valid NINs.
Any Composed Banknote Discovered in the Deposit of DMBs Shall Attract Penalty of 400% of the Value
The Management of the Central Bank of Nigeria (CBN) observed with concern the increase number of Composed Banknotes deposited by Deposit Money Banks (DMBs) and request for replacement of such banknotes by members of the public. The existence of Composed Banknotes in the economy falsifies the true value of Currency in Circulation and can also be avenue for fraudulent activities.
A Composed Banknote is a banknote that comprises of several parts of different banknotes of the same denomination put together with the intention of receiving value.
Consequently, any Composed Banknote discovered in the deposit of DMBs shall attract penalty of 400% of the value.
This circular takes effect from 1st April, 2022.
FSRCC Issues Advisory on Illegal Financial Operators in Nigeria
The FSRCC wishes to draw the attention of the general public to the worrisome increase in the activities of the Illegal Financial Operators (IFOs) which portends grave risk to public confidence and the stability of the Nigerian Financial System.
The FSRCC in its continuing efforts to end the scourge of IFOs in Nigeria, hereby issues the following advisory:
The general public is advised to refrain from dealing with unlicensed or illegal financial operators, who lure and defraud unsuspecting members of the public by offering extra-ordinary returns on investments as bait.
Members of the public are advised to visit the websites of the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and other relevant member agencies of the FSRCC to verify the registration and license status of such companies and schemes before investing in them.
You are also advised to report any individual or entities suspected to be involved in such nefarious activities to the law enforcement agencies.
Financial Regulatory agencies shall continue to carry out all necessary due diligence before registering/licensing any operator under their regulatory purview. In addition, Agencies shall refer to relevant supervisory authorities for confirmation before finalizing on any registration/licensing application.
Member agencies are encouraged to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators.
Further enquiries should be addressed to:
A) The Director, Financial Policy and Regulation, Central Bank of Nigeria, and/or
B) The Executive Commissioner, Legal, and Enforcement, Securities and Exchange Commission