Power firms’ revenue jumps 47%, highest since privatisation
The total revenue collected by electricity distribution companies (DisCos) in Nigeria from their customers increased the most last year since the power sector was privatised, buoyed by the hikes in tariffs.
Rising insecurity threatens FMCG firms’ backward integration – Experts
Nigeria’s drive to achieve 100 percent local sourcing of raw materials through partnership with local producers and backward integration activities and reduce the heavy reliance on the global supply chain, especially by firms in the Fast-Moving Consumer Goods (FMCG
N10 billion waste management debt: FCTA seals federal offices
The FCT Administration, on Tuesday sealed the Federal Ministry of Works, Federal Character Commission and Merit House Maitama over N10 billion waste collection debt owed Abuja Environmental Protection Board (AEPB).
Nigeria’s renewable energy capacity hits 2,154MW in 2021
Nigeria’s renewable energy capacity increased marginally to 2154 Megawatts(MW) in 2021 from 2150 MW in 2020, according to a new analysis by the International Renewable Energy Agency (IRENA) mapping renewable energy capacity in the previous year. Hydropower, which accounted for 2,111 MW of electricity.
Investors Gain N19.13bn as NGXASI Inches up by 0.07% to Open the Week Positive
Equities market closed on a positive note, as NGXASI appreciated by +0.07% to close at 47,545.86 basis points as against +0.30% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +11.31%.
Market breadth closed Negative as DNMEYER led 21 Gainers as against 29 Losers topped by ACADEMY at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed negative as volume moved down by 5.12% as against 1.71% downtick recorded in the previous session. FIDELITYBK, ACCESSCORP, and MTNN were the most active to boost market turnover. MTNN and ZENITHBANK topped market value list.
JOHNHOLT leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
FBNQuest Funds Exits MainOne Investment to Equinix Inc
FBNQuest, the investment banking, and asset management subsidiary of FBN Holdings Plc is pleased to announce the divestment of its stake in MainOne Cable Company (“MainOne”) to Equinix Inc.
In 2009, FBNQuest Funds Limited (“FBNQuest Funds”) invested US$15million of primary capital in MainOne to fund the company’s vision to build a 7,000km subsea submarine communications cable running from Portugal down the coast of West Africa. Over the years, MainOne has evolved from a submarine fibre optic cable operator to a leading West African data centre and connectivity provider with presence in Nigeria, Ghana, and Cote d’Ivoire. MainOne provides highly reliable services to major telecom operators, ISPs, government agencies, small to large enterprises, and educational institutions.
Equinix is the largest digital infrastructure company in the world and its acquisition of MainOne marks the beginning of its expansion into Africa and further strengthens the company’s long-term strategy to become a leading digital infrastructure company on the continent.
Proposed Revenue Formula: Why States Should Have the Highest Share – Segun Showunmi
Nigeria needs to practice true federalism, leading to a revised revenue formula that gives states the highest share in allocation. Source Ottoabasi Abasiekong for WebTV Read More
Food Prices Now Intensifying Global Inflation Pressures
The war in Ukraine has pushed up global food prices to historically high levels, intensifying inflation dynamics at a time when global CPI inflation rates are already at multi-year highs, Fitch Ratings says in its latest Economics Dashboard. Source Fitch Ratings Read More
Paris Club Refund: Don’t Deduct $418m Judgement Debts from Our Accounts, States Tell FG
The state governments have asked the federal government to refrain from deducting from funds accruing to them and all local government councils as liquidation for the alleged $418 million London/Paris Club loan refund-related judgment debts. Source TheCable Read More
Fuel Subsidy Puts Nigerian Economy at High Risk – World Bank
The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. Source Punch Read More
Stakeholders Call for LPG Import with CBN N250b Intervention
Stakeholders in the energy sector, yesterday, called for an end to the importation of liquefied petroleum gas (LPG) given the country’s 206 trillion standard cubic feet natural gas deposit and the Central Banks of Nigeria’s (CBN) N250 billion interventions in the sector. Source The Guardian Nigeria Read More
NAFEX Rate Depreciated by 0.12% WoW to N416.12
In the FX Spot and Derivatives markets, the total turnover for the week-ended April 14, 2022, was $581.41 million, representing an increase of 8.86% ($47.33 million) from $534.08 million reported for the week-ended April 8, 2022. Source FMDQ Read More
Libya Closes Biggest Oil Field and Warns of More Shutdowns
Libya’s oil production has fallen by more than half a million barrels a day as a wave of political demonstrations engulfs the OPEC member’s energy industry. Source Bloomberg Read More
Imported Vehicles: Dealers Threaten Shutdown Over 15% Levy
As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week. Source Punch Read More
Interswitch Pairs with Cisco Networking Academy to Equip Tertiary Institutions across Nigeria
In line with its efforts to support Science, Technology Engineering and Mathematics (STEM) education in Nigeria, Africa’s leading integrated payments and digital commerce company, Interswitch, has announced plans to donate IT equipment to students in 10 tertiary institutions across Nigeria. Source TechEconomy Read More
More Private Equity Firms’ Express Interest in A Twitter Deal-Sources
The interest emerged after Thoma Bravo, a technology-focused private equity firm, contacted the social media platform last week to explore a buyout that would challenge Elon Musk’s $43 billion offer, Source Reuters Read More
Meta Institutional Investors Urge Opposing Re-Election of Two Board Members
A group representing some of Meta Platforms Inc’s (FB.O) institutional investors urged shareholders of the Facebook owner to vote against the re-election of two of its board members, Marc Andreessen and Peggy Alford. Source Reuters Read More