Smaller PFAs jittery as recapitalisation deadline ends
As the recapitalisation deadline given by the regulator to Pension Fund Administrators (PFAs) in the country, small-sized operators that are yet to shore up their capital base or seal merger and acquisition deals have become jittery, BusinessDay has learnt.
Nigeria’s champagne imports from France jump 84%
The importation of champagne from France into Nigeria jumped by 86 percent last year, nearing the pre-COVID levels, data obtained by BusinessDay show. Experts said the relaxation of COVID-19 pandemic lockdowns and restrictions had led to a recovery of champagne consumption in Nigeria.
MTN retail investors get 35% return, N174bn dividend expected from Thursday
Retail investors who participated in the MTN Nigeria Communication Plc (MTN Nigeria) Offer for sale of 575 million shares are currently reaping about 25 percent return on their investments. This return is expected to be up to 35 per cent.
Natural gas price rises as Russia cuts supply to Bulgaria, Poland
Natural gas price has surged by 20 percent on the back of Russia’s supply cut to Bulgaria and Poland. In the early hour of today, Russia’s Gazprom PJSC announced it has halted gas supplies to Poland and Bulgaria and will continue to do so until the two countries agree to pay for the fuel in Rubles, as demanded by Russia
Investors Gain N1.72bn as NGXASI Inches up by 0.01% Amid Negative Market Turnover
Equities market closed on a positive note, as NGXASI appreciated by +0.01% to close at 48,571.75 basis points as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +13.71%.
Market breadth closed Negative as ACADEMY led 17 Gainers as against 23 Losers topped by IKEJAHOTEL at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed positive as volume moved down by 46.92% as against 41.52% uptick recorded in the previous session. MULTIVERSE, TRANSCORP, and WAPCO were the most active to boost market turnover. WAPCO and GUARANTY topped market value list.
TRIPPLEG leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
AfDB Mobilizes $540m for Nigeria to Develop Special Agro-Industrial Processing Zones
The African Development Bank (AfDB) will support Nigeria to develop Special Agro-Industrial Processing Zones, as part of the quest for food security in the country.
Dr. Akinwumi Adesina, President of the Bank and a former Minister of Agriculture, disclosed this while briefing President Muhammadu Buhari at State House, Abuja, on Tuesday.
Said Dr Adesina: “We have decided to mobilize $540 for the program. The African Development Bank has approved a total of $210 million. The Islamic Development Bank, and the International Fund for
Agricultural Development (IFAD) have approved $170 million, and $160 million respectively, towards the program.”
The AfDB President indicated that the processing zones will initially be rolled out in seven States, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory.
Guaranty Trust Holdings Plc Declares N43.21bn PAT in Q1 2022 Results,(SP:N24.25k)
Guaranty Trust Holdings Plc released its Q1 2022 Unaudited results for the period ended March 31st, 2022.
Key Highlights
- Interest Income grew by 16% from N55.13bn to N63.93bn
- Profit before tax stood at N54.29bn
- Profit after tax stood at N43.21bn
- Share Price Currently Stands at N24.25
Q1 MONTHS UNAUDITED REPORT FOR THE PERIOD ENDED 31 MARCH
| 2021 N’m | 2020 N’m | % Change | |
| MARCH | MARCH | ||
| Interest Income | 63,933 | 55,128 | 16.0% |
| PBT | 54,285 | 53,683 | 1.1% |
| Income Tax Expenseq | (11,078) | (8,137) | 36.1% |
| PAT | 43,208 | 45,546 | -5.15 |
| Balance Sheet Information | |||
| Net Asset | 908,759 | 883,227 | 2.9% |
FCMB Group Plc Declares N5.17bn PAT in Q1 2022 Results,(SP:N1.79k)
FCMB Plc released its Q1 2022 results for the period ended March 31st, 2021.
Key Highlights
- Gross Earnings grew by 33.9% from N43.54bn to N58.31bn
- Profit before tax stood at N6.02bn
- Profit after tax stood at N5.17bn
- Share Price Currently Stands at N1.79k
Q1 MONTHS UNAUDITED REPORT FOR THE PERIOD ENDED 31 MARCH
| 2021 N’m | 2020 N’m | % Change | |
| MARCH | MARCH | ||
| Gross Earnings | 58,305 | 43,541 | 33.9% |
| PBT | 6,019 | 4,227 | 42.4% |
| Taxation | (627.996) | (429.292) | 46.3% |
| PAT | 5,166 | 3,572 | 44.6% |
| Basic EPS(kobo) | 0.26 | 0.18 | 44.4% |
| Balance Sheet Information | |||
| Net Asset | 248,969 | 243,806 | 2.1% |
Oil Production: Nigeria Leads Q1 Shortfall, World Bank Cites Sabotage
The World Bank has said Nigeria has the largest shortfall among oil-producing countries due to sabotage within the oil production system and other factors, such as low investments and the COVID-19 pandemic. Source Punch Read More
Rising Insecurity, Naira’s Fall Worsening Business Environment – NGF
The Director-General, Nigeria Governors’ Forum, Mr Asishana Okauru, says worsening insecurity and currency depreciation have been adversely affecting the business environment and taxable income in Nigeria. Source Punch Read More
FG Shortlists Bidders for 12 Highways in Lagos, Kano, Others
The Federal Government on Monday announced that it had identified preferred/reserved bidders for 12 federal highways up for concession under the Highway Development and Management Initiative. Source Punch Read More
NGX to Partner CIS for Capacity Building in the Derivatives Market
The Nigeria Exchange Limited (NGX) is set to partner with the Chartered Institute of Stockbroker (CIS) to build capacity in the “Exchange Traded Derivatives Market.” Mr. Jude Chiemeka, the Divisional Head, Capital Markets, NGX, disclosed this while discussing the “Value of the Derivatives Market.” Source Ottoabasi Abasiekong for WebTV Read More
Minister: Nigeria Has Finalised Plans to Start Local Production of Bitumen
Olamilekan Adegbite, minister of mines and steel development, says plans have been concluded to concession Nigeria’s bitumen reserve of 42.74 billion metric tonnes for local production. Source TheCable Read More
Ukraine Latest: Russia to Cut Gas Flows, Energy Prices Jump
Russia plans to stop natural gas flows to Poland and Bulgaria on Wednesday, making good on a threat to cut off buyers if they refuse Russian President Vladimir Putin’s demand to pay in rubles. European gas prices surged, and oil futures climbed. Source Bloomberg Read More
NIMC Server Glitch Invalidates Linked NINs, Leaves Subscribers Stranded
While the reported server crisis/downtime suffered by the National Identity Management Commission (NIMC) a few weeks ago might have been resolved, it has created a new challenge in the financial inclusion ecosystem, both for businesses and individuals. Source Guardian Nigeria Read More
Alphabet Misses on Revenue as YouTube Ad Business Slowed by Ukraine War
Google parent Alphabet Inc on Tuesday reported its first quarterly revenue miss of the pandemic after the war in Ukraine hurt YouTube ad sales, leaving investors rattled as the global economy sputters. Source Reuters Read More
Microsoft Forecasts Double-Digit Revenue Growth on Cloud Strength
Microsoft Corp (MSFT.O) on Tuesday forecast double-digit revenue growth for the next fiscal year, driven by demand for cloud computing services, and its shares jumped about 4%. Source Reuters Read More
