Street food business booms as unemployment bites
Sunday Goodwin, a 27-year-old Shawarma vendor at Fadeyi, Lagos, started his business in 2018 when he was frustrated after a fruitless search for a job. Goodwin told BusinessDay that he had to learn Shawarma business in order to survive as he came from a poor background.
Six things Nigerians pay more for since Russia-Ukraine war started
Nigerians were already struggling with surging prices of goods and services before the Russian-Ukraine war. The ripple effect of the conflict has intensified the hardship many people are facing in Nigeria, with prices increasing further in the weeks since the war started.
FG prioritises N675bn petrol subsidy over lecturers’ salaries
Nigeria spent N675 billion in the first quarter of 2022 to keep the price of petrol at N165 per litre, an amount that can close the endless tug of war between government authorities and lecturers in the country’s public universities.
IMF urges Nigeria, other oil-exporting countries to build buffers
Rallying oil prices on the back of the Russia-Ukraine war has presented great opportunities for Nigeria and other oil-exporting countries, particularly in sub-Saharan Africa (SSA), to build buffers that could shield them from further economic shocks,
Early results show Nigerian firms defying headwinds
Seventy percent of the biggest companies that have released their financial results for the first quarter (Q1) of 2022 posted their highest Q1 profit after tax in 10 years in the period despite the economic headwinds facing them.
Burna Boy rakes in over N3 billion from Madison Square Garden concert
Damini Ogulu, professionally known as Burna Boy became the first Nigerian music artist to headline a sold out concert in Madison Square Garden in New York, USA raking in over N3 billion in ticket sales alone. Tickets sold for as low as $80 with an average of $350 and as high as $2,125.
As Budget deficit widens, Nigeria Weighs Fresh Diaspora Bond
Nigeria is considering a bond sale targeted at its citizens overseas to raise funds to help Africa’s biggest economy narrow its budget deficit, Bloomberg reports. The government may sell the debt after it repays $300 million of diaspora bonds maturing in June, according to Patience Oniha, director-general of the Abuja-based Debt Management Office…
MTN Nigeria’s Q1 PBT up 39.4% to N143.6bn
MTN Nigeria Communications Plc (MTN Nigeria) has announced its unaudited results for the first-quarter (Q1) ended March 31, 2022. The leading Telco recorded revenue of N470.984billion in Q1’22 as against N385.318billion in Q1’21, up 22.23percent. Operating profit was up by 34.72percent to N179.326billion from N133.107billion in Q1’21; while profit before taxation (PBT) of N143.588billion as against N102.989billion in Q1’21 implies 39.42percent increase.
MTN Nigeria closed the first-quarter (Q1) to March 31 with profit after tax (PAT) of N96.820billion as against N73.748billion in Q1’2021, up by 31.28percent.
MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 70 million people in communities across the country with each other and the world.
EU to support Nigeria in stabilising electricity transmission network
The European Union (EU) has reaffirmed its support for the Transmission Company of Nigeria (TCN) to stabilise the electricity network in some parts of the country. Ms Inga Stefanowicz, the Team Leader, EU’s Delegation to Nigeria and ECOWAS on Green and Digital Economy, gave the affirmation in an interview
Investors Gain N635.77bn WoW as NGXASI Inches up by 2.43% to Close the Week Positive
Trading activities in the Nigerian equities market firmed up further at the end of today’s trading session as market maintained the positive outlook earlier recorded at the end of the previous session.
The NGX All-Share index inched up by +1.64% to close at 49,638.94 basis points as against the +0.55% gain recorded at the end of the previous trading session.
YTD, the NGXASI Stands at +16.21%
The total volume traded grew by +743.25% to close at 6.41bn, valued at N30.24bn and traded in 6,378 deals. HONYFLOUR was the most traded stock by volume with 6.09 billion units traded, while HONYFLOUR was also the most traded stock by value which is put at N25.61 billion.
Sectoral performance was broadly positive as fourteen (14) NGX sector indices closed northward, one closed southward while three (3) closed flat. The NGX Main Board Index topped with +2.23% gain as NGX AFRBVI dipped by -0.04%.
At the close of trading, market recorded 35 gainers to 12 losers and 60 unchanged. NEM topped the list of gainers as NPFMCRFBK topped the list of losers.
Access Holdings Plc Declares N57.4bn PAT in Q1 2022 Results,(SP:N10.25k)
Access Holdings Plc released its Q1 2022 Unaudited results for the period ended March 31st, 2022.
Key Highlights
- Interest Income grew by 27.3% from N125.97bn to N160.32bn
- Profit before tax stood at N65.13bn
- Profit after tax stood at N57.4bn
- Share Price Currently Stands at N10.25k
Q1 MONTHS UNAUDITED REPORT FOR THE PERIOD ENDED 31 MARCH
| 2021 N’m | 2020 N’m | % Change | |
| MARCH | MARCH | ||
| Interest Income | 160,317 | 125,967 | 27.3% |
| PBT | 65,134 | 60,050 | 8.5% |
| Taxation | (7,735) | (7,503) | 3.1% |
| PAT | 57,399 | 52,547 | 9.2% |
| Basic EPS(kobo) | 163 | 149 | 9.2% |
| Balance Sheet Information | |||
| Net Asset | 1,096,318 | 1.050,028 | 4.4% |
Airtel Africa Subsidiary, Smartcash, Receives PSB Full Licence Approval
Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that the Central Bank of Nigeria (‘CBN’) has confirmed that its subsidiary, SMARTCASH Payment Service Bank limited (‘Smartcash’), has now received final approval from the Central Bank of Nigeria for a full Payment Service Bank (‘PSB’) licence, affording the Group the opportunity to deliver a full suite of mobile money services into Nigeria.
More details regarding the commencement of operations will be presented with our full-year results announcement in May 2022.
Segun Ogunsanya, CEO, Airtel Africa, said:
“I am very pleased that Smartcash has been granted approval for a full PSB licence to operate a service bank business in Nigeria and we are now working towards commencement of business. This licence enables us to expand our digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services. We are delighted to be able to pursue our shared agenda with the Nigerian Government, the CBN and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.”
