Today’s Headlines: – First Ideas Limited

Today’s Headlines:

Border closure fails to curb smuggling as food prices soar

The border closure policy implemented by the Nigerian government for over two years failed to stop the smuggling of imported rice and other key commodities into the country while the land borders were locked, BusinessDay findings have shown.

Lagos-Abidjan corridor to boost trade in West Africa

The Lagos-Abidjan corridor, for which funding has been secured, is expected to boost trade in West Africa and have a significant impact on the economies in the region. The Lagos-Abidjan corridor is a 1,028-km highway project that will connect the capitals of five  coastal countries, Cote d’Ivoire, Ghana, Togo, Benin and Nigeria, accounting for more than 75 percent of West Africa’s trade.

The Commission of the Economic Community of West African States (ECOWAS) and the African Development Bank (AfDB) signed an agreement for the six-lane Abidjan-Lagos corridor development project in 2019.

Manufacturers see larger market, profits on border reopening

The federal government’s reopening of more land borders will enable manufacturers to boost their cross-border transactions with access to larger markets, increase their profit and ease raw material sourcing, stakeholders have said.

Tinubu losing grip of South-West

Bola Ahmed Tinubu, a former Lagos State governor and senator, is not new in the Nigerian political arena. He has over the years built alliances across regional and party lines ranging from family to historical allies, and from political enemies to business partners.

2023 Presidency: Emefiele says, “I’m in a dilemma”

Abuja Federal High Court on Monday failed to grant requests by embattled Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for an order to prevent attempts to stop him from the 2023 Presidency. Emefiele had through his counsel, Mike Ozekhome applied for an order of status quo ante bellum against. against INEC and AGF so that he would not be made to resign from office until 30 days to the general election.

In an ex-parte application argued on Monday, Emefiele denied being a political appointee but a Public servant not caught by section 84 (12) of the new Electoral Act 2022. Emefiele had asked the court to invoke section 318 of the 1999 Constitution to bar the defendants from asking him to vacate office until 30 days before the February 2023 Presidential election.

Aviation fuel not sold at N700 per litre – Fuel marketers

Major Oil Marketers Association of Nigeria (MOMAN) has debunked the claim that Aviation Turbine Kerosene (ATK), also known as aviation fuel, was being sold at N700 per litre in some parts of the country. Clement Isong, Executive Secretary, MOMAN, made this known in an interview with newsmen on Monday.

ASUU declares strike extension by 12 weeks

The Academic Staff Union of Universities (ASUU) has announced an extension of the industrial action embarked by the union on February 14. Emmanuel Osodeke, the national president of ASUU disclosed this on Monday, May 9, 2022, in a statement made available to the media.

 

BUA Foods Takes Delivery of First of Two Shipping Vessels for Sugar Export Operations

BUA Foods, one of Africa’s leading FMCG companies has taken delivery of the first of two shipping vessels to augment its sugar export operations to the West African market, which kicked off successfully earlier this year. BUA Food’s export of refined sugar will benefit the economy, providing alternative source of income, while significantly diversifying the company’s markets. 

SUNUASUR Declares N89.41m PAT in Q1’22 Results,(SP:N0.33k)

Sunu Assurance Plc released its Q1 2022 Unaudited results for the period ended March 31st, 2022.

Key Highlights

  • Gross Premium Written grew by 17.01% from N2.25bn to N2.64bn
  • Profit before tax stood at N153.3m
  • Profit after tax stood at N89.41m
  • Share Price Currently Stands at N0.33k
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VITAFOAM Declares N3.61bn PAT in Q2 2022 Result,(SP:N24.15k)

Vitafoam Nigeria Plc released its Q2 2022 Unaudited results for the period ended March 31st, 2022.

Key Highlights

  • Revenue grew by 36% from N18.63bn to N25.34bn
  • Profit before tax stood at N5.14bn
  • Profit after tax stood at N3.61bn
  • Share Price Currently Stands at N24.15k
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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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