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Nigeria shines as FT unveils Africa’s fastest-growing firms

Twenty-one companies in Nigeria that are making their entrepreneurial endeavours count against all odds have been listed in a ranking by the Financial Times (FT) among the fastest-growing companies in Africa. BusinessDay was a cooperation partner in the research.

Why we’re investing in Nasarawa, by businesses

Local and foreign investors in Nigeria have said Nasarawa State became a leading choice for investment largely because of its consistent business-friendly policies, and the strong government support.

NNPC to be fully privatised in one or two months – Kyari

The Nigerian National Petroleum Company (NNPC) will become a fully private company in a month or two, Mele Kyari, GMD/CEO of the company has said. This was revealed Thursday at the Africa Finance Corporation (AFC’s) Infrastructure Solution Summit in Abuja.

CBN Governor, Emefiele withdraws his presidential bid

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has withdrawn from the 2023 presidential bid, a credible source confirmed to BusinessDay. Emefiele’s final withdrawal came weeks after speculations were rife that he would contest for the seat during the upcoming general elections.

Cabinet reshuffle imminent as Buhari bids farewell to 10 ministers

President Muhammadu Buhari will at any moment be replacing at least 10 members of his cabinet who have resigned to contest various elective positions in next year’s elections Minister of Information and Culture, Lai Mohammed, announced this after the President had a valedictory meeting with nine of the of the ministers at the Presidential Villa, Abuja on Friday..

ASUU, others, turn down FG plea to re-open schools

The Federal government tripartite plus parley with the striking university based unions last night ended without any concrete agreement for the workers to go back to work. The unions had rejected government plea to suspend the strike while efforts are made to address the contentious issues

CONOIL Declares N557.22m PAT in Q1 2022 Unaudited Results, (SP:N31.50k)

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

Key Highlights

  • Revenue declined by 21% from N33.09bn to N26.15bn
  • Profit before tax stood at N743m
  • Profit after tax stood at N557m
  • Share Price Currently Stands at N31.50k

DAAR Communications Plc Declares N19.21m PAT in Q1 2022 Result,(SP:N0.20k)

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

Key Highlights

  • Revenue grew by 40.90% from N845.86m to N1.19bn
  • Profit before tax stood at N19.21m
  • Profit after tax stood at N19.21m
  • Share Price Currently Stands at N0.20k

FIDSON Declares N1.15bn PAT in Q1 2022 Result,(SP:N10.35k)

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

Key Highlights

  • Revenue grew by 61.25% from N6.35bn to N10.24bn
  • Profit before tax stood at N1.70bn
  • Profit after tax stood at N1.15bn
  • Share Price Currently Stands at N10.35k

Three Steps for Africa to Combat Climate Change

 With hopes for countering global warming pinned on progress at the upcoming COP27 UN Climate Change Conference in Egypt, a new report from the Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider, sets out the continent’s stance by balancing the need for emissions reduction with critical development imperatives. Source Africa Finance Corporation Read More

Oil Extends Gains as Investors Weigh Russian Ban, China Outlook

 Oil advanced for a third day, bookending another tumultuous week of trading as investors weigh the prospect of a European Union ban on Russian crude imports and uncertainty over China’s virus resurgence. Source Bloomberg Read More

ACSC: Lekki Port Will Checkmate Nigeria’s $14bn Annual Loss to Poor Infrastructure

 The African Centre for Supply Chain (ACSC), has stated that the Lekki Deap Sea Port, which is expected to commence operation by the end of this year, will checkmate the congestion at Nigerian existing ports that is negatively impacting the country’s gross domestic product (GDP), leading to a loss of $14.2 billion yearly. Source THISDAYLIVE Read More

Increase Funding for Agric, Infrastructure Development – BOI MD

The Chairman of the Association of Nigerian Development Finance Institutions (ANDFIs), Mr Olukayode Pitan, has called for increased funding from all Development Finance Institutions (DFIs) in Nigeria to tackle some of the economic challenges facing the country. Source Daily Trust Read More

NCC, FIRS Set Up Committee to Boost National Revenue In Telecoms Sector

The Nigerian Communications Commission (NCC) in collaboration with the Federal Inland Revenue Service (FIRS) have inaugurated a joint committee for the enhancement of the country’s revenues in the telecommunications sector. Source TheCable Read More

Investors Gain N97.42bn as NGXASI Inches up by +0.34%; Debt Market Size Declines by 0.07%; IEFX Rate Appreciates to N419



Nigerian Equities Market maintained the positive sentiment to close in green at the end of today’s trading session.

The NGX All-Share index inched up by +0.34% to close at 53,098.46 basis points as against the +0.15% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N97.42bn gain

YTD, the NGXASI Stands at +24.30%

The total volume traded declined by –28.76% to close at 303.48mln, valued at N3.57bn and traded in 7,019 deals. TRANSCORP was the most traded stock by volume with 37.93 million units traded, while WAPCO was the most traded stock by value which is put at N475.19 million.

Sectoral performance was broadly positive as thirteen (13) NGX sector indices closed northward, three (3) closed southward while two (2) closed flat. The NGX Oil and Gas Index topped with +4.84% gain as against NGX Insurance Index which dipped by -1.31%

Dangote index closed green with +0.04% gain while Elumelu index also closed green with +1.04% gain recorded.

At the close of trading, market recorded 28 gainers to 26 losers and 57 unchanged. NNFM topped the list of gainers as CHAMPION topped the list of losers. 

Volume and Value Contribution

TRANSCORP led the volume chart with 12.50% contribution and closely followed by JAIZBANK and WAPCO.  

WAPCO led the value chart with 13.29% contribution and closely followed by GTCO and SEPLAT.  

NGX Earnings Summary

No Financial Statement was released on the NGX Exchange today. 

NGX Corporate News

FBN Holdings Plc has notified of its plans to publish both the FY 2021 AFS and the Q1 2022 UFS on or before May 30, 2022, by which time the necessary approval would have been obtained from its primary regulator (CBN).

Notore Chemical Industries Plc announced the appointment of Jonathan Yusuf Pam as a Non-Executive Director with effect from 29th April 2022.

Airtel Africa Plc has announced that the Board has confirmed a final dividend of 3 cents per ordinary share which will be paid on or around 22 July 2022. The Interim dividend will be paid in US dollars, although Airtel Africa plc offer their shareholders the opportunity to elect to receive their dividend payments in GB pounds or Nigerian naira via currency elections. 

NASD OTC Exchange

The NASD market index inched up by +0.87% to close at 807.75 basis points as against the +0.57% gain recorded previously. 

The total volume traded advanced by +21890.58% to close at 7.52m units valued at N2.21bn and traded in 11 deals. 

At the close of trading, NASD OTC market recorded 2 gainer (s) to 0 loser(s) 

Volume and Value Contribution

SDVFDGROUP led the volume chart with 97.41% contribution  

SDVFDGROUP led the value chart with 99.41% contribution  

NASD Earnings Summary

No Financial statement was released on the NASD OTC Exchange today. 

NASD Corporate News

No Corporate News was released on the NASD OTC Exchange today. 

Global Indices

On the global scene, the USA Nasdaq Index leads the top five gainers with 2.69% gain while the Jakarta Index tops the top five losers with -0.03% loss as of 4pm Nigerian Time 

African Indices

Similarly on the African scene, the Souht Africa All Share Index tops the top five gainers with 2.08% gain while the Zimbabwe All Share Index tops the top five losers with -3.31% loss as of 4pm Nigerian Time 

Bonds and Fixed Income Markets 

Debt Market Size

The FMDQ Debt Market Size declined by 0.07% to close at N27.22trn from N27.24trn. 

Overnight and Open Buy Back (OBB)

The overnight lending rate advanced by 4.17% to 9.17% while the Open Repo (OPR) rate also moved up by 4.17% to close at 8.67% 

Commodities Market

AFEX Index

Trading data on the AFEX Commodities Exchange indices was not available as of the time of concluding this report. 

AFEX Commodity Prices

Maize moved up by 8.60% to close at N222.64 while Paddy Rice dropped by 0.38% to close at N227.51 

Global Commodity Prices

Gold recorded 0.54% loss while Silver also advanced by 1.10% as of 12:28 NY time 

The two energy commodities, Brent and WTI both advanced by 3.42% and 3.84% respectively as of 11:34AM Central Daylight Time (CDT) 

Currency/ FX Market

The naira appreciated at the I&E FX Window by 0.24% to close atN419.00/USD while the NAFEX rate also appreciated by 0.09% to close at N417.14.

About the Author


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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