Assets valuers canvass sale of FG’s idle properties to fund economy
Assets valuers under the aegis of Association of Capital Market Valuers (ACMV) have canvassed the sale of Federal Government’s properties that are rotting away in various parts of Nigeria, especially Lagos. The valuers have also recommended that the proceeds from such sales should be used to fund recur
ASUU to call off strike if FG accepts UTAS – Osodeke
Emmanuel Osodeke, the national president of the Academic Staff Union of Universities (ASUU) has assured that the union will end the strike immediately the federal government endorses the University Transparency Accountability Solution (UTAS) payment platform for lecturers. Osodeke said this on Monday
BUA Foods, Nascon, International Breweries, others cause market’s over N110bn loss
Nigeria’s equities market decreased further by 0.40percent or about N111billion on Tuesday as more investors sold among others the shares of BUA Foods Plc, Nascon Plc, and International Breweries Plc. Week-to-date (WtD), the market has decreased by 0.47percent while the positive returns year-to-date (YtD)
Nigerians voice frustrations over cost of living crisis
When Gbenga Oladejo, a 42-year-old carpenter in Lagos, was celebrating the victory of Muhammed Buhari in the 2015 presidential election, he was hoping for a better life from a president that promised to eliminate corruption, reform an economy hooked on
Inside details of the unpaid petrol bridging claims
An anticipated increase in petrol price is always unwelcome by most Nigerians, yet the current fuel shortage may get messier in the coming weeks as the face-off between the federal government and marketers looks set to intensify this week over the N74 billion
Banks’ saving rates stay stagnant after MPR hike
Some banks have yet to raise their deposit rates, more than a month after the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR), the benchmark interest rate. The CBN had on May 24 increased the MPR by 150 basis points to 13.
Inland ports missing in $6.68bn new rail roll-out
The three new inland dry ports in Kano, Katsina and Jos that are expected to begin operations before the end of this year are currently missing in both the proposed $6.68 billion standard rail gauge project inaugurated by the Federal Government and the existing rail network.
Delays in Deregulating the Downstream Petroleum Sector, Has Increased Nigeria’s Borrowing
Delay in deregulating Nigeria’s downstream petroleum sector, has increased its borrowing and debt. Mr. Tunji Oyebanji the chief executive officer (CEO) of 11 Plc made this point while discussing “Deregulation of Nigeria’s Petroleum Sector: Connecting the Dots”. Source Proshare Read More
N165/Litre Fuel: Depot Owners Shun FG’s Directive, Marketers Give Conditions
Oil marketers on Sunday gave the Federal Government conditions that should be met in order to retain the pump price of Premium Motor Spirit, popularly called petrol, at N165/litre. Source Punch Read More
Brent Up as Strike in Norway Threatens to Disrupt Oil, Gas Output
Brent crude futures extended gains on Tuesday as a strike in Norway is expected to disrupt oil and gas output, fanning tight supply worries. Source Reuters Read More
NT-Bills Update: Average Yield Expands 52bps WoW to 5.31% Due to Sell Offs
Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market sustained its bearish streak as yields expanded by 52bps W-o-W to settle at 5.31% from 4.79% the previous week due to tight system liquidity. Source Afrinvest Read More
Global Policy Normalisation Induce Rout in EM Eurobonds
Today, we highlight activities within the Nigerian Eurobonds market as well as the broad African Eurobonds space. Year-to-date (YTD) 2022, yields on Nigerian Eurobonds have expanded by 528bps to an average of 12.8% compared with 7.52% at start of the year. Source FBNQuest Read More
Bank Assets Rise by 21% to N64.32tn – CBN
Nigerian banks’ total assets rose by N11.15tn in one year to N64.32tn as of the end of April. Figures obtained from the Central Bank of Nigeria revealed that the assets of the lending institutions had hit N53.17tn in the corresponding period of 2021. The 2022 numbers showed a 21 per cent increase over the period. Source Punch Read More
OCP Africa Announce Plans to Boost Fertilizer Production in Nigeria
The OCP Africa Nigeria has announced plans to boost fertilizer production in the country as part of its contribution to address the nation’s food security challenges. Source THISDAYLIVE Read More
FG Insists It’s ‘Wrong Time’ to Remove Fuel Subsidy
The federal government has said it is not right to remove Nigeria’s costly fuel subsidy now, noting that many other nations were introducing measures to help citizens cope with high oil energy prices. Source Daily Trust Read More
Maiden Fintech Platinum Awards, Honours Pantami, Segun Aina, SEC and 7 Others
Fintech Nigeria hosted stakeholders to its maiden Fintech Platinum Awards, celebrating excellence and commitment to the growth of the industry in the country and region. It brought together industry leaders, awardees, policy makers, business leaders and regulators in the financial and capital market. Source Proshare Read More
Strengthen Cyber Security to Remain Safe, CBN Urges OFIs
The Central Bank of Nigeria (CBN), has released a new framework to check cyber security in Other Finical Institutions (OFIs). This is contained in a statement issued by the Director, OFIs, CBN, Nkiru Asiegbu. Source The Guardian Nigeria Read More
South Africa’s Constitutional Court Rules Against Communications Minister’s Digital Migration Deadline
South Africa’s constitutional court has ruled against Khumbudzo Ntshavheni’s decision to switch off analogue broadcast systems by June 30, 2022, declaring it unconstitutional. Source TechCabal Read More
FIRS Extends Deadline for Submission of CIT Returns by Two Months
The Federal Inland Revenue Service (FIRS) has extended the deadline for filing companies’ income tax (CIT) returns from June 30 to August 31, 2022. Source TheCable Read More
R.T. Briscoe (Nigeria) Plc Declares N2.3bn Loss in 2021 Audited Results,(SP:N0.44k)
R.T. Briscoe (Nigeria) Plc released its 2021 Audited results for the period ended December 31st, 2021.
Key Highlights
• Revenue grew by 83.7% from N6.48bn to N11.9bn.
• Loss before tax stood at N2.27bn
• Loss after tax stood at N2.3bn
• Share Price Currently Stands at N0.44k
Learn Africa Plc Declares N401.58m PAT in 2022 Audited results; (SP:N2.25k)
Learn Africa Plc released its 2022 Audited results for the period ended March 31st 2022.
Key Highlights
• Revenue grew by 54.7% from N2.39bn to N3.7bn.
• Profit before tax stood at N574.24m
• Profit after tax stood at N401.58m
• Share Price Currently Stands at N2.25k
