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Headlines news

Nigeria defies global headwinds with faster economic growth

The Nigerian economy showed signs of resilience in the face of the global headwinds occasioned by the Russia-Ukraine war as it expanded at a faster pace in the second quarter compared to the previous quarter, beating analysts’ estimates.

Nigeria’s best-performing sectors in Q2 2022

The Nigerian economy grew by 3.54 percent in real terms in the second quarter (Q2) of 2022, a 1.47 percent decline from a 5.01 percent growth rate reported in Q2 2021 and a 0.43 percent increase relative to 3.11 percent in Q1 2022, according to the National Bureau of Statistics (NBS).

Lafarge, NB, Stanbic lead in women’s representation on boards

Lafarge Africa Plc, Nigerian Breweries Plc and Stanbic IBTC have been ranked as the top three listed companies with board positions held by women. The three companies each have 45.5 percent female board representation, according to the 2022 PWR NGX Top 20 Gender…

Nestle, four others’ transport costs hit N43bn in six months

The total transportation cost incurred by five fast-moving consumer goods (FMCG) companies in the country rose by 27 percent in the first half of 2022 compared to the same period last year, a BusinessDay analysis shows.

CBN is losing the battle against inflation in Nigeria

Inflation seems to be the buzzword in Nigeria these days. It comes as no surprise, though, given the near-unprecedented rise in the prices of goods and services in the country in recent times. July 2022’s inflation rate – the highest in the country since 2005..

UNILAG leads mass resignation of lecturers over ASUU strike – Ashiru

The University of Lagos (UNILAG) is leading other public tertiary institutions in the number of lecturers resigning their posts due to the federal government’s poor handling of the Academic Staff Union of Universities (ASUU’s) ongoing strike. Dele Ashiru, the UNILAG’s ASUU chapter chairman recently disclosed in…

Reps probe foreign missions over N13bn spent outside budget

The House of Representatives Committee on Public Accounts has begun investigations into how Nigeria’s foreign mission engage in extra budgetary spending and refused to remit internally generated revenue into government coffers as provided for in the nation’s extant laws. The case of how some embass…

Brain drain: Nigerians are fleeing despair as insecurity cripples those behind

Being a Nigerian is, for most citizens of this country, an unbearable burden, a dehumanising experience. While citizens of most other countries enjoy and take for granted basic amenities and reasonable levels of security and welfare, Nigerians have absolutely no expectation of such things. They are denied critical…

Gas plant explodes near Lagos-Ibadan Expressway

An explosion has been reported near the Redeemed Christian Church of God (RCCG) along the Lagos-Ibadan expressway. Witnesses said the explosion is from a gas plant behind the Redemption City. They also confirmed that the explosion occurred some distance away from the church’s youth camp on the expressway…

Nigerian Breweries, Caverton, others cause market’s N2bn loss as week opens

Nigeria’s equities market kicked-off this new week on a negative note amid bearish bias that trails the local bourse this week. Nigerian Breweries topped the league of laggards after losing N1.35 or 2.86 percent, from N47.15 to N45.80. It was followed among other top decliners by Caverton Offshore Support Group…

Stanbic IBTC Holdings Plc Reports N30.67bn PAT in Q2 2022 Audited Results, Proposes N1.50K Interim Dividend; (SP: N30.5k

Stanbic IBTC Holdins Plc released its Q2 2022 Audited results for the period ended June 30th, 2022.

Key Highlights

  • Gross Earnings grew by 43.9% from N92.895bn to N133.70bn.
  • Profit before tax stood at N39.98bn
  • Profit after tax stood at N30.67bn
  • Share Price Currently Stands at N30.5k

 

 

Iran Nuclear Deal Keeps Oil Markets on Edge – OIR 260822

 – Oil prices have remained in limbo this week, with ICE Brent trending around $100 per barrel, as the market zoomed in on the prospects of an Iranian deal. Source Proshare  Read More

NBET Signs Deal with Turkish Energy Firm to Ramp Up Electricity Supply

 – The Nigerian Bulk Electricity Trading (NBET) Plc says it has signed a partnership deal with Energy Exchange Istanbul (EXIST), a Turkish energy firm, to ramp up energy generation and supply. Source TheCable Read More

FG inaugurates six-year policy to promote innovation, investment in agric sector

 – The federal government has inaugurated a six-year national agricultural technology and innovation policy (NATIP) from 2022 to 2027 to enhance agribusiness in the country. Source TheCable Read More

Lafarge Cement Plc H1 2022 Results: Net Profit Rose 32.09% Despite Creeping Operating Costs

 Lafarge cement pushed through economic headwinds in H1 2022 with a rise in top-line and bottom-line earnings. The cement producer increased top-line earnings by passing cost increases to customers through higher prices, although interest and finance income fell. Source Proshare Research Read More

ISA Review, Enactment Likely Before Year End – SEC

 – The Securities and Exchange Commission (SEC) says it is working with the National Assembly on the review of the Investment and Securities Act (ISA) to ensure its revision and enactment into law possibly by end of 2022. Source The SUN Read More

Olam Agri Appoints Ashish Pande as Country Head in Nigeria

 – Olam Agri, a leading agribusiness in food, feed, and fibre, has appointed Ashish Pande as the new Country Head of Olam Agri in Nigeria, effective 23rd August 2022. Source THISDAYLIVE Read More

Trapped Forex: Expert Canvasses Ticket Sales in Dollars

 A former Director-General of the Nigerian Civil Aviation Authority, Dr. Harold Demuren, has urged the Federal Government to allow first-class and business-class passengers to buy tickets in dollars, while passengers in economy class can pay in naira. Source Punch Read More

E-Commerce Spending to Hit $75bn by 2025 – Minister

 – The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo says with the rise in the patronage of different e-commerce platforms, spending is expected to hit $75bn by 2025. Source Daily Trust Read More

Crude Theft: Oil Workers Plan Shutdown of Sector

 – Key unions in Nigeria’s oil and gas industry are putting together a major nationwide action to protest exponential oil theft in the country. Source LeadershipNG Read More

Pantami Excited as ICT Contributes 18.44% to Nigeria’s GDP

 – The Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, is very excited to hear of the remarkable contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022). Source TechEconomy Read More

Product Development and the Sustainability of Islamic Finance in Nigeria

 – The steady development of products and the promotion of innovation are ways the Islamic Finance industry can achieve sustainability. Source Proshare  Read More

 

 

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