Headlines news for the day – First Ideas Limited

Headlines news for the day

First time for Nigeria, crude oil export earns zero revenue in one month

At a time like this when many oil exporting countries are following the international crude oil market with broad smiles, the Nigerian National Petroleum Company (NNPC) Limited posted zero revenue from crude oil export in the month of July 2022. The latest data from the NNPC monthly presentation…

16% of Nigeria’s privatised companies are non-performing – BPE

Sixteen percent of state-owned enterprises privatised by the Federal Government are non-performing a development that has led to the inauguration of technical working groups to attempt to revive them, said the Bureau of Public Enterprises (BPE). The four Technical Working Groups (TWGs) namely Auto…

Nigeria’s transport sector lags most African countries – Report

A Global Competitiveness Report, showing the performance of countries in the provision of road infrastructure, has ranked Nigeria behind most African countries. Nigeria, being the largest economy and most populous country, continues to struggle with improving its transportation system to meet the wide…

FG has done its best to end ASUU strike – minister tells VCs

Adamu Adamu, minister of education has said that the federal government has done the best that it can to resolve the lingering strike action by the Academic Staff Union of Universities (ASUU). The minister said this on Tuesday at the ongoing meeting in Abuja with pro chancellors, vice-chancellors and other stake…

NGX Group, Zenith, others dip as market sheds N187bn

Nigeria’s stock market lost about N187billion on Tuesday, driven majorly by increased sell pressure in stocks like NGX Group Plc, Zenith Bank Plc, NPF Microfinance Bank Plc and Livestock Feeds Plc. The market decreased by 0.69percent while its year-to-date (YtD) positive return dipped further to 16.22…

Nigeria’s rising interest rates fail to lure foreign investors

Foreign investors are resisting the allure of rising interest rates to pile into Nigerian assets.The uncertainty of a smooth exit due to an acute dollar shortage remains the elephant in the room for investors who spoke to BusinessDay.

MPC members raise concern over FG’s fiscal deficit

Some members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have expressed concerns over the fiscal challenges facing the Federal Government as it struggles to ramp up revenue mobilisation.

Kenya’s swift election dispute resolution puts spotlight on Nigeria

The Supreme Court of Kenya on Monday dismissed various petitions challenging the outcome of the August 9 presidential election, which saw William Ruto, Kenya’s incumbent vice president, emerge president-elect.

No Rating Impact for Seplat from Delay to Purchase of Exxon’s Nigerian Assets

– The delay to, or possible cancellation of, Seplat Energy Plc’s (B/Stable) acquisition of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil will not have any impact on Seplat’s rating, Fitch Ratings says. The deal is on hold due to arbitration in Nigerian High State Court between Nigerian National Petroleum Company Limited (NNPC) and MPNU. Source Fitch Rating Read More

Saudis Say OPEC+ to Stay Proactive After Agreeing Supply Cut

 The first OPEC+ oil supply cut in more than a year shows the group is serious about managing global crude markets and willing to take preemptive action, said group leader Saudi Arabia. Source Bloomberg Read More

IPMAN Begins Strike, Fuel Scarcity Imminent In North

 Abuja, Kaduna, Nasarawa, Kogi, Niger and neighbouring states may encounter another round of scarcity of Premium Motor Spirit, popularly called petrol, following the commencement of a three-day warning strike by the Suleja Depot Branch of the Independent Petroleum Marketers Association of Nigeria. Source Punch Read More

Navy: Renewed Fight Against Crude Oil Theft Has Denied Criminals N30bn Stolen Products

– The Nigerian Navy’s renewed fight against crude oil theft through the ongoing Operation Dakatar Da Barawo has denied criminals over N30 billion stolen products from illegal refinery sites in the Niger Delta. Source ThisDay Read More

NT-Bills Update: Bullish Run Sustained as Average Yield Dips 1bp WoW to 7.66%

 Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market sustained a slight bullish run which was supported by the liquidity boost on Wednesday (which stood at N 759.0bn long) as buying interest was recorded across all tenors. Source Afrinvest Research Read More

Guaranty Trust Holdings Plc Declares N77.56bn PAT in H1 2022 Audited Results; Proposes 30K Interim Dividend, (SP: N19.8k)

 The Group reported profit before tax of ₦103.2billion, representing an increase of 11.0% over ₦93.1billion recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8% from ₦1.80trillion recorded as at December 2021 to ₦1.83trillion in June 2022. Source GTCO Read More

OctaFX Reveals Most Common Ways of Being Scammed in Nigeria

 OctaFX, an international Forex broker, released an industry report that covers scam and ways of avoiding it. This report examines the common ways of scamming, focusing on the key places where fraudulent offers can be encountered, and the reasons traders fall prey to scammers. It also suggests ways of making sure that a trading platform is not fake so that your funds stay safe and sound. Source OctaFX Read More

Is The Exemption of HOS, Federal Per Secs from CPS Legal?

 – The most useful old-age benefit in social security is life pension. Pension is a retirement plan that provides monthly income in retirement. In Nigeria, pension has received significant attention since the establishment of the first public sector pension scheme, the Pension Ordinance of 1951, which had a retrospective effect from January 1, 1946. Source Vanguard News Read More

When you Should Outsource your C-Suite Roles

 – It is no longer traditional for executive teams and business owners to outsource specific roles or functions. Outsourcing has become an efficient way to ensure business operations run smoothly and scale quickly. Despite being a common practice, it remains limited to lower or mid-level functions. Source workforce group Read More

Nigeria earns N1.19 trillion from VAT in six months 

– Nigeria earns N1.19 trillion from VAT in six months. Nigeria earned N1.19 trillion from value-added tax (VAT) in the first half of 2022. This amounts to a 19 per cent year-on-year (YoY) increase when compared to N1 trillion earned in the corresponding period of 2021.Source The Guardian Read More

NERC Plans N5bn For Tech Investments

– The Nigerian Electricity Regulatory Commission has said it will spend N5bn on technology investments between now and 2025. The Chairman, NERC, Mr Sanusi Garba, disclosed this at a hearing on the Medium-Term Expenditure Framework in Abuja on Monday. Source Punch Read More

FG Has Suspended 5% Excise Duty On Telecom Services, Says Pantami

 Isa Pantami, minister of communications and digital economy, says the federal government has suspended a five percent excise duty on telecommunications services in Nigeria. Source The Cable Read More

MTN Nigeria Communications Plc Proposes Issuance of up to N23bn Series 3 Commercial Paper Notes Under its N150bn Issuance Programme

MTN Nigeria Communications Plc (MTN Nigeria) hereby notifies of its proposed issuance of up to N23bn (Twenty Three Billion Naira) Series 3 Commercial Paper notes under its N150bn (One Hundred and Fifty Billion Naira) Commercial Paper Issuance Programme (the “Issuance”).

 

The Issuance is part of the Company’s strategy to diversify its Financing options, with the Funds deployed towards working capital and general corporate purposes.

Emefiele Flags-off Second Phase of eNaira Project

Restates Commitment to Development of Financial Sector

 

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, says the second phase of the eNaira project has begun and is intended to drive financial inclusion by onboarding unbanked and underserved users leveraging offline channels. This is even as he disclosed that Nigerians will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their mobile phones

 

Emefiele stated this while delivering a keynote address at the Grand Finale of the eNaira Hackathon, held at the International Conference Centre Abuja, on Thursday, August 18, 2022, restating the Bank’s commitment to achieving its mandate of preserving monetary and financial stability.

 

According to him, when the eNaira was launched in October 2021, “the Bank promised to increase the level of financial inclusion in the country because just like the Naira, the eNaira is expected to be accessible to all Nigerians and would provide more possibilities to bring in the unbanked into the digital economy.

 

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