News flash for the day – First Ideas Limited

News flash for the day

Buhari to present N19.76 trn budget October

Barring any change, President Muhammadu Buhari will in the first week of October present and lay before the two chambers of the National Assembly, the proposed N19.76 trillion budget for the 2023 financial year. BusinessDay had reported that the federal government planned to spend N19.76 trillion in 2023…

Poverty, unemployment to worsen unless Nigeria achieves 7% economic growth in 5 years – Experts

Poverty and unemployment will worsen if Nigeria does not grow it’s economy by at least 7 percent in the next five years. This becomes important because the current population growth rate is 2.61 percent and the economy needs to dwarf it to avoid dire consequences economy experts said on Wednesday. Speaking at…

Why inflation keeps surging in Nigeria

Inflation or the rate at which prices rise will continue to surge in Nigeria even after it crossed the 20 per cent mark this morning and this is largely because of the huge impact of the foreign exchange volatility, according to leading economist Bismarck Rewane. In a model he created, and which was shared with CEOs at…

More trouble for air travel as Azman Air suspends operations

Air passengers may be faced with more troubles as Azman Air has suspended it’s flight operations following alleged failure of the carrier to meet the Air Operators Certificate (AOC) renewal process. This is coming few months after Dana Air and Aero Contractors also suspended operations. Azman Air is said to have told its…

All Share Index falls by 0.07% as Custom Street rout continues

Nigeria stocks ended the day lower as sell-side activity strengthened on the Bourse despite announcement of more corporate actions by banks. Access Holdings Plc released its financials for the half year (H1) ended June 30, declaring 20kobo interim dividend. The stock market of Africa’s largest economy decrease..

Q2-2022 Foreign Trade Statistics: Elevated Crude Prices and Global Inflationary Pressures Boost Total Trade Value YoY

– Last week, the National Bureau of Statistics (NBS) published the nation’s Foreign Trade Statistics report. The report revealed a 32.2% y/y increase to N12.8tn in Nigeria’s trading activity in Q2-2022 versus the N9.7tn recorded in Q2-2021. Source United Capital Research Read More

Osinbajo Advocates Broader Gas Usage to Curb Deforestation

 Vice President Yemi Osinbajo, has called for a wider use of gas as a replacement for “dirtier fuels”, saying doing so would “arrest deforestation while ensuring that the country has the necessary energy baseload for industrialisation.” Source Punch Read More

FG, EU, AFD Complete N104bn Electricity Agreement

 The Federal Government and the French Development Agency, on Thursday, signed a grant agreement of €25m for the Northern Corridor Project, an electricity scheme jointly funded by the European Union, AFD and the Transmission Company of Nigeria. Source Punch Read More

FIRS Blames Fragmented Tax Systems For Nigeria’s Revenue Challenges

 The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has said Nigeria is currently suffering revenue challenges because of its fragmented tax systems and agencies. Source Guardian Read More

NGX, UBA to Collaborate on Improving Participation of Nigerians in Diaspora in the Capital Market

– Nigerian Exchange Limited (NGX) and United Bank for Africa (UBA) are set to collaborate on Diaspora investments in the Nigerian capital market. Source NGX Read More

FirstBank: The Embodiment Of Corporate Responsibility And Sustainability

 – Who should corporate responsibility and sustainability lessons be taken from? Some companies are still unclear about the concept but latching onto the sustainability mantra anyway because it has become a marketing buzzword for business? Source FirstBank Read More

Oil Rises On Weakening Dollar, Potential Supply Disruptions

 Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets. Source Reuters Read More

Flutterwave to Add e-Naira as Payment Option

 Nigeria, the first African nation to launch a digital currency, is targeting 8 million users for the app launched in October. But adoption has been slow as lenders worry the app would compete with their online platforms and reduce fee revenue. Source Sun Read More

Access Holdings Plc Declares N88.74bn PAT in Q2 2022 Results; Propose 20k Interim Dividend, (SP: N8.95k)

Access Holdings Plc released its Q2 2022 Audited results for the period ended June 30th, 2022.

Key Highlights

  • Gross Earnings grew by 31.4% from N450.3bn to N591.8bn.
  • Profit before tax stood at N97.79bn
  • Profit after tax stood at N88.74bn
  • Share Price Currently Stands at N8.95k

 

 

The Holding Company’s inaugural financial results showed a strong performance, in the first half of the year despite the strong macroeconomic headwinds locally & internationally. The Holding Company became fully operational in May 2022 and the other verticals: Payment Company (PayCo), Asset Management Company (AmCo), Insurance Brokerage Company (InsureCo) are expected to be fully consolidated from the second half of the year.

About the Author

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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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