Headlines news for the day – First Ideas Limited

Headlines news for the day

Five traps awaiting Nigeria’s next president

With less than four months until the next general election, Nigeria’s next president is expected to inherit at least five daunting tasks if he must fix the country’s ailing economy. Nigeria, Africa’s most populous nation, is gearing up for what is set to be a keenly contested…

Experts outline steps needed to solve FG’s revenue crisis

As the federal government continues to grapple with low revenues, economic and financial experts have stressed the need for the government to stem oil theft and expand the tax net, among other measures. Speaking during the ministerial presentation of the…

2023 budget at risk as FG borrowings miss target

There are fresh danger signs ahead for the draft 2023 appropriation bill following indications from the last debt auction, which was marred by low participation, resulting in the federal government raising only a part of what it went to the market to raise to plug its deficit.

Importers dump salvage cars as customs tariff bites

Five months after the Nigeria Customs Service’s new vehicle identification number (VIN) valuation policy reduced the age limit of imported cars to nine years, importers have gradually started shifting attention from importing damaged used cars to newer cars.



Explainer: Why gap between official, parallel FX rates is widening

The gap between the naira-dollar exchange rates at the official and parallel foreign exchange markets has continued to widen due to demand pressure. The naira closed at N747 per dollar at the parallel market after trading on Wednesday, while at the official market…

The ambiguity of ASUU’s conditional suspended strike

The Academic Staff Union of Universities (ASUU) on Friday, October 14, announced the conditional suspension of its eight-month-old strike after the union’s national executive council (NEC) meeting in Abuja. To some, the news was a good music to the ears, while to…

More pain for Nigeria’s economy as FG admits loss of biggest crude buyers

The accelerating pace of the global energy transition and the impact of Russia/Ukraine is biting harder, posing a further threat to Nigeria’s oil revenue as the federal government has cried out over losing its biggest crude oil clients.According to Farouk Ahmed, the CEO of the Nigerian Midstream and…

Strategic Capital Investment acquires Polaris Bank

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (SCIL). Osita Nwanisobi, CBN’s director..

Whether you “Japa” or not, C.A.P.A is essential to navigate your financial life

One of the most commonly used words in Nigeria these days and amongst Nigerians around the world is what you call “Japa”. Japa is slang derived from the Yoruba language, and it simply means to run swiftly’, terminate, or retreat from a dangerous situation. Nigeria in recent months has witnessed a massive brain…

Naira falls to new low of N750 per dollar

Naira records a new low of N750 per dollar. Naira on Thursday fell to its lowest ever as demand for dollars increased amid the shortage.Naira records a new low of N750 per dollar. Naira on Thursday fell to its lowest ever as demand for dollars increased amid the shortage.

CBN, bankers’ committee repatriate $1.28 bn under RT200 scheme

The Central bank of Nigeria (CBN) and the bankers’ committee have mopped up a total of $1.28 billion through the RT200 scheme. This was disclosed by Iretiogo Samuel-Ogbu, the managing director of Citi Bank, at the post bankers’ committee press briefing on Thursday.

Investors Gain N35.14bn as NGXASI Advances by 0.15%; Overnight Rate Expands by 0.17% to Close at 16.50%; BDC Depreciates to 755



1.1 NGX – Listed Equities

Nigerian Equities Market closed positive as the key market indicator advanced by 64.52bps amid flat market breadth


The NGX All-Share Index advanced by 0.15% to close at 44,396.73 basis points as against 0.03% gain recorded previously to close at 44,332.21 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N35.14bn gain.


YTD, the NGXASI Stands at +3.93%

The total volume traded declined by 20.16% to close at 95.18m, valued at N1.88bn and traded in 2,888 deals. FIDELITYBK was the most traded stock by volume with 26.59m units traded while AIRTELAFRI was also the most traded stock by value which is put at N978.83m

Sectoral performance was broadly flat as seven (7) NGX sector index closed northward, seven (7) closed southward while four (4) closed flat. The NGX-IND index advanced by 0.77% to top the gainers chart while the Insurance Index dipped by 3.48% to top the losers’ chart.

Dangote index advanced by 0.11% to close at 128.24 basis points and the Elumelu index also advanced by 0.20% to close at 106.63 basis points.

At the close of trading, market recorded 15 gainers to 15 losers and 72 unchanged. ACADEMY topped the list of gainers while NEM topped the list of losers.

Thus, market breadth closed flat as the Market Breadth Index (MBI) is put at 0.00x.

Volume and Value Contribution

FIDELITYBK led the volume’s chart with 27.94% contribution and closely followed by ZENITHBANK and GTCO


AIRTELAFRI tops the value’s chart with 51.94% contribution and closely followed by ZENITHBANK and GTCO


NGX Earnings Summary

No Financial statement was released on the NGX Exchange today.


NGX Corporate News

No Corporate News was released on the NGX Exchange today


1.2 NASD OTC Exchange – Unlisted Equities

The NASD market index declined by 0.11% to close negative at 729.92 basis points as against 0.01% loss recorded previously to close at 730.69 basis points

The total volume traded declined by 66.49% to close at 0.04m units valued at N7.22m and traded in 8 deals.

At the close of trading, NASD OTC market recorded zero (0) gainer(s) to one (1) loser(s)

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.


1.3 Global Indices

On the global scene, the Russia MICEX Index leads the top five gainers with 1.07% gain while the USA Nasdaq Index tops the top three losers with 2.05% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the Zimbabwe All Share Index tops the top five gainers with 0.85% gain while the Ghana GSE Composite Index tops the top four losers with 3.84% loss as of 4pm Nigerian Time





2.1 Debt Market Size

The FMDQ Debt Market Size was not available as at the time of writing this report.


2.2 Overnight and Open Repo (OPR)

The overnight lending rate expanded by 0.17% to close at 16.50% while the Open Repo (OPR) rate expanded by 0.16% to close at 16.33%





3.1 AFEX Indices

The AFEX ACI and the AFEX AEI closed flat


3.2 AFEX Commodity Prices

Maize grew by 2.07% to top the gainers chart while Soybeans declined by 3.14% to top the losers chart.


3.3 Global Commodity Prices

Gold recorded 1.20% gain while Silver also advanced by 1.88% as of 11:28 NY time


In the energy market, Brent advanced by 2.30% while WTI declined by 0.22% as of 10:27 AM Central Daylight Time (CDT)




The naira appreciated by 2.16% at the I&E FX Window to close at N431.6/USD while the NAFEX rate appreciated by 0.03% to close at N440.76/USD

FG Set to Open N30trn Govt Assets for Investment, Restructuring of MOFI

 – President Muhammadu Buhari has approved the process of restructuring the Ministry of Finance Incorporated (MOFI), the federal government’s investment vehicle, as part of overall measures to revive over N30 trillion non-performing assets and boost government revenue. Source ThisDay Read More

GE Gas Power Compliance Summit Highlights the Importance of Integrity for Business Operations in Sub-Saharan Africa

 – GE (NYSE: GE) hosted a compliance dialogue summit in Lagos with key business stakeholders as part of its efforts to highlight the importance of operating with integrity. Source GE Gas Power Read More

Africa’s Inflation Among Region’s Most Urgent Challenges

– Sub-Saharan Africa faces one of the most challenging economic environments in years, marked by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt. One of the most urgent issues confronting the region is the need to tackle decade-high levels of inflation—which are devastating incomes and food security—while also supporting growth. Source IMF Read More

NEC Sets up Committee to Review States’ Repayment of Budget Support Loan

 – At a meeting presided over by Vice-President Yemi Osinbajo on Thursday in Abuja, the council resolved to set up a committee with representatives of the federal government and the states to review the matter. Source TheCable Read More

The Naira: How Much Devaluation Should We Expect?

 According to Bloomberg, Bank of America’s (BoA) economist said in a note that based on three indicators- the widely used black-market rate, the central bank’s real effective exchange rate, and the bank’s own currency fair value analysis, the Naira is 20% overvalued, noting that there is scope for the Naira to weaken over the next six-nine months, taking it to as high as N520/US$. Source CSL Research Read More

CBN Announces Completion of Sales of Shares in Polaris Bank to Strategic Capital Investment Ltd as New Core Investor

 – The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’) by Strategic Capital Investment Limited (‘SCIL’). Source CBN Read More

Liz Truss Resigns as UK Prime Minister, After 45 days in Office

– Liz Truss, the third female Prime Minister in the history of the United Kingdom, has resigned from her position as Head of Government. After facing pressure from her conservative ruling party to step down as leader, she announced her resignation in an address to Britons this afternoon at the official Number 10 Downing Street residence. Source WebTV Read More

Corporate Governance, The Boardroom & Beyond

 In February 2021, Shareholders at aerospace company, Boeing, filed a lawsuit against the company’s Board of Directors, arguing that the Board had failed in its oversight duty by not holding Boeing accountable for safety before and after the crashes of two Boeing 737 MAX airplanes that killed 346 people in 2018 and 2019. Source FBNQuest Read More

We’ve Lost Our Most-Valued Crude Oil Customers – FG

 Nigeria has lost its most valued crude oil customers, while some of its gas buyers now compete with the country in the same market, the Federal Government declared on Thursday. Source Punch Read More

FG Seeks States’ Collaboration to Expand Internet Access

– The Minister of Communications and Digital Economy,  Isa Pantami, who spoke at the Broadband Technical Awareness Forum for Governors (BTAF), on Thursday in Abuja, stated that increased access to broadband had the potential to increase the Gross Domestic Product(GDP) of the country. Source TheSun Read More

Expect National ‘Dig Once’ Policy By December – Pantami

– Pantami made the disclosure in Lagos at the just concluded fourth edition of Policy Implementation Assisted Forum (PIAFo) on Dig Once Policy and Fibre Strategy in Nigeria with the theme: Laying the Foundation for Ubiquitous Broadband for Nigeria’s Economic Breakthrough. Source TechEconomy Read More

ASR Africa Partners USAID with $500,000 Donation to Curb Tuberculosis and HIV in Nigeria

– The Abdul Samad Rabiu Africa Initiative (ASR Africa) – the brainchild of Industrialist, philanthropist, and founder of BUA Group, Abdul Samad Rabiu, has partnered the United States Agency for International Development (USAID) with a donation of USD$500,000 as part of efforts to curb tuberculosis (TB) and HIV in Nigeria. Source ASR Africa Read More



FG Liquidates NICON, Delta Steel’s N7bn Pension Liabilities

 – The Pension Transitional Arrangement Directorate has cleared the outstanding pension liabilities of ex-workers of NICON Insurance and Delta Steel Company estimated at N7.053bn. Source Punch Read More





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