Lagos Shortlists Three Bidders for Construction Of $2.5bn Fourth Mainland Bridge
– The Lagos state government has shortlisted three bidders for the construction of the Fourth Mainland Bridge (FMB). Ope George, special adviser to the governor on public-private partnerships (PPP), disclosed this on Saturday at a news conference in Lagos. Source TheCable Read More
CBN Insists on Jan 31st, 2023 Deadline to Phase Out Current Naira Notes
– The Central Bank of Nigeria (CBN) has insisted no going back on its January 31st, 2023 deadline to phase out the old N200, N500, and N1,000 notes. Source Leadership Read More
Fuel Crisis May Linger till Christmas – IPMAN
– As the fuel shortage continues to bite harder, the Southwest Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Tajudeen Adigun, has warned that the scarcity might extend to the Yuletide season unless it is quickly addressed. Source Sun Read More
Abuja-Kaduna Rail Services Resume Nov 28
– The Abuja-Kaduna rail services resume operations on November 28, 2022. This is coming eight months after the service was suspended due to terrorists attacks on the line. A source within the Idu rail station disclosed this to our correspondent in Abuja on Thursday. Source Punch Read More
OPEC+ Meeting to take into Account Market Conditions – Iraqi Official
– The OPEC+ meeting in December will take into account the condition and balance of the market, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer SOMO, as saying on Saturday. Source Reuters Read More
SEC Warns Fund Managers Against Holding Client’s Funds, Securities
– The Securities and Exchange Commission (SEC) has warned Fund Managers still in the habit of holding on to clients’ funds and securities to desist from such act or face the wrath of the apex regulator. Source Nations Read More
U.S. Grants Chevron License to Pump Oil in Venezuela
– The Biden administration said on Saturday it would lift a key oil sanction against Venezuela, marking the first significant crack in a years-long U.S. embargo that could eventually help ease the tight global energy market. Source The Washington Post Read More
How Crypto Companies Can Provide Proof of Reserves
– Millions of people recently put their money and trust into FTX and were taken advantage of. This should never have happened. The resulting fallout has caused some crypto firms to struggle with liquidity, which has sparked a needed discussion regarding proof of reserves and the liabilities of a crypto exchange. Source Coinbase Read More
First NCC Digital Park Set for Completion January 2023
– Ahead of the auspicious commissioning of the Digital Industrial Park (DIP) project in Kano State, Prof. Umar Garba Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), has, again, paid an inspection visit to the site of the ongoing construction of the project in Kano State where he got an unequivocal commitment from the contractors that the project will be completed by January 2023. Source Tech Economy Read More
Nestle Nigeria Plc Reports N40.15bn PAT in Q3 2022 Result; Proposes N25.00k Interim Dividend, (SP: N1190k)
Nestle Nigeria Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Revenue grew by 27.48% from N261.59bn to N333.47bn.
- Profit before tax stood at N58.39bn
- Profit after tax stood at N40.15bn
- Share Price Currently Stands at N1190k
Nigerian Exchange Group Plc Reports N173m PAT in Q3’22 Results; (SP: N23.50K)
Nigerian Exchange Group Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Revenue grew by 13.4% from N4.39bn to N4.98bn.
- Profit before tax stood at N464
- Profit after tax stood at N173m
- Share Price Currently Stands at N23.50k
AXA Mansard Insurance Plc Declares N1.71bn PAT in Q3 2022 Results; Proposes 6k Interim Dividend, (SP: N1.81k)
Axa Mansard Insurance Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Gross Premium grew by 18.67% from N48.78bn to N57.89bn.
- Profit before tax stood at N2.86bn
- Profit after tax stood at N1.71bn
- Share Price Currently Stands at N181k
AXA Mansard Insurance plc, a member of the AXA Group, announces its financial results for the third quarter ended September 30, 2022
- Gross revenue up 19% to ₦58bn
- Property & Casualty up 6% to ₦24bn
- Life & Savings up 55% to ₦12bn
- Health up 19% to ₦23bn
Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer, said “2022 has been a challenging and dynamic year for the business occasioned by heightened levels of inflation and consequent impact on businesses and households. Despite these, we delivered double-digit revenue growth of 19% YoY from ₦48.8bn to ₦57.9bn and 19% YoY net premium income growth from 27.1bn to 34.7bn at the end of the third quarter of the year. We remain strongly focused on disciplined execution of our portfolio growth ambitions and have delivered 6%, 55% and 19% growth on our P&C, Life and Health businesses respectively. This performance further reinforces our resilience and capacity to produce sustainable results. We advanced with our focus on profitability also with profits before tax for the insurance business growing by 6% YoY while the Health business commenced recovery in this 3rd quarter and is positioned to record profits for the full year. Investment incomes provided strong support for the group performance as well, growing 29% YoY
Commenting on the results at the end of the third quarter of 2022, the Chief Executive Officer of AXA Mansard Insurance Mr. Kunle Ahmed, said “Despite the challenges within the business operating environment, the company’s performance reaffirms the company’s resilience and its strategy forlong term growth and sustainable strong performance with a focus on identifying new growth areas in our markets, strengthening our partnerships, and refining our distribution strategy as we grew revenues by 19%. With our focus on prioritization and efficiency we are taking steps to strengthen our balance sheet as well as our underwriting and claims management processes. Looking forward to 2023, the last quarter of the year presents a crucial opportunity to consolidate on our wins and all other measures that will help us navigate the current economic environment whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting capabilities.
Unity Bank Plc Reports N2.03bn PAT in Q3’22 Result, (SP: N0.51k)
Unity Bank Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Gross Income grew by 16.8% from N36.18bn to N42.24bn.
- Profit before tax stood at N2.21bn
- Profit after tax stood at N2.03bn
- Share Price Currently Stands at N0.51k
Vitafoam Nigeria Plc Declares N4.94bn PAT in Q4 2022 Result, (SP: N21.50k)
Vitafoam Nigeria Plc released its Q4 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Revenue grew by 31.4% from N35.4bn to N46.54bn.
- Profit before tax stood at N7.43bn
- Profit after tax stood at N4.94bn
- Share Price Currently Stands at N21.50k
Jaiz Bank Plc Reports N3.33bn PAT in Q3’22 Unaudited Results, (SP: N0.87k)
Jaiz Bank Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Gross Earnings grew by 14.2% from N104.71bn to N119.59bn.
- Profit before tax stood at N14.36bn
- Profit after tax stood at N13.4bn
- Share Price Currently Stands at N1.44k
Sterling Bank Plc Reports N13.4bn PAT in Q3’22 Unaudited Results, (SP: N1.44k)
Sterling Bank Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Gross Earnings grew by 14.2% from N104.71bn to N119.59bn.
- Profit before tax stood at N14.36bn
- Profit after tax stood at N13.4bn
- Share Price Currently Stands at N1.44k
Fidson Healthcare Plc Declares N3.44bn PAT in Q3 2022 Unaudited Results, (SP: N8.85K)
Fidson Healthcare Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Revenue grew by 44.15% from N21.8bn to N31.43bn.
- Profit before tax stood at N5.1bn
- Profit after tax stood at N3.44bn
- Share Price Currently Stands at N8.85k
Daar Communications Plc Declares N508.48m Loss in Q3 2022 Result, (SP: N0.20k)
Daar Communication Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Revenue declined by 0.27% from N3.28bn to N3.27bn.
- Loss before tax stood at N508.48m
- Loss after tax stood at N508.48m
- Share Price Currently Stands at N0.20k
Kolmani Integrated Development Project Has Attracted Over US$3bn in FDI
According to BusinessDay news report, President Muhammadu Buhari on Tuesday flagged off the crude oil drilling on Kolmani Oil Prospecting Licence (OPL) 809 and 810 at the Kolmani field sites in Bauchi and Gombe states. The president noted that over 1 billion barrels of oil reserves and 500 billion cubic feet of gas were discovered within the Kolmani area and there are huge potentials for more deposits as exploration efforts intensify. The report noted that the Kolmani Integrated Development Project, which has attracted over US$3 billion in foreign direct investment has the potential of producing 50,000 barrels per day. The project is a fully integrated in-situ development project comprising of upstream production, oil refining, power generation and fertilizer production.
The NNPC had in 2019 announced the discovery of crude oil in the Kolmani River region at the border community between Bauchi and Gombe states. Section nine of the Petroleum Industry Act (PIA) established the Frontier Exploration Fund (FEF) with the allocation of 30 % of the profit from NNPC’s upstream oil and gas contracts for the purpose of oil exploration in frontier basins including those of Kolmani, Anambra, Dahomey, Bida, Chad and Benue Trough. While we are yet to confirm the nature of the US$3bn investment as noted by the president, we, however, note that the President confirmed that he instructed NNPC Limited to utilise and leverage its vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment .
However, we struggle to see what additional value this would bring in terms of revenue to the government. Nigeria currently has about 37 billion barrels of proven crude oil reserves, making us believe the problem of the country goes beyond availability of reserves. Attracting investments into the sector has been a major problem. Over the years, successive governments have tried to revive the country’s ailing refineries with no evident results. Consequently, over 90% of the refined petroleum products consumed in Nigeria are imported. The refineries located in Kaduna, Warri, and Port Harcourt, with a combined nameplate capacity of 445,000 bpd, have long operated at extremely low capacity due to many years of underinvestment and poor maintenance. Currently, the combined capacity utilization of the existing refineries stands at 0.00% due to the ongoing revamping of the state-owned refineries based on available data from the Nigerian National Petroleum Corporation (NNPC).
Also, the world is increasingly advocating for green energy and has set a net zero carbon emission target of 2050. Nigeria’s 37 billion barrels of proven crude oil reserves will take about 67 years or 50 years to exhaust assuming crude oil production improves to 1.5mbpd or 2mbpd respectively. By implication, Nigeria risks facing lower demand for its crude oil and may not be able to realise its full potentials should the 2050 target be actualized. While we appreciate the fact that developing nations will wobble under the weight of the current exorbitant cost of alternative energy particularly for industrial purposes, we anticipate a viable energy transition plan.
