Friday, June 26, 2020
Nigerian banks face higher risk as recession beckons, says World Bank
Nigeria’s banking system is at risk of being destabilised as the coronavirus pandemic triggers what might be the worst recession in four decades for Africa’s largest economy, according to the World Bank. If the spread of the virus eases and oil prices remain stable, the economy could contract 3.2 percent this year and face….Read more
Increased awareness, tech adoption drive insurers’ premium up 15.5% to N490bn in 2019
Nigerian insurance industry premium grew by 15.5 percent to N490 billion in 2019, from N413.8 billion in 2018, according to figures released by the Nigerian Insurers Association (NIA) at its virtual Annual General Meeting held Thursday. The growth was driven by increased awareness about the benefits of insurance, adoption of technology for product distribution, and….Read more
Consumer goods stocks lose N923bn in first quarter
Investors in consumer goods companies quoted on the nation’s stock market lost about N923bn in the first quarter of the year following market apathy as COVID-19 pandemic began to take a toll on the economy. The market sentiment of the sector, which comprises segments such as automobiles/auto parts, beverages, food products, household durables and personal/household products, among others, have remained on the decline following series of lockdown crippling the economy…..Read more
Nigeria’s exports to China, India, others hit N1.87tn
Commodity exports from Nigeria to China, India, Spain, Netherlands and South Africa in the first quarter of this year hit N1.87tn, the National Bureau of Statistics has said….Read more
COVID-19 stopped 74.2% of businesses from operating – NECA
The Nigeria Employers’ Consultative Association has said the COVID-19 pandemic stopped about 74.2 per cent of enterprises’ operations in Nigeria. The acting President of NECA, Mr Taiwo Adeniyi, said this at a press briefing held on Thursday to announce the results of a survey the association conducted to gauge the specific impacts of COVID-19 on businesses…..Read more
Nigeria faces worst recession in 40 years, says World Bank
The collapse in oil prices resulting from COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s, the World Bank has said. The bank stated this in its latest Nigeria Development Update report released on Thursday…..Read more
‘Over-subscription of N150b Sukuk confirms NSE’S absorptive capacity’
Stockbrokers at the Nigerian Stock Exchange (NSE), have described the recent oversubscription of the Sukuk Ijarsh, as a confirmation of the market’s absorptive capacity, urging the Federal Government to float more fixed income securities to finance infrastructure deficit…..Read more
6 million households await meters as DisCos braces for new electricity tariff
Despite unmet metering gaps to over six million customers/households, some electricity Distribution Companies (DisCos) have begun to inform customers that tariff will rise from July 1, following approval from the regulator and the Nigerian Government….Read more
N9.8bn Debt: AMCON Seizes Multi-billion Naira Properties at Isheri
The Asset Management Corporation of Nigeria (AMCON) thursday moved against debtors owing the federal government N9.8billion by seizing their multi-billion naira properties on the Lagos-Ibadan Expressway, Isheri, Ogun State. The properties included several buildings and Fagbems Petrol Station sitting on 30 hectares of prime land near OPIC Estates….Read more
Nigerian Breweries Shareholders Receive N16.1bn Dividend for 2019
Shareholders of Nigerian Breweries Plc have approved a total dividend of N16.1billion for the year ended December 31, 2020, at the company’s 74th annual general meeting (AGM) in Lagos. The total dividend translates to a dividend per share of N2.01 per share…..Read more
