Monday, September 21, 2020 Daily Headlines
Why Heineken’s acquisition of NB stocks matters for brewers
Heineken Brouwerijen B.V, largest shareholder of the Nigerian Breweries (NB) stocks, has over the last two months consistently purchased units of NB’s stocks, increasing its shares in the company. As of 2017, the percentage of Heineken issued share capital stood at 37.76 percent. Between the month of August and September, Heineken purchased over 10 million shares with an average price of N37 to N40 per unit, which puts the total value of Heineken at N126.98 billion accounting for 37.80 percent of Nigeria’s Breweries’ market cap of N335.87 billion. Read more
Foreign reserves rise by $140.9m, now $35.81bn
The country’s foreign reserves rose by $140.9m from $35.67bn as of September 1 to $35.81bn as of September 17, the latest figures from the Central Bank of Nigeria have shown. The reserves rose by $65m from $35.59bn as of August 20 to $35.66bn as of August 27. It had earlier lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 after which it returned to a growth path. Read more
Nestlé S.A. increases stake in Nigeria subsidiary to 66.3%
Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its ownership percentage of the Nigerian subsidiary to 66.30 per cent. With the recent purchase of 229,697 additional units in the shares of the company, and previous purchases from August 20 till date, amounting to 977,744 units, Nestlé S. raised its majority shareholding in the Nigerian subsidiary. Read more
Life annuity funds rise to N463.1bn, says NAICOM
Life annuity funds managed by life insurance companies rose to N463.1bn as of the end of the second quarter of 2020. This was disclosed in a report entitled ‘Retiree life annuity: An overview of Q2, 2020’ by the National Insurance Commission. Part of the report read, “The Retiree Life Annuity depicts marginal growth during the period under review. Read more
Assessing alternative funding for infrastructure amid fiscal constraints
The Nigerian government, like other developing countries, continues to face significant challenges in implementing programmes to build basic infrastructure through traditional funding sources like public expenditure and development finance aids. Read more
Using insurance as tool to take Nigerians out of poverty
Financial inclusion, particularly at the grassroots, has been described as a veritable tool for bringing people out of poverty. It will ensure that factors that make them vulnerable to risks are taken care of through proper risk management. Read more
Experts task government on gender equality to boost insurance growth
Experts have stressed the need for government to ensure gender equality across sectors of the economy, especially the insurance sector, for Nigeria to achieve an additional 1.25% in Gross Domestic Product (GDP) growth. Read more
We’re Well Equipped to Regulate Crypto Assets, Says SEC
The Securities and Exchange Commission (SEC) has said the decision to regulate digital assets is part of determination to protect investors, explaining that it has the capacity to achieve the objective. SEC had last week unveiled guidelines that would lead to regulation of regulating trade in crypto assets in the country, saying because digital assets offerings provide alternative investment opportunities for the investing public. Read more
