Monday, January 4, 2021
Onyeali-Ikpe Assumes Office as Fidelity Bank MD/CEO
The new Managing Director/CEO of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has assumed office, becoming the fourth chief executive officer and first female to occupy the position since the inception of the bank in 1988. Her tenure formally commenced on January 1, 2021. Read more
United Capital’s 96% Price Gain Excites Shareholders
Some shareholders of United Capital Plc have said the resilience in the financial performance of the company has continued to lead to high demand for the shares of the company. United Capital Plc, an investment banking group, closed 2020 as the seventh highest price gain for year. The stock appreciated by 96.2 per cent from N2.40 to N4.71. Read more
2020: A Year of Resilience and Innovation for NSE
The year 2020 will certainly go down in the history books as one of the most challenging years of modern existence. Early in the year, a global pandemic took the world by storm necessitating a significant change in life and work as we know it. On 23 and 24 March 2020, The Nigerian Stock Exchange (NSE) took steps to preserve the health and safety of its stakeholders by activating its Business Continuity plan which saw the transition to working from home and remote trading in response to the spread of the COVID-19. Since then, The Exchange has maintained seamless working and trading operations, experiencing zero down time. Read more
Commodity group import index rose by 1.89% in Q3’20 —NBS
The all commodity group import index rose by 1.89 per cent between July and September 2020. The National Bureau of Statistics disclosed this in its ‘Commodity price index July to September, 2020’ report. This was driven mainly by an increase in the prices of products of the chemical and allied industries (9.55 per cent), wood and articles of wood (4.37 per cent), and live animals; animal products (4.06 per cent). Read more
NSE lists 4.36bn ordinary shares of AIICO
A total of 4.36 billion ordinary shares of AIICO Insurance Plc were listed on the daily official list of the Nigerian Stock Exchange, according to a report obtained from the NSE at the weekend. The additional shares listed on the Exchange arose from the company’s rights Issue of 4.36 billion ordinary shares of 50 kobo each at 80 kobo per share on the basis of five new ordinary shares for every 13 ordinary shares held as at June 15, 2020. Read more
44,068MW stranded as power sector loses N645.15bn
The cumulative revenue lost by the power sector in 2020 was N645.15bn, while the total quantum of electricity constrained during the period was 44,068 megawatts, investigation has shown. Constrained power is the quantum of electricity that could not be generated and supplied to the national grid as a result of various challenges to power production in the sector. It was learnt that the major impediments to power generation during the 12-month period were unavailability of gas, transmission bottlenecks and distribution constraints. Read more
CBN defends naira with $4.37bn in three months
The Central Bank of Nigeria injected $4.37bn into the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira. The CBN disclosed this in its third-quarter economic report. The bank said through its periodic interventions in the forex market, it continued to boost the supply side of the market, as COVID-19 crisis weakened the private sector supply chain segment of the market. Read more
5,432 firms got pension clearance certificates in Q3 – PenCom
A total of 5,432 employers were cleared for having pension and insurance covers for their workers in the third quarter of 2020. PenCom disclosed this in its third-quarter report on issuance of pension clearance certificates. It said, “During the quarter under review, 5,700 private sector organisations applied for issuance of pension clearance certificates. Read more
Why NAICOM suspends insurance recapitalisation exercise
The National Insurance Commission (NAICOM) has suspended the insurance industry recapitalisation exercise for the second time in three years following a court order directing the regulatory body to do so. Few stakeholders in the industry had filed suits asking the court to stop NAICOM from proceeding with the ongoing recapitalisation exercise. Read more
2021: Nigeria needs fiscal space to help stimulate economic growth
A financial services corporation, EFG Hermes, has said urgent reform measures are needed to create some fiscal space to help stimulate economic growth in Nigeria. EFG Hermes, in its economic outlook for 2021, said the country’s low revenue to Gross Domestic Product (GDP) ratio, one of the lowest in the world, is crippling the government’s capacity to upgrade the country’s infrastructure and provide support to those in need. Read more
Rising from ashes of chaotic year
The year was unthinkable. There was a pandemic that stung the global economy and, for several months, refused to let go. After the mid-year, there was a momentary relief when it appeared that the curves were, indeed, flattening. But the economy could get a brief lift when the second wave, and all the unpleasant news about resurgent impacts on the economy, struck once more. Read more
