Friday, January 22, 2021
Meristem Unveils Economic Outlook Report, Bullish on Stock Market
Meristem Securities Limited has predicted that the Nigerian equities market will sustain its positive momentum through the better part of the year. The equities market posted a record gain of 50.03 per cent in 2020 and the positive gain has extended into 2021. Owing to this, in its economic outlook report for the year 2021, titled ‘Bracing for a Different Future’, the investment banking group is upbeat on the future of the market. Read more
Stanbic IBTC Asset Management Assigned ‘AA(IM)’ Rating
Stanbic IBTC Asset Management has been assigned an AA(IM) investment manager rating with a Stable Outlook by Agusto & Co. Agusto and Co, a Pan-African rating agency, stated that the rating was a reflection of the financial institution’s pedigree and provision of exceptional services to its customers. Read more
Oladejo Appointed New Managing Director of Morison Industries
Morison Industries Plc has appointed Mr. Adesoji Oladejo as the new Managing Director effective January 4, 2021, following the resignation of the acting MD, Mr. Deji Mustapha, who resigned on December 31, 2020. In a notification to the Nigerian Stock Exchange (NSE), Morison Industries said Oladejo is a certified project management professional with over 25 years work experience in business consultancy, telecommunications, and fast moving consumer goods environments. Read more
Tax returns: LIRS issues January 31 deadline
The Lagos State Internal Revenue Service has urged all employers of labour in Lagos State to file their company annual tax returns on or before the statutory deadline of January 31, 2021. It said it was necessary to avoid penalties in line with the Personal Income Tax Act Cap P8 LFN 2011 (as amended). Lagos said this in a statement signed by the Head, Corporate Communications, Monsurat Amasa, titled ‘LIRS urges employers of labour to file annual tax returns on or before January 31 deadline’. Read more
Oil rises to $56 on US stimulus prospects
Oil prices rose for a second consecutive day on Wednesday, as the market expects the new United States administration to ‘act big’ in the next COVID-19 relief package. As of 9:17 a.m. ET on Wednesday, the Inauguration Day for President-elect Joe Biden, West Texas Intermediate crude was up 1.53 per cent at $53.77, and Brent crude prices were trading above $56 a barrel – up by 1.16 per cent at $56.52, very close to the 11-month high prices hit last week, according to oilprice.com. Read more
Debt servicing, greatest risk to Nigeria’s economy – Adesina
The African Development Bank has projected a growth rate of 1.5 per cent for Nigeria in 2021, and a 2.9 per cent growth in 2022. The President, AfDB, Dr Akinwumi Adesina, disclosed this while delivering a speech at the first national tax dialogue on Thursday. He also said that debt service payments posed the greatest risk to Nigeria, given shrinking oil revenues. Read more
FG hopeful of improved oil, gas earnings from NOGEC
By encouraging safety, value and cost efficiency through its National Oil and Gas Excellence Centre (NOGEC) infrastructure, the Federal Government has expressed optimism of improved earnings from the nation’s oil and gas sector. According to President Muhammadu Buhari, the country’s renewed drive in economic diversification through the oil and gas industry is aimed at expanding government revenues, boosting local production and creating employment. Read more
African electronic payment market to grow by $27 billion in 2025
The African electronic payments market is expected to grow at 18 to 20 per cent per annum until 2025, reaching $27 billion, up from $8 billion in 2018. Growth is expected to be driven by GDP growth, an ongoing shift to non-cash transactions accelerated by the COVID-19 crises. Read more
Experts list ways to tackle Nigeria’s economic woes
Financial experts and other economic stakeholders have stressed the need for the government to create policies and implementation strategies to tackle the challenges posed by the coronavirus pandemic while providing an enabling environment for investments to thrive. Read more
