Tuesday, March 2, 2021
Valency Agro Nigeria Raises N5.12bn CP, Lists Security on FMDQ
FMDQ Securities Exchange Limited recently approved the quotation of the Valency Agro Nigeria Limited N5.12 billion Series 1 Commercial Paper (CP) on its platform. The N5.12 billion is under the Valency Agro Nigeria Limited N20.00 billion CP Programme and came at a time where the Nigerian economy is be deviled with soaring food prices, amidst compounding challenges of insecurity. Read more
PIB: CSOs Fault 2.5% Proposed Fund for Host Communities
Civil Society Organisations (CSOs) working within the advocacy space of Nigeria’s extractive sectors have argued that the proposed 2.5 per cent off the operational expenditure of oil companies operating in the Niger Delta for host communities in the Petroleum Industry Bill (PIB) was too low. Read more
$11m debt: We’re under no winding-up order, says StarTimes
A Chinese electronics and media company, StarTimes, says it is not subject to any winding-up court order, following a petition filed in a Hong Kong court against the company by a sports and entertainment network, beIN Media Group. Sports market intelligence platform, GlobalData, had reported in February that StarTimes signed a deal in 2018 with beIN Media Group which holds international Ligue 1 rights from 2018-19 to 2023-24 to broadcast English- and local-language Ligue 1 in sub-Saharan Africa. Read more
Oil, power firms’ bank debts rise to N5.94tn
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Read more
External reserves drop by $1.1bn in one month
External reserves dropped by $1.1bn in February, according to statistics obtained from the Central Bank of Nigeria on Monday. The reserves which stood at $36.19bn as of February 1 fell to $35.09bn as of February 26. The Central Bank Governor, Godwin Emefiele, had recently said Nigeria’s external reserves at $35bn was sufficient to finance the country’s seven months’ imports. Read more
Monthly instant payments, PoS deals drop to N19tn
The value of transactions via digital payment platforms – Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals – dropped to N18.99tn in January 2021. According to data obtained from Nigeria Interbank Settlement System on Monday, the total value of NIP transactions grossed N18.50tn in January while PoS deals were worth N489.23bn during the same period. Read more
MTN connects 12.2m subscribers as earnings hit N1.3tr
Telecommunications firm, MTN connected 12.2 million new subscribers and earned revenue of N1.3 trillion in 2020. MTN, its audited results for the financial year ended December 31, 2020, released on Sunday, disclosed that the growth in its subscriber base provided support for voice revenue, which accounted for 67.1 per cent of service revenue and rose by 5.9 per cent with acceleration in growth to 8.9 per cent year-on-year in the second half (H2) of 2020. Read more
DisCos’ sustainability questioned as FG pays N50bn monthly subsidy
The government’s financial support to the power sector hovering around N2.3 trillion in the past few years has raised concerns among stakeholders who insisted, yesterday, that the industry is at a crossroad. The Minister of Power, Sale Mamman, had disclosed that about N50 billion is being paid monthly by the government to assuage the plight of the sector. The monthly subsidy would push the intervention in the sector to N2.3 trillion in a year. Read more
