CAPITAL MARKET
Flour Mills annual profit rises 127%, realizes N25.7bn
The Flour Mills of Nigeria Plc has reported a 127 per cent increase in its profit after tax for the year ended March 31, 2021. The company said its after-tax profit rose from N11.4bn in 2020 to N25.7bn in 2021. In a statement by the company, Flour Mills of Nigeria said its average revenue across its business segment grew by 34 per cent, led by growth in its agro-allied businesses. Punch
Stock market resumes July trading with N4 billion losses
The Nigerian Exchange Limited (NGX) halted two sessions of gain to commence trading for the month of July on a downward note yesterday, as market capitalisation dropped by N4 billion. Specifically, at the re-opening of transactions for the month of July, the All-Share Index (ASI) declined by 8.72 absolute points, representing a dip of 0.02 per cent to close at 37,898.56 points. Also, the market capitalisation of listed equities depreciated by N4 billion to close at N19.756 trillion. The Guardian
Coronation Merchant Bank lists N25bn bond on NGX
The Nigerian Exchange Limited said on Thursday that Coronation Merchant Bank Funding SPV Plc listed Series 1 fixed-rate N25bn bond on Wednesday with a tenor of five years at 6.25 per cent. The exchange said in a statement that the subordinated unsecured bond due by 2025 was listed under the company’s N100bn bond issuance program. Punch
BANKING
Ecobank Named ‘SME Bank of the Year’
The Ecobank Group has been adjudged as the ‘African Banker’s 2021 African SME Bank of the Year.’ A statement explained that Ecobank beat a host of other banks in the African Banker Awards 2021 to take home the SME Award in a 2020 tumultuous year characterised by the Covid-19 pandemic which continues to ravage many African economies, with small and medium scale enterprises (SMEs) taking the greatest hit. This Day
We’re committed to supporting African businesses – UBA
A pan-African financial institution, United Bank for Africa Plc, has said it is committed to supporting businesses and financial inclusion in Africa through its consumer lending products. UBA said there had been clear evidence that credit remained a major economic stimulant and growth driver. According to the lender, credit has been largely inaccessible to the informal sector, which dominates the African economies and small businesses that constitute the primary growth engine. Punch
ECONOMY
Oil experts list benefits as National Assembly breaks 12-year jinx, passes PIB
The Senate on Thursday passed the Petroleum Industry Bill and approved that three per cent of profit made by oil firms should be shared to host communities. The upper chamber passed the PIB, 2021 after the clause-by-clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB. Lawmakers from the South-South geopolitical zone however protested against the three per cent approved for the host communities and called for five per cent. Punch
FG’s new travel restrictions, sanctions take effect today
In lieu of the fourth wave of the coronavirus pandemic, the Federal Government has reviewed in-country safety protocol, with restrictions of passengers from some countries taking effect from July 2 (today). The ‘provisional quarantine protocol for travellers arriving Nigeria’, dated June 30, 2021, prohibits travellers from the quartet of Brazil, Turkey, India and South Africa. Contrary to airlines and some countries’ advocacy for vaccination and antigen test as entry requirements, the Federal Government has stuck to mandatory polymerase chain reaction (PCR) test, quarantine and self-isolation for all arriving passengers. The Guardian
Debt servicing gulped N1.8tn in five months, says FG
The Federal Government says it released N973.13bn for the implementation of capital projects contained in the 2021 budget between January and May. It also disclosed that debt servicing gulped N1.8tn within the same timeframe. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed these at the presentation of the draft for 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper in Abuja on Thursday. Punch
