CAPITAL MARKET
Fidelity Bank PBT rises to N28.10bn in 9 months
Fidelity Bank Plc has posted a profit before tax (PBT) of N28.10 billion for the nine months ended September 30, 2021. Its Chief Executive Officer, Mrs Nneka Onyeali-Ikpe, said this in an unaudited financial statement posted on the website of the Nigerian Exchange (NGX) Ltd., on Tuesday in Lagos. Onyeali-Ikpe said that the PBT represented an increase of 31.92 per cent when compared with N21.30 billion recorded in the comparative period of 2020. This was as bank’s gross earnings grew by 12.5 per cent to N174.4 billion from N155.0 billion achieved in the corresponding period of 2020.. The Sun
Seplat Energy Announces N413.64/$1 Exchange Rate on Interim Dividend
Seplat Energy Plc yesterday on the Nigerian Exchange Limited (NGX) announced N413.64 against the Dollar on its third quarter ended September 30, 2021 interim dividend payout to shareholders. The Nigerian’s independent oil and Gas Company also announced 0.7468 pound sterling against one dollar for investors on the London Stock Exchange. The company noted that currency exchange rates will be applicable in determining the interim dividend for Q3 2021 to any shareholder that qualifies for and has elected to receive interim dividend payment in Naira or sterling. This Day
Investors on NGX Gain N111.6bn to Erase Previous Day Loss
Investors on stock market of the Nigerian Exchange Limited (NGX) yesterday gained N116.1 billion as the market reversed from losing position amid bargain hunting on shares of Airtel Africa and 17 others. In summary, the overall market capitalisation value gained N112 billion to close at N22.672 trillion from N22.560 trillion the market opened for trading yesterday. Consequently, the NGX All-Share Index (ASI) rise by 213.86 basis points, representing a increase of 0.49 per cent, to close at 43,444.20 points from 43,230.34 basis points. The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, Cutix, FBN Holdings (FBNH), United Bank for Africa (UBA) and University Press. This Day
ECONOMY
Crypto firms practice high-level illegality, alleges Emefiele
The Governor of the Central Bank of Nigeira, Godwin Emefiele, has again expressed the apex bank’s disapproval for cryptocurrency transactions in Nigeria, saying the space and its operators are “embedded in illegality.” Emefiele spoke barely two weeks after the regulator directed banks to close the accounts of cruptocurrency dealers. Commercial banks also closed the bank account of some illegal foreign exchange dealers. The CBN had in February ordered banks not to support payment transactions of crypto firms. Speaking on Tuesday during an interview with Arise TV, the CBN governor said that Nigeria’s banking space had no room for cryptocurrency. Punch
eNaira may reduce deposits in commercial banks, IMF warns CBN
The International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks. The comment came barely four weeks after the President, Major General Muhammadu Buhari, and top officials of the central bank launched the eNaira at the State House, Abuja. As a result, the Washington-based fund on Tuesday warned the CBN to manage the various risks associated with the digital currency especially the threats it pose to monetary policy implementation, cyber security, among others. The IMF disclosed this in its ‘Country Focus; Five Observations on Nigeria’s Central Bank Digital. Punch
NNPC Gets $1bn Boost from Afreximbank, Sees Oil at $100pb
The Nigerian National Petroleum Corporation (NNPC) yesterday signed a five-year agreement worth $1.04 billion with the African Export–Import Bank (Afreximbank), in a deal that has been described as the biggest so far at the ongoing Intra-African Trade Fair in Durban, South Africa. This is just as the Group Managing Director of the NNPC, Mallam Mele Kyari yesterday predicted that crude oil prices may hit $100 per barrel mark in the coming months as global inventory tightens and the Organisation of Petroleum Exporting Countries (OPEC) continues to resist pressure to pump more oil into the market. This Day
