CAPITAL MARKET
Fitch Upgrades Seplat Energy to ‘B’ on Stable Outlook, Company’s Resilience
Seplat Energy Plc has been upgraded to ‘B’ from ‘B-‘ by Fitch Ratings on its Long-Term Issuer Default Rating (IDR), confirming the company’s outlook to be ‘Stable’ and upgraded the company’s senior unsecured rating for $650 million senior notes due 2026 to ‘B’ from ‘B-‘. The rating agency stated the upgrade reflects improved financial flexibility and a strong liquidity profile following debt refinancing in 2021, which in its view will help Seplat Energy survive for more than two years of force majeure without access to the Trans Forcados Pipeline (TFP). This Day
Large-cap stocks trigger N35bn market gain
Stock trading at the Nigerian Exchange Limited resumed the week on a positive note as the market gained N34.97bn on Monday amid buying interest in large-cap equities. The NGX All-Share Index rose by 0.16 per cent to 43,266.27 basis points at the end of trading on Monday from 43,199.27bps on Friday while the market capitalisation climbed to N22.58tn from N22.54tn.The overall market activity was bullish as the total volume and value traded appreciated by 1103.93 per cent and 405.72 per cent respectively. Punch
BANKING
FBN Holdings’ share ownership debacle takes new twist as PenCom steps in
The battle for control of shareholding of FBN Holdings seem to have taken a new twist as the Pension Commission of Nigeria (PenCom) has issued a statement clarifying actual direct or indirect beneficiaries of shares of FBNH currently held by Leadway Pensure. The bank had in October claimed that one of its directors, Mr. Tunde Odukale had informed the bank that his direct and indirect ownership in FBN Holdings had increased to 5.36 per cent having assigned Leadway Pensure shares in FBNH to himself as indirect holdings. The Sun
ECONOMY
Naira loses steam, slides to 555/dollar in parallel market
The naira lost steam at the parallel market on Monday, sliding to 555 per dollar. The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday. After tumbling to 575/dollar recently, the local currency began a gradual uptick in recent weeks peaking at 530/dollar last week. Operators in the parallel market, who spoke to our correspondent on Monday, said the local currency was bought and sold at 550/dollar and 555/dollar respectively. Punch
CBN Partners Payment System Providers, Fintechs to Deepen eNaira Adoption
The Central Bank of Nigeria (CBN) yesterday said it was working with key stakeholders in the payment system ecosystem to boost the adoption of its digital currency known as the eNaira. The stakeholders, particularly Payment Service Providers (PSPs) and a community of fintech groups, after a one-day engagement with the apex bank in Lagos, resolved to partner to ensure more adoption of the CBDC in the country. This Day
Capital inflow crashes by 80%, foreign investors shun Nigerian market
Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria reports have indicated. Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in July 2021. The central bank reports showed that Nigeria recorded $17.1bn capital inflow between January and July, 2019. However, between January and July, 2021, the country recorded only $3.4bn as capital inflow, indicating a fall of 80 per cent. Furthermore, capital inflow fell from $8.6bn in 2020 to $3.4bn in 2021. The figures were obtained from the CBN’s monthly economic report. Punch
90% capital projects in Nigeria funded by OPS, says Chike-Obi
The Chairman of Fidelity Bank Plc, Mr Mustafa Chike-Obi, has called on the federal and state governments to formulate policies that would favour young people and private sector as 90 per cent of all capital projects in the country are funded by the group. According to the AMCON ex-boss, who disclosed this at the weekend in his keynote address as the Chairman of the New Telegraph Awards 2021 in Lagos, “90 per cent of all capital projects are private sector-driven and funded. And yet we spent so much energy fighting over the 10 per cent that government controls. The Sun
