CAPITAL MARKET
MTN Nigeria secures SEC approval for public offer
MTN Nigeria has announced that it has secured approval from the Securities and Exchange Commission (SEC) to launch an equity book-build to qualified investors ahead of its planned sales of 575 million ordinary shares of the company to the public. The telecom company had disclosed its intention to proceed with a public offer for sale of N575 million shares but has now received SEC approval to proceed with the offer. The Sun
At N464.35bn, MTN, NB, Dangote Cement May Exceed Trade & Other Receivables in 2021FY
On the heels of reporting N464.35billion trade and receivable in nine months ended September 30, 2021, the likes of MTN Nigeria Plc, Nigerian Breweries Plc, among other companies might exceed 2020 receivables in this year’s financial results. Trade and receivables are the amount owed to a business by its customers following the sale of goods or services on credit. THISDAY checks revealed that companies operating in the country have enhanced loan loss provision amid growing trade & receivables in the period under review. This Day
BANKING
First Bank too big for individual ownership –Emefiele
Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has described First Bank Plc as a very big entity that cannot be owned by an individual, advising those jostling for it to appreciate that they are doing so on behalf of others. He also described it as the oldest financial institution in Nigeria that should not crumble, as its failure will cause heavy tremors across the Nigerian banking landscape. Emefiele made the disclosure on Tuesday in Abuja, at the 139th and final Monetary Policy Committee (MPC) meeting for this year. The Sun
ECONOMY
Dollar shortage, subsidy, deficit financing threatening Nigeria’s growth – W’Bank
The World Bank has said that economic growth in Nigeria is being threatened by certain macroeconomic challenges, including dollar shortage, petrol subsidy and the fiscal deficit financing by the Central Bank of Nigeria. The bank disclosed this in its Nigeria Development report, which was released on Tuesday. The report identified measures taken by the government to tackle the pandemic-induced economic challenges. “In 2020, the Nigerian government began to address longstanding macroeconomic challenges by harmonising the two main exchange rates, adjusting electricity tariffs to more cost-reflective levels, cutting nonessential spending, redirecting budgetary resources towards the COVID-19 Punch
Experts back CBN’s decision to retain 11.5% interest rate
Economic and financial experts have supported the decision of the Monetary Policy Committee of the Central Bank of Nigeria to again retain all monetary parameters, including the benchmark interest rate. The MPC said at the end of its two-day meeting that the Monetary Policy Rate would remain unchanged at 11.5 per cent, while the Cash Reserve Ratio and Liquidity Ratio would be held constant at 27.5 per cent and 30 per cent respectively. Punch
Despite GDP Growth, Economic Potential Remain Subdued
James Emejo writes that in spite of the positive economic performance in the third quarter of the year, critical sectors of the Nigerian economy, particularly agriculture remain largely under siege due to persistent insecurity The gradual recovery of the Nigerian economy from recession and the impact of the COVID-19 pandemic have been a source of hope to Nigerians, indicating that the economy would soon be out of the woods. This Day
We’ll pay N5,000 monthly to 40m Nigerians after subsidy removal –FG
Ahead of the mid-2022 target for petrol subsidy removal, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed that the Federal Government would pay N5,000 monthly stipend to about 30-40 million vulnerable Nigerians to ameliorate the anticipated scorching effect on them and the economy in general. She stated this in Abuja on Tuesday at a conference tagged Nigeria Development Update (NDU), which had in attendance captains of industries and top government officials, including the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari. The Sun
