CAPITAL MARKET
No court order restraining acquisition, say Flour Mills, Honeywell
Flour Mills Nigeria Plc and Honeywell Flour Mills Plc have said the proposed acquisition of significant interest in HFMP by FMN is not in breach of any court order. FMN, in a statement obtained from the Nigerian Exchange Limited on Wednesday and signed by its Company Secretary, Joseph Umolu, said the recent announcement by the group to assume majority shareholder status of Honeywell was made after carrying out necessary due diligence and obtaining appropriate legal guidance. It said, “Consequently, FMN confirms that this agreement is not in breach of any subsisting order of court in matters relating to any third party. Punch
SEC vows crackdown on Ponzi schemes, illegal fund managers
The Securities and Exchange Commission has vowed to continue to crack down on Ponzi schemes and illegal fund managers amid the recent resurgence of their activities. The Director-General, SEC, Mr Lamido Yuguda, made the pledge at an enlightenment workshop and investor clinic session with the Federal Ministry of Finance, Budget and National Planning and its agencies in Abuja on Wednesday.He was quoted in a statement as saying, “The Nigerian financial sector is experiencing a resurgence of Ponzi schemes and illegal fund managers.” Punch
FCMB Group Reports N13.80bn Profit in Nine Months
FCMB Group Plc has reported N13.80billion profit in its nine months ended September 30, 2021 unaudited result and accounts. The results on the Nigerian Exchange Limited (NGX) showed 0.71 per cent decline in profit from N13.90 billion in prior nine months ended September, 30, 2020. From the profit & loss figures, the group reported Gross revenue of N149.5 billion for the nine months ended September 30, 2021, a 2.1 per cent increase from N146.43 billion reported for prior period. This Day
FG Urges Investors to Take Advantage of Capital Market Master Plan Initiatives
The federal government has urged investors in the capital market to take advantage of initiatives introduced in the market aimed primarily at strengthening the market and accelerating development. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed stated this at the enlightenment workshop/Investor clinic session with the Federal Ministry of Finance, Budget and National Planning and its agencies in Abuja. This Day
ECONOMIC
IMF downgrades global economic growth by 0.1% over worsening pandemic
The International Monetary Fund (IMF) has trimmed its 2021 global economic growth forecast by 0.1 percentage point to 5.9 per cent, citing the effect of supply disruptions in advanced economies and worsening pandemic dynamics in developing countries. The fund had in its July 2021 World Economic Outlook, forecast 6. 0 per cent as the global economic growth in 2021.While the adjustment to the 2021 growth outlook is small, the divergence between advanced economies and low-income developing countries is more pronounced as a consequence of the “great vaccine divide,” the report said. The Sun
Vandalism: Oil sector GDP contribution drops by N270bn in nine months
The contribution of crude petroleum and natural gas sector, which is a subsector under the mining and quarrying sector, to Nigeria’s Gross Domestic Product dropped from N2.82tn in the first quarter of 2021 to N2.55tn in the third quarter, showing a N270bn or 9.57 per cent decrease. This is according to data from the National Bureau of Statistics for the period under review obtained and analysed by our correspondent. Despite being the main contributor to the mining and quarrying sector for the period under review, the contribution of the crude petroleum and natural gas sector decreased significantly in the second quarter and attempted a rebound in the third quarter. Punch
NLC Rejects Proposed Fuel Price Hike
The Nigeria Labour Congress (NLC) has expressed dissatisfaction with the alleged comment by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari that the price of petrol could jump as high as N320 and N340 from February 2022. In a statement yesterday by NLC President Ayuba Wabba, the congress said the proposal by Kyari which he said was consequent on the plans by the federal government to remove subsidy on petrol was rejected. This Day
