CAPITAL MARKET
Nigeria’s Green Bond Market Exceeds N55Bn Mark as NGX Targets More Issuances
Nigerian Exchange Limited (NGX) yesterday announced that the value of Nigeria’s green bonds market has grown to N55.52 billion within 2017 and 2021. The Chief Executive Officer, NGX, Temi Popoola CFA, disclosed this during the Sustainable Finance Training 2021 hosted by NGX in collaboration with the International Finance Corporation (IFC). He added that The Exchange is committed to fostering the growth of sustainable financial products, which integrate the financial risks and opportunities associated with climate change and other environmental challenges. This Day
NGX rebounds as gains in high cap stocks lift indices by N276bn
The Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, occasioned by gains in major highly capitalised (high cap) stocks, as market capitalisation appreciated by N276 billion. Specifically, the All-Share Index (ASI) rose by 528.15 points, representing a growth of 1.26 per cent to 42,411.12 points. Accordingly, investors gained N276 billion in value as market capitalisation rose to N22.130 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communication (MTNN), Dangote Cement, Vitafoam Nigeria, GlaxoSmithKline Consumer Nigeria (Glaxosmith) and Nigerian Exchange Group (NGXGroup). Guardian
BANKING
Banks record N1.3tn non-performing loans, still above benchmark – CBN
Banks recorded non-performing loans of N1.3tn as of November which is still currently above the industry benchmark, according to the Central Bank of Nigeria. Figures obtained from the CBN on Monday showed that the bad loans represented 5.4 per cent of the total gross credit in the banking sector, which is higher than the 5.0 per cent prudential benchmark. The CBN Governor, Godwin Emefiele, said in a report, “Prudential indicators such as NPLs stood at 5.4 per cent in November 2021, while the CAR remained above 15 per cent indicating continued resilience of our banking system. Punch
ECONOMY
NNPC to halt rising cooking gas price, increases supply
The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Monday announced that NNPC was currently increasing the supply of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to force down its price. Kyari, who announced this at the inauguration of a 120-metric tonnes LPG storage and bottling plant by Emadeb Energy Services Limited in Abuja, however, explained that the hike in cooking gas price was an international issue. The cost of LPG has been rising since this year, jumping by more than 240 per cent between January and October 2021, a development that has forced many LPG users to shift to charcoal or firewood. Punch
Nigeria’s Oil Production Stages Recovery, Overtakes Libya
Nigeria has regained its top position among crude oil producing countries in Africa with crude oil production averaging 1.27 million barrels per day in November, according to the latest monthly report from the Organisation of Petroleum Exporting Countries (OPEC). The latest OPEC report indicated that Nigeria pumped an additional 47,000 barrels per day; compared to the 1.228 mb/d produced averagely in the month of October 2021.Last month, Nigeria lost its top oil producer status in Africa to the North African country, as its crude oil production continued to fall mainly due to ageing upstream infrastructure. This Day
After 11 bidding rounds, MTN, Mafab acquire 5G spectrum for $547m
The Nigerian Communications Commission auction for its two available lots of 100 MHz TDD slots of 3.5 GHz band for the deployment of fifth-generation network in the country has been won by MTN Nigeria and Mafab Nigeria Communications Limited in a live auction held in Abuja on Monday. The NCC had recently approved MTN Nigeria, Mafab and Airtel Networks Limited for the bidding process. The three companies participated in the Monday’s 5G auction and the bidding began at $199.37m, as against the reserve price of $197.4m set by the NCC. Punch