CAPITAL MARKET
May and Baker Records N8.1bn Revenue Growth
May and Baker has recorded a total revenue growth of N8.1billion for the nine months ended September 30 2021as against N6.4billion recorded in the comparable period of 2020, represented about 25 per cent increase. Speaking to journalists in Lagos, during the company’s media luncheon, the Managing Director, Mr. Patrick Ajah, said as part of measures to scale growth in 2021, they made effective use of improved production capacity and increasingly efficient cost management to mitigate the tough operating environment. This Day
Losses in MTNN, 13 stocks drag capitalization further by N76bn
The Nigerian Exchange Limited (NGX) sustained a sliding profile at the end of yesterday’s transactions occasioned by losses in MTN Nigeria Communication (MTNN) and 13 stocks, as market capitalisation depreciated further by N76 billion. Specifically, the All-Share Index declined by 144.35 per cent, representing a decrease of 0.34 per cent, to close at 42,244.22 points. Similarly, the overall market capitalisation value lost N76 billion to close at N22.050 trillion. Guardian
BANKING
CBN withholds Stanbic-IBTC’s N488bn over LDR default
For Stanbic IBTC Plc, it is time for stocktaking and more due diligence to save management the red of its shareholders who are bewildered at the sheer size of its non -performing loans and other gaffs. This is because within the first nine months of the year, the Central Bank of Nigeria (CBN) had slammed bank with severe sanctions, debiting it 44.6 per cent, 17.1 per cent more than the mandatory 27.5 per cent in Cash Reserve Requirement(CRR) for its failure to meet the 65 per cent Loan-to-Deposit Ratio(LDR), while at the same time, its non-performing loans (NPLs) had spiraled to N28.7 billion within the period. The Sun
ECONOMY
Verification: FG introduces digital token to replace 11-digit NIN
The Federal Government plans to introduce digital token comprising 16 alphabets and numbers to replace the current 11-digit National Identity Number effective January, 2022, it has been learnt. As such, the Federal Government plans to make illegal and a punishable offence any company or agency found verifying the 11-digit National Identity Number. This was disclosed in a booklet by the National Identity Management Commission and titled, ‘Facts about NIN tokenization.’ Punch
National Assembly to transmit N17tn budget to Buhari today –Lawan
The President of the Senate, Ahmad Lawan, says the National Assembly will on Thursday transmit the 2022 Appropriation Bill to the President, Major General Muhammadu Buhari (retd.), to sign into law. Lawan gave the hint on Wednesday in his remarks at the close of plenary. The House of Representatives had on Tuesday passed the budget proposal while the Senate passed the appropriation bill on Wednesday. Just as the House did earlier on Tuesday, the Senate raised the total estimates of the Federal Government’s budget from the proposed N16.391tn to N17.126tn. Punch
Petrol subsidy rises, hits N1.16tn in 11 months
The amount spent on subsidising Premium Motor Spirit, popularly called petrol, rose to N1.16tn between January and November this year, the latest data from the Nigerian National Petroleum Company Limited show. The data also revealed that NNPC’s remittances to the Federation Accounts Allocation Committee in the 11-month period dropped by N1.78tn. In its report on funding performance between January and November 2021, which was obtained by our correspondent in Abuja on Wednesday, the oil firm said it had maintained petrol subsidy since the beginning of this year. Punch
Nigeria ranks 4th in Africa, retains 19th on global Internet affordability
The Alliance for Affordable Internet (A4AI)’s 2021 Affordability Drivers Index (ADI) report has ranked Nigeria 19th out of 72 countries surveyed for Internet affordability in 2021. Nigeria was, however, fourth in Africa. The A4AI Nigeria scored 68.71 out of 100 in terms of the policy, infrastructure, and how people are able to access the Internet in the country. In Africa, Nigeria is the fourth country with the most affordable Internet, coming behind Morocco, Botswana and Mauritius, which ranked 9th, 13th and 18th globally in that order. Guardian