The stock price of Dangote Cement Plc hits 2022 high yesterday amid the management proposed plans to repurchase 170,003,074 ordinary fully paid-up ordinary shares of 50kobo each from shareholders in the second tranche of its share buyback programme. The buyback presents one per cent of the currently issued shares. Bullish sentiments returned to the stock market of the Nigerian Exchange Limited (NGX), as investors’ interest in Dangote cement advanced the All-Share Index by 1.7 per cent to close at 44,608.82 basis points yesterday. This Day
First Bank of Nigeria Limited is set hold its Nigerian Economic Outlook Webinar convened to reflect national and global economic trends that shaped 2021, whilst forecasting the economic outlook of 2022. The virtual event themed, “A rearview look at 2021, lessons learnt-Outlook 2022,” is scheduled by 1 pm on tomorrow the 13th January 2022 via Zoom meeting and its free to their customers and non-customers. This Day
Stanbic IBTC Holdings Plc announced on Tuesday that it had commenced the process of seeking regulatory approvals to establish a wholly-owned financial technology subsidiary to be known and referred to as Stanbic IBTC Financial Services Limited. It said in a statement that subject to receiving all required regulatory approvals, including licensing by the Central Bank of Nigeria, the new subsidiary would function primarily as a payment solution service provider. Punch
Stanbic IBTC Bank, Standard Chartered Bank Nigeria, and Citibank Nigeria Limited lead as capital importation from banks hit $38.18bn in almost three years. Between January 2019 and September 2021 (33 months), the total capital importation by banks amounted to $38.18bn.
According to a National Bureau of Statistics report, banks imported the most capital in 2019 at $23.99bn, which reduced to $9.68bn in 2020. However, in the first nine months of 2021, banks recorded only $4.51bn capital importation, indicating their worst run in the 33-month period under review. Punch
The President, Major General Muhammadu Buhari (retd.), has lifted the ban imposed on the operations of Twitter in Nigeria, effective from 12am, January 13, 2022. This was disclosed in a press statement on Wednesday signed by the Director-General of the National Information Technology Development Agency and Chairman Technical Committee Nigeria-Twitter Engagement, Kashifu Abdullahi. The statement read in part “The Federal Government of Nigeria directs me to inform the public that President Muhammadu Buhari, has approved the lifting of the suspension of Twitter operation in Nigeria effective from 12am tonight, January 13, 2022. Punch
The international oil benchmark, Brent crude, climbed above $84 per barrel on Wednesday on tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose by $1.42 to $85.14 per barrel as of 7.00pm Nigerian time on Wednesday. The Senior Market Analyst, Asia Pacific at OANDA, Jeffrey Halley, said in a note that Bent could move towards $100 per barrel this quarter. Punch
The International Monetary Fund says crypto currencies’ high volatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countries with widespread crypto adoption. The IMF disclosed this in a blogpost titled, ‘Crypto Prices Move More in Sync With Stocks, Posing New Risks’, on Tuesday.’ Punch