CAPITAL MARKET
BUA Foods’ nine-month profit rises to N21.25bn
BUA Foods Plc has reported an operating profit of N21.25bn for the nine months ended September 30, 2021, up from N18.96bn in the same period a year earlier. The company, which was listed on the Nigerian Exchange Limited early this month, said on Tuesday that its net profit rose to N16.56bn in the period under review from N15.53bn in 2020. Its revenue increased to N79.69bn from N74.59bn, according to its unaudited financial statements obtained from the NGX. The management of BUA Foods was hosted to a closing gong ceremony on the main floor of the NGX on Tuesday after addressing market stakeholders with a virtual fact behind the listing presentation. Punch
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Stock Market Up N138bn on Price Appreciation in BUA Foods, Dangote
The Nigerian Exchange (NGX) Al-Share Index (ASI) yesterday rebounded by N138billion amid renewed price appreciation in medium and large capitalised stocks, amongst which are, BUA Foods, BUA Cement, Dangote Sugar Refinery, Conoil and and Skyway Aviation handling Company. The NGX All Share Index (ASI) grew by 256.23 basis points or 0.58 per cent to close at 44,655.89 basis points, while the overall market capitalisation value gained N138 billion to close at N24.060 trillion. This Day
BANKING
12 Banks Rakes in N1.86trn from Account Maintenance, E-banking Fees, Others In 3 Years
A total of 12 banks generated N1.86trillion as fees and commission income from current and saving accounts of customers between 2018 and 2020, data gathered by THIDAY has revealed. Analysis of the banks’ numbers revealed that these 12 of them generated N684.03 billion from fees and commission income in 2020 as against N630.4billion and N550.33billion between 2019 and 2018. Banks generate the fees through account maintenance fee, electronic transfers, commission on turnover, credit related fees, among others. This Day
Cash-strapped banks borrow N9.17tn from CBN in seven months
Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria through its Standing Lending Facility window within a period of seven months, according to figures obtained from the banking sector regulator.mBanks often access the CBN’s SLF window to borrow funds, subject to certain eligibility requirements, in order to temporarily address their short-term liquidity needs. Lenders also access the CBN’s Standing Deposit Facility window to deposit their excess cash or reserves. Punch
ECONOMY
Labour lists conditions for fuel subsidy removal, says $9.5bn wasted on refineries
Key labour unions in Nigeria met on Tuesday in Abuja where they outlined the conditions the Federal Government must meet before it would be allowed to stop subsidising Premium Motor Spirit, popularly called petrol. Officials of the Trade Union Congress, Nigeria Labour Congress, Petroleum and Natural Gas Senior Staff Association of Nigeria, among others, spoke at the Annual General Meeting and inauguration of the newly elected National Executive Committee of the Independent Petroleum Marketers Association of Nigeria in Abuja. Punch
Rice production hits nine million MT in 2021 – Emefiele
The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday disclosed that rice production in the country rose to nine million metric tonnes in 2021 from about 5.4m MT in 2015. Emefiele, who disclosed this at the unveiling of 13 rice pyramids in Abuja by the President, Major General, Muhammadu Buhari (retd.), attributed the increase in production to interventions in the agricultural sector by the Federal Government. According to him, one of such interventions is the CBN Anchors Borrower’s Programme which has built a sustainable framework for financing smallholder farmers in Nigeria. Punch
Osinbajo, others lists benefits of blue economy
The Vice President, Yemi Osinbajo, has sought wider participation of relevant stakeholders in the blue economy project to deepen participation and benefits from the country’s marine resources. Osinbajo made the call at the inaugural meeting of an Expanded Committee on Sustainable Blue Economy in the Presidential Villa on Monday. The vice president said a viable blue economy project would offer a vista of opportunities not only for littoral states where there are bodies of water but for the entire country. He identified areas to be exploited to include ports, terminals, fishing, training, environment, tourism, power, oil and gas. Guardian
