CAPITAL MARKET
Jaiz Bank posts N4.21bn annual profit
Jaiz Bank Plc has released its unaudited financial results for 2021 which show that the bank recorded a profit before tax of N4.21bn last year. Its pretax profit rose by 37.17 per cent from the N3.07bn recorded in 2020. The bank also declared a 31.76 per cent increase in gross income from the N19.61bn realised in 2020 to N25.84bn at the end of 2021. According to a statement released by the bank on Tuesday, during the period under review, the bank also grew its total assets by 19.62 per cent from N233.58bn as at the end of December 2020 to N279.42bn in 2021. Punch
Sovereign Trust Insurance Gets GCR A Rating
International Credit Rating Agency, Global Credit Rating Limited (GCR) has confirmed Sovereign Trust Insurance Plc as an A rated underwriting firm. The agency gave the confirmation at its 2021 rating exercise carried out recently. Spokesman of Sovereign Trust, Mr Segun Bankole said Sovereign Trust Insurance was rated A- due to its high claims paying ability amongst other requisite considerations for the rating. He said the current rating from A-to A, according to GCR is based on the company’s renewed financial position and stable outlook from a statutory solvency perspective in the last three years. This day
Stock Market Down N79bn on Profit-taking in BUA Food, Others
The stock market of the Nigerian Exchange Limited (NGX) yesterday sustained the down trend of prior day as profit-taking witnessed in BUA Foods Plc and 20 others caused a N79billion decline in the market capitalisation. The overall market capitalisation value lost N79 billion to close at N25.357 trillion, while the NGX All-Share Index declined by 146.15 basis points or 0.31 per cent, to close at 47,057.24 basis points. The stock market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Foods, MTN Nigeria Communications (MTNN), Unilever Nigeria, Fidson Healthcare and United Capital. This Day
FMDQ Exchange admits FGN’s 7th Eurobonds
Following the issuances of the FGN’s Eurobonds in 2011, 2013, 2017 and 2019, the FMDQ Exchange has again announced the listing of the FGN’s 6.125 per cent $1.25 billion SEP 2028, 7.375 per cent $1.50 billion SEP 2033 and 8.250 per cent $1.25billion SEP 2051 Eurobonds under its Global Medium-Term Note Programme on its platform. This, according to the Exchange, represents the FGN’s 7th Eurobond issuances and yet another commendable feat for the government through the Debt Management Office (DMO), and demonstrates the government’s unrelenting commitment to supporting the development of the nation’s debt capital markets (DCM) towards sustainable economic development. The Sun
ECONOMY
Withdrawal of petrol with methanol cause of scarcity
As long queues surfaced across Lagos and Abuja yesterday over sudden fuel scarcity, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has blamed the situation on the withdrawal of petrol discovered to have contained methanol above Nigeria’s specification. According to a statement by the agency yesterday, the affected petrol was isolated and withdrawn from the market, including the loaded trucks in transit. Methanol is a regular additive in petrol and usually blended in an acceptable quantity.NMDPRA explained that the source supplier has been identified and appropriate actions would be taken. The Sun
IBTC Pension Leads Top Five PFAs in Control of Pension Market
The National Pension commission (PenCom) in its recent report on the overall performance of Pension Fund Administrators (PFAs) in terms of market share of contributors into the Contributory Pension Scheme from inception up to September 30, 2021, said that five high performing PFAs have continued to hold their lion share positions of the entire market with the Stanbic IBTC Pension Managers maintaining the lead. According to the PenCom third quarter 2021 report, Stanbic IBTC Pension Fund Managers from inception to last quarter 2021, out of a total of 9,461,173 contributors into the scheme registered 1,912,891 contributors to control 20.2 per cent of the entire market. This Day
Nigeria’s capacity to repay our loan adequate –IMF
The International Monetary Fund (IMF) says Nigeria has adequate capacity to repay its loan. The executive board of the Washington-based institution said this in a statement issued on Monday following the conclusion of its 2021 article IV consultation with Nigeria. At the onset of the COVID-19 pandemic, Nigeria received a $3.4 billion facility from the IMF in April 2020. The IMF board commended the proactive approach of Nigeria’s authorities to contain the COVID-19 pandemic and its economic impacts. It, however, said the country’s outlook remains subject to significant risks, including from the pandemic trajectory, oil price uncertainty, and security challenges. The Sun
