CAPITAL MARKET
DMO to auction N150bn FG bonds to investors tomorrow
Barring any last minute change, the Debt Management Office (DMO) will tomorrow auction N150 billion Federal Government bonds to investors. DMO announced this recently in a circular on its website. Nigerians can now work and earn dollars DAILY from home. Regular individuals can earn as low as $300 daily Find out how it works. A bond is a fixed income instrument that represents a loan made by an investor to a borrower — typically corporate or government. According to the circular, the bond issuance will be in two tranches valued at N75 billion each. The first tranche is the 10-year, 12.5 per cent FGN Jan 2026 re-opening bond, while the second is the 20-year, 13 per cent FGN 2042 reopening bond. The Sun
Flour Mills, BUA disagree over alleged suspension of sugar sale
Flour Mills of Nigeria Plc said on Monday that it did not suspend sales of sugar as claimed by its rival BUA Foods Plc. BUA Foods had in an advertorial published on Monday said Flour Mills suspended sugar sales because the 2022 raw sugar allocation had been declined by the government. It also accused Dangote Sugar of halting sales of the product in a bid to create scarcity and force prices to go up. BUA Foods said, “We have been inundated with calls from our customers that Dangote Sugar and Flour Mills have both suspended sales of Sugar, seeking to know if BUA will follow suit. We would like to reassure our customers that BUA is not joining the suspension of sales of sugar. Punch
Stock Market Begins Week With Profit-taking in Airtel, BUA Foods
Trading activities in the Nigerian Exchange Limited (NGX) stock market yesterday kicked off the week with negative sentiments as investors’ profit taking in Airtel Africa Plc, BUA Foods, Guaranty Trust Holdings Plc (GTCO) and 20 others down market capitalization by N75 billion. The overall market capitalisation value lost N75 billion to close at N25.361 trillion from N25.436 trillion it opened for trading, while the NGX All-Share Index declined by 139.02 basis points or 0.30 per cent to close at 47,063.28 basis points from 47,202.30 basis points it opened for trading. This Day
BANKING
Wema Bank to increase dividend payout to shareholders
There are indications that shareholders of Wema Bank Plc are in line to receive bumper dividend payments for the year ended December 31, 2021. The bank impressively built on its third-quarter financial result and accounts during the fourth quarter of 2021. Nigerians can now work and earn dollars DAILY from home. Regular individuals can earn as low as $300 daily Find out how it works. Wema Bank recorded an increase of 135.8 per cent in profit before tax (PBT) to close the third quarter of 2021 at N7.2 billion. The bank also recorded a Year-on-Year growth of 9.1 per cent in gross earnings to N63.1 billion in nine months in 2021 from N57.8billion during the same period in 2020. The Sun
ECONOMY
NNPC Completes Withdrawal of Methanol-blended Petrol from Circulation
The Nigerian National Petroleum Company Ltd (NNPC) has withdrawn all the methanol blended petrol which was imported into the country about three weeks ago. The NNPC also stated that cargoes of clean petrol are arriving daily into the country to bridge the gap .created by the withdrawal of the methanol blended petrol. The off-spec petrol, according to the NNPC, was imported into the country by four oil marketers through four cargoes under the company’s Direct Sales Direct Purchase (DSDP) arrangement. The four companies that were alleged to have supplied the methanol-blended petrol were: MRS which made the importation through a vessel named MT Bow Pioneer, Emadeb/Hyde/AY Maikifi/Brittania-U Consortium through vessel identified as MT Tom Hilde, Oando through a vessel named MT Elka Apollon, and Duke Oil through MT Nord Gainer vessel. Emadeb/Hyde/AY Maikifi, MRS and Oando have since denied this claim in press statements made available to the public. This Day
Rewane: Dangote Refinery Will Not Guarantee Cheaper Petrol Prices
The Chief Executive Officer of Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has advised Nigerians not to entertain the illusion that the Dangote Refinery would guarantee them cheaper supply of refined petroleum products. Rewane said the most the Dangote refinery would guarantee was improved supply of petrol in Nigeria’s domestic market, but would not affect the foreign exchange position of Nigeria significantly. He said this yesterday, during the 2022 virtual economic outlook organised by the Stanbic IBTC Group, where he projected that the refinery would become operational in the Q1 2023. This Day
EU Okays €820m Digital Economy Package for Nigeria
The Executive Vice President of European Union (EU) Commission, Margrethe Vestager, has disclosed that the EU has approved a three-year digital economy package worth €820 million for Nigeria. This, she said, was part of a Global Gateway Africa-Europe Investment Package worth €150 billion announced recently by President of the EU Commission, Ursula von der Leyen. Vestager, who spoke while leading a delegation of the EU Commission on a visit to the Vice President, Prof. Yemi Osinbajo, at the State House, announced an EU-Nigeria digital economy package of at least €820 million until 2024. This Day
Despite CBN interventions, rice records 92% price hike in six years
The price of a 50kg bag of locally produced rice rose by about 92 per cent between January 2016 and December 2021 despite the various measures taken by the Federal Government to drive down the cost of the staple, findings have shown. A survey of markets across Abuja and Lagos states reveals that the current average cost of a 50kg bag of rice is N25,000, against N13,000, the price in 2016. This means that within a six-year period, the price of rice rose by about N12,000 or 92.3 per cent. This increase came amid interventions of the government through the apex monetary authority, the Central Bank of Nigeria, to crash the price of rice in the country. Punch
Reps approve Customs’ N369bn budget, raises revenue target by N965bn
The House of Representatives Committee on Customs and Excise has approved a budget with estimates totalling N369.14bn for the Nigeria Customs Service in 2022. The House also raised Customs’ revenue target for the next fiscal year by N965.42bn to N3.019tn. The Controller-General of the NCS, Col. Hameed Ali (retd.), on Monday, led the management staff of the paramilitary agency to appear before the committee for 2021 budget appraisal and 2022 budget defence. Reviewing the 2021 budget performance, Ali, in his presentation to the committee, noted that the approved revenue target for the year was N1.679tn, while Customs collected total revenue of N1.716tn for the period of January to December 2021. Punch
