CAPITAL MARKET
NGX sustains sliding profile amid losses in 21 stocks
Transactions on the Nigerian Exchange Limited (NGX) sustained a sliding profile yesterday. The slide was occasioned by losses in Japaul Gold and 20 others, as market capitalisation depreciated further by N51 billion. Specifically, at the close of trading yesterday, the All-Share Index declined by 95.37 per cent, representing a decrease of 0.20 per cent, to close at 47,156.56 points. Similarly, the overall market capitalisation value lost N51 billion to close at N25.415 trillion. The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are; Nestle Nigeria, Guinness Nigeria, Ecobank Transnational Incorporated (ETI), Oando and Lafarge Africa. Guardian
BANKING
Impact of Power Outage on Banks Operation Cost
With the nationwide deficiency in electricity supply, Nume Ekeghe writes on the impending rise in cost of operation across financial institutions nationwide, having to run their operations on diesel, which has witnessed spike in prices. Considering the epileptic power supply in the country, companies in Nigeria have been running their businesses with diesel-powered generators as a supplement to the unstable power supply. However the recent crisis driven by fuel scarcity has left many companies in a fix as they try to reduce cost of operation. The price of diesel, which was within the range of N280 per litre as at the beginning of the year, has since soared to over N750 per litre as at last week. The development is compounded by the recent national grid collapse that has left the country in darkness. This Day
ECONOMY
Oil theft: FG probes oil firms over production output, others
The Federal Government has set up a panel of experts to audit the activities of oil companies in the upstream petroleum industry in the last two years so as to ascertain the actual volume of crude oil stolen by vandals. It said on Tuesday that the audit became necessary following allegations by some industry players about the high rate of oil theft in the sector, which had prevented Nigeria from meeting its production quota as approved by the Organisation of Petroleum Exporting Countries. Last week, Nigeria’s billionaire businessman, Tony Elumelu, stated that the reason why the country had been unable to meet its oil production quota was not because of low investment but theft. Punch
Dangote’s $2.5 billion fertiliser plant services U.S., Brazil, others’
President Muhammadu Buhari alongside other dignitaries yesterday, predicted an agriculture and economic boom for the country following the coming on stream of the $2.5 billion Dangote Fertiliser Plant in Ibeju-Lekki, Lagos. They spoke during the inauguration of the plant, with an installed capacity of producing three million metric tonnes (mt) of urea yearly. Specifically, President Buhari noted that the plant is already exporting fertiliser to the United States of America (USA), India and Brazil, among other countries and is expected to trigger huge job creation opportunities, wealth, and secure the country’s agricultural future. Guardian
Nigerian subscribers seek alternative as MultiChoice hikes tariff again
With effect from April 1, Nigerians who are customers to MultiChoice, owners of DSTV and GOTV would pay more for the different packages. MultiChoice announced the price changes yesterday, in a holding statement, but claimed that there would be concessions to cushion the price adjustments. The South African owned company, which had the last price hike in Nigeria in June 2020, put the new prices for DStv as follows; Premium, N21,000, Compact + N14,250, Compact, N9,000, Confam, N5,300, Yanga N2,950 Padi N2,150 Business N2,669, Xtraview + PVR access fee N2,900. GOtv subscribers will have their new price package as follows; GOtv Max, N4,150, GOtv Jolli N2,800, GOtv Jinja, N1,900. GOtv Lite N900. Guardian
Reps give NNPC two-week ultimatum to defend N3tn debt
The House of Representatives’ Ad Hoc Committee on Recovery of Outstanding Debts Owed By Oil and Gas Companies has given the Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, two weeks to defend its indebtedness to the Federal Government to the tune of N3tn. The committee, which approved the NNPC’s request for an extension of time at its investigative hearing in Abuja on Tuesday, also invited the Central Bank f Nigeria and the Federal Ministry of Finance, Budget and National Planning over the debts. Punch
Sluggish growth, unemployment battling Nigeria’s poverty reduction, says World Bank
The World Bank has disclosed in a new report that four in 10 Nigerians live below the national poverty line. In a statement announcing the publication of the report on Tuesday, the Washington-based Bank said that Nigeria’s poverty reduction efforts were hampered by sluggish growth, low human capital, labour market weaknesses, and exposure to shocks. The statement read in part, “Sluggish growth, low human capital, labour market weaknesses, and exposure to shocks are holding Nigeria’s poverty reduction back says a new World Bank report ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022.” Punch
Delta to commence flight operations to new routes
DELTA Airlines has said it will soon commence flight operations to new routes as part of efforts to provide improved services to its customers. A statement by the airline said through Delta’s partnerships with Air France, KLM and Virgin Atlantic, customers could access nearly 200 more destinations throughout Europe, Africa, the Middle East and India from 19 US cities. “Customers looking for summer adventures abroad will discover plenty of inspiration in Delta’s service offerings to Europe, which include more routes and destinations in 2022, along with more opportunities to indulge in Delta’s premium cabins with 143 per cent more seats available to customers vs. summer 2021,” the statement said. Punch
