CAPITAL MARKET
We remain equipped to sustain market dominance – NGX Group
The Nigerian Exchange (NGX) Group Plc says it has well defined strategies and is equipped to sustain market dominance. Its Group Chief Executive, Oscar Onyema, made this known to newsmen during the exchange’s Full Year (FY) 2021 Investor and Analyst Presentation via Zoom on Thursday. Presenting the 2021 highlights of the exchange’s performance, Onyema explained that the group went through a restructuring of its business to refine its business model and become active along the entire capital market value chain. He said that the NGX Group in 2021, focused on formulating and executing the strategy of the holding company by building a multi-exchange business with diversified revenues, raising capital and optimal corporate governance. The Sun
Africa Prudential records N3.5bn revenue
Africa Prudential says its gross revenues have increased by 0.4 per cent to N3.5 billion despite the 12 per cent decline in interest income. It added that as the non-interest income lines strengthened, its profit before tax was equally up 1.3 percent to N2 billion. Speaking at the company’s Annual General Meeting which held recently in Abuja, Mrs Eniola Fadayomi, the Chairman of the Board of Directors, said “amid a slow economic recovery but still challenging business environment, the 2021 performance reflects the impact of deliberate efforts to diversify the business and to deploy business solutions to strengthen its business and that of its clients for superior value creation. The Sun
Chartered Institute for Securities Tasks Women in Nigerian Capital Market
Nigerian women in the capital market havebeen urged tocontribute more values towards achievementoforganisational goals in order to bridge inequality gap between them and their male counterparts. Some women in the Nigerian Capital Market have distinguished themselves in different capacities, including provision of exceptional leadership. But women should generally exhibit strong level of self-confidence to reinforce their skills for enhanced competitive edge. In a paper entitled: “ Supporting Equity for the next Generation: Women in Nigerian Capital Market. This Day
ECONOMY
Fuel Scarcity: We Have I.6bn Litres of PMS in Stock, Says Mele Kyari
The Nigerian National Petroleum Company Limited (NNPC) has said it has over 1.6 billion litres of the petrol in stock for the consumption of Nigerians nationwide. The Group Managing Director of the agency, Mr. Mele Kyari disclosed this in Abuja, yesterday. He spoke at the unveiling of the Association of Distributors and Transporters of Petroleum Products in the nation’s capital. Kyari was represented at the occasion by the Chief Executive Officer Downstream, NNPC Tower, Mr. Adeyemi Adetunji, He said, “NNPC as of today has 1.6 billion litres of PMS which is about 27 days sufficiency. “This is to assure Nigerians again that there is adequate supply of PMS and it is getting to all nooks and crannies of Nigeria. We will continue to ensure that we facilitate the availability of PMS. This Day
IOCs fear collapse as FG says N1.36tn crude stolen in 14 months
The total value of Nigeria’s crude oil stolen between January 2021 and February 2022 is about $3.27bn (representing N1.361tn at the official exchange rate of N416.25 to the dollar), the Federal Government declared on Thursday. International oil companies and their counterparts in Nigeria said the massive oil theft across the country currently posed a threat to not just their existence, but to the Nigerian economy. The Federal Government through its Nigerian Upstream Petroleum Regulatory Commission, met with the Oil Producers Trade Section, as well as the Independent Petroleum Producers Group in Abuja at a stakeholders’ engagement on crude oil theft. Punch
Capital importation suffers 30% decline, records $6.7bn
The value of capital importation into Nigeria fell by 30.78 per cent from $9.68bn in 2020 to $6.7bn in 2021 according to data from the National Bureau of Statistics. In its ‘Nigerian Capital Importation’ report for the four quarters of 2020 and 2021, the NBS disclosed that total capital importation into the nation was $9.68bn in 2020 and $6.7bn in 2021. For the first and second quarter of 2021, the NBS said, “The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1.91bn in Q1, 2021. “This represents a decrease of -54.06 per cent compared to Q1 2021 and -32.38 per cent decrease compared to Q2 2020. Punch
Inflation data fail to indicate poor purchasing power –Experts
ECONOMIC experts at the Centre for the Promotion of Private Enterprise, an economic think tank, have said the inflation data presented by the National Bureau of Statistics is not reflecting the level of poverty and the decline in purchasing power of Nigerians. The Chief Executive Officer of the CPPE, Dr Muda Yusuf, disclosed this in a statement. According to him, companies have been similarly impacted by the prevailing economic hardship in the country, with many businesses recording slumps in sales, turnover, and profits margins. Punch
FG Releases 142.6m to Mineral, Metal Sector
The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has stated that the federal government through the Ministry has released the sum of N142.6M for the purpose of research development in the Mineral and Metal Sector. Adegbite stated this in Abuja, Tuesday, on the occasion of the stakeholders Validation Exercise for the Research Development and Collaboration with some Nigeria Tertiary Institutions. Adegbite named the institutions as; University of Ibadan, University of Port-Harcourt, University of Lagos, University of Jos, Ebonyi State University, Nasarawa State University, Federal University of Technology, The Kaduna Polytechnic, Ibrahim Badamasi Babangida University amongst others. This Day
External reserves shed $975.7m year-to-date as free fall continues
Nigeria’s foreign reserves continued its downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October. The gross figure, which has remained a consistent gradual depletion in the past five months, dropped to $39.54 billion on Tuesday. Year-to-date (YTD), the external reserves shed $975.7 million. Last year closed with an estimated reserve gross value of $40.52 billion. The reserves suffered a wobbling performance last year, tumbling below $34 billion at some point. Guardian
Emefiele defends central bank’s interventionist approach
The state of the Nigerian economy requires the Central Bank of Nigeria (CBN) to intervene in sectors that can stem unbridled imports. The Governor of the apex bank, Godwin Emefiele, who disclosed this yesterday, while declaring open the 32nd seminar for Finance Correspondents and Business Editors in Akure, Ondo State, insisted that the CBN interventions are meant to stabilise the economy. An Economist, Dr Tope Fasua, in his presentation, gave a glimpse of the possible reasons governments are cautious with the adoption of cryptocurrency. Fasua argued that the ability to escape taxation might lead to the collapse of the government’s ability to generate taxes on financial transactions to sustain the global economy. Guardian
