CAPITAL MARKET
Stock market gains N87bn in bullish trading
Investors gained N87bn on Wednesday at the end of trading on the floor of the Nigerian Exchange Limited. The market capitalisation of equities listed on the Nigerian Exchange Limited rose to N25.536tn on Wednesday from N25.449tn on Tuesday. The NGX All-Share Index also rose to 47,367.31 basis points from 47,205.03 basis points. Thirty one companies recorded gains at the end of trading on Wednesday, while 17 companies recorded loses. A total of 391.89 million shares valued at N 9.95bn were traded by investors in 5,419 deals. MEYER topped the gainers list after gaining 13 kobo as its share price rose by 9.56 per cent to close at N1.49. IKEJAHOTEL, CAVERTON and UBN’s share price also rose by 9.24 per cent, 6.78 per cent and 6.56 per cent to close at N1.30, N1.26 and N6.50 respectively. Punch
Essaadi: NB Remains Pose on Shareholders’ Return Despite Challenges
The Chief Executive Officer, Nigerian Breweries (NB) Plc, Hans Essaadi, has said that the company is determined to improve on shareholders return amid the shortage in foreign exchange and global economy challenges that has resulted in steep rise in the price of crude oil and grains, as well as other challenges. He noted that the company remains poised to maintain its leadership in the brewery market via its cost and value strategies. Speaking to journalists during its Pre-Annual General Meeting (AGM) briefing in Lagos, Essaadi, noted that despite the challenging operating environment, the company remained dynamic with its processes and was able to remain resilient and grow from strength to strength. This Day
BANKING
Union Bank earnings hit N175bn in 2021
Despite the harsh operating environment, Union Bank Plc, has announced that its gross earnings grew by 8.9 per cent to N175 billion in 2021 as against N160.7 billion recorded in 2020. According to the bank’s Audited financial statements for the year ended December 31, 2021, the growth in its earnings were driven by strong non-interest income, while its Non-interest income rose by 26.7 per cent to N55.7 billion as against N44 billion in 2020, driven by significant increases in debt recoveries.However, the bank’s net operating income after impairments was down by 3.6 per cent to N99.7 billion compared with N103.4 billion recorded in the corresponding period of 2020, although customer deposits grew by 20.4 per cent at N1.4 trillion as against N1.1 trillion in 2020 on the back of expansion of product base and digital channels. The Sun
ECONOMY
National Assembly to pass Buhari’s revised 2022 fiscal framework today
The Senate and the House of Representatives will on Thursday (today) pass the revised 2022 fiscal framework of the Federal Government. The President of the Senate, Ahmad Lawan, made this known after the report of the Committee on Finance was stepped down today for consideration at the plenary on Wednesday.The Majority Leader, Yahaya Abdullahi, who moved a motion for the report to be stepped down, said the consideration should be deferred to Thursday to allow lawmakers make their inputs.The House is also expected to pass the 2022 budget of the Nigeria Customs Service the same day, as the National Assembly goes on break for Easter and Ramadan. Punch
Grid collapse: FG approves N1.4bn for power transmission projects
The Federal Executive Council has approved N1.4bn for the supply of equipment for the Transmission Company of Nigeria, to boost power supply nationwide. The Minister of Power, Abubakar Aliyu disclosed this to State House correspondents after Wednesday’s Council meeting presided over by the President, Major General Muhammadu Buhari (retd.). He said, “I presented two memos from the ministry of power for the Transmission Company of Nigeria. The first one was a variation of the sum of a contract for 132/33 KV substation at Kafanchan, Kaduna State with a KV line base extension at Jos substation, in Plateau State. This is in the sum of N132,705, 861.42.“The second memo was for the supply of handling equipment, haulage, and operational vehicles for the TCN at N1,338,159,080. 88. Punch
MTN launches Nigeria’s first nationwide VoLTE call service
MTN Nigeria has launched a voice over long-term evolution (VoLTE) call service in line with its commitment to providing access to the best communications technology and improving the overall customer experience. The service also referred to as high definition (HD) calls provides customers who own compatible devices with superior natural-sounding voice quality, reduces background noise and increases the speed of call connectivity. Speaking about the new service, the Chief Marketing Officer of MTN Nigeria, Adia Sowho, said: “With VoLTE, MTN Nigeria continues to enhance Nigerian lives with innovative technology. VoLTE is free to access today at your rates from a VoLTE-enabled smartphone so you can call and surf at the same time with no interruptions ever again.” Guardian
FG’s commercial loans rise by 31%, hit $14.67bn
The Federal Government’s commercial debt has risen by 31 per cent from $11.17bn to $14.67bn, according to an analysis of data on actual external debt stock from the Debt Management Office. Specifically, the nation’s commercial loans rose by $3.5bn from $11.17bn in 2020 to $14.67bn in 2021. According to the report, the $11.17bn recorded in 2020 was 33.49 per cent of the total external debt stock. It consisted of $10.87bn Eurobonds and $300m Diaspora Bond. Also, the $14.67bn recorded in 2021 as 38.21 per cent of the total external debt stock. It consisted of $14.37bn Eurobonds and $300m Diaspora Bond. Punch
Cashew nuts, others’ exports hit N56bn in Q1 –Customs
The TinCan Island Command of the Nigeria Customs Service has said the total tonnage of goods exported from its command between January and March 2022 was 71,014.4 metric tonnes, valued at N56.21bn. This was disclosed by the Customs Area Controller in charge of the command, Comptroller Adekunle Oloyode, while speaking to journalists on Wednesday. He said the total Free on Board value of the goods was N56. 21bn. He added that in the corresponding period of last year, the command recorded a total tonnage of 44,502.9mt with a total FOB value of N31.37bn. Punch
Expert seeks decentralisation of TCN to attract investors
IN a bid to proffer a solution to the perennial collapse of the national grid, the co-founder of PUTTRU, Monica Maduekwe, has called for an urgent decentralisation of the activities of the Transmission Company of Nigeria. PUTTRU, an African digital platform that connects energy companies in the continent to global financiers, said this in a statement on Wednesday. Maduekwe canvassed an urgent decentralisation of the activities of the TCN, after enacting the necessary laws currently being promoted in the ongoing constitutional reforms. She maintained it would not only boost investments in the sector but also help states with such capacities to broaden their energy potentials. Punch
