CAPITAL MARKET
Q1 Corporate Earnings: Investors Bargain Hunting Lifts Stock Market by N486bn
Following the release of some corporate earnings for first quarter (Q1) ended March 31, 2022, investors bargain hunting in some fundamental stocks lifted the Nigerian Exchange Limited (NGX) northward with its week-on-week (WoW) growth in market capitalisation reaching N486billion. So far, BUA Cement Plc, Stanbic IBTC Holdings, among others have released Q1 2022 unaudited results that showed impressive growth in profit as investors taking position was the overarching theme during trading activities last week ahead of more Q1 2022 corporate earnings releases. Notably, investors’ buying interest in Guinness Nigeria Plc that rose by 17.5 per cent, Lafarge Africa Plc 10.6 per cent, Airtel Africa, 4.7 per cent and Seplat Petroleum, 4.6 per cent supported the stock market N486 billion growth last week. This Day
BANKING
Wema Bank debunks money laundering, bribery allegations
Wema Bank says its attention has been drawn to recent reports in the media regarding money laundering and bribery allegations on a customer’s transaction. It said in a statement that the publication went ahead to mention the names of certain Wema Bank management staff who were allegedly involved in the said transaction. The statement said, “The bank wishes to state categorically that there is no merit in the article, and it is a malicious publication against members of our staff and the bank’s customer. Punch
10 Banks Interest Income Up 19.4% on High-yield Environment, Loans & Advances
Following increased lending to corporates, individuals and high-yield environment, a total of 10 commercial banks reported a 19.4 per cent increase on interest income generated from loans & advances to customers in 2021. Analysis of the banks audited report for period ended December 32, 2021 indicated that the 10 banks generated N1.99 trillion interest income from loans & advances in 2021 as against N1.66 trillion reported in 2020. The banks are: Access Bank Plc, Guaranty Trust Holdings Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Zenith Bank Plc, Fidelity Bank Plc and Sterling Bank Plc. This Day
ECONOMY
Oil Theft: Navy Seizes 6 Million Litres of Stolen Crude from Illegal Refiners
crude oil theft and related acts of economic sabotage, the Nigerian Navy said it seized 6, 000, 000 litres of stolen crude oil estimated at N264 billion. This is just as President Muhammadu Buhari yesterday expressed “shock and trauma” about the death of over 100 people in an explosion at an illegal oil refinery in Imo State. However, there were no report of seized barges and motherships by the Navy, unfortunately, that is where most of the theft occur because these are the means by which stolen crude oil are being transported to international market and sold at far below the market price. And sadly this is occurring right under the nose of the security agencies some of who the government has acknowledged collude with the the criminals to shortchange the country. This Day
FG, stakeholders bank on increased investments in gas to reduce N4trn subsidy
Stakeholders in the oil and gas sector have called for increased investment in the gas sub-sector as part of strategy to save the economy from imminent collapse over soaring fuel subsidy funding currently at N4 trillion. This followed the National Assembly’s recent approval of the President Muhammadu Buhari’s N4trillion subsidy funding request for 2022 from N3 trillion earlier proposed. In separate interview with Daily Sun, some industry observers maintained that recent surge in the prices of Automotive Gas Oil (AGO), popularly known as diesel in Nigeria has led to fresh spike in food prices, dashing hopes of returning to a more stable market condition. The price of diesel has soared by almost 170 per cent in one year to N620-650 per litre from N220-N240 in March last year. The Sun
FG records N2.23tn fiscal deficit in three months – CBN report
The Federal Government recorded N2.23tn fiscal deficit in the fourth quarter of 2021. This was revealed by figures obtained from the Central Bank of Nigeria’s economic report for the fourth quarter of 2021. The report stated, “Federation receipts in the fourth quarter of 2021 declined, following shortfalls in oil revenue. At N2.84tn, provisional federation receipts fell below the quarterly benchmark and the level in the preceding quarter by 7.5 per cent and 0.7 per cent, respectively. “Non-oil revenue maintained its dominance, accounting for 60.8 per cent of the total collections, while oil revenue constituted the balance of 39.2 per cent. Provisional Federal Government of Nigeria retained revenue, at N1.27tn, which declined by 36.6 per cent and 3.2 per cent, relative to the budget benchmark and the preceding quarter, respectively, reflecting the persistent revenue challenge over the past two years. Punch
AfDB predicts energy, food price hikes in Nigeria, others
The President, of the African Development Bank Group, Dr Akinwumi Adesina, has said that the costs of fertilizer, rising energy prices, and rising costs of food baskets, could worsen in Africa in the coming months. He said this as a guest at the Atlantic Council’s Africa Center while answering questions from the Council’s Africa Center Chair, Ambassador Rama Yade; Senior Fellow Aubrey Hruby; and Washington/UN correspondent for Jeune Afrique and The Africa Report, Julian Pecquet, This was contained in a press statement published on the AfDB’s website on Sunday. The AfDB president stressed the need for Africa to prepare for the global food crisis, which is further triggered by the war in Ukraine. Punch
Underwriter renews commitment on claim payment
Managing Director/Chief Executive Officer, Leadway Assurance Company Limited, Tunde Hassan-Odukale, has reiterated the need for commitment to policyholders through prompt claim payment. Speaking at its 50th Annual General Meeting (AGM), Hassan Odukale said the commitment has led to the consistent payment of claims to policyholders. “This year, we paid the highest amount ever in the history of the company and perhaps the highest in the insurance industry last year. Despite the prevailing economic realities and other adverse economic indices, we held this leadership position last year with an equally superior industry-leading payout. Guardian
