CAPITAL MARKET
Strong earnings, ROI earn Dangote Cement ‘Best Performing Stock’
Having recorded strong earnings and improved returns on investment for stakeholders on a sustainable basis, Dangote Cement Plc has bagged the ‘Best Performing Stock‘ of the Year 2021 Award. The company was named the ‘Best Performing Stock’ by the Nigeria Exchange Limited (NGX) ahead of BUA Cement Plc and CAP Plc at the 2022 Nigerian Investor Value Award (NIVA) organised by the Businessday in collaboration with the Nigeria Exchange Group. The award was categorised under the listed companies segment and the Next Bull segment with Dangote cement leading others in the listed companies’ best-performing stock, under the industrial goods category having recorded stellar performance in creating value for stakeholders on the basis of criteria such as share price, dividend payments, sustainability, brand value, market leadership and business strategy against its peers during the period under review. Guardian
Seplat’s Shareholders Approve $0.10 Dividend,Orjiako Retires as Chairman
The shareholders of Seplat Energy Plc yesterday approved a total dividend payout of $0.10 per share dividend. The shareholders gave their approval at the company ninth Annual General Meeting (AGM)in Lagos. Speaking to shareholders, the chairman of Seplat Energy, Dr Ambrosie Orjiako said that “Our operational and financial performance in 2021 reflects the challenges of our business in Nigeria. Our average working interest production was 47,693 boepd including 29,091 bopd of liquids and 107.9 MMscfd of gas (18,602 boepd).” According to him, “Our robust operational performance, despite our operational challenges meant that we were able to meet our dividend commitment and, with the Board having approved a Q4 dividend of $0.025 per share, we once again returned $0.10 per share to our shareholders for the 2021. This Day
Equities extend losses as index dips further by 0.07 per cent
The Nigerian Exchange Limited (NGX) extended losses to three consecutive sessions yesterday, as the All-Share Index (ASI) depreciated further by 0.07 per cent, amid sustained profit-taking. Specifically, at the close of trading yesterday, the ASI decreased by 35.28 absolute points, representing a dip of 0.07 per cent to close at 52,721.34 points. Similarly, the market capitalisation lost N19 billion to close at N28.423 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group (NGX Group), Berger Paints Nigeria, Lafarge Africa, Fidson Healthcare and May & Baker Nigeria. Guardian
BANKING
Access Bank Emerges Best Performing Stock, Awosika Chairman of the Year
Access Bank has emerged the best performing stock in 2021 by the Nigeria Exchange Limited (NGX). The Bank earned this recognition at the 2022 Nigerian Investor Value Awards (NIVA) organised by BusinessDayin collaboration with the Nigeria Exchange Group. Also, Chairman, Board of Directors of the Bank, Dr Ajoritsedere Awosika emerged as the ‘Board Chairman of the Year’ under the listed company awards category. Access Bank was named the best stock in the ‘Financial Services -Banking’ category for its exemplary performance and creating value on the NGX compared to other quoted banks in the past year. Similarly, Awosika was adjudged the best based on her outstanding leadership and business strategy during the period under review. This Day
ECONOMY
World Bank to fund $30bn projects in Nigeria, others
The World Bank has said it is set to disburse a total of $30bn to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. According to the bank, it is working with countries on a $12bn new projects fund for the next 15 months. It said the projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects. It added that most of the funds would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia. The global bank disclosed this on Wednesday when it announced how it plans to be part of a comprehensive, global response to the ongoing food security crisis. It stated that it intends to roll out this fund in existing and new projects in agriculture, nutrition, social protection, water, and irrigation. Punch
FG Declines Consent to Seplat, Mobil Oil Producing Assets Acquisition Deal
The federal government declined its consent to the proposed acquisition of oil and gas assets belonging to Mobil Oil Producing Nigeria Unlimited (MPNU) by Seplat Energy. The government among others, cited overriding national interest as one of the reasons for rejecting the deal. The Chief Executive, Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, stated these in two separate letters addressed to the Chairman/ Managing Director, Mobil Producing Nigeria Unlimited, Mr. Richard Laing as well as the immediate past Chairman of Seplat Energy, Dr. ABC Orjiako. Both letters obtained by THISDAY yesterday, were dated May 13, 2022. Seplat Energy had in February this year, announced its acquisition of oil and gas assets belonging to MPNU. But the deal was subject to Ministerial Consent and other required regulatory approvals. This Day
With $32bn Valuation, FTX Pushes for Regulatory Framework in Crypto Market
Given the huge trade volume of crypto currency in Africa, Nigeria inclusive, a centralised crypto currency exchange firm, FTX, has called on the federal government to licence crypto trading and come up with regulatory framework that will guide the operations crypto currency business in Nigeria. FTX is a native token designed for the crypto currency derivatives exchange FTX, with numerous uses that are designed to benefit users and increase network effects around the platform. The firm made the call during its third anniversary in Lagos, which was attended by industry players, including some state government officials. Business Development Manager, FTX in Africa, Mr. Adebayo Juwon, said: “FTX is the most licensed crypto in the world both in the US, Japan, Europe and the United Arab Emirates (UAE). According to him; “The reason the rate is low in Nigeria and other African countries is because governments are not providing the regulatory framework, needed to guide the operations of crypto currency trading. This Day
FG Suspends Accountant-General, Idris, over Alleged Diversion of N80bn
The federal government has suspended the Accountant-General of the Federation (AGF), Ahmed Idris, indefinitely, following his arrest on Monday by the Economic and Financial Crimes Commission (EFCC) over alleged diversion of N80 billion public funds. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, ordered his suspension via a letter dated May 18, 2022. When contacted, Special Adviser to the Minister on Media and Communications, Mr. Yunusa Tanko Abdullahi, confirmed the development. Abdullahi stated that the suspension was “to allow for proper and unhindered investigation into the serious allegations” against him, in line with Public Service Rules. He said the suspension took effect from yesterday, adding, “He is suspended without pay, and during this period, he is not expected to be at work or have any contact with the office.”EFCC had on Monday announced the arrest of the AGF. This Day