CAPITAL MARKET
Total Nigeria declares N1.36bn interim dividend as revenue rises
Total Nigeria Plc has announced that its revenue rose by 41.82 per cent to N151.33bn for the six-year period ended June 30, 2021. The company, in a statement about its unaudited financial statements, said it would pay an interim dividend of N4.00 per 50 kobo ordinary share, which amounts to N1.36bn. The statement, signed by the Company Secretary, Bunmi Popoola-Mordi, said, “An interim dividend of N4.00 per 50 kobo ordinary share, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 13th of August 2021.” Punch
Stock investors gain N330bn, market cap hits N20tn
Investors in the Nigerian Exchange Limited saw a N329.73bn gain on Thursday as the market capitalisation of equities climbed above N20tn for the first time in seven days. The daily stock market report showed that the NGX All-Share Index rose by 1.69 per cent from 37,952.65 basis points on Thursday to 38,585.65bps on Monday. There was no trading on Tuesday and Wednesday, which were declared as public holidays for the Eid-el-Kabir celebration.The market capitalisation increased to N20.10tn, driven by growth in the NGX Premium Index, which rose by 3.30 per cent to 3,755.51bps. Punch
BANKING
CBN Targets October for Digital Currency Launch
The Central Bank of Nigeria (CBN) yesterday disclosed that its much-anticipated digital currency will be launched on October 1. CBN Director, IT Department, Mrs. Rakiya Mohammed, revealed this during a private webinar, explaining that the banking sector regulator had been conducting research towards the launch of digital currencies since 2017. She added that the central bank may conduct a proof of concept before the end of the year. The move to adopt the electronic currency was first disclosed by the CBN Governor, Mr. Godwin Emefiele, during the Monetary Policy Committee (MPC) in May. This Day
ECONOMY
Economy shrank in May amid low purchasing power – CBN
The Purchasing Managers Index revealed that the Nigerian economy contracted in May, according to data obtained from the Central Bank of Nigeria on Thursday. The personal statements of some members of the Monetary Policy Committee indicated that the PMIs for the manufacturing and non-manufacturing sectors contracted in May. “Manufacturing and non-manufacturing PMIs contracted in May 2021, despite growth of the manufacturing sector in Q1:2021 Punch
World Bank intensifies support for climate action in developing countries
The World Bank Group, yesterday, announced its new Climate Change Action Plan that seeks to deliver record levels of climate finance to developing countries through a series of activities. Apart from funding, the Group will help affected countries to firm up incentives and taxes to support de-carbonisation efforts. The new plan is a follow-up to its first Climate Change Action Plan, which delivered over $83 billion in financing over five years, including a record $21.4 billion in 2020. The new move aims to reduce emissions, strengthen adaptation and align financial flows in line with the Paris Agreement goal. Guardian
World Bank: Nigeria Going through Its Worst Unemployment Crisis
Nigeria is currently going through one of its worst unemployment crises in recent times, a new report by the World Bank has stated. The multilateral institution also noted that the socio-economic challenges facing Nigerians in the last 10 years have led to an astronomical increase in the number of citizens seeking asylum and refugee status in other countries. This is as the World Bank, in a separate report, has estimated that about 4,000 Nigerian children were made orphans by the COVID-19 pandemic between March 2020 and July 2021.This Day