The Chinese parent firm of TikTok, ByteDance, has stated that it has no plans to sell the company in the wake of a US law that requires it to sell the immensely popular video app or face bans in the US. “ByteDance has no plans to sell TikTok,” the firm stated on Toutiao, a social media network it owns, through its official account. TikTok announced earlier this week that it would contest the “unconstitutional” law in court. The ByteDance comment was a reaction to an article published by The Information, a website covering the technology industry, which stated that it…
Author: Ken Ibenne
The Trade Union Congress of Nigeria (TUC) has ruled out the possibility that state governors and the federal government will work together to impose a new minimum wage on Nigerian employees come May 2024. TUC President Comrade Festus Osifo voiced his displeasure with the federal government’s lack of progress in negotiating a new minimum wage at a meeting of the National Executive Council. Osifo brought attention to the Niger Delta states’ inability to fulfill their wage award payments or worker palliative care duties, despite receiving significant funding from the Federation Account. He specifically named the states of Delta, Imo, and…
The Central Bank of Nigeria’s dollar supply for overseas medical and educational costs increased by 49.22% to $1.81 billion for the nine months ending in September 2023. Nigeria spent somewhat more on international education and health-related concerns abroad in 2022—$1.81 billion compared to $1.76 billion in the same time in 2022, according to CBN data. The amount of money allocated for these two charges was insignificant compared to the $2.49 billion that was available during the same period in 2021. The apex bank defined the balance of payments as “a systematic record of economic and financial transactions for a given…
The Nigerian stock market has been in a bear market since the beginning of April 2024. During that time, the market capitalization has dropped by N3.63 trillion and the All-Share Index (ASI) has declined by 6.16%. The Nigerian Exchange Limited (NGX) closed on April 24, 2024, with an ASI of 98,121.3 points, compared to the 104,562.06 points at the market’s opening on April 1. The NGX ended April 24 with a market value of N55.49 trillion, down from N59.12 trillion at the beginning of the month. Nonetheless, the market’s outstanding gains in the first quarter (Q1) of 2024 have more…
First City Monument Bank (FCMB), a tier 2 institution, reported its greatest profit in ten years, increasing by 206% to N95.52 billion from N31.13 billion in 2022. For the entire year 2023, FCMB’s earnings before tax increased to N101.46 billion, a 177.4% increase from 2022. The business reported gross earnings of N516.8 billion for the year, increasing 82.6 percent from 2022, in its unaudited annual report and financial accounts for 2023. The financial institution saw a 45.4 percent increase in net interest revenue from 2022 to 2023, or N177.42 billion. This indicates that interest income was higher for the company.…
March 2024 saw a month-over-month (MoM) rise in spot foreign exchange (FX) market turnover of 47.66% ($4.07 billion) over February 2024 ($8.54 billion), to $12.61 billion (N19.29 trillion). The FMDQ Markets Monthly Report for March, which The News Chronicles viewed, included this information. The US dollar slightly declined vs the Naira in the foreign exchange market, according to the data. The spot exchange rate ($/N) closed at an average of $/N1,524.04 in March 2024 from $/N1,525.01 in February 2024, a decrease of 0.06% ($/N0.97). According to the research, there was a rise in exchange rate volatility in March 2024 when…
Sichuan Baicha Baidao, better known as Chabaidao, has had its shares plummet about 30% on the Hong Kong Stock Exchange on its first day of trading. The greatest initial public offering (IPO) in the Asian financial hub this year occurred with Chabaidao’s market debut. The underwhelming performance highlights the challenges the city is having drawing in investment. By retail sales, China’s third-largest fresh tea drink business is called Chabaidao, which translates to “100 varieties of tea.” Despite the IPO being received with a lackluster response from investors, the Chengdu-based company managed to raise approximately $330 million (£267 million). About half…
The Nigeria Police Force (NPF) officers and men are facing housing issues. To solve this, the federal government plans to establish a N100 billion Police Housing Fund, which Olukayode Egbetokun, the Inspector-General of Police (IGP), has announced. The declaration was made on Monday at the opening of the first Nigerian Police Housing Summit, which took place in Abuja. The summit’s subject, “Revived Hope for Police Housing in Nigeria,” was to discuss housing as a vital welfare instrument for law enforcement. In his speech at the function, the IGP outlined the goals of the summit and emphasized the necessity of providing…
Mastercard and Onafriq, formerly known as MFS Africa, a pan-African payments company, have partnered to enhance payment choices for African consumers and small- to medium-sized businesses (SMEs). The companies said that the partnership will accelerate the expansion of digital financial services, such as mobile money transfers, international remittances, and international settlements, because of their shared dedication to enhancing financial inclusion through an omnichannel strategy. Amnah Ajmal, Mastercard’s executive vice president of market development for EEMEA, stated, “The digital financial services industry is being driven by technological advancements, and enabling consumers to shift to digital commerce requires accessible digital payment solutions.”…
The Federation Account Allocation Committee (FAAC) has stated that N1.123 trillion will be distributed to various tiers of government in March 2024 from a variety of revenue sources like as statutory allocations, value-added tax (VAT), and electronic money transfer levies. The Office of the Accountant General released a statement, which was signed by Bawa Mokwa, Director (Press and Public Relations), stating that N345.890 billion was obtained by the federal government and N398.689 billion was acquired by state governments. Councils of local government received N288.688 billion in revenue. Exchange difference revenue (N285.525 billion), VAT (N511.879 billion), EMTL (N14.754 billion), and distributable…
At the 2nd Annual General Meeting (AGM) of Access Holdings Plc, which took place on Friday in Lagos, the company’s shareholders approved the plan to launch a capital raising programme with a maximum value of $1.5 billion, in addition to the subset initiative to raise up to N365 billion through a rights issue. Its banking and other non-banking companies’ organic growth funding, as well as continuing working capital needs, would be supported by the proceeds of the rights offer. The non-executive director appointments of Olusegun Ogbonnewo, Ojinika Olaghere, and Aigboje Aig-Imoukhuede were also approved by the shareholders. The shareholders applauded…
The Federal Government of Nigeria raised N626.813 billion in its April 2024 FGN bond auction, according to the Debt Management Office (DMO). Compared to the N475.67 billion that was raised in the sale last month, this figure is around 32% greater. The substantial amount of cash raised came from the sale of long-term securities, which were split up among three different bond series with different maturities. The April 15, 2024, auction demonstrated strong investor interest, especially in the 10-year bond. A significant total subscription of N550.828 billion was drawn to this instrument alone, demonstrating strong market trust in the government’s…
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that only nine tax heads provide nearly 90% of the tax money collected by the government treasury. This was said by Edun on Friday at a briefing at the International Monetary Fund (IMF) and World Bank’s current Spring Meetings in Washington, DC. The Minister pointed out that while there are almost 80 distinct taxes and levies in Nigeria, only nine of them currently contribute significantly to the country’s GDP (gross domestic product) by generating 90% of its revenue. According to Edun, the government wants to correctly charge…
The Securities and Exchange Commission (SEC) has stated that it will shortly provide guidelines to promote an effective capital-raising procedure in the current exercise. This was said during a virtual press briefing on the Capital Market Committee (CMC) meeting for the first quarter of 2024 by Lamido Yuguda, the departing Director-General of the SEC. To guarantee a seamless procedure, Yuguda mentioned that the SEC is collaborating with the Central Bank of Nigeria (CBN) and other pertinent organisations. “The Commission has learned valuable lessons from the previous bank recapitalization exercise and will very shortly issue appropriate guidelines to facilitate an efficient…
The National Bureau of Statistics (NBS) reports that the average retail cost to refill a 5 kilogramme cylinder of cooking gas, or liquefied petroleum gas, increased by 42.97% from N4,610.48 in March 2023 to N6,591.62 in March 2024. In contrast, the price increased by 7.10% on a monthly basis from N6,154.50 in February 2024. According to a state-level research, the highest average price was N7,609.00 in Kano, followed by N7,363.64 in Ogun and N7,162.50 in Akwa Ibom. In comparison, Taraba and Zamfara had the lowest prices at N5,375.00 and N5,550.00, respectively, while Adamawa had the lowest price at N5,312.50. In…
The naira’s surge since late March which had made it the best-performing currency in the world came to a stop on Friday when it had its biggest decline in more than a month on the parallel market. In street dealing on Friday, a dollar went for N1,230, a 17 percent decrease from N1,050 the day before. Although demand was higher on the day, traders still predicted that the naira would recover some of its losses in the next few days. Additionally, on Friday, the naira lost 1.38 percent of its value versus the dollar at the official market, falling to…
Market capitalization fell by N35 billion yesterday as trading on the Nigerian Exchange Limited (NGX) floor stopped gains to close on a dip. The market capitalization of listed stocks fell by 0.06 percent to N56.469 trillion at the close of business yesterday, from N56.504 trillion the day before. In addition, the All Share Index decreased by 62.98 basis points to 99845.91 points from Wednesday’s trading of 99908.89 points. Following an analysis of the activity, Guinness Nigeria Plc emerged as the top gainer, closing at N55 with 10% of the market. Morison gained 9.73 percent to close at N3.72 kobo, while…
Data demonstrating the Central Bank of Nigeria’s (CBN) seldom involvement in the foreign exchange market demonstrate that the CBN is not using its foreign reserves to support the naira. The CBN has only sold $581 million on the official market, also known as NAFEM, this year, according to data from the FMDQ Securities Exchange. That indicates that only 3.2% of the $17.938 billion in market turnover during the same period came from the sales of the CBN. Data demonstrating the CBN’s pitiful dollar sales in the foreign exchange market refutes reports that the Abuja-based bank has been depleting its reserves…
Under a memorandum of understanding (MoU) signed by the Pharmacy Council of Nigeria (PCN) and the National Board for Technical Education (NBTE), pharmaceutical technicians’ training in Nigeria would no longer be offered. The purpose of the MoU is to resolve long-standing issues with pharmaceutical technologists’ training in Nigeria’s polytechnics and other educational establishments. The signing ceremony, which took place on Wednesday at the Federal Ministry of Education offices, is an attempt to work together to address important problems in the field of pharmaceutical education. The Federal Ministry of Education’s permanent secretary and other important directors were present at the meeting,…
UBA stockholders would receive a final dividend of N78.7 billion in FY 2023, equivalent to N2.30 per ordinary share retained. UBA distributed a total dividend of N2.80 per share, or N95.8 billion when combined with an interim dividend of N0.50 per share paid for H1 2023. The N95.8 billion total dividend paid for FY 2023 is a 154.8% increase over the N37.6 billion total dividend paid for FY 2022. Although the total amount of dividends paid out in 2023 increased, the group’s dividend payout to PAT ratio decreased by 6.3 percentage points, from 22.1% in 2022 to 15.8% in 2023.…
Chemical and Allied Products (CAP) Plc, a Nigerian paint and coating firm, posted its biggest profit in at least 13 years, according to figures collated by The New Chronicles. According to the company’s most recent financial statement, its after-tax earnings climbed from N2.37 billion in 2022 to N2.5 billion in 2023. The company’s financial income increased to N681 million from N381 million, which was the main driver of this. The company’s interest income on short-term bank deposits, interest income on financing leases, and exchange gain, which increased to N308 million from N171 million, N3.5 million from N3 million, and N369…
Yesterday saw a decline in the Nigerian Exchange Limited’s (NGX) equity market as losses in bank stocks caused the market capitalization to drop by N304 billion. The All Share Index (ASI) saw a decrease of 537.44 points at the end of yesterday’s trading session, or 0.5 percent, to settle at 101,777.12 points. Market capitalization decreased by N304 billion as a result, closing at N57,560 trillion. Price increases in major and medium-sized capitalization stocks—GTC, Zenith Bank, United Bank for Africa, Fidelity Bank, TransNational Corporation of Nigeria, AccessCorp, May&Baker, and Wema Bank—were the main causes of the market’s poor performance. The market…
Dangote Cement Plc shareholders’ unclaimed dividend increased to N4.7 billion as of December 31, 2023. This can be found in the audited annual report of the 2023 firm that Nairametrics has access to. A preliminary glance at the audited financial statement of the company, which was made available to the investment public and the Nigerian Exchange Limited, indicates that the outstanding unclaimed dividend has increased by approximately 6.82% from the N4.4 billion that the group announced in 2022. The group announced that it would keep working with registrars to take action to guarantee that shareholders get their dividends. It is…
The financial world is waiting impatiently for the National Bureau of Statistics (NBS) to release Nigeria’s consumer price index (CPI) data for March 2024. The country’s inflation rate for the month will be revealed in this report, and preliminary data suggests that the upward trend seen in recent months may continue. The backdrop of Previous Trends Nigeria’s inflation rate jumped to a startling 31.7% in February 2024, the highest level in almost 28 years. This gain was a notable rise from the 31.8% inflation rate in April 1996 and came after a rise from 29.9% in January 2024. If the…
The National Identity Management Commission (NIMC) has stated that all Nigerians will receive the National Identification Number (NIN) within the next two years. During an X Space event on Sunday, the Commission’s Head of Corporate Communications, Mr. Kayode Adegoke, revealed this information to inform Nigerians about the NIMC Self-Service Modification platform. Adegoke stated that more than 105 million NINs have been issued, even though the commission’s most recent statistics indicate that as of December 2023, 104.16 million NINs have been issued. There are currently approximately 200 million people living in Nigeria, according to estimates. “Over 105 million NIN have been…
Nigeria’s stock market finished the trading week on Friday, April 12, in the red, down 1.09 percent. Over N638 billion was booked as a loss by investors during the review trading week. Due to public holidays and the Eid Mubarak market, the market only traded for two days during the review week. However, a notable decrease in consumer goods, banking, and insurance companies contributed to the market’s downward movement. Prior to the review week’s trading, Futureview research analysts had stated that they expected the equity market to perform mixedly “as investors respond to fresh corporate actions and adjust their positions…
Zenith Bank Plc, a Nigerian lender, plans to issue 31.3 billion new shares in an effort, aimed at raising additional capital. In a filing made on Friday with the Nigerian Exchange Group (NGX), the precise amount was not disclosed. This action is a reaction to the Central Bank of Nigeria’s (CBN) recent announcement that minimum capital requirements for banks will increase tenfold. This kind of adjustment hasn’t been made in almost 20 years. The bank proposes amending its articles of association to reflect the new share capital of N31.3 billion. This would bring the total issued shares to 62.7 billion,…
The Standards Organization of Nigeria (SON) has recertified Axxela Limited’s Integrated Management System (IMS), which includes ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018, for portfolio development for gas and power projects. Axxela’s Chief Operating Officer, Kehinde Alabi, spoke about the accomplishment and stated that it demonstrates the company’s commitment to ongoing improvement in the areas of environmental, social, and governance practices by combining quality, environmental management, occupational health, and safety into a single system. He emphasized that receiving a recertification of its IMS after a thorough audit conducted by the SON is evidence of its unwavering pursuit of operational excellence…
The Lagos-Calabar Coastal Highway will cost N4 billion per kilometer, not N8 billion as former Vice President Atiku Abubakar had claimed, according to David Umahi, Nigeria’s minister of works. The entire project will cost N2.8 trillion to complete for a 700-kilometer expressway. This was disclosed by Umahi during his guest appearance on Wednesday in Lagos on Television Continental News Hour. The minister refuted claims that the project did not adhere to the proper procurement procedure, claiming that, contrary to popular belief, the contract was given based on counterfunding rather than a public-private partnership. The Peoples Democratic Party’s presidential contender for…
Champion Breweries Plc, a Nigerian brewing company, saw its profit plummet by 73.6 percent last year, according to the company’s most recent financial statement. The brewer’s profit before taxes decreased to N445.3 million from N2.25 billion in 2022, and its after-tax profit plummeted to N370 million from N1.41 billion. From N12.3 billion to N12.7 billion, revenue increased somewhat. From N6.48 billion to N7.63 billion, the cost of sales grew. Selling and distribution costs for the company went from N2.29 billion to N3.03 billion. The amount spent on administration increased from N1.43 billion to N1.53 billion. The…
