Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group, has alluded to the idea of a dual listing with the Saudi Exchange while highlighting how President Bola Tinubu’s economic reforms have made it possible for foreign investment to enter the nation. Speaking on the fringes of the Saudi-African Summit in Riyadh, Kwairanga said that the gathering offered a chance to explore collaboration between the Saudi government and Nigerian enterprises. He claimed that Nigeria had a chance to present itself at the summit and that the new government had implemented reforms. “We believe that we have opportunities to showcase what…
Author: Ken Ibenne
The 20-year partnership between Interswitch Group and ACI Worldwide, a leader in real-time payments software globally, has reached new heights as Interswitch’s relationship with ACI is now consolidated from reseller to strategic partner status in several Sub-Saharan African markets. Through the innovative Enterprise Payments Platform from ACI, the agreement will allow banks, fintech, and other financial institutions in the area to gradually update and change their payment infrastructure. Thanks to this partnership, Interswitch will be able to quickly adapt its technology stack to the full suite of payment solutions included in the ACI Enterprise Payments Platform. This will allow banks…
The organized private sector (OPS), in support of the Micro Pension Plan (MPP), which aims to increase retirement savings, has been urged by the National Pension Commission (PenCom) to step up its campaign. Head of PenCom’s Micro Pensions Department Dauda Ahmed said, “The MPP was introduced by the Pension Reform Act (PRA) 2014 to allow individuals working in organizations with fewer than three employees and self-employed individuals to voluntarily participate in the contributory pension scheme and save for their retirement age.” She was speaking during the Commission’s special day at the recently concluded Lagos International Trade Fair, which was organized…
The French Development Agency (AFD) has granted the Bank of Industry a €100 million credit line to support the growth of green finance in Nigeria. In the past five years, the bank has collaborated with partners to secure nearly $5 billion from various international financial institutions to support President Bola Ahmed Tinubu’s vision of creating a climate-smart Nigeria. Dr. Olasupo Olusi, the Managing Director and Chief Executive of the Bank of Industry (BOI), hinted at this yesterday at the Joint International Chief Executive Officers (CEO) forum of the Association of Development Financing Institutions in Asia and the Pacific (ADFAP) and…
A partnership between Saudi Export-Import Bank (Saudi EXIM), a leading export credit agency in the Kingdom of Saudi Arabia, and United Bank for Africa (UBA) Plc aims to improve economic cooperation between the two countries’ economies and boost business growth. In order to do this, yesterday saw the signing of a Memorandum of Understanding (MoU) by both organizations, which aims to promote trade and economic cooperation between them. During the Saudi and Arab African Summits in Saudi Arabia, the Memorandum of Understanding was inked. The main objective of the collaboration between UBA Group and Saudi EXIM Bank is to foster…
According to data from the Nigeria Extractive Industries Transparency Initiative (NEITI), the federation account of the country was allocated N14.38 trillion in 2020–2021. This statement was made yesterday during the launch of the 2020–2021 NEITI Fiscal Allocation and Statutory Disbursement (FASD) Industry Report by NEITI Executive Secretary Dr. Orji Ogbonnaya Orji. The Nigerian National Petroleum Company Limited (NNPCL) sent a total of N1.55 trillion, or 10% of the total transferred to the federal account during the period under review, according to a breakdown of revenue remittance to the federation account. The report also revealed that N2.7 billion, or 18.83 percent…
In order to assist the Investment in Digital and Creative Enterprises (I-DICE) program, which is being headed by the office of Vice President, Senator Kashim Shettima, Nigeria and the French government have inked a $116 million funding agreement. The $116 million is a portion of a $600 million financing agreement from a group of development partners aimed at generating employment opportunities in the creative and digital technology sectors of the Nigerian economy, according to Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, who made this announcement via his X handle. According to Tijani, the finance partners are the…
CardinalStone Partners Limited, a multi-asset investment management company based in Nigeria, won four prizes at the recently held BusinessDay Banks and Other Financial Institutions (BAFI) awards in Lagos. The company won the titles of “Mid-Market Investment Bank of the Year,” “Investment Management Firm of the Year,” “Investment Research Firm of the Year,” and “Stockbroking Firm of the Year.” October 28, 2023, saw the Lagos Continental Hotel host the BAFI Awards, an event designed to honor and celebrate companies and professionals that have excelled in the financial sector. CardinalStone’s Group Managing Director, Michael Nzewi, responded to the historic victories by saying,…
Market capitalization climbed by N155 billion yesterday, as trading on the equities sector of the Nigeria Exchange Limited (NGX) reopened in a positive light, following advances recorded by major bluechip stocks, particularly Seplat Energy and BUA Cement. In fact, yesterday saw an increase of 0.40 percent, or 282.69 points, in the All-Share Index (ASI), which closed at 70,479.62 points. In a same vein, the market capitalization value increased by N155 billion total, closing at N38.712 trillion. Price increases in large- and medium-cap stocks—Seplat Energy, BUA Cement, GlaxoSmithKline Consumer Nigeria, Oando, and Fidelity Bank—were the main driver of the performance’s upward…
Insurance company Noor Takaful Limited has generated N4.97 billion as its gross premium contribution for the 2022 financial year, despite the challenging economic climate in the nation. At its sixth annual general meeting in Lagos, the underwriter made this revelation. It stated that the company’s board had recommended paying a dividend of N46.84 million, or three kobo per ordinary share, based on the company’s performance. The National Insurance Commission (NAICOM) authorized the audited result breakdown, which revealed the insurance company’s contribution for the fiscal year that concluded on December 31, 2022. Profit After Tax rose from N422.72 million in 2021…
BusinessDay’s 2023 “Islamic Bank of the Year Award” went to TAJBank Limited once more, as it defeated rivals to win the esteemed title for a record-tying third year. GM Emerging Africa, Tosin Sanni, and Publisher, BusinessDay, Frank Aigbogun, presented the award to the bank’s management, represented by the Regional Head, Lagos, Mr. Michael Iteye, during the newspaper’s Banking and Financial Institutions (BAFI) awards ceremony held in Lagos. They stated that TAJBank was given the award for “its commitment to world-class services, impressive financial performances, and consistently being at forefront in the nation’s financial inclusion drive over the last three years.”…
Four straight sessions of growth on the Nigerian Exchange Limited (NGX) were interrupted by investors taking profits as the market capitalization fell by N297 billion. The All-Share Index (ASI) closed at 70,042.28 points yesterday after losing 539.48 points, or 0.76 percent. Additionally, market capitalization dropped to N38.481 trillion at the end, down N297 billion. The stock market’s negative trend was notably fueled by price depreciations in MTN Nigeria Communications (MTNN), BUA Cement, Nigerian Aviation Handling Company (NAHCO), FBN Holdings (FBNH), and CAP. “With most of the Q3 earnings results out of the way, investors have started to take profit on…
The federal government is hopeful that, with the right tools, the non-oil sector can transform the country’s present financial difficulties into greater economic prosperity. The guarantee was given yesterday at the Export Mentorship Program (EMP) launch in Abuja by Mrs. Nonye Ayeni, Executive Director of the Nigerian Export Promotion Council [NEPC]. According to data from the Nigerian Export Promotion Council (NEPC), the industry saw $4.820 billion in export commerce in 2022, a 39.91% rise over the export value in 2021. In the first quarter of 2023, 167 non-oil products were exported, ranging from manufactured and semi-processed goods to solid minerals…
The confirmation of Fidelity Bank Plc’s dominance in the export market has come from the bank’s win of the Export Finance Bank of the Year title at the Business Day and Other Financial Institutions (BAFI) Awards 2023. The honor was given to the bank during a dinner event that took place in Lagos over the weekend. The BAFI Awards serve as the gold standard for establishments operating in the Nigerian financial services industry. The awards, which are in their tenth year, honor and celebrate companies that excel in providing financial services in Nigeria, according to a statement from the award’s…
Access Bank has committed more than N200 billion to guarantee sustainable food security in the nation, benefiting more than 10,000 people along the value chain of the agricultural industry. According to the lender, the action was taken to fulfill specific consumer needs in line with market realities, generate jobs, and ensure sustained food security across the country. This was stated by Emmanuel Makinwa, Team Lead, Access Bank’s Agric Business, Commercial Banking Division, during a press conference to introduce the bank’s specialized desks, which are focused on development and agriculture. According to him, the project has had a significant positive impact…
The Manufacturers Association of Nigeria (MAN) has argued on behalf of local manufacturers, urging the Federal Government to give priority to FX allocation to the industrial sector in light of the Federal Ministry of Finance’s announcement that it would receive $10 billion in foreign exchange inflows at some point in the future. These inflows are intended to mitigate the impact of market pressure and spur economic growth. The union claimed that in order to increase domestic production, foreign exchange involvement for raw materials and industrial machinery is vitally needed in the nation’s manufacturing sector. Francis Meshioye, the president of MAN, stated…
The Nigerian Exchange Limited (NGX) finished October 2023 on a positive note yesterday thanks to significant price gains reported by several bluechip companies, most notably Dangote Cement and Geregu Power Plant. This caused the market capitalization to surge by N536 billion. The All-Share Index (ASI) increased by 975.13 points, or 1.45%, at the end of yesterday’s trading to close at 68,111.71 points. Additionally, market capitalization increased to settle at N37.421 trillion, up N536 billion. Price depreciation of major and medium-sized capitalization companies, such as those of Nigerian Breweries, Dangote Cement, Geregu Power, Stanbic IBTC Holdings, and Nigerian Aviation Handling Company…
A typical Nigerian household may find it difficult to purchase a 1-kilogram bag of rice when the holiday season draws near because of its growing price. The average price of one kilogram of locally marketed rice rose by 60.59 percent in the last year, from N471.42 in September 2022 to N757.06 in September 2023, according to data from the National Bureau of Statistics (NBS). The NBS revealed yesterday in its Selected Food Prices Watch for September 2023 that the average price of rice grew by 2.48 percent from N738.74 in August 2023 to N738.74 in September 2023 on a month-over-month…
In Nigeria and other sub-Saharan African countries, the mobile subsector contributed $170 billion to the GDP of the region in 2022. This is true even though the subsector raised around $20 billion in taxes, which went toward helping to finance the public sector. Services, VAT, sales taxes, and excise duties made up a significant portion of the contribution, totaling $10 billion. Corporate profits taxes came in second, with $5 billion. In its “2023 Mobile Economy Report for Sub-Saharan Africa,” the Global System for Mobile Telecommunications Association (GSMA) disclosed that in 2022, mobile technologies and services contributed approximately $170 billion in…
Subject to shareholder approval at the company’s upcoming annual general meeting, VFD Group Plc, a sector-agnostic proprietary investment company publicly traded on the Nigerian Exchange Limited, has announced the appointment of two new independent non-executive directors, effective October 25, 2023. In a statement, the board of directors said it was pleased to have Ms. Rashida Saleh and Ms. Nneka Okekearu join its executive team. The aforementioned appointments demonstrate VFD’s dedication to improving company governance and unifying its strategic orientation. Saleh has worked in contract management, finance, and human resources for more than 25 years. Of those years, 15 were spent…
Ismaila Muhammadu Zakari, a former president of the Institute of Chartered Accountants of Nigeria (ICAN), has disclosed that the Federal Government disbursed more than N200 billion in unauthorized payments in 2019. He claimed that the payments might have broken the nation’s Public Procurement Act because they were not accompanied by the required paperwork. During a two-day Audit Reporting Workshop hosted by FrontFoot Media Initiative in Lagos, which concluded yesterday, Zakari disclosed several anomalies and flaws in the 2019 Federal Government Audit Report. He added that the Auditor General had discovered these anomalies and that the Federal Government’s 2019 financial accounts…
The All-Share Index (ASI) fell by 0.2% yesterday and losses in numerous blue-chip stocks— particularly MTN Nigeria Communications (MTNN) Plc and 28 stocks— ensured that the Nigerian Exchange Limited (NGX) maintained its negative outlook. The ASI closed at 67,084.95 points yesterday after losing 121.21 points, or 0.2% of its value. To settle at N36.857 trillion, the market capitalization also decreased by N66 billion. Price declines of major and medium-sized equities, such as those of Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), Flour Mills of Nigeria, CWG, and Guaranty Trust Holding Company (GTCO), was the primary cause of the slump. Market…
For Nigerian households, there is still no relief as the cost of kerosene and cooking gas increased by 2.09 and 1.81 percent in September, respectively. In its Liquefied Petroleum Gas (Cooking Gas) and National Household Kerosene Price Watch for September 2023, the National Bureau of Statistics (NBS) revealed that the average retail price for refueling a 5 kg cooking gas cylinder increased by 1.81 percent on a monthly basis from N4,115.32 in August 2023 to N4,189.96 in September 2023. Additionally, the price per liter of kerosene that consumers paid during the same period was N1,299.03, representing a 2.09 percent increase…
The Naira continued its wild decline, plunging to N1, 290 to $1 in Abuja and other markets. A dollar was purchased for N1,250 and sold for N1,290 yesterday as of 5 p.m., according to Adamu Suleiman, a Bureau de Change operator in zone four of Abuja, which is known for being a hotbed of exchange rate volatility. “There is nothing new to say again,” he stated. “The price will keep rising as soon as there is a severe shortage. It is determined by supply and demand.” He was upbeat about the anticipated productive cooperation between the monetary and fiscal authorities,…
The nation’s stock exchange has seen unprecedented capital flight as a result of sustained capital flight sparked by the foreign exchange (Forex) crisis, insecurity, and other macroeconomic issues, made worse by foreigners’ inability to repatriate their funds. In just seven years, the total number of foreign transactions completed on the equities market has decreased by 66%. The Nigerian Exchange Limited (NGX) provided data from its Domestic Foreign Portfolio Investment Report, which revealed that as of August 2023, the total amount of foreign transactions had fallen to N37.16 billion from N110.40 billion in August 2014. Additionally, from N53.87 billion in 2014…
In its 2023 Biannual Executive Order 001 (EO1) Compliance Report, the Presidential Enabling Business Environment Council (PEBEC) revealed that the Nigerian Content Development and Monitoring Board (NCDMB), the Standards Organization of Nigeria (SON), and the Nigeria Agricultural Quarantine Service (NAQS) were the top performers, placing first, second, and third, respectively. The Business Facilitation (Miscellaneous Provisions) Acts (BFA) 2022 have codified EO1, according to PEBEC. PEBEC’s continuous commitment to monitoring compliance with the Executive Order, which aims to promote transparency and efficiency in the Nigerian business environment, was reflected in the compliance report that was released during a stakeholder sensitization conference…
As part of the commission’s assistance to the government, Sunday Thomas, Commissioner of Insurance and CEO of the National Insurance Commission (NAICOM), disclosed that the organization was successful in rallying the insurance sector to provide at least N500 million and free life insurance coverage for frontline workers in the handling of the COVID-19 pandemic. According to Thomas, the industry’s performance increased at an average rate of 13.6% between 2014 and 2022, from N282 billion to N725.2 billion in premium income. The sector’s total assets also increased at an average rate of 12% during that time, rising from a base of…
The Nigerian Exchange Limited (NGX) saw a decline in trading yesterday as the sale pressure in 20 stocks and the VFG Group caused the market capitalization to drop by N22 billion. In particular, yesterday’s closing of business saw a 38.49-point decrease in the All-Share Index (ASI), or a 0.06 percent loss, ending at 66,876.92 points. Additionally, market capitalization closed at N36.742 trillion after losing N22 billion. Price declines in major and medium-sized capitalization companies, such as those of VFD Group, Dangote Sugar Refinery, Guaranty Trust Holding Company (GTCO), University Press, Oando, First City Monument Bank, and FTN Cocoa, were the…
With the goal of lowering carbon emissions in Nigeria, technology company Huawei has teamed up with Fouani Nigeria Limited to introduce a smart solar solution. Both companies claim that the Power-M Inverter is a game-changer that is available in many categories and is designed to offer dependable and efficient energy solutions for both commercial and residential applications. They claimed that the product’s cutting-edge features were designed to completely transform how energy is used and managed. “There has been a lot of demand for clean, affordable energy recently," stated Mohamed Fouani, Managing Director of Fouani Nigeria Limited, during the product’s unveiling.…
Nigerians’ predicament over the high cost of electricity, particularly for those in the manufacturing sector, is not going away. This is demonstrated by the fact that over the past year, the prices of diesel and premium motor spirit (PMS) have increased by 12.77 percent and 226.75 percent, respectively. The average retail price that customers paid for gasoline in September 2023 was N626.21, according to the National Bureau of Statistics’ (NBS) Premium Motor Spirit Price Watch for September 2023, which was released yesterday. This represents a 226.75 percent increase over the value recorded in September 2022, which was N191.65. However, according…
