Naira in 48-year record low at N540/$1, but stop rates clear lower for bullish bonds, T-bills
Charles Abuede
September 9, 2021
FX Market For the first time in 48 years, the Naira hit an all-time low averaging N540 to the dollar, in some cases as low as N545, at the parallel segment of the domestic foreign exchange market, the result of continued scarcity of FX and an increasing demand for the dollar. The week opened at […]
PoS, NIP transactions down, mobile, cheque up as e-payment slows to N23.97 trn in August
Zainab IwayemiSeptember 9, 2021
Total volume of PoS transactions carried out in the month of August closed at 75.6 million, a 7.4 percent decrease from the 81.6 million transacted in July and the lowest volume in six months in spite of a 3.9 percent rise in registered PoS terminals, data by the Nigeria Interbank Settlement System (NIBSS) has shown. […]
Presidential visit cripples economic activities in Imo
Dikachi ElembaSeptember 9, 2021
By Dikachi Elemba, in Owerri There was an unprecedented crippling of economic activities in the history of Imo State today, Thurday Semptember 9 on account of President Muhammadu Buhari visit to the state and his commissioning of over N2 billion worth of projects executed by the Governor Hope Uzodinma administration. Tens, even hundreds of […]
NNPC’s 2020 revenue dips marginally to N3.7trn, but operating profit prints N63.61bn
Charles AbuedeSeptember 9, 2021
The Nigerian National Petroleum Corporation recorded a 19.8 percent year on year decline in its annual revenues from contracts with customers to N3.72 trillion as at the end of 2020 from N4.63 trillion reported in 2019. The national oil company, in its audited financial statement as at December 2020 revealed, which it has now […]
Nestle Switzerland in aggressive share buy-back of N10bn worth in Nigerian arm
Charles AbuedeSeptember 9, 2021
7.44 million shares bought within four months On income loss fears Parent company thinks share undervalued Global foods company, Nestle SA, the Switzerland majority shareholder in Nestle Nigeria Plc, has aggressively been involved in a share buy-back programme from the Nigerian subsidiary that has seen shares worth over N10 billion bought back within […]
Finally, analysts get details as NNPC publishes financials showing N278bn PAT
Ben EguzozieSeptember 9, 2021
Analysts, including accountants, auditors and other financial experts who have held reservations over the historical N278 billion 2020 profit after tax announced by state-owned oil giant, Nigerian National Petroleum Corporation (NNPC) have now been given an opportunity to take a closer look at the numbers with the publication of the audited financial statement for the […]
MTN Nigeria gets 10-year renewal of licences after paying N72bn to NCC
Charles AbuedeSeptember 8, 2021
UAS, spectrum licences involved MTN Nigeria, one of Africa’s largest telecoms service providers, has announced the formal renewal of its Unified Access Service (UAS) license and spectrum license for its wireless local loop in the 900 megahertz and 1800 megahertz band by the Nigerian Communications Commission (NCC), following the receipt of N71.974 […]
Nigeria approves 5G network deployment, joins countries already enjoying service
Onome AmugeSeptember 8, 2021
Nigeria, Africa’s largest economy by gross domestic products (GDP) and the continent’s most populous nation, has approved its National Policy on Fifth Generation (5G) Networks for Nigeria’s Digital Economy, an approval that will culminate in the deployment of 5G mobile telephony across its territory. The Nigerian federal executive council (FEC) gave the approval on […]
VAT: Rivers meets business leaders as law takes effect; Lagos passes own bill
Ben EguzozieSeptember 8, 2021
Inaugurates VAT Appeal Commission Alleges FIRS wrote illegally to NASS requesting for constitutional amendment to insert VAT into exclusive list Decries disparity in VAT proceeds sharing to states, an inexplicable injustice Governor Nyesom Wike of Rivers State has interfaced with the business community in the oil-rich state, telling the heads of the corporates […]
NNPC chief blames undersupply for hiccups in Nigerian gas value chain
Ben EguzozieSeptember 8, 2021
Mele Kyari, group managing director, Nigerian National Petroleum Corporation (NNPC), has explained that the present hiccups in the Nigerian gas value chain is as a result of product undersupply, assuring that the corporation was working with relevant agencies to ensure that the price of liquefied petroleum gas (LPG) or cooking gas becomes affordable by increasing […]