Jan 5, 2021 - Business Metrics

BUA Cement to dual-list N115bn Series 1 corporate bond

Jan 5, 2021 Banjo Olaniran

BUA Cement to dual-list N115bn Series 1 corporate bond BUA Cement PLC, one of Africa’s largest cement companies, has announced that it has successfully concluded its N115billion Series 1 Fixed Rate Senior Unsecured Bond Issue under its maiden N200 billion Bond Issuance Programme. With this development, BUA Cement’s Series 1 Bond becomes the largest ever Corporate Bond issued in the Nigerian Debt Capital Markets and signposts growing investor confidence in Nigeria’s second largest cement company. According to the company, an application will be made to dual-list the Bonds on the Nigerian…

BDCs eye $25bn Diaspora remittance collection

Jan 5, 2021 Ugochi Emmanuel

BDCs eye $25bn Diaspora remittance collection The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout agents for Diaspora remittances. ABCON President, Alhaji Aminu Gwadabe, who stated this in Lagos recently, said the apex bank should leverage on the over 5,000 licensed BDCs across the six geopolitical zones to get the greenback seamlessly to beneficiaries. Gwadabe said that the plan would help in providing a more convenient channel for Nigerians in the Diaspora…

Paternity scandal: FCMB MD embarks on leave as probe begins

Jan 5, 2021Jan 6, 2021 Banjo Olaniran

Paternity scandal: FCMB MD embarks on leave as probe begins The Managing Director, First City Monument Bank Limited (FCMB), Adam Nuru, has volunteered to go on leave to enable the bank to investigate the paternity allegations against him. This was disclosed in a statement by the bank on Tuesday. The statement read, “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru; a former employee, Mrs Moyo Thomas, and her deceased husband, Mr Tunde Thomas. “While this is a personal matter,…

Analyst Insight: A Small Rise in the FGN’s Domestic Debt in Q3 2020

Jan 5, 2021Jan 5, 2021 Banjo Olaniran

Analyst Insight: A Small Rise in the FGN’s Domestic Debt in Q3 2020 FBNQuest Research The FGN’s domestic debt stock amounted to NGN15.85trn (USD37.7bn at the recently adjusted NAFEX rate) at end-September, equivalent to 10.0% of 2019 GDP. It increased by NGN390bn over the quarter, and the stock of FGN bonds by NGN410bn. The DMO had a challenging remit to raise NGN1.6trn from domestic issuance as FGN deficit financing in 2020, and the bonds are by far the largest element in its programme. Its timely data update also shows…

Oil tumbles after hitting $53, OPEC+ delays decision

Jan 5, 2021 Business Metrics

Oil tumbles after hitting $53, OPEC+ delays decision The international oil benchmark, Brent crude, tumbled on Monday after hitting a record high of $53 ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies. OPEC and its allies, a group known as OPEC+, met on Monday but ended discussions without any agreement on production levels for February. The meeting was adjourned till Tuesday (today). The market declined despite expectations that OPEC+ would hold off on increasing output in February and optimism over a vaccine-driven…

NGSE Close 2021 First Trading Session Upbeat, Amidst Positioning In Undervalued Stocks

Jan 5, 2021Jan 6, 2021 Ambrose Omordion

Market Update for January 4, 2020 By Investdata Analysts The Nigerian equity market kicked off activities for 2021 on a positive note and strong buying sentiments on Monday, pushing the composite All-Share index higher on a low traded volume that extended the Santa Claus rally into the New Year with stocks joining the rally, ahead of economic and corporate earnings reports. The return of investors to the market after the New Year holiday propelled the strong recovery moves, as all sectorial indexes closed green, indicating that more funds flowed into…

England on third lockdown amidst new vaccine launch

Jan 5, 2021 Ugochi Emmanuel

England on third lockdown amidst new vaccine launch British Prime Minister Boris Johnson on Monday ordered England into a new national lockdown to try to slow a surge in COVID-19 cases that threatens to overwhelm parts of the health system before a vaccine programme reaches a critical mass. Johnson said a new, more contagious variant of the coronavirus was spreading at great speed and urgent action was needed to slow it down. “As I speak to you tonight, our hospitals are under more pressure from COVID than any time…

Great Start: Nigerian equities open new year with N458bn profit

Jan 5, 2021 Ugochi Emmanuel

Great Start: Nigerian equities open new year with N458bn profit The opening trading session of year at the Nigerian Stock Exchange ended in the green on Monday with strong bullish across large and small cap tickers, leading to a new wave of gain for investors In a broadly bullish session that produced 32 gainers and just two decliners, investors gained N458 billion, amounting to 2.18 per cent appreciation in market value. Consequently, the All-Share Index (ASI) added 876.67 points or 2.18 per cent to close at 41,147.39 basis points…

Atiku leaves Intels with just $5.4m balance after settling $24.1m outstanding debt

Jan 5, 2021 Banjo Olaniran

Atiku leaves Intels with just $5.4m balance after settling $24.1m outstanding debt Accuses Buhari’s govt of witch-hunting Intels Former vice president Atiku Abubakar has exited Intels Nigeria limited with his final balance after the sales of his stakes in the company standing at just $5.4 million after settling an outstanding $24.1 million debt. Intels Nigeria Limited explained that it severed ties with the former vice president who was one of its major shareholders. The action was triggered as Atiku sold off his shares and exited the company in 2020,…

How MTN boosts Nigeria’s economy with N4.97trn in taxes, infrastructure

Jan 5, 2021Jan 5, 2021 Omobayo Azeez

How MTN boosts Nigeria’s economy with N4.97trn in taxes, infrastructure Telecoms giant, MTN Nigeria, has spent the sum of N4.97 trillion to provide infrastructure for its Nigerian operations as well as fulfilling tax obligations to the government in the last 19 years. In its maiden sustainability reported filed at the Nigerian Stock Exchange (NSE) where the telco is listed as the second most capitalized issuer, MTN has disclosed ways in which it had added value to Nigerians and the economy of the country. The report read in part, “As part…