Heirs Holdings acquires 45% of OML 17 for $1.1bn

Heirs Holdings acquires 45% of OML 17 at $1.1bn

Heirs Holdings acquires 45% of OML 17 for $1.1bn   Heirs Holdings (HH), in partnership with affiliated company, Transnational Corporation of Nigeria Plc (Transcorp), has announced its acquisition of acquisition of a 45 per cent participating interest Nigerian oil licence OML 17 and related assets costing $1.1 billion The acquisition was done through TNOG Oil and Gas Limited, a subsidiary of Heirs Holdings and Transcorp, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole…

Read more

Dangote Cement completes share buyback first tranche with 40.20m shares

Dangote Cement completes share buyback

Dangote Cement completes share buyback first tranche with 40.20m shares   Dangote Cement Plc has announced the completion of the first tranche of its share buyback programme. According to a statement by the Deputy Company Secretary, Edward Imoedemhe, the commencement date was December 30, 2020 while completion date was December 31, 2020. Total number of shares repurchased was 40.20 million at an average price of N243 per share, representing 0.24 per cent of the company’s issued and fully paid ordinary shares while total value of shares repurchased was N9.77 billion.…

Read more

METRICS: Nigeria loses 1.65m broadband connections in 30 days

Broa

METRICS: Nigeria loses 1.65m broadband connections in 30 days   As penetration reverses to 45.07% Operators connect 13.88m to high speed internet in 11 months Total internet subscriptions hit 154.88m   One of the major metrics used to measure how well the telecoms sector is fearing in Nigeria is the movement in subscriber bases of voice, internet and broadband or high speed internet in the country. Findings through the latest industry statistics released by the Nigerian Communications Commission (NCC) has  shown a slight decline in the figures as at November,…

Read more

IMF lowers China’s growth in 2021; warns of financial dangers

IMF loan

IMF lowers China’s growth in 2021; warns of financial dangers   The International Monetary Fund (IMF) on Friday lowered its 2021 growth forecast for China to 7.9 per cent, following a year of “significant human and economic costs” inflicted by the Covid-19 crisis. The figure is slightly below the 8.2 percent the IMF earlier predicted, although China has been pegged as the only major economy likely to expand in the face of the coronavirus. Also, China urgently needs to take steps to contain financial stability risks as the economy’s recovery…

Read more

Profit-taking in bellwethers costs stocks N393bn, 2021’s first loss

Profit-taking in bellwethers cost stocks N393bn

Profit-taking in bellwethers costs stocks N393bn, 2021’s first loss   Equity investors in Nigeria experienced their first loss of the year on Tuesday as the stock market reversed previous gains, shedding N393 billion. The downturn was driven by profit-taking on bellwethers, particularly BUA Cement, MTN Nigeria and Zenith Bank Plc, losing -5.9 per cent, -2.8 per cent and -4.3 per cent respectively. Precisely, the benchmark index declined by 751.25 points or 1.83 per cent to 40,396.14 points while aggregate valuation equities in the local bourse closed lower at N21.122 trillion.…

Read more

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

MTN Nigeria spends N4.97trn on taxes

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…

Read more

In Numbers: 50 million Nigerians now have NIN

Why we ask NIN holders for N15,000 payment

In Numbers: 50 million Nigerians now have NIN As FG increases enrolment centres by 900%   No fewer than 50 million Nigerians have so far obtained their National Identity Numbers (NIN), an official of the federal government has revealed. This disclosure was made as the federal government raised the number of National Identification Number (NIN) enrolment centres in the country by 900 per cent by adding new 9,000 centres to hitherto 1,000 in across the country. According to findings, the newly added centres are to commence operation with immediate effect…

Read more

Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1

Linkage Assurance targets N291.09m profit in Q1

Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1 Expects N4.92bn gross premium   Linkage Assurance Plc has projected to make N291.08 million as its profit after tax (PAT) for the first quarter of 2021, while it expects N4.92 billion gross premium written for the period. In its Q1 earning forecast filed on Nigerian Stock Exchange (NSE), the insurance firm also projected N291.09 m as profit after tax and N415.85 million as profit before tax for the period. For the fourth quarter ended December 31, 2019, the underwriting firm’s unaudited…

Read more

Equities bullish with N213bn gain as investors trade N11.5bn shares

Equities bullish with N213bn gain

Equities bullish with N213bn gain as investors trade N11.5bn shares   It was yet another day for equity investors in Nigeria to smile all the way to the bank as the domestic equities market maintained gaining streak. The All-Share Index (ASI) notched a 1.03 per cent gain to close at 39,512.39 basis points on Wednesday. This is equivalent to N213 billion profit for investors and as such, market capitalization of the equity market hit N20.66 trillion to close the session, higher than N20.447 trillion it closed the previous session. Meanwhile,…

Read more

BREAKING: FG lifts ban on SIM card replacement

FG lifts ban on SIM card replacement

FG lifts ban on SIM card replacement   Nigerians with lost subscriber’s identity module (SIM) cards and intention to replace same can now do so provided they have their National Identity Numbers (NIN). The Association of Licensed Telecommunications Operators of Nigeria (ALTON) revealed this Wednesday in a note to Business Metrics, giving update on the ongoing SIM audit, registration and NIN integration exercise ordered by the federal government. ALTON noted the challenges experienced by customers seeking to replace or upgrade their SIM cards following the suspension of sale and activation…

Read more