FAAC disburses N619.343bn to FG, states LGs

FAAC disburses N619.343bn to FG

FAAC disburses N619.343bn to FG, states LGs   The Federation Accounts Allocation Committee (FAAC) on Wednesday at its virtual meeting shared a total sum of N619.343 billion as federation allocation for the month of December 2020 to the three tiers of government. From this amount, the Federal Government received N218.297 billion; states received N178.28 billion; Local Government councils got N131.792 billion; while the oil producing states received N31.827 billion as 13 per cent derivation of mineral revenue. A statement issued in Abuja by the spokesperson of the Federal Ministry of…

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Equities market rebounds amid insurance rally; investors gain N50bn

Equities market rebounds amid insurance rally; investors gain N50bn

Equities market rebounds amid insurance rally; investors gain N50bn   The Nigerian equities market closed Wednesday’s trading session on a positive note amid renewed interest in insurance stocks. The benchmark All Share Index (ASI) advanced  by 233 index points  to close at 41,147.72 basis points with market capitalization gaining  N50 billion to settle at  N21.525 trillion, while the Year-to Date (YtD) performance improves  to  +2.18 per cent. The breakdown across different sectors indicates bullish performance with insurance index standing a top of the gainers’ chart. The insurance and oil &…

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Airtel Africa to present 9-month scorecard

Airtel Africa set to present 9-month scorecard

Airtel Africa to present 9-month scorecard   The board of Airtel Africa Plc has announced plan to tender its performance metrics for the nine months to 31 December 2020 later this month. This is according to a filing the telecoms giant submitted at the Nigerian Stock Exchange on Wednesday, inviting its shareholders and the investing public to join the presentation virtually. The statement signed by Simon O’Hara, the group company secretary, read: “Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across…

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NSE’s N38.56trn value: Between IPO and debt capital raising

NSE’s N38.56trn value: Between IPO and debt capital raising   At the close of the year 2020, the aggregate worth of investment at the Nigerian Stock Exchange (NSE) swelled to N38.56 trillion. This comprises of the two segments of the market, namely equities and bond. The NSE’s equity market capitalization was up by 62.42 per cent, from N12.97 trillion in 2019 to N21.06 trillion in 2020 while market turnover saw an uptick of 7.25 per cent, from N0.96 trillion in 2019 to N1.03 trillion in 2020. The equities market experienced…

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How local investors dominate N1.03trn share deals in 2020 – Onyema

How local investors stimulate N1.03trn share deals in 2020 – Onyema

How local investors stimulate N1.03trn share deals in 2020 – Onyema   Oscar Onyema, the chief executive officer of the Nigerian Stock Exchange (NSE) has given details of how the local bourse benefited from dominant participation of local investors in 2020. Delivering his presentation at the NSE’s annual 2020 Market Recap and 2021 Outlook on Tuesday, Onyema noted that while transaction value in the market surged to N1,03 trillion in the year under review, local investors were responsible for most of the share deal, outperforming their foreign counterpart. “Noteworthy is…

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Equities: Selloffs in bellwethers trigger N55bn loss in 2 days

Selloffs in bellwethers

Equities: Selloffs in bellwethers trigger N55bn loss in 2 days Selloffs in some bellwether stocks on Tuesday have forced the Nigerian equities market to remain in the green territory with sustained loss trend that revisited the market on Monday. Trading statistics obtained from the Nigerian Stock Exchange (NSE) shows that while the market shed N36 billion to open week on Monday, the bearish trend continued on Tuesday as investors lost another N16 billion. With an aggregate N55 billion loss in two days, the capitalization of equities investments at the bourse…

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Financial Inclusion: FirstBank’s 86,000 banking agents process N9.6trn transactions

FirstBank SMEConnect

Financial Inclusion: FirstBank’s 86,000 banking agents process N9.6trn transactions Runs largest agent banking network in 772 local governments   At present, there are over 86,000 banking agents across 772 out of the 774 local government areas in Nigeria, a demonstration of FirstBank’s commitment to deepening financial inclusion and ensuring the unbanked are adequately catered for. In an interview with the press, Adesola Adeduntan, FirstBank’s chief executive officer noted that over N9.6 trillion had been processed through the bank’s agent network. As he explained, FirstMonie agents have supported several government and…

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Official Data: 47.8m subscribers now NIN-SIM compliant

47.8m subscribers now NIN-SIM compliant

Official Data: 47.8m subscribers now NIN-SIM compliant   As FG expresses optimism, appreciation   The ongoing harmonization of subscriber’s identification module (SIM) cards with National Identity Numbers of (NIN) of telephone users in Nigeria has recorded significant progress. Latest official data reported by the Nigerian Communications Commission (NIN) indicates that so far, telecommunications companies have collected a total of 47.8 million NIN. At the end of a review meeting on 18th January 2021, the Technical Implementation Committee under the Ministerial Task Force affirmed the development. At an average of three to four…

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Competition toughens as MTN, Airtel, Glo, 9Mobile trade 181,377 customers

mobile number portability

Competition toughens as MTN, Airtel, Glo, 9Mobile trade 181,377 customers   Porting rises 56.5% YoY 9Mobile emerges highest gainer, Airtel highest loser   In a race to attract more telecoms consumers, Mobile Network Operators (MNOs) in Nigeria have exchanged among themselves a total of 181,377 subscribers via mobile number portability between January and November, 2020. Porting activities on the four MNOs, namely MTN, Globacom, Airtel and 9mobile, within the 11-month period were 56.5 per cent higher than 115,887 recorded in the same period of 2019. Also, the 11 months porting…

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FMDQ admits N37bn worth fresh commercial papers

FMDQ admits N37bn worth fresh commercial papers

FMDQ admits N37bn worth fresh commercial papers   FMDQ Securities Exchange Limited has admitted for listing the quotation four new commercial papers of three companies with an aggregate value of N37 billion. The exchange admitted the Total Nigeria Plc N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers under its N30 billion CP Issuance Programme. Also admitted is the Mixta Real Estate Plc N2 billion Series 32 Commercial Paper under its N20 billion CP Issuance Programme, as well as the registration of the Valency Agro Nigeria Limited N20 billion Commercial…

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