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 Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:39pm On May 06, 2020 |
Foreign Investors Withdraw N186.6bn from Stock Exchange https://businesspost.ng/economy/foreign-investors-withdraw-n186-6bn-from-stock-exchange/ FG to Further Cut Oil Benchmark to $20 for 2020 Budget https://businesspost.ng/economy/fg-to-further-cut-oil-benchmark-to-20-for-2020-budget/ SEC Urges Investors to Explore Opportunities in Capital Market https://businesspost.ng/economy/sec-urges-investors-to-explore-opportunities-in-capital-market/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 4:34pm On May 05, 2020 |
New Team at Transcorp Assures Shareholders Improved Dividends https://businesspost.ng/economy/new-team-at-transcorp-assures-shareholders-improved-dividends/ Guinness Nigeria Board Confident of Strategy Despite Poor Q3 2020 Results https://businesspost.ng/economy/guinness-nigeria-board-confident-of-strategy-despite-poor-q3-2020-results/ Goldman Sachs Sees Crude Oil Selling at $55.63/b https://businesspost.ng/economy/goldman-sachs-sees-crude-oil-selling-at-55-63-b/ NASD Plc Q1 2020 Profit Rises 73% to N24.2m https://businesspost.ng/economy/nasd-plc-q1-2020-profit-rises-73-to-n24-2m/ ARM Life Records N588.6m Loss in Q1 2020 https://businesspost.ng/economy/arm-life-records-n588-6m-loss-in-q1-2020/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 7:52am On May 05, 2020 |
Core Investor at UAC Nigeria Sells 10 million Stocks https://businesspost.ng/economy/core-investor-at-uac-nigeria-sells-10-million-stocks/ NASD Index Sheds 0.05% as Trading Volume Drops 98% https://businesspost.ng/economy/nasd-index-sheds-0-05-as-trading-volume-drops-98/ Nigerian Stocks Close 0.30% Higher Amid Negative Sentiment https://businesspost.ng/economy/nigerian-stocks-close-0-30-higher-amid-negative-sentiment/ Lending Rate Rises to 4.67% on Sustained Robust Liquidity https://businesspost.ng/economy/lending-rate-rises-to-4-67-on-sustained-robust-liquidity/ Brent Climbs to $28 as Traders Embrace OPEC+ Cuts https://businesspost.ng/economy/brent-climbs-to-28-as-traders-embrace-opec-cuts/ |
| Business › Ikeja Electric Resumes Disconnection, Urges Customers To Pay Bills by dipoolowoo(op): 11:09pm On May 04, 2020 |
By Modupe Gbadeyanka The suspension earlier placed on disconnection of power supply of its customers has been lifted by Ikeja Electric. On April 1, 2020, Business Post reported that Ikeja Electric announced that it would not be disconnecting electricity of non-paying customers within its franchise network during the 2-week stay-at-home period enforced by federal government to curb the spread of coronavirus. The move, according to the Acting CEO of Ikeja Electric, Ms Folake Soetan, was to ensure that “our customers enjoy steady and quality supply throughout this difficult period and beyond. We recognize the fact that electricity supply is critical to our ability to stay safe, clean and indoors.” Last Monday, President Muhammadu Buhari announced that from May 4, 2020, there would be an ease in the 5-week lockdown in Abuja, Lagos and Ogun States. In a notice today, Ikeja Electric said following the development, it was lifting the suspension on disconnection activities, urging energy consumers to pay their bills. The electricity distribution firm said the appeal became necessary because of its need to meet some obligations to the Nigerian Electricity Supply Industry (NESI). “As we begin partial lockdown, we use this medium to inform our customers of the need to start paying their bills to avoid power cuts as we have also lifted the suspension of disconnection activities. “The request is necessitated by the need to meet our obligations to the Nigerian Electricity Supply Industry (NESI), as paying your bills will enable us to meet our financial obligation to the market operators and this will ensure that the country continues to generate power supply,” Ikeja Electric said. While thanking its customers for their “continued understanding and allowing us to serve you,” the company appealed to consumers to “continue to adhere to all the safety rules of personal hygiene and social distancing.” Ikeja Electric expressed hope that business activities will gradually return to normal with the partial lifting of the lockdown order by the federal government. Business Post observed that throughout the period of the lockdown, Ikeja Electric focused on increasing supply to its customers. https://businesspost.ng/general/ikeja-electric-resumes-disconnection-urges-customers-to-pay-bills/ 1 Like 1 Share |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 1:30pm On May 04, 2020 |
Access Bank Expects Effect of Massive Cut in Expenses from Q2 https://businesspost.ng/banking/access-bank-expects-effect-of-massive-cut-in-expenses-from-q2/ UAC Nigeria Posts Decline in Q1 Revenue on MDS Re-Classification https://businesspost.ng/economy/uac-nigeria-posts-decline-in-q1-revenue-on-mds-re-classification/ Lockdown: NSE to Continue Remote Trading as Businesses Resume https://businesspost.ng/economy/lockdown-nse-to-continue-remote-trading-as-businesses-resume/ Production Cut, Lockdown Ease to Buoy Oil Prices https://businesspost.ng/health/oil-stakeholders-begin-construction-of-hospital-in-bayelsa/ GTBank to Alternate Opening of Branches Every Week https://businesspost.ng/banking/gtbank-to-alternate-opening-of-branches-every-week/ Sterling Bank, United Capital List N20.3bn Commercial Papers https://businesspost.ng/economy/sterling-bank-united-capital-list-n20-3bn-commercial-papers/ |
| Politics › COVID-19: Nigerian Government Rules Out VAT Reduction by dipoolowoo(op): 10:56am On May 02, 2020 |
By Modupe Gbadeyanka The federal government of Nigeria has told residents of the country to erase the idea of reduction in the value added tax (VAT) paid on products and services. Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, while speaking at the daily briefing on COVID-19 in Abuja on Friday, said government will not consider the request at this critical time. He said the global health crisis has affected prices of crude oil at the international market, reducing the revenue generated from the sale of the product. Nigeria, which is Africa’s largest producer of crude oil, generates over 80 percent of its foreign earnings from the commodity. In the 2020 budget, the oil benchmark was first fixed at $57 per barrel, but the crash in prices forced a downward review of the yardstick to $30 per barrel. However, prices further declined at the market to around $17 before selling at the moment between $20 to $30 per barrel. It is believed that the lower prices of the commodity will pose a huge challenge to the 2020 budget and just a while ago, the International Monetary Fund (IMF) said Nigeria could lose over $26 billion from crude oil exports. With companies struggling to stay afloat due to the Coronavirus pandemic and many Nigerians expected to lose their jobs, government has been urged to reduce the VAT, which was recently hiked to 7.5 percent in 2020 from 5 percent. But addressing the matter yesterday, Mr Mustapha, who was appointed by President Muhammadu Buhari as Chairman of the Presidential Task Force (PTF) on COVID-19, stated that the VAT rate cannot be tampered with at this time. He said the collection of the tax was mainly the alternative source of revenue for government, stressing that only 15 percent of the VAT goes to the federal government, while the remaining 85 percent is shared between the states and local governments. “Let me say that it would be difficult for government to reduce VAT at this moment because of the current situation. “What we get from crude oil is very low and tax revenue is the other source of income for government. “We have to understand that only 15 percent of the VAT comes to the federal government, while the remaining 85 percent goes to the state and local governments. This is the situation we found ourselves,” Mr Mustapha said. https://businesspost.ng/economy/covid-19-nigerian-government-rules-out-vat-reduction/ |
| Business › Access Bank’s Wigwe Takes 40% Pay Cut In Effort To Reduce OPEX by dipoolowoo(op): 2:08pm On May 01, 2020 |
By Dipo Olowookere In an effort to reduce the operating expenses (OPEX) of the company, the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, has said he will agree to slash his salary by 40 percent. Mr Wigwe, in a video making the rounds where he had a chat with employees of the financial institution, said he will expect other members of staff of the organisation to accept cuts in their salaries. An analysis by Business Post showed that in the 2019 financial year, Access Bank spent about N76.9 billion as personnel costs, below FBN Holdings and Zenith Bank, which used N99.3 billion and N77.8 billion respectively for the same purpose in the same period. While United Bank for Africa (UBA) Plc spent N76.9 billion as personnel expenses, Guaranty Trust Bank (GTBank) Plc spent N37.2 billion. Business Post reports further that in the first three months of this year, Access Bank spent N19.6 billion on personnel costs, higher than N12.8 billion in the same period of last year. Also, other operating expenses rose sharply to N63.6 billion in Q1 2020 from N37.4 billion in Q1 2019 and this and others contributed to the decline reported in the bank’s profit after tax (N40.9 billion versus N41.2 billion in Q1 2019). Since the beginning of this year, the world has been battling with coronavirus disease and it has affected many businesses, including those in Nigeria. For over a month, many employees of companies in Lagos, Abuja and Ogun State have been working from home due to lockdown declared in the three places to curb the spread of COVID-19. Offices are expected to reopen for business from Monday, May 4, 2020 and they would be allowed operate from 8am to 3pm because of a 8pm to 6am curfew announced by the federal government. This week, the Lagos State Governor, Mr Babajide Sanwo-Olu, stated that companies to be allowed to resume operations from next week should have about 60 percent of their workforce back to offices. This means some employees may still have to work from home. Worried about its huge operating costs, the Access Bank chief said management will carry out some measures, including pay cuts and massive retrenchment of staff. “We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost. “I will be the first to take the hit and I’m going to take the largest pay cut, which would be as much as 40 percent. “The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.” Mr Wigwe informed employees of the tier-one lender in a video-conferencing meeting. On trimming the company’s workforce, he said 75 percent of the bank’s staff, most of whom are outsourced and are offering non-essential services would have to go. “We probably don’t need as many security men as required, even to the fact that we are not going to have all our branches open between now and December. “We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etc,” Mr Wigwe said in the video. https://businesspost.ng/banking/access-banks-wigwe-takes-40-pay-cut-in-effort-to-reduce-opex/
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| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:05pm On May 01, 2020 |
Access Bank’s Wigwe Takes 40% Pay Cut in Effort to Reduce OPEX https://businesspost.ng/banking/access-banks-wigwe-takes-40-pay-cut-in-effort-to-reduce-opex/ FBN Holdings Group MD Loads Additional 5 million Stocks https://businesspost.ng/banking/fbn-holdings-group-md-loads-additional-5-million-stocks/ FCMB Shareholders Expect More Value, Gains in FY 2020 https://businesspost.ng/banking/fcmb-shareholders-expect-more-value-gains-in-fy-2020/ PTF Lauds Kano Governor's ‘Proactive Management’ of COVID-19 https://businesspost.ng/general/ptf-lauds-kano-governors-proactive-management-of-covid-19/ Friesland Gains N4.40 to Lift NASD OTC Market by 0.84% https://businesspost.ng/economy/friesland-gains-n4-40-to-lift-nasd-otc-market-by-0-84/ LEKOIL, Optimum Restructure OPL 310 Licence Payment https://businesspost.ng/economy/lekoil-optimum-restructure-opl-310-licence-payment/ |
| Politics › PTF Lauds Kano Governor's ‘proactive Management’ Of COVID-19 by dipoolowoo(op): 1:20pm On May 01, 2020 |
By Modupe Gbadeyanka Chairman of the Presidential Task Force (PTF) on COVID-19 in Nigeria, Mr Boss Mustapha, has praised Governor of Kano State, Mr Abdullahi Ganduje, for the way he has handled the pandemic in the state. Addressing newsmen in Abuja on Thursday, Mr Mustapha, who is also the Secretary to the Government of the Federation (SGF), said he was impressed with the way the Governor has managed the situation. “The proactive leadership of the Kano State Governor in the management of emerging challenges is highly commendable,” Mr Mustapha said yesterday. “I wish to use this opportunity to reassure all Nigerians resident in Kano that the federal government and particularly this PTF is with them and shall do all possible to fight the spread in the state as directed by the President. Kano is one of our historical cities and remains a backbone for the economy of this nation,” he added. The SGF said members of the task force was still having engagements with the Kano state government in the collaborative effort to fight the spread of the virus. According to him, “The high-level technical team sent to Kano on Monday has already submitted its Interim Report.” He said the PTF will transport to Kano medical equipment like 2 Oxygen Concentration and 3 Ventilators; 280 Protective gowns; 51 face shields; 538 examination gloves; 25 boot covers; medical masks and surgical caps; and IR Thermometers. Mr Mustapha said the already established isolation and treatment centres with holding capacity for 274 persons, the proposed establishment of additional facilities with capacity for 500, 2 Sample Collection centres along with 6 new proposed centres have provided a strong foundation for tackling the spread of the virus in the state. “Similarly, the Nigerian Military, under its COVID-19 response plan, will establish an additional isolation Centre, Treatment facility and a Testing Laboratory Service in Kano State.” “The PTF COVID-19, in the immediate, would further strengthen Kano state to scale-up its response with the provision of necessary facilities and equipment, capacity building, improving stakeholder inter-phase and guidance on any existing policy capable of diminishing the fight against the pandemic in the state. Already, the testing laboratories in the AKTH and the BUK have become fully functional,” he added. https://businesspost.ng/general/ptf-lauds-kano-governors-proactive-management-of-covid-19/ |
| Politics › IMF: Nigeria To Lose Over $26 Billion From Oil Exports by dipoolowoo(op): 9:54pm On Apr 30, 2020 |
By Dipo Olowookerehttps://businesspost.ng/economy/nigeria-to-lose-over-26bn-from-oil-exports-imf/ 4 Likes 1 Share
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| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 9:54pm On Apr 30, 2020 |
NSE Moves to Address Issues Witnessed at MTN Nigeria’s Listing https://businesspost.ng/economy/nse-moves-to-address-issues-witnessed-at-mtn-nigerias-listing/ Nigeria to Lose Over $26bn from Oil Exports—IMF https://businesspost.ng/economy/nigeria-to-lose-over-26bn-from-oil-exports-imf/ VFD Group to Pay Shareholders N3.30 Dividend https://businesspost.ng/economy/vfd-group-to-pay-shareholders-n3-30-dividend/ Dollar Sales at I&E Window Rise as Offices Resume Monday https://businesspost.ng/economy/dollar-sales-at-ie-window-rise-as-offices-resume-monday/ MTN Nigeria Declares N51.1bn Net Profit in Q1 2020 https://businesspost.ng/economy/mtn-nigeria-declares-n51-1bn-net-profit-in-q1-2020/ Zenith Bank Cost of Funds Optimisation Boosts Q1’20 PBT https://businesspost.ng/banking/zenith-bank-cost-of-funds-optimisation-boosts-q120-pbt/ Nigeria, Others Start 10% Oil Output Cut Friday https://businesspost.ng/economy/nigeria-others-start-10-oil-output-cut-friday/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 9:24am On Apr 30, 2020 |
UBA's Exposure to Oil Sector Within Prudential Guidelines—Elumelu https://businesspost.ng/banking/ubas-exposure-to-oil-sector-within-prudential-guidelines-elumelu/ NASD Exchange Equity Market Size Remains at N510.44bn https://businesspost.ng/economy/nasd-exchange-equity-market-size-remains-at-n510-44bn/ Rising Demand for Treasury Bills Crashes Rates to 1.85% https://businesspost.ng/economy/rising-demand-for-treasury-bills-crashes-rates-to-1-85/ |
| Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 9:22am On Apr 30, 2020 |
Rising Demand for Treasury Bills Crashes Rates to 1.85% https://businesspost.ng/economy/rising-demand-for-treasury-bills-crashes-rates-to-1-85/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 12:33pm On Apr 29, 2020 |
Union Bank Delivers Double-Digit Q1'20 Earnings, Profitability Growth https://businesspost.ng/banking/union-bank-delivers-double-digit-q120-earnings-profitability-growth/ Investors Further Mop up Banking Stocks Despite CBN’s Action https://businesspost.ng/economy/investors-further-mop-up-banking-stocks-despite-cbns-action/ Worry as Dollar Sells at N460 at at Parallel Market https://businesspost.ng/economy/worry-as-dollar-sells-at-n460-at-at-parallel-market/ Nigeria Abandons $2.36bn External Loan for N850bn Local Borrowing https://businesspost.ng/economy/nigeria-abandons-2-36bn-external-loan-for-n850bn-local-borrowing/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 3:18am On Apr 28, 2020 |
United Capital, Africa Prudential Hold Virtual AGMs Today https://businesspost.ng/economy/united-capital-africa-prudential-hold-virtual-agms-today/ Rising Costs Shorten Fidelity Bank Q1 Profit https://businesspost.ng/banking/rising-costs-shorten-fidelity-bank-q1-profit/ Sunmonu Now Wapic Insurance Chairman as Aig-Imoukhuede Retires https://businesspost.ng/jobs/sunmonu-now-wapic-insurance-chairman-as-aig-imoukhuede-retires/ Chartered Financial Analyst Joins FCMB Board https://businesspost.ng/jobs/chartered-financial-analyst-joins-fcmb-board/ Brent Crude Falls to $19 Per Barrel https://businesspost.ng/economy/brent-crude-falls-to-19-per-barrel/ MTN, GTBank Stop Bears’ Invasion at Stock Market by 0.07% https://businesspost.ng/economy/mtn-gtbank-stop-bears-invasion-at-stock-market-by-0-07/ Value of Naira Deteriorates to N386.25/$1 at I&E Amid Ease in FX Demand https://businesspost.ng/economy/value-of-naira-deteriorates-to-n386-25-1-at-ie-amid-ease-in-fx-demand/ Investors Shun NASD Exchange Third Time This Month https://businesspost.ng/economy/investors-shun-nasd-exchange-third-time-this-month/ 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:28pm On Apr 27, 2020 |
Dividend: Lafarge Africa to Credit Shareholders' Accounts June 3 https://businesspost.ng/economy/dividend-lafarge-africa-to-credit-shareholders-accounts-june-3/ Stanbic IBTC Grows Profit to N20.6bn in Q1 2020 https://businesspost.ng/banking/stanbic-ibtc-grows-profit-to-n20-6bn-in-q1-2020/ NNPC Reviewing Crude Export Plans With Chevron, Others https://businesspost.ng/economy/nnpc-reviewing-crude-export-plans-with-chevron-others/ Oil Market to Remain Under Pressure This Week Amid Low Demand, Oversupply https://businesspost.ng/economy/oil-market-to-remain-under-pressure-this-week-amid-low-demand-oversupply/ Lockdown: Buhari to Address Nigerians 8pm https://businesspost.ng/general/lockdown-buhari-to-address-nigerians-8pm/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 10:36am On Apr 27, 2020 |
Shareholders of FCMB, UBA, 5 Others Expect Dividend Payment Alerts This Week https://businesspost.ng/economy/shareholders-of-fcmb-uba-5-others-expect-dividend-payment-alerts-this-week/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:17pm On Apr 26, 2020 |
Lafarge Africa Stock Gets Buy Rating https://businesspost.ng/economy/lafarge-africa-stock-gets-buy-rating/ Stock Traders Execute 20,591 Deals Worth N14bn in One Week https://businesspost.ng/economy/stock-traders-execute-20591-deals-worth-n14bn-in-5-days/ |
| Business › CBN Fines Zenith Bank, First Bank, Others N1.4trn by dipoolowoo(op): 4:58pm On Apr 26, 2020 |
By Dipo Olowookere About 28 commercial and merchant banks operating in Nigeria have been fined a total of N1.4 trillion by the industry watchdog, the Central Bank of Nigeria (CBN). A report by Reuters on Friday said the affected financial institutions were levied based on issues surrounding cash reserve ratio (CRR). However, it was pointed out that the total amount deducted from the CRR of the affected lenders was more than 27.5 percent target set for them. Recall that in January 2020, the apex bank raised the CRR by 500 basis points to 27.5 percent. This was the first rise in four years and the action was taken to curb excess liquidity in the banking system, which the CBN said was contributing to inflation. From the deductions, Zenith Bank had the highest amount, N355.95 billion, followed by First Bank with N208.1 billion and UBA with N204.75 billion. Also, Standard Chartered Bank was charged N120.65 billion, while Stanbic IBTC had N143.97 billion deducted from its reserves with the central bank. This is not the first time in recent times the CBN is levying banks for regulatory issues. Last year, after it asked lenders to increase their loan-to-deposit ratio (LDR) to 60 percent by end of September, the CBN fined erring banks nearly N500 billion. The central bank has been coming up with policies to improve lending in the country, which it expects to boost the economy, which before now had been struggling to fully recover from the 2016 recession. While the recovery process was going on, the coronavirus pandemic and the crashing of crude oil prices at the global market has dented efforts of both local fiscal and monetary authorities at getting the economy back on its feet. Business Post reports that the falling crude oil prices forced the federal government to revise the benchmark in the 2020 budget to $30 per barrel from $57 per barrel. While the new crude oil benchmark is still undergoing approval of the parliament, prices have further declined to $20 per barrel, which is still not favourable to Nigeria, which depends hugely on sale of the commodity for revenue to run government activities. The central bank uses cash reserve levies to mop up liquidity and then re-injects the liquidity to stabilise markets. Reuters said in its report that apex bank “did not respond to request for comment.” https://businesspost.ng/banking/cbn-fines-zenith-bank-first-bank-others-n1-4trn/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 4:43am On Apr 25, 2020 |
Trapped Foreign Investors Invest in Nigerian Stocks, OMO Bills https://businesspost.ng/economy/trapped-foreign-investors-invest-in-nigerian-stocks-omo-bills/ CBN Fines Zenith Bank, First Bank, Others N1.4trn https://businesspost.ng/banking/cbn-fines-zenith-bank-first-bank-others-n1-4trn/ Dollar Scarcity Weakens Naira by 16% at Black Market https://businesspost.ng/economy/dollar-scarcity-weakens-naira-by-16-at-black-market/ Julius Berger, 9 Others Jostle for Fourth Mainland Bridge https://businesspost.ng/general/julius-berger-9-others-jostle-for-fourth-mainland-bridge/ COVID-19 Cases in Nigeria Hit 1,095 After 114 New Cases https://businesspost.ng/general/covid-19-cases-in-nigeria-hit-1095-after-114-new-cases/ Nova Merchant Bank Risks Negative Rating Action https://businesspost.ng/banking/nova-merchant-bank-risks-negative-rating-action/ Oil Prices Close Positive After Highly Volatile Week https://businesspost.ng/economy/oil-prices-close-positive-after-highly-volatile-week/ NASD OTC Exchange Closes Flat at Friday Session https://businesspost.ng/economy/nasd-otc-exchange-closes-flat-at-friday-session/ 1 Like |
| Politics › Nigeria Must Prioritise Revenue Mobilisation—imf by dipoolowoo(op): 8:54am On Apr 17, 2020 |
By Dipo Olowookere The International Monetary Fund (IMF) has advised the federal government of Nigeria led by President Muhammadu Buhari to give priority to revenue mobilisation. Speaking at an IMF virtual spring meetings on Wednesday, the Director of African Department at the IMF, Mr Abebe Aemro Selassie, stated that doing this will help the country overcome some of the challenges posed by the coronavirus pandemic in the medium-term. He said government needs to pool resources together to provide infrastructure and health facilities in the country as well as human development. “The government has enough resources that it can devote, really, the infrastructure; building the network of universities, and public education entities, that Nigeria so badly needs. So, that really is the number one medium-term priority,” Mr Selassie said while responding to questions from Nigerian journalists during the meeting. Speaking further, Mr Selassie said over the next 4 or 5 years, government must focus on ways to Nigeria in a position where sufficient revenues can be raised to address the development spending needs of the country. “In the near-term, of course, no resource should be spared to be able to put the health crisis, the health threat, that Nigeria faces from the COVID-19 pandemic. So, we see scope for more supportive policies,” he advised. He said Nigeria has requested for support under the rapid financing instrument, noting that “this is a very quick dispersing resource that government can use to strengthen health spending to provide social protection to people.” “There’s also scope for having a monetary exchange rate policy framework that will be supportive of the fiscal stance. So, we look for those policies to be adopted to support Nigeria put this crisis behind it,” he added. Earlier in his address at the gathering, Mr Selassie said outlook in Sub-Saharan Africa is expected to contract by 1.6 percent in 2020. He stated that the hit to growth reflects a poisonous cocktail of shocks that is affecting livelihoods and economic activity. “Swift and decisive measures, closing borders, shattering businesses, requiring people to stay at home have had to be adopted to halt the advance of the virus before it overwhelms already stretched health services, but will also disrupt production and reduce demand sharply,” he added. He said further that, “Coupled to this plummeting global demand will exacerbate the economic impact greatly by reducing demand for the region’s goods and services, tourism, remittance flows, tighter global financial conditions have already triggered significant capital outflows from the region, and will also adversely impact the prospect for investment going forward.” “And commodity exporters, will suffer from an additional sharp decline in key commodity prices adding significantly to the region’s difficulties,” Mr Selassie submitted. https://businesspost.ng/economy/nigeria-must-prioritise-revenue-mobilisation-imf/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 8:34am On Apr 17, 2020 |
Africa Prudential to Sustain Diversification Strategies https://businesspost.ng/economy/africa-prudential-to-sustain-diversification-strategies/ Market Cap Gains N8bn Amid Banking Stocks Selloffs https://businesspost.ng/economy/market-cap-gains-n8bn-amid-banking-stocks-selloffs/ CBN Auctions OMO Bills to Non-Resident Investors at 12.75% https://businesspost.ng/economy/cbn-auctions-omo-bills-to-non-resident-investors-at-12-75/ Nigeria Must Prioritise Revenue Mobilisation—IMF https://businesspost.ng/economy/nigeria-must-prioritise-revenue-mobilisation-imf/ N35m Unlisted Securities Exchange Hands at NASD https://businesspost.ng/economy/n35m-unlisted-securities-exchange-hands-at-nasd/ |
| Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 7:41am On Apr 17, 2020 |
CBN Auctions OMO Bills to Non-Resident Investors at 12.75% https://businesspost.ng/economy/cbn-auctions-omo-bills-to-non-resident-investors-at-12-75/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:48pm On Apr 16, 2020 |
Africa Prudential Suffers Drop in Q1 2020 Earnings, Profit https://businesspost.ng/economy/africa-prudential-suffers-drop-in-q1-2020-earnings-profit/ Flour Mills Raises Fresh Capital to Strengthen Balance Sheet https://businesspost.ng/economy/flour-mills-raises-fresh-capital-to-strengthen-balance-sheet/ Greenwich Exits Meyer Plc as Bosworth Increases Stake https://businesspost.ng/economy/greenwich-exits-meyer-plc-as-bosworth-increases-stake/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 4:54am On Apr 16, 2020 |
FCMB Shifts AGM to Head Office https://businesspost.ng/banking/fcmb-shifts-agm-to-head-office/ NASD Exchange Records One Deal Wednesday https://businesspost.ng/economy/nasd-exchange-records-one-deal-wednesday/ Stocks Gain N344bn as Year-to-Date Loss Shrinks to 16.03% https://businesspost.ng/economy/stocks-gain-n344bn-as-year-to-date-loss-shrinks-to-16-03/ Brent Declines to $28 Per Barrel as WTI Nears $21 https://businesspost.ng/economy/brent-declines-to-28-per-barrel-as-wti-nears-21/ CBN Sells Treasury Bills to Local Investors at 1.93% https://businesspost.ng/economy/cbn-sells-treasury-bills-to-local-investors-at-1-93/ |
| Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 4:54am On Apr 16, 2020 |
CBN Sells Treasury Bills to Local Investors at 1.93% https://businesspost.ng/economy/cbn-sells-treasury-bills-to-local-investors-at-1-93/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 11:58am On Apr 15, 2020 |
Female Director at Sterling Bank Pays N345m for 300 million Stocks https://businesspost.ng/banking/female-director-pays-n345m-for-300-million-sterling-bank-stocks/ FBN Holdings to Sell FBN Insurance to Foreign Firm https://businesspost.ng/banking/fbn-holdings-to-sell-fbn-insurance-to-foreign-firm/ Dangote Cement, MTN Fortify NSE’s ‘Immunity’ by 2.32% https://businesspost.ng/economy/dangote-cement-mtn-fortify-nses-immunity-by-2-32/ |
| Investment › Re: Treasury Bills In Nigeria by dipoolowoo: 7:10am On Apr 15, 2020 |
Analysts Expect CBN to Marginally Cut T-Bills Stop Rates Today https://businesspost.ng/economy/analysts-expect-cbn-to-trim-t-bills-stop-rates-today/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:35pm On Apr 14, 2020 |
Custodian Investment Holds AGM Wednesday https://businesspost.ng/economy/custodian-investment-holds-agm-wednesday/ Nigeria Exempted from IMF Debt Relief https://businesspost.ng/economy/nigeria-exempted-from-imf-debt-relief/ Prestige Assurance N6.8bn Rights Issue Gets NSE Approval https://businesspost.ng/economy/prestige-assurance-n6-8bn-rights-issue-gets-nse-approval/ SEC Denies Conducting Recruitment Exercise https://businesspost.ng/jobs/sec-denies-conducting-recruitment-exercise/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 2:57pm On Apr 13, 2020 |
Lafarge Africa Vows to Sustain Cost Optimisation Initiatives **Anticipates Slow Down in Growth Momentum https://businesspost.ng/economy/lafarge-africa-vows-to-sustain-cost-optimisation-initiatives/ Union Bank Shareholders to Receive Dividend May 6 https://businesspost.ng/banking/union-bank-shareholders-to-receive-dividend-may-6/ Crude Oil to Face Demand Worries This Week https://businesspost.ng/economy/crude-oil-to-face-demand-worries-this-week/ Traders Stake N19.9bn on 2.4 billion Shares in 4 Days https://businesspost.ng/economy/traders-stake-n19-9bn-on-2-4-billion-shares-in-4-days/ Nigeria Expects Crude Oil to Gain $15 Per Barrel https://businesspost.ng/economy/nigeria-expects-crude-oil-to-gain-15-per-barrel/ Buhari to Address Nigerians Today by 7pm https://businesspost.ng/general/buhari-to-address-nigerians-today-by-7pm/ |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 6:43pm On Apr 12, 2020 |
SEC Clarifies Ban on Gifts Sharing at AGMs https://businesspost.ng/economy/sec-clarifies-ban-on-gifts-sharing-at-agms/ |
