₦airaland Forum

UBA, MTN, 10 Others 'Loan' Investors 27 million Stocks
https://businesspost.ng/economy/uba-mtn-10-others-loan-investors-27-million-stocks/

We’re Prepared for Emerging Economic Realities—GTBank
https://businesspost.ng/banking/were-prepared-for-emerging-economic-realities-gtbank/

We Can't Determine Financial Impact of COVID-19 on us—Nigerian Breweries
https://businesspost.ng/economy/we-cant-determine-financial-impact-of-covid-19-on-us-nigerian-breweries/

SEC Consoles Buhari Over Abba Kyari's Death
https://businesspost.ng/general/sec-consoles-buhari-over-abba-kyaris-death/

Wema Bank to Pay 30% of FY19 Profit as Dividend
https://businesspost.ng/economy/wema-bank-to-pay-30-of-fy19-profit-as-dividend/

Nigerian Breweries Net Profit Drops 31.3% in Q1’20
https://businesspost.ng/economy/nigerian-breweries-net-profit-drops-31-3-in-q120/

GTBank Excites Market With N50.3bn PAT for Q1'20
https://businesspost.ng/economy/gtbank-excites-market-with-n50-3bn-pat-for-q120/

Meristem Extends Subscription for Growth, Value ETFs
https://businesspost.ng/economy/meristem-extends-subscription-for-growth-value-etfs/

DMO Conducts N60bn Bond Auction
https://businesspost.ng/economy/dmo-conducts-n60bn-bond-auction/

Nigerian Stock Market Records Four Price Gainers Tuesday
https://businesspost.ng/economy/nigerian-stock-market-records-four-price-gainers-tuesday/

Again, Investors Shun Trading at NASD Exchange
https://businesspost.ng/economy/again-investors-shun-trading-at-nasd-exchange/

LCCI Demands Legal Framework for Subsidy Removal
https://businesspost.ng/economy/lcci-demands-legal-framework-for-subsidy-removal/

Lower Local Sales Cause 8% Drop in Cadbury Nigeria Q1 Revenue
https://businesspost.ng/economy/lower-local-sales-cause-8-drop-in-cadbury-nigeria-q1-revenue/

NSE Adjusts FBN Holdings Share Price to N4.30
https://businesspost.ng/banking/nse-adjusts-fbn-holdings-share-price-to-n4-30/

Brent Sheds 19% to Sell at $20 Per Barrel
https://businesspost.ng/economy/brent-sheds-17-to-sell-at-20-per-barrel/

CACOVID to ‘Feed’ 1.7 Million Households in Nigeria
https://businesspost.ng/general/cacovid-to-feed-1-7-million-households-in-nigeria/

Capital Market Stakeholders to Raise N1bn for COVID-19
https://businesspost.ng/economy/capital-market-stakeholders-to-raise-n1bn-for-covid-19/

By Adedapo Adesanya

Inflation in Nigeria rose to 12.26 percent in March 2020, the Nigeria Bureau of Statistics (NBS) disclosed on Tuesday.

In its Consumer Price Index (CPI) Report for March 2020 released today, the agency said inflation increased marginally by 0.06 percent from 12.2 percent recorded in February 2020, the seventh consecutive rise.

This is also the highest inflation rate the country has recorded in 23 months.

According to the NBS, “The consumer price index, (CPI) which measures inflation increased by 12.26 percent (year-on-year) in March 2020. This is 0.06 percent points higher than the rate recorded in February 2020 (12.20) percent.”

The stats office noted that the lockdown implemented by the federal government on Sunday, March 29 in Lagos, Ogun and Abuja did not influence the rise recorded last month.

“The lockdown in Abuja, Lagos and Ogun States and various major disruptions in normal economic activity in several states since then, started in April 2020 and accordingly would not have any major impact on March 2020 Inflation which this report focusses on,” the report said.

Nigeria’s inflation rate has been on the rise since September 2019 from around 11 percent. This is largely due to the border closure put in place by the President Muhammadu Buhari led administration in August last year.

Also in the report, the NBS further noted that, “The corresponding 12-month year-on-year average percentage change for the urban index was 12.15 percent in March 2020 (this is higher than 12.03 percent reported in February 2020), while the corresponding rural inflation rate in March 2020 was 11.14 percent compared to 11.09 percent recorded in February 2020.”

Meanwhile, the agency said the composite food index increased in March 2020 by 14.98 percent compared with 14.90 percent in February 2020.

It attributed this rise to increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits.

in addition, the NSE said the urban inflation rate increased by 12.93 percent (year-on-year) in March 2020 from 12.85 percent recorded in February 2020, while the rural inflation rate increased by 11.64 percent in March 2020 from 11.61 percent in February 2020.

https://businesspost.ng/economy/nigerias-inflation-hits-23-month-high-of-12-26-in-march/

Nigeria's Inflation Hits 23-Month High of 12.26% in March
https://businesspost.ng/economy/nigerias-inflation-hits-23-month-high-of-12-26-in-march/

United Capital Grows Earnings, Profit in Q1 2020
https://businesspost.ng/economy/united-capital-grows-earnings-profit-in-q1-2020/

Stocks to Closely Monitor This Week on NSE
https://businesspost.ng/economy/stocks-to-closely-monitor-this-week-on-nse/

Naira Falls to N420/$1 at Black Market
https://businesspost.ng/economy/naira-falls-to-n420-1-at-black-market/

Profit Takers Inflict First Loss on NSE in Eight Sessions by 0.01%
https://businesspost.ng/economy/profit-takers-inflict-first-loss-on-nse-in-eight-session-by-0-01/

Unlisted Securities Market Closes Green, up by 0.54%
https://businesspost.ng/economy/unlisted-securities-market-closes-green-up-by-0-54/

US Crude Oil Trades at -$37.63 Per Barrel Monday
https://businesspost.ng/economy/us-crude-oil-trades-at-37-63-per-barrel-monday/

UAC Nigeria Fixes May 18 for Dividend Qualification Date
https://businesspost.ng/economy/uac-nigeria-fixes-may-18-for-dividend-qualification-date/

FBN Holdings Grows Profit by 62.7% in Three Months
https://businesspost.ng/banking/fbn-holdings-grows-profit-by-62-7-in-three-months/

Q1’20: Unilever Nigeria Revenue Drops Despite Rise in Marketing Costs
https://businesspost.ng/economy/q120-unilever-nigeria-revenue-drops-despite-rise-in-marketing-costs/

UAC Nigeria Declares 10 Kobo Dividend Amid N9.2bn Net Loss
https://businesspost.ng/economy/uac-nigeria-declares-10-kobo-dividend-amid-n9-2bn-net-loss/

Nigeria Records Highest Single-Day Spike in Coronavirus Cases
https://businesspost.ng/health/nigeria-records-highest-single-day-spike-in-coronavirus-cases/

PZ Cussons Lowers Expectations for Nigerian Subsidiary
https://businesspost.ng/economy/pz-cussons-lowers-expectations-for-nigerian-subsidiary/

Investments: Building a Recession Proof Portfolio
https://businesspost.ng/economy/investments-building-a-recession-proof-portfolio/

NSE Hosts First Digital Closing Gong Ceremony
https://businesspost.ng/economy/nse-hosts-first-digital-closing-gong-ceremony/

BREAKING: Buhari Signs Finance Bill into Law
https://businesspost.ng/economy/buhari-signs-finance-bill-into-law/

By Modupe Gbadeyanka

The huge demand for shares of MTN Nigeria Communications Plc at the Nigerian Stock Exchange (NSE) has pushed the price higher, Business Post reports.

As at the time of filing this report on Monday, January 13, 2020 (11am Nigerian Time), the company’s stocks have already gained 10 percent (the maximum movement for the day), trading at N127.60 per unit against N116 per share it traded last Friday, indicating a growth of N11.60.

The jostling for the telecoms’ equities was caused by news last weekend that the Attorney General of the Federation (AGF) had withdrawn the $2 billion tax case against the firm in 2018.

Share price of MTN Nigeria had been going down at the local bourse in recent times, almost reaching the N90 it listed the equities in May 2018 from a 52-week high of N159.30 per share.

But news of last Friday’s withdrawal of the tax case by federal government of Nigeria has helped the share price to rise as a result of increased appetite of investors. The demand for the stock is continuing to grow.

“MTN Nigeria has been informed by means of a letter received by its legal counsel and dated 8 January 2020, that following careful review and due consultation with relevant statutory agencies, the AGF has decided to refer the matter to the relevant authorities, being the FIRS and the NCS, with a view to them resolving the issues. Accordingly, the AGF has withdrawn its letter of demand for the aforementioned $2 billion that was issued in August 2018,” the statement issued by the company last Friday had said.

In the statement, the MTN Group CEO, Mr Rob Shuter, had stated that, “We appreciate this decision of the Attorney General which paves the way to an orderly and amicable resolution of this matter," noting that, “MTN remains fully committed to meeting our fiscal responsibilities and contributing to the social and economic development of Nigeria and all regions where we operate.”

Business Post reports that before this article was published (at about 11.15am), investors had already traded 8.9 million units of the stock valued at N1.1 billion and more transactions are expected to be carried out before the close of business by 2.30pm.

MTN Nigeria is the second most capitalised company on the local stock exchange, behind Dangote Cement and above BUA Cement, which claimed the third spot last Thursday when it was listed by the NSE, displacing former occupier of the position, Nestle Nigeria.

https://businesspost.ng/economy/investors-jostle-for-mtn-nigeria-shares-after-fg-drops-2bn-tax-case/

Investors Jostle for MTN Nigeria Shares After FG Drops $2bn Tax Case
https://businesspost.ng/economy/investors-jostle-for-mtn-nigeria-shares-after-fg-drops-2bn-tax-case/

Investors Stake N11bn on UBA, Zenith Bank, Wapic Insurance Stocks
https://businesspost.ng/economy/investors-stake-n11bn-on-uba-zenith-bank-wapic-insurance-stocks/

CBN Sells $253.4m, CNY16.8m to Currency Traders
https://businesspost.ng/economy/cbn-sells-253-4m-cny16-8m-to-currency-traders/

BUA Cement Assures Shareholders Greater Value, Profitability
https://businesspost.ng/economy/bua-cement-assures-shareholders-greater-value-profitability/

MTN Vice President Joins UAC Nigeria Board
https://businesspost.ng/jobs/mtn-vice-president-joins-uac-nigeria-board/

Again, CBN Slightly Cuts One-Year OMO Bill Rate
https://businesspost.ng/economy/again-cbn-slightly-cuts-one-year-omo-bill-rate/

We May Alter 65% LDR Target for Banks—CBN
https://businesspost.ng/banking/we-may-alter-65-ldr-target-for-banks-cbn/

Axa Mansard Rejigs Board for Better Performance
https://businesspost.ng/jobs/axa-mansard-rejigs-board-for-better-performance/

Dangote Laments N25bn Loss
https://businesspost.ng/general/dangote-laments-n25bn-loss/

NASD OTC Market Ends Flat Despite Rise in Trading Volume
https://businesspost.ng/economy/nasd-otc-market-ends-flat-despite-rise-in-trading-volume/

Naira Gains Against Dollar at BDC, I&E Segments
https://businesspost.ng/economy/naira-gains-against-dollar-at-bdc-ie-segments/

Crude Oil Further Slips as Middle East Tension Eases
https://businesspost.ng/economy/crude-oil-further-slips-as-middle-east-tension-eases/

Industrial Stocks Help NSE Index Rise by 2.92%
https://businesspost.ng/economy/industrial-stocks-help-nse-index-rise-2-92/

Again, CBN Slightly Cuts One-Year OMO Bill Rate
https://businesspost.ng/economy/again-cbn-slightly-cuts-one-year-omo-bill-rate/

By Adedapo Adesanya

The Petroleum Products Pricing Regulatory Agency (PPPRA) said over 18 billion litres of the 19.2 billion litres of Premium Motor Spirit (PMS) commonly called petrol imported into the country last year was eventually supplied.

This was disclosed in the PMS report signed by the Executive Secretary of the agency, Mr Abdulkadir Saidu, released on Wednesday.

The report stated that the total quantity of PMS supplied across the nation as at November 2019 was 18,623,992,092 litres and that the PMS average sufficiency stood at 40.68 days, It was further revealed that 1,612 vessels loaded with different petroleum products docked in Nigerian shores in 2019.
ALSO READ Naira Appreciates Despite 168% Rise in Dollar Demand Wednesday

Taking a look at the marketers’ performance, the report stated that, “Nigerian National Petroleum Corporation (NNPC) was responsible for 99.61 percent of the total 19,175,737,226 litres of petrol that was imported.

“Major Oil Marketers of Nigeria (MOMAN), on the other hand, imported 0.39 percent in 2019., while 166,332,185 litres of PMS were produced locally, in the same year.”

“Other petroleum products imported into the Country are 4,586,878,439 litres of AGO, 128,110,313 litres of HHK, 951,769 084 litres of ATK, 306,791,987 litres of Base Oil, 125,561,557 litres of Bitumen and 45,980,957 litres of LFPO,” it said.
ALSO READ Nigerian Stocks Open Week in Red as Investors Lose N84b

Making his remarks, the Executive Security, Mr Abdulkadir Saidu, emphasised the need for enhanced private participation in the refining business, as well as the revamping of the nation’s refineries for improved production.

He said the accurate accounting, computing, and reporting of imported products was efficiently carried out at sea ports by industry recognised cargo inspectors in conjunction with the PPPRA field staff at sea ports.

He commended the efforts made by marketers at sustaining the continuous development of the sector, despite the inherent global economic challenges.
ALSO READ Aba Bedrock of Nigeria’s Economy—FG

“This is evident in the number of new facilities that emerged in the downstream subsector of the petroleum industry in 2019,” he said

The PPPRA boss noted that the agency would continue to ensure transparency in the Oil and Gas value chain and said that there would be a better room for partnership this year.

“The agency will also continue to collaborate with the NNPC and other Oil Marketing Companies towards improving the regulatory environment as well as ensuring uninterrupted products availability” he added.

https://businesspost.ng/economy/nnpc-imports-19-billion-litres-of-petrol-into-nigeria/

Dangote Cement Shares Rise 17% After Poaching Lafarge CEO
https://businesspost.ng/economy/dangote-cement-shares-rise-17-after-poaching-lafarge-ceo/

Nigerian Stocks on Steroid, Gain 3.54% to Hit 8-Month High
https://businesspost.ng/economy/nigerian-stocks-on-steroid-gain-3-54-to-hit-8-month-high/

Investors Trade N3.3m Stocks on NASD Exchange at Midweek Session
https://businesspost.ng/economy/investors-trade-n3-3m-stocks-on-nasd-exchange-at-midweek-session/

NSE to Unveil 2020 Market Outlook on Monday
https://businesspost.ng/economy/nse-to-unveil-2020-market-outlook-on-monday/

Oil Prices Dip 2% as Trump's Comments Calm US-Iran Tension
https://businesspost.ng/economy/oil-prices-dip-2-as-trumps-comments-calm-us-iran-tension/

Naira Appreciates Against Dollar at Most FX Segments
https://businesspost.ng/economy/naira-appreciates-against-dollar-at-most-fx-segments/

By Dipo Olowookere

The nation’s stock market reached a level it last hit about eight months ago with a 3.54 percent growth on Wednesday, January 8, 2020.

Since the beginning of this year, Nigerian stocks have been acting like they are on steroid, maintaining positive trajectory as a result of renewed buying interests from investors, who are being pissed off by rates in the fixed income market.

Last week, the Central Bank of Nigeria (CBN) offered treasury bills to subscribers at 3.5 percent and with inflation at nearly 11.90 percent, investors are looking elsewhere to put their money and the equity market provides such option.
ALSO READ T-Bills Yields Shed 0.05% as Money Market Rates Lose 0.50%

At the midweek session, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) appreciated by 975.55 points to close at 28,562.48 points against the previous close of 27,586.93 points, while the market capitalisation increased by N471 billion to close at N13.787 trillion in contrast to N13.316 trillion it ended on Tuesday.

The bullish performance of the market was supported by gains printed by Dangote Cement, which added N14 to its share price to settle at N164 per unit, while Presco gained N3.85 to finish at N52 per share.

Okomu Oil rose by N3.50 to end at N60 per unit, Stanbic IBTC appreciated by N2.50 to close at N42.50 per unit, while Julius Berger grew by N1.95 to finish at N21.85 per share.
ALSO READ South Africa Launches Isondo Precious Metals’ Fuel Cell Plant

On the flip side, Total Nigeria recorded a N3.90 slip to settle at N107 per share, while Unilever Nigeria went down by 40 kobo to close at N19.60 per unit.

UPDC Reit fell by 40 kobo to finish at N4.05 per unit, UAC Prop depreciated by 8 kobo to close at N1 per share, while Tripple G lost 6 kobo to trade at 58 kobo per unit.

For the first time this week, both the volume and value of transactions increased at the same time, with the volume rising by 66.18 percent to 741.8 million from 446.4 million, and the value jumping by 58.36 percent to N9.2 billion from N5.8 billion.
ALSO READ Adeosun's Certificate Saga Won't be Swept Under Carpet—FG Assures

UBA was the most active stock yesterday, trading 156.0 million shares worth N1.4 billion, while Zenith Bank followed with 86.1 million equities valued at N1.9 billion.

Access Bank sold 82.4 million stocks for N963.7 million, FBN Holdings transacted 69.4 million units worth N524.6 million, while Transcorp exchanged 62.9 million shares valued at N67.6 million.

https://businesspost.ng/economy/nigerian-stocks-on-steroid-gain-3-54-to-hit-8-month-high/

BUA Cement to List Shares on NSE Thursday
https://businesspost.ng/economy/bua-cement-to-list-shares-on-nse-thursday/

Selling Pressure Triggers Rise in Treasury Bills Yields
https://businesspost.ng/economy/selling-pressure-triggers-rise-in-treasury-bills-yields/

How Operators, Companies Plotted to Dupe Investors in 2008—SEC DG
https://businesspost.ng/2019/09/17/how-operators-companies-plotted-to-dupe-investors-in-2008-sec-dg/

CBN's 269th MPC Meeting Begins Monday
https://businesspost.ng/2019/09/17/cbns-269th-mpc-meeting-begins-monday/

Infinity Trust Mortgage Bank to Raise Fresh Capital
https://businesspost.ng/2019/09/17/infinity-trust-mortgage-bank-to-raise-fresh-capital/

Airtel Africa Stains Nigerian Stocks as Index Sheds 0.74%
https://businesspost.ng/2019/09/17/airtel-africa-stains-nigerian-stocks-as-index-sheds-0-74/

Treasury Bills Yields Rise 0.13% on Selloffs by Investors
https://businesspost.ng/2019/09/17/treasury-bills-yields-rise-0-13-on-selloffs-by-investors/

Buhari Condemns Attack on Saudi Oil Refinery Plants
https://businesspost.ng/2019/09/17/buhari-condemns-attack-on-saudi-oil-refinery-plants/

Brent, WTI Futures Rise 12% Monday on Cut in Crude Supply
https://businesspost.ng/2019/09/17/brent-wti-futures-rise-12-monday-on-cut-in-crude-supply/

Naira Loses 28 Kobo to Trade at N362.32/$ at I&E
https://businesspost.ng/2019/09/17/naira-trades-n362-32-at-ie-after-28-kobo-loss/

Dangote’s Tomato Plant Shuts Down Again After Five Months
https://businesspost.ng/2019/09/17/dangotes-tomato-plant-shuts-down-again-after-five-months/

Treasury Bills Yields Rise 0.13% on Selloffs by Investors
https://businesspost.ng/2019/09/17/treasury-bills-yields-rise-0-13-on-selloffs-by-investors/

Five Stocks With Possible Annualized Return of 197%
https://businesspost.ng/2019/09/16/five-stocks-with-possible-annualized-return-of-197/

Excitement as Transactions on EcobankPay Reach N2bn
https://businesspost.ng/2019/09/16/excitement-as-transactions-on-ecobankpay-reach-n2bn/

Oil Prices Rise on Heightened Tensions in Middle-East
https://businesspost.ng/2019/09/16/oil-prices-rise-on-heightened-tensions-in-middle-east/

Inflows from FPIs, Rise in Oil Prices to Fortify Naira
https://businesspost.ng/2019/09/16/inflows-from-fpis-rise-in-oil-prices-to-fortify-naira/

Treasury Bills Yields Jump to 12.99% Friday
https://businesspost.ng/2019/09/14/treasury-bills-yields-jump-to-12-99-friday/

Weaker Naira, Oil Price Too Risky for Access Bank
https://businesspost.ng/2019/09/15/weaker-naira-oil-price-too-risky-for-access-bank/

Stanbic IBTC Lists New 232.9 Million Shares on NSE
https://businesspost.ng/2019/09/14/stanbic-ibtc-lists-new-232-9-million-shares-on-nse/

Financial Stocks Lead NSE Weekly Transactions with N10.8bn
https://businesspost.ng/2019/09/15/financial-stocks-lead-nse-weekly-transactions-with-n10-8bn/

NASD Seeks Inputs on Admission of Commercial Paper
https://businesspost.ng/2019/09/15/nasd-seeks-inputs-on-admission-of-commercial-paper/

Airtel Africa Tops Price Gainers Chart as Index Picks 1.28%
https://businesspost.ng/2019/09/14/airtel-africa-tops-price-gainers-chart-as-index-picks-1-28/

Treasury Bills Yields Jump to 12.99% Friday
https://businesspost.ng/2019/09/14/treasury-bills-yields-jump-to-12-99-friday/

NIPCO Declares N3 Per Share Dividend
https://businesspost.ng/2019/09/14/nipco-declares-n3-per-share-dividend/

But his point is valid

stcool:
I don't blame him... Is he not from the family of Stanbic IBTC

Oando Audit: Atedo Peterside Faults SEC
https://businesspost.ng/2019/06/02/oando-audit-atedo-peterside-faults-sec/

Oando Describes SEC Sanction Invalid, Mulls Legal Action
https://businesspost.ng/2019/05/31/oando-describes-sec-sanction-invalid-mulls-legal-action/

SEC Sacks Tinubu, Other Oando Board Members for Infractions
https://businesspost.ng/2019/05/31/sec-sacks-tinubu-other-oando-board-members-for-infractions/

Indebtedness: Honeywell Floors Ecobank in Court
https://businesspost.ng/2019/05/31/indebtedness-honeywell-floors-ecobank-in-court/

Honeywell Suit: Ecobank to Appeal Judgement
https://businesspost.ng/2019/05/31/honeywell-suit-ecobank-to-appeal-judgement/