Economy, Finance, Business News Headlines & Insights, 25th September 2020

Business and Economy

174,574 apply for COVID-19 N75bn MSME survival fund

Within 48 hours a total of 174,574 persons successfully registered for the N75bn National MSME Survival Fund and the Guaranteed Off-take Stimulus schemes under the Nigeria Economic Sustainability Plan, the Federal Government announced on Thursday. Registration for the MSME Survival Funds commenced at 11pm on Monday. Punch

Julius Berger to diversify into agro-processing

Construction giant, Julius Berger, has said it is looking into diversification opportunities, based on the emerging developments in Nigeria and the resultant reforms by the government. In a regulatory filing to the Nigerian Stock Exchange, it said the board approved a diversification opportunity for the company in agro-processing, after a meeting held on September 22. Punch

13 States technically insolvent, debts rise 163%

Thirteen States in Nigeria may have become technically insolvent as an independent research report indicated they failed fiscal sustainability test. According to the research conducted by BudgIT, a public sector-focused financial information house, the states’ revenues could not fund their recurrent expenditure obligations together with their loan repayment schedules due in 2019. Vanguard

We’re ready for AfCFTA, says Abdul Samad Rabiu, BUA boss

The Executive Chairman/CEO, BUA Group, Abdul Samad Rabiu, has expressed excitement and readiness to work towards the implementation and success of the Africa Continental Free Trade Area, AfCFTA, agreement for the transformation of Africa’s economy. Vanguard

Credit Bureau expresses concern on dwindling access to funds

The Credit Bureau Association of Nigeria (CBAN), has expressed concerns over the dwindling credit penetration for consumers in Nigeria, even as data released by credit bureaus show that fewer than 25 million Nigerians have enjoyed credit in the last decade. The Guardian

90% institutional investors to increase bitcoin holdings in next five years

A survey of institutional investors that oversee some $78.4 billion worth of collective assets said they intend to expand their bitcoin holdings in the next five years.

The survey conducted by Evertas, a cryptocurrency insurance firm, noted that institutional investors include more than a quarter (26%) of pension funds, insurers, and family officers. Hedge funds are also expected to dramatically increase their holdings by 32 percent. A further 64 percent anticipate a “slight” rise in allocation. Business Day

NSE hosts Dangote Cement to joint virtual Facts Behind the figures, sustainability report

The Nigerian Stock Exchange (NSE) on Wednesday September 23 hosted Dangote Cement Plc to a joint virtual Facts Behind the Figures and Sustainability Report. The event provided a platform for the Management of Dangote Cement Plc to present its financial performance, strategic and operational developments and sustainability initiatives to the capital market community. Business Day

Energy and Power

Oil marketers decry N320bn loss, oppose labour strike

Oil marketers on Thursday decried losing over N320bn worth of investments as a result of government-imposed product prices, which, according to them, were unjustifiable. Marketers under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria also kicked against the proposed industrial action of the Nigeria Labour Congress, as they urged the union and its allies to have a rethink of the plan. Punch

DPR outlines 4 cardinal focus for downstream operations

The Department of Petroleum Resources (DPR) says it has outlined four cardinal focus for downstream operations in its bid to continue to enable business and create opportunities in the oil and gas sector. A statement signed by Mr Paul Osu, Head, Public Affairs, DPR  on Thursday said the agency’s Director, Mr Sarki Auwalu, made this known during a visit of members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) to DPR in Lagos on Wednesday. Vanguard

Three Libyan Oil Ports Open for Shipping Crude

Libya’s oil terminals at Hariga, Brega, and Zueitina are open for business and welcoming tankers to ship oil, although the biggest port and the terminal typically exporting the oil from the biggest oilfield in the country are still under force majeure. Oil Price

Value of Russia’s Oil Reserves Drops By $129 Billion

The value of Russia’s crude oil reserves dropped by 17 percent, or by US$164 billion (12.7 trillion Russian rubles), in 2019 compared to 2018, Russia’s Ministry of Natural Resources and Environment said in its latest estimate this month. Oil Price

Egypt Boasts Record Crude Oil Production

Egypt has recently announced its crude oil production has exceeded 650,000 barrels per day (bpd) for the first time since the late 1950s, Al-Monitor reports, quoting Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla. Oil Price

Nigeria’s Bonny Light oil price stands at $40.78, Losing 1.64%... Oil Price

Corporate Disclosures

Zenith Bank Plc – Notification of Share Dealing by InsiderRead here
  • Name: Dr. Temitope Fasoranti (Executive Director)
  • Nature of Transaction: Purchase of shares
  • Volume: 1,000,000 units
  • Price: N16.80 per unit
UBA Plc – Notification of Share Dealing by InsiderRead here
  • Name: Tony O. Elumelu, CON (Board Chairman)
  • Nature of Transaction: Purchase of shares
  • Volume: 116 units
  • Price: N6 per unit
Sovereign Trust Insurance Plc – Set Dat to Hold 25th AGMRead here
  • Date: Thursday, October 22, 2020
  • Venue: Bay Lounge Hall, Block 12A, located on 10, Admiralty Road, Lekki, Phase 1, Lagos
Stanbic IBTC Plc – Appointment of Mrs. Sola David-Borha as Non-Executive Director – Stanbic IBTC Holdings PLC

The Board of Directors (the Board) of Stanbic IBTC Holdings PLC (“the Company”) is pleased to announce the appointment of Mrs Sola David- Borha as a Non-Executive Director with effect from 24 September 2020, following the receipt of all required regulatory approvals… Read here

Fidelity Bank Plc – Notification of Share Dealing by Insider
  • Name: Mr. Oboro Odeghe (Executive Director) … Read here
  • Nature of Transaction: Purchase of shares
  • Aggregate Volume: 2,000,000 units
  • Average Price: N 1.795 per unit
  • Name: Mr. Gbolahan Joshua (Executive Director)… Read here
  • Nature of Transaction: Purchase of shares
  • Aggregate Volume: 2,323,529 units
  • Average Price: N 1.8 per unit

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