Economy, Finance, Business News Headlines & Insights, 28th September 2020

Business and Economy

BREAKING: Labour suspends planned strike as FG reverses electricity tariff hike

The Nigeria Labour Congress and the Trade Union Congress have suspended the strike scheduled to commence today (Monday). This followed an agreement reached with the Federal Government at a meeting which started at 8.30pm on Sunday and ended at 2:50am this morning. Punch

We’ll pursue expansion policies to fight recession – CBN

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the bank will pursue expansionary monetary policies to fight recession because the fiscal policy was already constrained. Emefiele said this was necessary to curb the rising inflation and address recession in the economy...Read here

IEI-Anchor’s pension assets hit N109bn

The pension asset under management of IEI-Anchor Pension Managers Limited, a pension fund administrator, rose by 18.6 per cent to N109bn in the 2019 financial year from N92.9bn in 2018. According to a statement on Friday entitled ‘Pension Asset of IEI-Anchor PFA hits N109bn,’ the Chairman of the company, Senator Rufai Hanga, disclosed this during its annual general meeting… Read here

Unity Bank targets N4.96bn gross earnings in Q4

Unity Bank Plc has said it is targeting to realise N4.98bn gross earnings for the fourth quarter of 2020. The lender, in its Q4 earning forecast obtained from the Nigerian Stock Exchange, also said it was targeting to achieve N3.36bn in interest income… Read here

Estate developers laud CBN N200bn intervention fund

The Real Estate Developers Association of Nigeria has praised the Central Bank of Nigeria for its N200bn housing intervention programme targeted at low income earners. According to a statement issued by the association on Sunday, the fund is to fast track the construction of 300,000 homes in the country, in addition to creating up to 1.5m jobs in five years… Read here

AfCFTA to expand Nigeria’s non-oil exports –FG

The African Continental Free Trade Area is one major solution for the expansion of non-oil exports from Nigeria to foreign lands, the Federal Government stated on Sunday. Special Assistant to the President on Public Matters, who doubles as Secretary of the National Action Committee on AfCFTA, Francis Anatogu, described the continental free trade area as a vehicle for Nigeria’s quest for economic diversification… Read here

Fresh World Bank, AfDB, IDB loans may raise Nigeria’s debt to N31.7tn

fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria’s total public debt stock to N31.699tn in coming months. Nigeria currently expects about $1.844bn (N699.1bn at N379/$ official exchange rate) from the three financial institutions, Sunday PUNCH gathered from the Debt Management Office in Abuja… Read here

Non-performing loans rise by N50bn on increased lending

Banks’ non-performing loans rose by N50bn to N1.17tn as of the end of August from N1.12tn as of the end of June, the latest figures from the Central Bank of Nigeria and the National Bureau of Statistics have revealed. The increase was attributed to the rise in total credit to the economy which rose from N18.9tn in June to N19.33tn as of the end of August…. Read here

CSCS sensitizes financial market stakeholders on cyber-security

Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, is ramping up its cyber-security advocacy as it sensitizes financial market participants on rising rate of cybercrime… Read here

Foreign Direct Investment drops 29.7% to $362.8 m in H1’20

The contribution of foreign direct investments, FDI, to the nation’s economic growth recorded a major setback in the six months period ended June 2020 (H1’20) as inflows dropped by 29.7 percent to N137.6 billion ($362.84 million) from N178.6 billion ($470.51 million) in the corresponding period of 2019(H1’19)… Read here

CBN moves to forestall food shortages amid COVID-19

The Central Bank of Nigeria (CBN), has embarked on a large-scale food production in some states, to ensure food security, especially during the dry season. Under the strategy, the apex bank said it has developed immediate, short- and medium-term plans with agriculture as the major focus for achieving growth, diversification, and job creation… Read here

FirstBank, LSETF partner on low interest funds to private schools

First Bank of Nigeria Limited has announced its partnership with the Lagos State Employment Trust Fund (LSETF) in a matching fund scheme. The scheme aims to cushion the impact of COVID-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate… Read here

Royal Exchange Announces N14.21bn Gross Written Premium.

Royal Exchange Plc has announced a Gross Written Premium of N14.21 billion from its business activities as at end of December 31, 2019. Making this announcement, at the 51st virtual Annual General Meeting of the company held in Lagos, the Chairman of the company, Mr. Kenny E. Odogwu, said net premium income for the period amounted to N8.72 billion, while net underwriting income was N9.19 billion, after the addition of fees and commission income, which was N479.6 million… Read here

Nigeria’s big banks see 13% dip in interest expense as customers’ deposits hit 4-year high

Nigeria’s tier 1 banks saw a combined 13 percent dip in interest expense on customers’ deposit to N196.8 billion in half year (H1) 2020 from N225.9 billion in H1 2019, the largest drop in 4 years stemming from downward revisions of interest on deposits and monetary policy rate (MPR)… Read here

Energy and Power


Petrol forex subsidy gulped N2.13tn in four years — NNPC

The Group Managing Director of the Nigeria National Petroleum Corporation, Mele Kyari, has said that the government spent N2.13tn from 2016 to 2019 as subsidy on foreign exchange for marketers. He disclosed this at a downstream stakeholders’ meeting which held at the NNPC headquarters in Abuja, according to a statement issued by the spokesperson of the corporation, Kennie Obateru, on Friday… Read here

Power generation hits 4,312MW, 16 plants record increase

Electricity generation in the country rose by 979.2 megawatts on Sunday to 4,312.1MW as 16 power plants saw an increase in their output. The number of idle plants dropped to nine as of 6am on Sunday from 11 at 6am on Saturday, when power generation stood at 3,332.9MW, according to data obtained from the Nigerian Electricity System Operator... Read here


Iran Significantly Boosts Oil Exports Despite Sanctions

Iran is estimated to have exported nearly 1.5 million barrels per day (bpd) of crude oil and condensate so far in September, TankerTrackers told Reuters, in what would be the highest level of Iranian exports in a year and a half and double the observed exports in August. Two other tanker-tracking firms have also seen an increase in Iranian oil exports so far in September, although not as much as has found, according to Reuters… Read here

Russia Remains China’s Top Oil Supplier

Russia was the biggest exporter of crude oil to China last month, for the second month in a row, Reuters reported, citing Chinese customs data. Saudi Arabia came second, but its exports to the world’s top importer fell by 300 percent in August. Russia shipped 1.37 million bpd to China last month, down both on the month and on the year but ahead of Saudi Arabia’s average of 1.24 million bpd… Read here

Nigeria’s Bonny Light oil price stands at $40.91, gaining 1.03%... Oil Price

Corporate Disclosures

Cutix Plc – Notification of Share Dealing by InsiderRead here
  • Name: Adtec Ltd.
  • Nature of Transaction: Purchase of shares
  • Volume: 1,120,000
  • Price: N1.70 unit
Fidelity Bank Plc – Notification of Share Dealing by Insiders
  • Name: Mr. Mustafa Chike-obi (Non-Executive Director) … Read here
  • Nature of Transaction: Purchase of shares
  • Aggregate Volume: 32,444,094 units
  • Average Price: N1.82 per unit
  • Name: Mr. Gbolahan Joshua (Executive Director) … Read here
  • Nature of Transaction: Purchase of shares
  • Aggregate Volume: 6,300,000 units
  • Average Price: N1.86 per unit
UACN Plc – Notification of Share Dealing by Insiders… Read here
  • Name: Blankeney LLP
  • Nature of Transaction: Sale of shares
  • Aggregate Volume: 110,891,304 units    
  • Average Price: N5.57 per unit
  • Name: Mbonu, Okechukwu John (Non-Executive Director) … Read here
  • Nature of Transaction: Purchase of shares
  • Aggregate Volume: 500,000 units            
  • Average Price: N6.35 per unit

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