Economy, Finance, Business News Headlines and Insights, 16th October 2020

Business and Economy

Nigeria’s September inflation rate hits 13.71%, highest in 30 months

Nigeria’s inflation rose to 13.71 percent in September, hitting its highest level since its 13.34 percent rate of March 2018. The National Bureau of Statistics disclosed this in its Consumer Price Index report for September on Thursday. Part of the report read, “The consumer price index which measures inflation increased by 13.71 percent (year-on-year) in September 2020… Read more

American firm acquires Nigerian start-up, Paystack, for $200m

Stripe is acquiring Paystack, a technology company based in Lagos for $200m. This alliance will allow the two companies to accelerate online and offline commerce across Africa, Paystack’s Co-founder and Chief Executive Officer, Shola Akinlade, said in a blog post on Thursday. The acquisition would allow organizations of all sizes to easily collect payments from around the world, the statement said… Read more

We’ve reduced loss by 99.7% to N1.7bn – NNPC

The Nigerian National Petroleum Corporation says it has achieved a 99.7 percent reduction in its loss profile from N803bn in 2018 to N1.7bn in 2019. The corporation published its 2018 Audited Financial Statement five months ago. The corporation’s spokesman, Kennie Obateru, quoted NNPC Chief Financial Officer, Mr. Umar Ajiya, in a statement issued in Abuja on Thursday as saying that the 2019 Audited Financial Statement would soon be published on the corporation’s website… Read more

FG, states, LGs shared N639.9bn in September

The three tiers of government shared a total of N639.9bn from the Federation Account in September 2020, the Federation Accounts Allocation Committee announced on Thursday. FAAC announced this after its October 2020 meeting which was chaired by the Permanent Secretary, Federal Ministry of Finance, Aliyu Ahmed, at the headquarters of the ministry in Abuja… Read more

FG commences application for N75bn youth investment fund

The Minister of Youth and Sports Development Minister, Mr. Sunday Dare, on Thursday, inaugurated the application for the Nigeria Youth Investment Fund in Abuja. This was disclosed in a statement titled ‘Minister flags off the application for Nigeria Youth Investment Fund’. Addressing the press in Abuja, the minister said, “It is my pleasure to address you as we record yet another milestone in our drive to increase government’s investment in our youths, who we recognize as assets and not problems… Read more

Inflation rate hits 30-month high at 13.7% — NBS

The National Bureau of Statistics (NBS) yesterday reported that the inflation rate in Nigeria rose to a 30-month high of 13.71 percent in September 2020, 0.49 percent up from 13.22 percent recorded in August. This represents the highest inflation rate the country has recorded since March 2018 when it stood at 13.34 percent… Read more

NNPC releases 2019 audited financials, declares N1.7bn loss

The Nigerian National Petroleum Corporation, NNPC, Thursday, announced the release of its 2019 Audited Financial Statement, declaring a loss of N1.7 billion, representing a 99.7 percent decline from a loss of N803 billion recorded in 2018… Read more

Economist urges speedy passage of proposed N13 trillion 2021 budget

An Economist, Mr. Moses Igbrude, has urged the National Assembly (NASS) to expedite the passage of the proposed N13.08 trillion 2021 budget, in order to revamp the downturn in the economy caused by the COVID-19 pandemic. Igbrude, the  CEO  of  Ogu Investment, made the call in an interview with the  News Agency of Nigeria (NAN) in Lagos on Thursday… Read more

CBN to sanction exports without Export Proceeds Number

The Central Bank of Nigeria, CBN, has threatened to sanction exporters who ship out goods without Nigerian Export Proceeds (NXP) numbers. Governor of CBN, Godwin Emefiele, disclosed this during a virtual meeting, noting that it has been discovered that many shipping companies do not comply with the Federal Government directives that such shipments carry NXP number… Read more

T-bills yields shrink to 2% as investors post record N493bn unsuccessful bids

More than N493 billion worth of unsuccessful transactions were recorded at the Nigerian Treasury Bills (T-bills) auction conducted Wednesday by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria (FGN), as excess liquidity drags for limited investments instruments… Read more

International News

Dollar Edges Higher, Continuing Strong Week Amid Virus Fears

The dollar edged higher in early European trade Friday, heading for its best week of the month as rising coronavirus cases prompt nervous traders to seek out this safe haven. At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up just 0.01% at 93.873, posting gains of around 0.8% this week, its best weekly performance since late September… Read more

Jack Ma’s Ant Group Raises IPO Valuation Target to $280 Billion

Ant Group plans to increase the valuation target for its initial public offering to at least $280 billion due to strong demand, charging ahead with the sale even as the Trump administration weighs restrictions on the Chinese fintech giant, according to people familiar with the matter… Read more

European Stocks Push Higher; Daimler and LVMH Shine

European stock markets pushed higher Friday, helped by positive corporate news from index heavyweights Daimler (OTC: DDAIF) and LVMH (PA: LVMH), but overall sentiment remains weak with investors anxious over the economic impact of the second wave of the Covid-19 virus. At 3:35 AM ET (0735 GMT), the DAX in Germany traded 0.2% higher, the CAC 40 in France rose 1.2%, while the U.K.’s FTSE index climbed 1.2%… Read more

Energy and Power

Nigeria’s rig count surges 25%, highest among OPEC members

Despite the scourge of coronavirus raving activities in offshore oil fields, Nigeria has the most impressive rig count among some of the biggest oil-producing countries in the world with a 25-percent increase, a development indicating an increase in the level of oil production activities… Read more

Nigerian State Oil Firm Says It Slashed Losses in Rare Financial Release

The Nigerian National Petroleum Corporation (NNPC) said in a very rare financial release on Thursday—the second in over four decades—that its losses shrank by 99.7 percent in 2019, while “the outlook for 2020 looks promising” as the state oil firm continued to slash costs. NNPC said in its audited financial statement for 2019 that its loss last year fell to just US$4.4 million (1.7 billion Nigerian naira), compared to a loss of US$2.1 billion (803 billion naira) in 2018… Read more

OPEC Chief Assures Markets That Oil Prices Won’t Crash Again

The OPEC+ group will look to ensure that prices do not plummet again as they did in the spring, OPEC’s Secretary-General Mohammad Barkindo said on the Energy Intelligence Forum on Thursday. “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best, by ensuring that we don’t relapse into this almost historic plunge that we saw,” Barkindo said, replying to a question whether the market could handle another 2 million barrels per day (BPD) if OPEC+ further relaxes the current cuts in January as planned… Read more

Nigeria’s Bonny light oil currently trades at $41.49, losing -1.26%.

Corporate Disclosure

Stanbic IBTC Holdings Plc – Notice of Board Meeting and Closed Period
  • Board Meeting: The Bank notifies The NSE and Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Friday 23 October 2020 at 10:00 am. The meeting will discuss amongst other items, the Company’s Unaudited Financial Statements for the third quarter 30 September 2020.
  • Closed Period: The closed period for the release of the 3rd quarter results commenced on Thursday 15 October 2020 and will continue to be in effect until the release of the Company’s third quarter unaudited financial statements… Read more
Ardova Plc

Strategic report – ‘Facts behind the Figures’ for the six months financial period ended 30 June 2020… Download here

Ecobank Plc – Notification of release of 2020 Audited Q3 Results

Ecobank Transnational Incorporated (ETI) notifies the general public that it is currently auditing the 2020 Q3 Financial Results of the Ecobank Group for the period ended September 30, 2020. The Audited results will be published in compliance with the provision of section 1.1.3 of the rules for filing of Accounts and Treatment of Default filing, Rule Book of The NSE… Read more

Global Spectrum Energy Services Plc – Notice of Closed Period

In the run-up to the announcement of the Q3 2020 Financial Results of Global Spectrum, take notice that the Company commenced its closed period for trading in its shares from Thursday, 15th October 2020 to end 24 hours after the release of its financial results. The Q3 2020 Financial Results will be considered for approval via circularization on the 30th day of October 2020… Read more

The Initiates Plc – Notice of the 36th Meeting of the Board of Directors and Closed Period
  • Board Meeting: The company hereby notifies that the 36th Meeting of its Board of Directors shall be held virtual on Friday, the 30th day of October 2020 by 10:00 am.
  • Closed period: The Company hereby declares the commencement of a closed period for trading in its shares from 15th October 2020 until 24 hours after the outcome of the Board meeting has been announced to the Market… Read more
African Alliance Insurance Plc – Resignation and Appointment of Directors to the Board

The Company wishes to announce the resignation of Alhaji Aminu Ahmed Nahuche from the Board of the Company.

Following Alhaji Nahuche’s exit, the Board is pleased to announce the appointment of the following persons as Non-executive Directors of the Company effective 1st October 2020:

  1. Dr. Adiele Ekechukwu- Independent Non-Executive Director;
  2. Alhaji (Dr.) Abatcha Bulama-Non-Executive Director; and
  3. Mr. Macauley Atasie – Non-Executive Director…. Read more

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