FGN Bonds Record N11.75trn Combined Market Capitalisation —Research
FGN Bonds Record N11.75trn Combined Market Capitalisation —Research

Although the Federal Government of Nigeria (FGN) bonds are not the only game in town but they dominate the fixed-income space with a combined market capitalization of N11.75 trillion, according to FMDQ data. This is compared with N170 billion for state government issuance, N300 billion for commercial paper and N680 billion for corporate bonds. Market capitalization is the most recent market value of a company’s outstanding shares. To read more, click HERE

Companies manipulate govt concessions in N4.8trn manufacturing, exports trade

There are indications that companies operating in the Nigeria’s manufacturing sector may be manipulating the tariff concessions in foreign trade in manufactured goods valued at over N4.8 trillion in the first quarter of 2021. Details of the manufacturing trade statistics of the National Bureau of Statistics, NBS, shows that rather than produce locally under the concessionary tariff, the goods are imported. Moreover, the same round-tripping is said to be going on in export manufacturing where concessions are used to import the items and then re-export them. To read more, click  HERE

Expert expects unchanged rates as CBN holds MPC

Ahead of the two-day Monetary Policy Committee meeting starting on Monday (today), a financial expert has said the Central Bank of Nigeria is expected to retain the Monetary Policy Rate. The CBN had at its meeting in May retained the MPR at 11.5 per cent, the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively. Speaking with our correspondent, a former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, “I don’t expect any change because nothing has seriously changed. Until Nigeria starts to produce, any change will be in the short run. But in the long run, it will come back to the original position. To read more, click HERE

Naira exchanges for 503/$ at parallel market

The naira exchanged to the dollar at 503 at the parallel market on Friday according to the Bureau de Change operators. Figures obtained from, the official website for the licensed BDCs by the Central Bank of Nigeria showed that the naira was bought and sold for 502 and 503.5. The naira had earlier traded at 504/$ early in July. At the Investors & Exporter forex window, the naira hit a high of 412.25 but closed at 411.50. To read more, click HERE

Stock market rebounds with N376bn weekly gain

Stock trading on the floor of the Nigerian Exchange Limited rallied with a total gain of N375.50bn last week despite the lower trade volume occasioned by the public holidays on Tuesday and Wednesday. The NGX All-Share Index closed 1.90 per cent higher to 38,667.90 basis points on Friday from 37,947.18bps the previous week, while the market capitalisation rose to N20.15tn from N19.77tn. Investors’ trading volumes dropped by 11.27 per cent as 896.17 million shares worth N5.24bn were traded in 11,714 deals last week from 1.01 billion shares valued at N10.92bn in 17,297 deals the previous week. To read more, click HERE

$1.46bn IOC cash call outstanding as FG pays N3.22bn

The Federal Government has paid a total of $3.22bn as cash call arrears to international oil companies, leaving an outstanding balance of $1.46bn. It disclosed this in a document on Joint Venture repayment agreement status presented by the Nigerian National Petroleum Corporation to the Federation Accounts Allocation Committee in June 2021. To read more, click HERE

12 Nigerian start-ups emerge among 2021 Africa’s Business Heroes

The Africa’s Business Heroes flagship philanthropic programme for the Jack Ma Foundation in Africa, has announced the top 50 finalists for the 2021 ABH prize competition and twelve Nigerians entrepreneurs made the list. The 12 Nigerian entrepreneurs include; Adebowale Odulana, founder of Doctoora E-Health Limited; Ebinabo Ofrey, founder of GeroCare Solutions Limited; Oghenetega Lortim, founder of Gricd; Abiodun Adereni of HelpMum; Leslie Emenalo of Kobopay; and Yetunde Oyalowo of Market Doctors- Social Enterprise. To read more, click HERE

158 projects incorporated into PPP pipeline in 2020 – ICRC

This was disclosed by the Infrastructure Concession Regulatory Commission (ICRC) in its 2020 Annual Report and Accounts on Sunday in Abuja, citing that the projects went through various stages of development, procurement and implementation.  To read more, click HERE

As food prices soar, big agriculture is having a field day

TROUBLE IS BREWING in America. The reopening economy’s hunger for goods from China, and for the containers that carry them, has left importers of coffee, of which the average American guzzles two cups a day, struggling to ship the stuff from Brazil. They are using whatever they can get, says Janine Mansour of Port of New Orleans, where much of America’s raw coffee lands. That includes much bigger boxes, which reach maximum allowed weight before they are full. Importing part-empty containers adds extra costs, Ms Mansour says, and these will ultimately be swallowed by consumers. To read more, click HERE

Africa Prudential posts 24% drop in half-year profit

Africa Prudential Plc has announced that its profit after tax for the first half of this year dropped by 24 per cent to N827.64m from N1.08bn in H1 2020. The company said its unaudited financial report for the period ended June 30 2021 showed that its gross earnings fell year-on-year by 11 per cent to N1.67bn. It said in a statement that its total revenue for the half-year 2021 declined by 12 per cent from N590.67m in H1 2020 to N517.74m, while its interest income decreased by 10 per cent year-on-year to N1.15bn from N1.28bn. To read more, click HERE