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Daily Business News Brief Friday, September 3rd, 2021.


Stock market halts losing streak, investors gain N35bn – Punch

Investors in the equities market of the Nigerian Exchange Limited gained N35.44bn fueled by buyer interest in large-cap stocks on Thursday after three consecutive days of losses.  The NGX All-Share Index rose by 0.17 per cent to 39,252.19 basis points from 39,184.18bps on Wednesday while the market capitalisation increased to N20.45tn from N20.42tn the previous day. The NGX Premium Index, consisting of the large-cap stocks on the bourse, grew by 0.44 per cent on the back of gains recorded by Dangote Cement Plc, Zenith Bank Plc, United Bank for Africa Plc, and FBN Holdings Plc, among others…………………..read more

Access Bank Total Assets Hits N10.05trn, Declares N0.30 Interim Dividend- Thisday

Access Bank Plc has announced a total assets to N10.06 trillion for the half year ended June 30, 2021 as against N8.68 trillion reported in full year ended December 31, 2020 indicating 16 per cent increase.  Impressive increase in total assets was driven by 11.3 per cent growth in Loans and advances to customers to N3.99 trillion as at June 30, 2021 from N3.6trillion reported in 2020, while Deposits from customers appreciated by nearly seven per cent to N5.97trillion as at June 30, 2021 from N5.58trillion reported in 2020………………..read more

Naira sinks to 530 against dollar, pound hits N720 – Punch

The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria.  The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window.  The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday…………………read more

Lagos to issue N125bn bond for capital projects – Punch

The Lagos State Government has announced it is currently in the process of accessing the capital market to issue up to N125bn bond.  A statement from the office of the Permanent Secretary, Debt Management Office, Mr Olujimi Ige, disclosed that the Series IV Bond Issuance is expected to fund various projects and replace the recalled bonds.  The state had earlier in the year made an early redemption of N47bn, N46.3bn and N6.9bn bonds under the Programme 2 Bond Issuance to achieve significant future cost savings on its debt service obligation………………..read more


FG Loses $100M in One Year over NPA, INTELS Pilotage Contract Stalemate – Thisday

One year after the expiration of the boat service pilotage contract between the Nigerian Ports Authority (NPA) and Integrated Logistics Services (INTELS) Limited in August 2020, steps to re-award the contract have stagnated with the implication that the federal government may have lost a whopping $100 million (N41.11 billion) in the last twelve months.  This loss of revenue is a curious development given the financial pressures on the federal government, which has led to a growing debt burden that has become a source of concern to Nigerians……………….read more

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