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Daily Business News Brief Monday, September 13th, 2021.

13
Sep

Investors lose N177bn as stocks extend decline – Punch

The market capitalisation of equities listed on the Nigerian Exchange Limited plunged by N176.64bn last week as the All-Share index dropped for five consecutive days.  The NGX ASI declined by 0.86 per cent to 38,921.78 basis points on Friday from 39,201.33bps the previous week, while the market capitalisation fell to N20.28tn from N20.46tn.  All indices, with the exception of NGX Consumer Goods (+0.18 per cent), NGX Oil/Gas (+2.28 per cent) and NGX Sovereign Bond (0.26 per cent), depreciated, while the NGX ASeM, NGX Industrial Goods and NGX Growth indices closed flat…………………read more

Fidelity Bank’s half-year profit grows by 72.49% – Thisday

Fidelity Bank Plc has reported a 72.49 per cent increase in its profit before tax in the first half of 2021 to N20.63bn from N11.93bn in the corresponding period of 2020.  According to its interim financial statement, the bank recorded a 6.18 per cent increase in its gross earnings from N105.76bn to N112.30bn in H1 2021.  It said a reduction in its operating expenses and increased earnings from fees and commissions contributed to an increase in its profit before tax.  The Managing Director and Chief Executive Officer of the bank, Mrs Nneka Onyeali-Ikpe, said increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate operating expenses………………..read more

FBN Holdings, Fidelity Bank, Others’ Interest Income on T.Bills, Bonds Shrink 12% on Low-interest Yield Environmen – Punch

Following the low-interest yield environment, Zenith Bank Plc, Fidelity Bank Plc and five other banks have reported 12 per cent drop in interest income from Treasury bills (T-Bills) and government bonds in the first half (H1) of 2021.  The other banks are: FBN Holdings Plc, Access bank Plc, United Bank of Africa Plc, Zenith Bank Plc and Guaranty Trust Holdings Plc (formerly Guaranty Trust Bank) and Union Bank of Nigeria Plc.  THISDAY can report that the above seven banks reported a sum of N305.15billion interest income from investing in T-Bills and government bonds in H1 2021 as against N346.5billion in H1 2020…………………..read more

FG Borrowing Surges as T-bills Rates Peaks at 7.2%, Analysts Predict Sustained Increase in Rates  – Punch

In a bid to attract lending from local investors, the federal government borrowing recorded its highest T-bills offering which has seen 365-Day T-bill rise to 7.20 per cent from 6.80 per cent.  This increase can be attributed the heightened inflation figures which had discouraged investors from FG instruments but with the recent increase in long-term T-bills instrument, investors have increased their stakes in federal government instruments at the expense of the equities market………………..read more

 

NNPC refineries generate zero revenue, pay workers N69bn – Punch

Workers at the government-owned refineries were paid a total of N69.07bn last year, even as the plants generated zero revenue as they did not process a single barrel of crude oil.  The refineries suffered a combined loss of N108.29bn in 2020, compared to N162.22bn in the previous year, according to data collated from their audited financial statements released by the Nigerian National Petroleum Corporation on Wednesday.  The plants, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have been in a state of disrepair for many years………………..read more

 

Nigeria loses N247.61bn in 100 days of Twitter ban – Punch

The Twitter ban in Nigeria has extended to 100 days, and in that time frame the nation has lost N247.61bn. The Federal Government had on June 4 suspended Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.). Consequently, telcos on June 5 blocked access to Twitter after receiving a directive by the Nigerian Communications Commission. On this, the Association of Licensed Telecommunications Operators of Nigeria had said, “We, The Association of Licensed Telecommunication Operators of Nigeria wish to confirm that our members have received formal instructions from the Nigerian Communications Commission, the industry regulator, to suspend access to Twitter…………………………..read more

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