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Daily Business News Brief | Monday November 29, 2021.

29
Nov

Fidelity Bank Solid Q3 Numbers And Robust Earnings Support Higher Pay-Out-Daily Independent
This report observed the financial performance sta­tistics of Fidelity Bank Plc for the first nine months of 2021, compared same with similar quarter in 2020 and establish growth accordingly.
We also observed few valuation metrics, and achieved conservative projections using the full year performance indices from the year ended 31st December, 2020.
Generally, the result can be rated average when put side by side with figures released in the similar quarter of 2020………….read more

Foreign investors raise Nigerian investments by 74%-The Nation
Foreign portfolio investors have increased their participation in the Nigerian stock market by almost three-quarters as steady corporate earnings and improving foreign exchange (forex) Liquidity continued to sustain rally by Nigerian equities.
Latest trading data on foreign portfolio investments (FPI) in the Nigerian market at the weekend showed remarkable increase in foreign transactions, strengthening the overall market to sustain a two-month rally…………read more

FMN, Honeywell Merger Rekindles Shareholders Interest-ThisDay
The proposed merger between Flour Mills of Nigeria Plc (FMN) and Honeywell Flour Mills (HFMP) rekindled investors’ interest in both companies’ stock prices on the Nigerian Exchange Limited (NGX) last week.
Specifically, the stock price of HFMP appreciated by 0.57 per cent to close at N3.96 last week from N3.39 it opened for trading, while FMN stock price gained 0.25 per cent to close at N29.50 from N29.25 per share the stock market opened for trading…………….read more

FG may extend 2021 budget implementation to next yearPunch

The Federal Government may extend the implementation of capital projects components in the 2021 Appropriation Act till next year following the inability of many ministries and agencies to conclude their procurement process until the last quarter of this year.
Many heads of the MDAs who appeared before the various Senate standing committees for their 2021 budget performances, blamed their inability to execute their capital projects to the outright ban placed on procurement process from January to May 31.
Specifically, the Minister of Works and Housing, Babatunde Fashola, told the Senate Committee on the Federal Roads Maintenance Agency that the Federal Government issued a circular to delay the implementation of capital components in the 2021 budget till May 31, this year…………….read more

Fuel subsidy removal: Reallocate savings to critical infrastructure, business leaders tell FG-Vanguard
The widespread opposition to the planned N5,000 transport grant in lieu of fuel subsidy removal intensified over the weekend with business leaders advocating investment in critical infrastructure like transport, health and education  as a better way of reducing the expected inflationary impact of the policy on the masses…………….read more

SEC to sanction companies, registrars over unclaimed dividend-The Nation
The Securities and Exchange Commission (SEC) has warned quoted companies and capital market registrars to desist from selective payments and distribution of dividends.
Director-General, Securities and Exchange Commission (SEC) Mr Lamido Yuguda stated this at the 10th annual conference of the Institute of Capital Market Registrar’s (ICMR) with the theme ‘Reinventing the Nigerian Capital Market for Growth: The Digital Technology Approach, held in Lagos at the weekend…………read more

Take advantage of capital market master plan, Finance Minister charges investors-Guardian
Capital market investors have been urged to take advantage of initiatives introduced in the capital market master plan to deepen knowledge in market fundamentals.
Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this at the enlightenment workshop/investor clinic for the ministry and agencies under it in Abuja…………read more

Wigwe: Our Target is to Have Strong Presence in Major Trade Centres in Africa-ThisDay
The Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe, in this interview by Julia Chatterley, Anchor of First Move on Cable News Network, CNN, spoke about the bank’s aggressive African expansion and its drive to serve 50 per cent of Nigeria’s bankable population. Excerpts:
Core to being that payment gateway to the world is expansion and Access Bank has had an incredible year of expansion, particularly expanding to South Africa, Botswana, Mozambique, Zambia, talk to me what this is all about?…………read more

Nigeria’s exchange rate strategy discourages investors, increases inflation – World Bank-Punch
The World Bank says the Nigerian government’s exchange rate management policies are discouraging investments and fuelling inflation in the country
The bank disclosed this in the November edition of its Nigeria Development Update.
While highlighting the role of the Central Bank of Nigeria in exchange rate stability, the World Bank said there had been intense pressure on the naira, with the CBN constantly raising the nominal official exchange rate.
It added that the CBN’s foreign exchange management system was too rigid, with the system driving inflation in the country……….read more

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