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Daily Business News Brief | Wednesday December 08, 2021.

8
Dec

Nigeria records N8.9tn trade deficit in nine months, expert blames insecurity  – Punch

Nigeria recorded a negative trade balance of N8.9tn, between January and September, 2021, data from the National Bureau of Statistics have shown. Within this period, total foreign trade stood at N35.09tn, comprising N22tn imports and N13.1tn exports, leading to N8.9tn trade deficit.  A breakdown of the trade data by quarters shows that Nigeria’s total merchandise trade stood at N9.76tn in the first quarter of the year representing 6.99 per cent increase over the value recorded in Q4 2020. The export component of this trade stood at N2.91tn, representing 29.79 per cent of the total trade in Q1 while import was valued at N6.85tn representing 70.21 per cent. The higher level of imports over exports resulted in a trade deficit (in goods) of N3.94tn in Q1 2021……………..read more

South-East traders petition CBN, allege illegal, spurious bank deductions – Thisday

The South-East Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks.  The association complained about the bank charges in an open letter to the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Chief Gozie Akudolu, and its Secretary-General, Mr Alex Okwudiri.  It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed by the customer through various bank instruments…………….read more

Despite Challenges, Six Tier-1 Banks Record N786.75bn PBT in Nine Months – Daily Independent

On the heels of challenging operating environment, Ecobank Transnational, Incorporated (ETI), United Bank for Africa Plc (UBA), Access Bank Plc and three other Tier-1 banks generated N786.75billion in profit before tax in nine months of 2021, an increase of 21.14 per cent from N649.44billion reported in nine months of 2020.  The other Tier-1 banks are FBN Holdings Plc, Guaranty Trust Holding Company Plc and Zenith Bank Plc.  Of the banks, ETI had the highest increase in profit before tax by percentage, while Zenith Bank maintained the number one spot in terms of profit before tax value generated in the period under review…………….read more

FBN Holdings Records N8.5trn Total Assets, N40.79bn PAT – Thisday

FBN Holdings Plc announced yesterday that it gained 11 per cent to hit N8.51trillion in total assets as at September 30, 2021 from N7.69trillion reported in full year ended December 30, 2020.  Key drives were 25 per cent gain in Customer loans & advances (Net) to N2.77trillion as at September 30, 2021 from N2.22 trillion reported in 2020 full year results, and 11 per cent increase in Customer deposits to N5.42 trillion from N4.89trillion reported in 2020 full year results…………..read more

NIMC battles high maintenance costs, obsolete computers, poor connectivity – Vanguard

The National Identity Management Commission has disclosed that it is struggling with high maintenance costs, obsolete computers, and poor connectivity hampers the enrolment process in the country.  The Director, Special Duties, NIMC, Mr Ibrahim Daniel, disclosed this at the official meeting between the Ministry of Communications and Digital Economy and the Russian Software Trade House in Abuja on Tuesday.  According to Daniel, the commission needs help in training its staff, especially in the area of database management.  He said, “There are a lot of things needed here. The first is to train and build the capacity of our staff, most especially those who work in the department of identity database……………read more

 

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