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  • FG Inaugurates Yam Storage Facility To Promote Export

    FG Inaugurates Yam Storage Facility To Promote Export

    The Federal Government on Sunday announced the inauguration of a yam storage facility at the Faculty of Agriculture, Nasarawa State University in Keffi-Shabu, Lafia, which would promote the export of the commodity from Nigeria.

     

    Minister of Agriculture and Rural Development, Sabo Nanono, said the facility would store 45 to 50 metric tonnes of yam seed and was estimated to cover 16 hectares of land when planted.

     

    He said the huge output of using clean seed yam would boost production, increase earnings of yam farmers and enhance the export of yam from Nasarawa.

     

    The minister disclosed this in a statement issued in Abuja by his ministry’s Chief Information Officer, Ezeaja Ikemefuna.

     

    Nanono said the location of the facility within the university would add value to teaching, research and income generation for farmers in the state, as the yam storage facility would generate about 200 jobs to the value chain.

     

    The Vice Chancellor, Nasarawa State University, Keffi-Shabu-Lafia, Prof. Suleiman Mohammed, said the facility would be harnessed to support the Federal Government’s efforts towards improving agricultural productivity.

     

    He said N35m was released by the state government to establish an aeroponics system for seed production, which was also a component of yam value chain.

  • Equity Market Closes January Bullish, Gains N1.13tn

    Equity Market Closes January Bullish, Gains N1.13tn

    Trading activities on the floor of the Nigerian stock market finished the month of January impressive to emerge the best performing exchange in Africa.

     

    Available data revealed that activities on the Nigerian Stock Exchange which opened the trading year at N21.06tn in market capitalisation and 40,270.72 in index at the beginning of trading on January 4, 2021 closed the month at N22.19tn and 42,412 index points, hence earned a year to date gain of about N1.13tn or 5.3 per cent year to date.

     

    According to Bloomberg report, the index kept a clean sheet all week, up +58bps on Friday, and +3.44 per cent w/w.

     

    Equities ended the month +5.32 per cent firmer. In USD terms (+7.10 per cent), the NSE ranked 7th, according to Bloomberg World Equities Index ranking.

     

    Oil and gas stocks finally halted the weeklong losing streak to finish higher, +0.63 per cent – Ardova +8.57 per cent and Oando +2.50 per cent providing support. All other sectors also finished in green, save for industrials, with a marginal decline of -8bps.

     

    Turnover last week stayed impressive, with a daily average of $14.53mn.

     

    On Friday, investors traded a total of $17.18m. Zenith retained the top spot on the activity chart with $3.20m traded.

     

    Other notable volumes were MTN $2.47m; GTB $1.84m and Wapco $1.56m. Trading was skewed mostly towards domestic investors.

     

    Meanwhile, the NSE All-Share Index and market capitalisation both appreciated by 3.442 per cent to close last week at 42,412.66 and N22.18tn respectively.

     

    Similarly, all other indices finished higher with the exception of NSE Oil/Gas which depreciated by 7.25 per cent while the NSE ASeM and NSE Growth Indices closed flat

     

    A total turnover of 2.57bn shares worth N27.88bn in 31,466 deals were traded last week by investors on the floor of the exchange, in contrast to a total of 4.29bn shares valued at N25.99bn that exchanged hands the previous week in 32,849 deals.

  • Ecobank Group Recorded N630bn Revenue In 2020

    Ecobank Group Recorded N630bn Revenue In 2020

    Ecobank Group has said its revenue rose to N630bn in the 2020 financial year.

     

    This represents seven per cent growth when compared to N586.9bn posted in the corresponding period of 2019.

     

    In a statement titled ‘Ecobank Group posts N630bn revenue in 2020’, it disclosed this in its unaudited report submitted to the Nigerian Stock Exchange on Friday.

     

    The pan-African bank stated that value of its total assets now stood at N10.2tn after a 19 per cent rise.

     

    Ecobank said it also recorded good performance in other key financial indices despite the harsh operating environment.

     

    Summary of the report showed that deposits from customers went up by 23 per cent to N7.3tn; total equity up 17 per cent to N805.1bn; while loans and advances to customers grew by nine per cent to N3.7tn.

     

    However, it added, deposits from customers and revenue, profits were impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.

     

    Consequently, it added, the bank ended with profit after tax of N35.9bn, while profit before tax and goodwill impairment closed at N126.4bn.

     

    The Ecobank Group had earlier stated that it was optimistic that with clean books aftermath of the full provisioning for Oceanic Bank, it would improve on its profitability in 2021 and other years ahead.

  • Don’t Blame Nigerians For Transparency Ranking, SERAP Tells Buhari

    Don’t Blame Nigerians For Transparency Ranking, SERAP Tells Buhari

    The Socio-Economic Rights and Accountability Project, SERAP has urged President Muhammadu Buhari to take full responsibility for Nigeria’s poor ranking on Transparency International’s Corruption Perception Index.

     

    The CPI placed Nigeria as the second most corrupt country in West Africa with Guinea Bissau in the first position.

     

    In reaction, SERAP, in a statement on Monday, advised the President to stop blaming Nigerians for the report, stressing that his regime should see the ranking as an opportunity to raise its game to fight grand corruption and end the legacy of impunity in the country.

     

    The statement said, “We urge the government of President Buhari to take full responsibility and stop blaming Nigerians for the country’s poor ranking in Transparency International’s Corruption Perception Index (CPI), published last week.

     

    “Rather than looking for excuses, blaming Nigerians and attacking Transparency International, the government should see the ranking as an opportunity to raise its game to fight grand corruption, and end the legacy of impunity of perpetrators in the country.

     

    “According to Transparency International’s report, the perception of corruption has worsened under President Buhari. The 2020 Index scored Nigeria 25 out of 100 and named the country the second most corrupt nation in West Africa, raking Nigeria 149 out of 180 countries.

     

    “TI’s findings correspond substantially with the reality of impunity of perpetrators, as shown for example, by the persistent failure to obey court judgments, such as the judgment of Justice Idris which ordered release of spending details of recovered stolen assets since 1999.

     

    “The Buhari government is still failing to implement critical reforms, ensure transparency in the spending of security votes, and to address widespread corruption in MDAs, as documented by the Office of the Auditor-General of the Federation.

     

    “Several former state governors accused of corruption are still not held to account. Yet, many of these governors continue to receive life pensions. Similarly, public officials still use political power to enrich themselves without considering the public good.

     

    “Authorities should take the report seriously and use it as an opportunity to raise their game in their efforts to rid our country of corruption and underdevelopment.

     

    “The government should obey court judgments, end life pensions for former state governors, stop corruption in security votes spending, and address corruption in MDAs, if Nigeria is ever going to improve on its global anti-corruption ranking.”

     

  • Banks’ Non-Performing Loans Rise To N1.5tn

    Banks’ Non-Performing Loans Rise To N1.5tn

    The non-performing loans in the banking sector rose by N333bn as of the end of the third quarter of 2020 to N1.5tn at the end of 2020.

     

    These were as by statistics obtained by our correspondent from the Central Bank of Nigeria and the National Bureau of Statistics.

     

    The NBS’s latest report on the banking sector revealed that the total amount of non-performing loans in Nigerian banks stood at N1.17tn as of Q3 2020.

     

    According to the CBN, despite the increased lending and rise in non-performing loans during the coronavirus pandemic, the banking system had remained stable.

     

    Figures obtained from the CBN showed that the non-performing loans rose to 6.01 per cent of the total loans to the economy which stood at N25.02tn as of the end of 2020.

     

    The CBN stated that there was, “a marginal increase in the non-performing loans ratio which rose to 6.01 per cent at end-December 2020 from 5.88 per cent at end-November 2020 and above the prudential maximum threshold of five per cent.”

     

    While noting that this development was not unexpected under the prevailing circumstances, it emphasised the need to strengthen macro prudential framework to bring non-performing loans below the prescribed benchmark.

     

    The CBN stated that banking sector’s gross credit as of the end-December stood at N25.02tn compared with N24.25tn at the end of November 2020, representing an increase of N774.28bn.

     

    It noted that it had been able to maintain a sound regulatory surveillance over the banking system by ensuring a reasonably low level of non-performing loans, even with the aggressive credit expansion programme during the COVID-19 pandemic crisis period.

     

    Though non-performing loans remained slightly above the prudential benchmark, it stated that the banking system remained stable.

     

    Given the success recorded under the Loan to Deposit Ratio policy, it stressed the need to sustain risk surveillance approach and ensure the continued soundness of the banking system.

  • External Reserves Hit $36.39bn On Improved Crude Oil Price

    External Reserves Hit $36.39bn On Improved Crude Oil Price

    The external reserves stood at $36.39bn as of January 27, the latest figures from the Central Bank of Nigeria revealed.

     

    Figures obtained from the CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25, before experiencing a slight decline.

     

    On the external reserves position, the CBN noted that there had been an increase in the level of external reserves, which stood at $36.23bn as of January 21 compared with $34.94bn at the end of November 2020.

     

    It stated that this reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies.

     

    The reserves had experienced declines in recent months due to low oil receipts.

     

    External reserves as of October 30, 2020 fell by 0.3 per cent and 10.2 per cent to $35.58bn, compared with $35.67bn and $39.61bn at end-September 2020 and end-October 2019, respectively.

     

    The decrease was due, mainly, to the CBN’s objective of ensuring predictable macroeconomic environment through interventions in SMIS, BDC and I&E windows to stabilise the naira exchange rate.

     

    The external reserves position in October could cover 7.9 months of import of goods and services and 10.6 months of import of goods only, according to the CBN.

     

    It stated that Nigeria’s reserves per capita was $172.60 compared with $174.44 in September 2020.

     

    A breakdown of the external reserves by ownership showed that, the CBN had the largest share of $30.41bn (85.5 per cent) followed by the Federal Government with $5.10bn (14.3 per cent).

  • Transcorp Begins N10bn Rights Issue Listing

    Transcorp Begins N10bn Rights Issue Listing

    Transcorp Hotels Plc has commemorated the listing of its Rights Issue of 2,642,124,511 additional Ordinary Shares valued at N10 Billion on the floor of The Nigerian Stock Exchange.

     

    The listing was commemorated with a digital Closing Gong ceremony at the NSE where the Managing Director/Chief Executive Officer, Transcorp Hotels, Mrs Dupe Olushola, had the honour of bringing the day’s trading to a close.

     

    Speaking at the ceremony, the Chief Executive Officer, NSE, Mr Oscar Onyema, stated, “On behalf of the National Council and Management of the Exchange, I congratulate the board and management of Transcorp Hotels Plc for their laudable commitment towards the sustained growth of this reputable brand.

     

    “Transcorp Hotels Plc’s successful capital raise with a Rights Issue of 2,642,124,511 additional Ordinary Shares which was 99.3 per cent subscribed despite the prevailing macro-economic challenges is highly commendable.

     

    “At The Exchange, we remain committed to providing issuers with a platform that allows them to meet their strategic business objectives and it is our delight to see listed companies take full advantage of the NSE’s products and services to support their growth trajectory.”

     

    Olusola, on the hand, said, “I express my deep appreciation to the NSE, other regulators, market operators and of course, our shareholders for their support in the successful completion of our N10bn Rights Issue and listing of 2.64bn ordinary shares.

     

    “The past year has been a challenging one given the impact of the COVID-19 pandemic on the hospitality sector, and that Transcorp Hotels has not only survived but is firmly on the road to recovery is a testament of the efficacy of our initiatives and we thank you for your belief in us. Moving forward, we are optimistic about 2021 and we have begun the year in a strong position.

     

    “We will continue to deepen our share and expand our market leveraging best in class technology and providing the highest service standard across our locations.”

     

     

  • Zenith Named Most Valuable Banking Brand

    Zenith Named Most Valuable Banking Brand

    Zenith Bank Plc has again emerged as the ‘Most Valuable Banking Brand in Nigeria’ in the Banker Magazine Top 500 Banking Brands 2021.

     

    The bank disclosed this in a statement on Sunday titled ‘Zenith Bank emerges Nigeria’s most valuable banking brand’.

     

    The statement said for the fourth consecutive year, Zenith Bank had been ranked as the number-one banking brand in Nigeria with a brand value of $275m, moving up two places from 392 in 2020 to 390 in the 2021 global ranking of banks.

     

    It added that it was the only Nigerian bank among the first 400 banks in the global ranking.

     

    The ranking was published in the February 2021 edition of The Banker Magazine of the Financial Times Group in conjunction with London-based Brand Finance, it stated.

     

    According to the publication, brand value is the licensing rate that a third-party will need to pay to use the bank’s brand.

     

    Commenting on the latest ranking, the Group Managing Director/Chief Executive, Zenith Bank Plc, Mr Ebenezer Onyeagwu, said, “This ranking is a further affirmation of the bank’s resilience given the very challenging macroeconomic environment brought about by the coronavirus pandemic.

     

    “Zenith Bank remained committed to sustaining the superior performance which had earned it this recognition, building on the legacy of its visionary Founder and Chairman, Mr Jim Ovia, whose pioneering and foundational role in building the structures and laying the foundation ensured an enduring and very successful institution.”

     

     

  • Corruption: Presidency Blames Nigerians For Transparency’s Poor Ranking

    Corruption: Presidency Blames Nigerians For Transparency’s Poor Ranking

    The Presidency has blamed Nigerians for the country’s poor ranking on Transparency International’s 2020 Corruption Perception Index in which Nigeria scored 25 out of 100 and was named the second most corrupt nation in West Africa and ranked 149 out of 180 countries.

     

    The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this on Channels Television’s Sunrise Daily programme on Monday, barely two days after the Minister of Information, Lai Mohammed, discredited the Transparency’s report.

     

    Responding to a question, Shehu said the report is a reflection of corruption by Nigerians and not by the Buhari administration.

     

    He said, “I’ll tell you that this one by TI is not a judgment on Buhari or his administration or its war against corruption, I will tell you that this one is a judgment on Nigerians because if you look at the indices they used at arriving at these conclusions, they used eight indices, six of which showed Nigeria as being more or less Nigeria in the same position.

     

    “The two that they dwelled on, that caused this backslide, are essentially Nigerian problems. They’re talking about the political culture of this country, vote-buying, thuggery. Is it Buhari that is a thug? We’re not doing thuggery.

     

    “And when they talk about the justice sector, they are talking about perceived corruption in the judiciary. These perceptions are essentially not correct. Yes, there are issues in that sector but so many changes are going on in that sector wouldn’t it have been nice if they acknowledged it so that you encourage those judicial officers that are upright, and then the system gets getting better.”

     

    Shehu’s position, however, differs from that of Transparency which drew its conclusion from 13 data sources that capture the assessment of experts and business executives on a number of corrupt behaviours in the public sector including bribery, diversion of public funds, use of public office for private gain and nepotism in the civil service.