Author: Ogochukwu Ndubuisi

Fitch Downgrades Egypt to ‘B’ with Negative Outlook Fitch Ratings has downgraded Egypt’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘B’ from ‘B+’ with outlook accorded as negative amidst uncertainties in the local economy. In the rating note released, Fitch said the downgrade of Egypt’s IDRs and the negative outlook reflect the country’s macroeconomic condition with pressure from external financing. In Fitch’s view, external financing risk has increased given high external financing requirements, constrained external financing conditions and the sensitivity of Egypt’s broader financing plan to investor sentiment. The rating agency noted that all this comes against a background…

Naira Reclaims Value as Nigeria Records FX Inflows The Nigerian local currency, the naira, traded strongly against the domination of the United States (US) dollar across foreign exchange (FX) markets, according to market data. In the open market, the local currency also appreciated as demand pressure declined. Nigerian naira gain was supported by a very moderate increase in external reserve. Last week, a total sum of US$25.17 million in foreign currency receipts pushed foreign reserves to US$35.28 billion. According to data from the FMDQ platform, the naira appreciated to N462.23 versus the greenback at the official foreign exchange window as…

Nigeria’s Top Banks Valuation Rises to N2.5trn Nigeria’s big balance banks market valuation inched higher to N2.519 trillion, according to data obtained from the Nigerian Exchange following recent earnings, and dividend declarations. The tier-1 lenders’ latest valuation is an improvement from selling rallies witnessed in the banking sector in the first quarter. Top banks in the Tier-1 category are well-known and established sector leaders with strong capital positions and track records of dividend payments to shareholders. Trading data show that the year-to-date performance of Tier-1 banks (FBNH, UBA, GTCO, ACCESS, and Zenith -FUGAZ) is mixed amidst a fresh selling fury…

DMO Says Securitisation of CBN’s N22.7trn Advances to FG Will Improve Transparency

Dr Samuel Nzekwe Ex-ANAN President Urges FG to Suspend Implementation of New Tax Rates Former president of the  Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, on Friday advised the Federal Government to suspend implementation of proposed excise taxes. Nzekwe said the proposed taxes by might affect the economy adversely. “The Federal Government needs to be cautious in imposing the proposed taxes as Nigerians and companies are still battling with the effects of CBN’s redesign of the Naira and the cashless policy. “This is not a good time to implement the policy because it can lead to a…

NPA Assures Approval for 1bn-Dollar Ondo Multipurpose Deep Seaport Project The Nigerian Ports Authority (NPA) on Thursday in Lagos assured that the one-billion-dollar Ondo State Multipurpose Deep Seaport project got all necessary approval for its implementation. NPA’s Managing Director, Mr Mohammed Bello-Koko gave the assurance when he received visiting Ondo State Coordinator for Special Projects, Mr Boye Oyewumi, who submitted the Full Business Case for the port. Located on the coast of Ondo State, the port project would be funded through a Public Private Partnership. Receiving the case report, Bello-Koko assured that the NPA would work with the Federal Ministry…

IBEDC warns customers of imminent disconnection of power supply by TCN The Management of Ibadan Electricity Distribution company (IBEDC) has warned its customers of the Transmission Company of Nigeria’s (TCN) plan to disconnect its feeders from the national grid due to poor remittances. The Chief Executive Officer (CEO) of the company, Mr Kingsley Achife, in a statement in Ibadan on Thursday, noted that the disconnection might result in power outages to customers within the IBEDC franchise area.  “As a revenue collection arm of the electricity value chain, IBEDC sells and distributes electricity generated by the generation companies. “However, the company…

Airtel Africa Appoints Carl Cruz as MD/CEO of Airtel Nigeria Airtel Africa has appointed Mr Carl Cruz as the Managing Director and Chief Executive Officer of Airtel Nigeria. This is contained in a statement by the company’s Group Chief Executive Officer, Mr Segun Ogunsanya, on Thursday in Lagos. Ogunsanya said the appointment would take effect from May 5, 2023. He also said that Cruz would join the Executive Committee as the Regional Operating Director reporting to the Airtel Africa Group Chief Executive Officer and the Board of Airtel Networks Ltd (Nigeria). Ogunsanya said that Cruz had over 31 years of…

Reps Stop Disbursement of $700m Cabotage Vessel’s Fund The House of Representatives has ordered the suspension of planned disbursement of 700 million dollars in cabotage vessel financing fund to Nigerians and companies by the Nigerian Maritime Administration and Safety Agency (NIMASA). This followed the adoption of a motion of urgent public importance by Rep. Henry Nwawuba (PDP-Imo) during plenary in Abuja. in his motion, he noted the Cabotage vessel finance fund was established by the Coastal and Inland Shipping (Cabotage) Act, 2003 to promote the development of indigenous ship acquisition capacity. This he said is by providing financial assistance to…

Banks’ Liquidity Position Improves, Rates Decline Following improved liquidity in the financial system, borrowing activities of the Nigerian deposit banks in the Standing Lending Facility (SLF) of the Central Bank of Nigeria (CBN) have reduced drastically. The absence of liquidity pressures signifies banks will key into more business while meeting liquidity requirements. The apex bank’s standing lending facility window affords local banks and discount houses to borrow money at a pre-specified rate, typically the benchmark policy rate plus a margin. On the other side, banks are also afforded an opportunity to keep idle funds in the standing deposit facility. With…