Author: Ogochukwu Ndubuisi

Following its openly criticised cryptocurrency ban in Africa’s’ largest economy by size of gross domestic product..

Like most things, it begins as a trickle before the floodgates open and it becomes a flood. But there are certain things that you do not rush. Investments (and I do not mean trading …

Geregu Power Delivers Impressive Return on Investment Top performing stocks give investors capital gain and the opportunity to share the company’s profit. And, Geregu Power Plc has done both as the stage has been cleared for the company to create wealth for shareholders again in 2023. The power company delivered a 95% return on capital investment from the beginning of the year to date. What is the market holding next? Geregu Power is investing to boost capacity and it actually brought a strategic investor to its board – Fund for Export Development in Africa (FEDA). Management told the Nigerian Exchange…

Zenith Bank Valuation Rises after Record Breaking Dividend Payment Zenith Bank Plc’s share price gained about 7% after the group raised the bar with its skyrocketed dividend payment to shareholders following approval at its annual general meeting. At its annual general meeting, shareholders approved the proposed final dividend payment of N2.90 per share, bringing the total dividend for the financial year 2022 to N3.20 per share. With over 31.396 billion shares outstanding, Zenith Bank doled out a total sum of N100.47 billion as dividend payment for the year. The bank’s share price moved positively, thus pushing the lender’s valuation back…

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…